General Copper Gold Announces the Commencement of Further Exploration Following the Initial Drill Program That Successfully Targeted an Untested IP Anomaly and Intersected Copper Mineralization of 0.5% over 76.95m
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2024) - General Copper Gold Corp. (CSE: GGLD) (FSE: 7S50) (OTCQB: GNRGF) (the "Company") is pleased to announce the commencement of further exploration and additional analysis following the Company's initial drill program. The drill program successfully targeted an anomaly, identified by their IP survey.
All three holes of this initial program successfully intersected the identified structure of Target 1, which remains open in all directions, along strike and down dip. The structure appears to be an altered shear zone, with significant quartz along with pyrite and pyrrhotite veins and chalcopyrite.
As part of the further exploration program the Company will log and assay untested, near surface drill core that on further examination has indications of fine sulphides and other indicator minerals associated with gold mineralisation.
Previous results from 2022 drill campaign are:
TM-22-03 From 151.05 to-228m, 76.95m of 0.5% Cu
TM-22-02 From 130.5 to-229.5m, 99m of 0.3% Cu
TM-22-01 From 131.5-208m, 76.50m of 0.38 % Cu Including: From 136-149.5m, 13.5m of 0.49% Cu From 179.5-205m, 25.50m of 0.55% Cu
Planned 2024 Program
1: Once bonding is secured, the Notice of Work permit is valid for a period of 5 years.
2: The core has been moved to a central core facility in Houston, BC. On examination, of some of the previously drilled core sections many have oxidation (rust) that indicated fine sulfides not previously sampled. The Company is undergoing relogging with sampling and assay section not previously sampled. Certain samples will be rushed to help further define mineralized zones.
3: Plan fall diamond drill program to follow up on previous drilling and new assays.
The company also announces that it has arranged for a non-brokered private placement to raise up to $500,000 through the issuance of up to 10 million units at a price of $0.05 per unit. Each unit will consist of one common share and one common share purchase warrant exercisable at $0.10 for two years from the date of issue. The net proceeds from the private placement are expected to be used for general corporate purposes.
All securities issued under the private placement will be subject to a four-month resale restriction from the date of issuance. The completion of the private placement remains subject to the approval of the Canadian Securities Exchange.
Garry Clark, P. Geo., of Clark Exploration Consulting, is the "qualified person" as defined in NI 43-101, who has reviewed and approved the technical content in this press release.
District of British Columbia - Babine Copper-Gold Porphyry
General Copper Gold Corp. is an independent mineral exploration company based in Vancouver, British Columbia that is engaged in the business of exploring for and evaluating mineral properties.
General Copper Gold is currently exploring the 2,313-hectare Topley Richfield copper-gold property in British Columbia. Topley Richfield is a historic mining area with previous work carried out in 2008, 2015 as well as geophysical surveys in 2021. There are significant historical drilling intercepts, and the 2021 geophysics has highlighted further key highly prospective areas that have yet to be explored. Multiple drill targets have already been identified by the Company.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the results and exploration of the Topley Richfield mineral property. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; and the other factors described in our public filings available at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
The CSE has in no way passed upon the merits of the proposed transactions and neither has approved nor disapproved the contents of this press release.
