VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 4, 2015) - Copper North Mining Corp. ("Copper North" or the "Company") (TSX VENTURE:COL) has completed eight drill holes in the 2000S Zone, at Carmacks Project, to provide the additional information required to estimate new mineral resources of oxide and sulphide mineralization. Previous resource inventories have been limited to the proposed open pit area that consists of Zones 1, 4, 7 and 7a. The 2015 drill program is focused on expansion of oxide and sulphide mineral resources and is focusing on the southern extension of the proposed open pit area.
Initial fill-in drilling at 2000S zone has confirmed continuity of both oxide and sulphide mineralization. The drill has now moved to the much larger Zones 13 and 12 areas that have an aggregate strike length of 1500 meters. The definition drilling has potential for a substantial addition to mineral resources.
2000S Zone
Zone 2000S is immediately south of the proposed open pit area. All eight drill holes intersected the mineralized structure. The new and historic drill holes define a wedge shaped zone with a strike length of 300 meters and up to 150 meters vertically: a tonnage potential of approximately 1,100,000 tonnes is indicated of which about 300,000 tonnes is oxide mineralization.
The drill hole density and trench sampling are sufficient for determination of mineral resources for the 2000S zone; Copper North is awaiting assays. Details of drill hole location and historic assay results are available on Copper North's web site www.coppernorthmining/com.
Zones 13 and 12
Copper North is now drilling in the much larger Zones 13 and 12 which are located on the south side of Williams Creek, approximately 150 meters to the south of Zone 2000S.The target in Zone 13 has a strike length of 650 metres and Zone 12 is the southern extension of Zone 13. Drilling is in progress, with fans of drill holes between the previous 120 meter spaced drill cross sections (4400 and 4800 feet historic drill sections) in Zone 13.
Previous drilling has identified up to 70 metres vertical depth of oxide mineralization overlying sulphide mineralization that has been intercepted to depths of 200 meters and remains open to depth. Current drilling is focused on near surface mineralization to a depth of 150 meters and includes both oxide and sulphide mineralization. Recent trenching and detailed ground magnetic surveys have defined the mineralized structure and identified new zones of oxide mineralization.
Cross-sections of historic drill hole intercepts and location of new and planned drill holes are available on Copper North's web site. Historic drilling in this 150 to 200 meter section of the mineralization indicates potential of 2.8 million tonnes of oxide and approximately 6.8M tonnes of sulphide mineralization. Extension of the mineralization now being drilled has the potential for substantial additional increase of oxide and sulphide mineralization.
Gap North
Copper North previously stated that it would explore for the continuation of Zone 1 to the north of the proposed open pit (July 20, 2015 news release). The Gap North area has extensive overburden and valley fill materials. Drilling in the North Gap area is now being deferred as the Zone 2000S and Zone 13 and 12 have more near surface potential.
Mineral Resources and Expansion Opportunity
The Measured and Indicated mineral resource estimate totals 11,980,000 tonnes grading 1.07% total copper, of which 0.86% is soluble copper (see Preliminary Economic Assessment filed on SEDAR on May 30, 2014, the "PEA"). The mineral resource estimate also contains substantial gold and silver. The resource in the oxide classification forms the basis for the potentially mineable mineralization by open pit methods as described in the PEA.
The current drill plan has established an initial target of expanding oxide mineral resources by approximately 4M tonnes and a greater amount of sulphide mineralization. A mineral resource inventory for Zones 2000S, 13 and 12 will be undertaken when all drill and trench results are received.
Carmacks Mineral Resources (at a 0.25% Total Copper Cut-Off)
| Zone |
|
Class |
|
Tonnage t (000) |
|
TCu
(%) |
|
Acid Sol Cu (%) |
|
Sulphide
Cu (%) |
|
Au
(g/t) |
|
Ag
(g/t) |
| Oxide |
|
Measured (ME)
Indicated (IN)
ME+IN
Inferred |
|
4,031
7,949
11,980
90 |
|
1.10
1.04
1.07
0.73 |
|
0.90
0.83
0.86
0.53 |
|
0.20
0.20
0.21
0.20 |
|
0.588
0.391
0.456
0.128 |
|
5.666
4.039
4.578
1.809 |
| Sulphide |
|
Measured (ME)
Indicated (IN)
ME+IN
Inferred |
|
695
3,645
4,340
4,031 |
|
0.80
0.74
0.75
0.71 |
|
0.02
0.03
0.03
0.01 |
|
0.77
0.71
0.73
0.70 |
|
0.261
0.205
0.221
0.179 |
|
2.542
2.296
2.369
1.900 |
Dr. Harlan Meade, P.Geo. is the Qualified Person responsible for the preparation of this news release.
On behalf of the Board of Directors:
Dr. Harlan Meade, President, CEO and Director
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Project located in the Yukon, the Redstone Property located in the Northwest Territories, and the Thor Property in British Columbia. Copper North trades on the TSX Venture Exchange under the symbol COL.
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to results from previous exploration on the Carmacks Project; proposed exploration plans, their timing, and results achieved from such activity; the potential for expanding the known mineral resources; development, engineering and permitting activities, and their timing; and future economic operating results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the proposed exploration and development of the Carmacks Project will proceed as planned; early exploration success will increase mineral resources; market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.