VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 20, 2015) - Copper North Mining Corp. ("Copper North" or the "Company") (TSX VENTURE:COL) has commenced drilling at its Carmacks Project. The drilling will focus on both new exploration targets identified during the past month of detailed geophysical targets and definition drilling of several of the mineral zones to expand mineral resources. These target areas have the potential to significantly increase mineral resources.
Dr. Harlan Meade, President and CEO, states "we are confident that this year's planned $900,000 exploration program will follow the successful 2014 program and expand oxide mineral resources at our Carmacks Project, and that these resources can be added into the development plan."
Mineral Resources
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.
| Carmacks Mineral Resources (at a 0.25% Total Copper Cut-Off) |
| |
| Zone |
Class |
Tonnage t (000) |
TCu
(%) |
Total Cu (%) |
Soluble
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 |
Diamond Drill Plan
The first phase of drilling will focus on the 2000S zone that forms part of the Gap South target area immediately south of the proposed open pit area (see June 9, 2015 news release). Previous drilling has defined a near surface oxide and sulphide mineral zone. Approximately eight short drill holes are planned to fill in around previous drill holes, to facilitate estimate of the mineral resource in 2000S zone.
The second phase of drilling will focus on two target areas within the Gap North area immediately north of Zone 1, the proposed open pit. The Gap North area has extensive overburden and valley fill materials. The drill holes will test geophysical anomalies flanking the valley fill.
The third phase of drilling will focus on in-fill drilling in zones 12 and 13. Zone 12 and 13 define a mineralized zone in a northwest trending structural zone, extending approximately 1,500 metres in length. Previous drilling defined two near surface zones of oxide and sulphide mineralization. Oxide mineralization extends to up to approximately 70 metres depth before transitioning to sulphide mineralization. The planned fill-in drilling in zones 12 and 13 will define both oxide and sulphide near-surface mineralization and provide sufficient assay information to determine mineral resources in selected parts of these two zones.
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.