CARP, ON / CRWEPRESSRELEASE / September 8, 2015 / Carube Copper Corp. (CVE:CUC) (“Carube”) announced today that it has completed an airborne magnetic and radiometric survey on its 100% owned Mackenzie property in southwestern British Columbia. The 216 square kilometre project is located immediately southeast of Amarc Resources Ltd.’s (“Amarc”) IKE project, which is the subject of the recently announced joint venture with Thompson Creek Metals Company Inc. (“Thompson Creek”). The survey covers a 60 square kilometre area on the western side of the Mackenzie Project that contains a highly prospective 7.5 km long zone of copper occurrences, termed the Bornite Trend.
Dr. Vern Rampton, President & CEO of Carube Copper Corp stated, “We are very excited about resuming work over the Bornite Trend. This is an extensive area of scattered copper mineralization, which up to now lacked geophysical coverage of any kind. The association of the mineralization with magnetite should make the current airborne magnetic survey highly effective for defining drill targets within the larger mineralized area.”
Mineralization in the Bornite Trend, which has an open-ended strike length of 7.5 kilometres, consists of scattered quartz-bornite-chalcocite-magnetite ± chalcopyrite ± tetrahedrite veins and stringers up to 20 centimetres wide. These occur along the edge of the Miocene-age Bridge River pluton, which is hosted within the Coast Plutonic Complex. Fourteen of the 27 grab samples collected along the Bornite Trend during the initial reconnaissance of this area in 2012 had copper values ranging up to a maximum of 4.34% Cu. Gold and silver values ranged from 0.001 to 0.445 g/t Au, and from 3.34 to 4,170 g/t Ag, respectively. (see Press Release dated September 13, 2012). The presence of magnetite in the quartz-bornite-chalcocite veins makes this a target that should be readily identifiable by airborne magnetics.
On September 3, Amarc Resources Limited announced that it had completed a deal with Thompson Creek Metals Company Inc., where Thompson Creek can earn a 30% interest in the adjacent IKE Project by spending $15M on exploration. Amarc will start a drilling program at IKE in the very near future. Previous highlights from drilling at IKE include 247 metres of 0.42% CuEq @ 0.28% Cu, 0.030% Mo and 2.0 g/t Ag. (See Amarc Press Release November 24, 2014, which includes CuEq calculation parameters.)
Alar Soever, Chairman of Carube Copper Corp. commented, “We are pleased to see the mineral potential of this part of southwestern BC is finally being recognised with the investment by a significant copper producer like Thompson Creek on the adjacent IKE property. With our Rogers Creek and Mackenzie properties we control some of the most prospective ground in this rapidly developing regional exploration play. We look forward to receiving the results of our current airborne survey which will allow us to better assess the mineralization already discovered on our Mackenzie property and define areas for follow-up exploration and drilling.”
The following map shows the Mackenzie Project boundary and the Bornite Trend relative to Amarc’s IKE project. The two other copper mineralized trends presently delineated at Mackenzie are the Tillworth Trend and the Breccia Trend. Of the 38 grab samples collected along the Tillworth Trend, 26 samples contained copper values ranging from 0.1% to a maximum of 17% Cu and have gold and silver values from 0.001 to 1.46 g/t Au and 0.120 to 78 g/t Ag, respectively. At the Breccia Trend, two silicified grab samples returned values of 0.174% Cu and 0.211% Cu, with elevated levels of arsenic, indium, antimony, and zinc, typical of the geochemistry of high level epithermal systems which are found peripheral to porphyry systems. (see Press Release dated September 13, 2012)
To view an enhanced version of the Map of the Carube Copper Corp Mackenzie Project, please visit:
Upon receipt of the airborne geophysics data, Carube Copper will compile and model the geology, geophysics and geochemistry in order to target further exploration work.
The grab sample assay results quoted above represent samples of mineralization collected from outcrop by the former Miocene Metals staff. Grab samples are selective by nature and are unlikely to represent average grades on the property. In each case samples of mineralized outcrop weighing approximately 0.3 to 4 kg were collected using a rock hammer. The rock samples for which assay results are reported in this press release were crushed to 70% passing 2 mm, after which a split was taken with a riffle splitter and pulverized to 85% passing 75 microns. The samples were then analyzed for 48 elements using Chemex’s ME-MS61 package, which is an inductively-coupled plasma mass spectrometry (ICP-MS) method utilizing a near total four acid digestion. The samples were assayed for Au by standard lead collection/fire assay fusion (Au-ICP21) using a 30 gram pulp split and an inductively-coupled plasma atomic emission spectrometry (ICP-AES) finish.
This press release has been reviewed and approved by Mr. Alar Soever, P. Geo. in his capacity as a qualified person as defined under NI 43-101 (“QP”). All references to “$” herein are to Canadian dollars unless stated otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CORPORATE INFORMATION AND FORWARD-LOOKING STATEMENT
About Carube Copper Corp.
Carube Copper Corp. (CVE:CUC) is a Canadian exploration company focused on the rapid exploration and development of precious metal and copper projects in Jamaica. Through a wholly owned Jamaican subsidiary, Carube owns a 40% beneficial interest (subject to a 2% NSR) in the Bellas Gate Project, which consists of two highly prospective copper-gold licenses covering 84 square kilometresof the Central Inlier. The Bellas Gate Project is the subject of a joint venture agreement with OZ Minerals Limited, an Australian copper-gold producer with a market capitalization of over $1B. OZ Minerals can earn a 70% interest (Carube 30%) in the Bellas Gate Project by spending $6.5M on exploration and can then increase its interest a further 10% by completing a feasibility study. OZ Minerals has flown airborne geophysics over 3 other Carube projects (4 wholly-owned Licences, subject to 2% NSRs, and subsequently can invoke separate joint ventures on each project with similar terms to those applicable to the BGP. Carube also holds a 100% interest in three porphyry copper-gold-molybdenum properties in south-western British Columbia within the Tertiary-aged Cascade Magmatic Arc.
DISCLAIMER AND FORWARD-LOOKING STATEMENTS
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations peoples, other indigenous peoples and land owners, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE:Carube Copper Corp.