CopperCorp Granted New Exploration Licence EL11/2024 Adjacent to Razorback Property
December 16, 2024 7:15 AM EST | Source: CopperCorp Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - December 16, 2024) - CopperCorp Resources Inc. (TSXV: CPER) (OTCQB: CPCPF) ("CPER", "CopperCorp" or the "Company") is pleased to announce that it has been granted new exploration licence application EL11/2024 located adjacent to its Razorback Property (EL8/2023) in western Tasmania, Australia.
Highlights
- Newly granted EL11/2024 (South Linda) 37km2 of highly prospective ground located within 2km of the Mt Lyell Cu-Au camp (Sibanye-Stillwater) and 2.5km of the Company's Jukes Cu-Au prospect.
- EL11/2024 adjoins the northeastern margin of CPER's EL8/2023 (Razorback property) and is located over the Linda Transfer Zone structure that also hosts the Mt Lyell Cu-Au system (3Mt contained copper at 1% Cu, and 3Moz contained gold at 0.3g/t Au) located within 2km of EL11/2024.
- The successful granting of EL11/2024 consolidates CopperCorp's dominant land holding in the region with the Company's 100% owned Skyline Project group of tenements now covering 92km of combined strike length over the eastern margin of the highly mineralized Cambrian-aged Mount Read Volcanics.
- Technical reviews and exploration program planning and permitting for EL11/2024 are underway.
- Sampling of drill core from hole JDD002W1 at the Jukes prospect (Razorback property) is complete with all samples delivered to the laboratory as of Friday 29th November.
Stephen Swatton, President and CEO of CopperCorp commented:
"Our preliminary geophysical interpretation of EL11/2024 'Linda South' license several months ago identified gravity and magnetic features that appear to be very similar to the signatures seen at Jukes and Hydes. The difference is there is no known surface rock alteration or geochemical expression at this location due to a siliceous barren overburden unit. With further interpretation, based on our geophysical knowledge to date from Jukes, additional drill targets will probably be identified at Linda South for testing in 2025."
Newy Granted EL11/2024 Property
Recently granted exploration licence EL11/2024 comprises 37km2 of ground directly adjoining the northeastern margin of CPER's EL8/2023 (Razorback) and the southern boundary of EL16/2018 (Walford Peak). The Company has been granted the exploration licence for a period of 5 years (renewable) commencing 19th November 2024. EL11/2024 covers highly prospective ground adjacent to the Tyennan Margin Fault and the NW-trending Linda Transfer Zone (Figure 2) within 2km of the Mt Lyell Cu-Au camp currently owned by Sibanye-Stillwater and currently the subject of a re-start feasibility study.
The Company is currently undertaking detailed technical reviews of the property, however, preliminary work demonstrates that the EL11/2024 hosts magnetic and gravity anomalies, plus structures and alteration that are consistent with similar significant anomalies within the Razorback-Skyline trend. Planning and permitting is in progress for exploration programs anticipated to commence in 2025.
Expanded Skyline Project
Granting of EL11/2024 has expanded the Company's Skyline Project (Figure 1) group of 100% owned licences (also including EL16/2018, EL24/2020, EL8/2023 and EL14/2023) to now cover a combined area of 569km2, along 92km of combined strike length over the eastern margin of the highly mineralized Cambrian-aged Mount Read Volcanics (MRV). The Company's granted licence holdings in western Tasmania now cover an area of 1,878km2.
Four large-scale mines occur within 10km of the consolidated Skyline Project, all hosted within the MRV - including the Tier 1 Mount Lyell Cu-Au deposit (3 Mt contained Cu and 3 Moz contained Au @ 1.0% Cu and 0.3g/t Au), the world class Rosebery and Hellyer polymetallic VMS deposits, and the Henty gold deposit (1.64 Moz Au @ 12.5 g/t Au) (Figure 1).
Western Tasmania is an established mining region located within a low-risk, stable jurisdiction with a 150-year exploration and mining history. The region is rich in diverse mineral resources with large-scale multi-generational mines, established infrastructure, local skilled labor, and rail-to-port networks. The region is supplied by 100% renewable energy.
Jukes Prospect Drilling Update (Razorback)
Sampling of drill core from hole JDD002W1 at the Jukes prospect (Razorback property) is complete with all samples delivered to the laboratory as of Friday 29th November. The Company looks forward to providing further updates as results are received, validated and interpreted.
Planning and permitting for follow up exploration programs, including geophysical surveys and drilling at Jukes and other priority targets including the Hydes targets in underway.
Figure 1. CopperCorp exploration licences and project areas in western Tasmania.
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Figure 2. Southern Skyline Project properties and exploration target areas with magnetics TMI RTP image.
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Figure 3. Location of the Razorback property and newly granted EL11/2024 relative to the Mt Lyell copper-gold mining lease (red outline). Blue outlines are CopperCorp's 100% owned licenses.
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Option Grant
The Company also announces that it has granted stock options to certain of its directors, officers and consultants to purchase up to 2,600,000 common shares. Each option is exercisable to acquire one common share of CopperCorp at a price of $0.19 for five years from the date of the grant. The options were granted and will vest in accordance with the Company's equity incentive plan and are subject to TSX Venture Exchange approval.
About CopperCorp
CopperCorp is focused on the exploration and development of its Skyline, AMC, and Whisky Creek copper-gold-REE projects in western Tasmania. The company is well-financed with approximately C$3.5M in working capital as reported in the August 27, 2024 news release1.
Qualified Person & National Instrument 43-101 Disclosure
The Company's disclosure of technical or scientific information in this news release has been reviewed and approved by Sean Westbrook, VP Exploration for the Company. Mr. Westbrook is a Qualified Person (QP) as defined in National Instrument 43-101.
Information on historical and recent prospecting, mining, and exploration activities at the Skyline Project group of properties contained within this news release has been reviewed and verified by the Qualified Person. In the opinion of the Qualified Person, sufficient verification of historical and new data has been undertaken to provide sufficient confidence that past exploration programs were performed to adequate industry standards and the data reported is fit for substantiating the prospectivity of the project in general, supporting the geological model/s proposed, planning exploration programs, and identifying targets for further investigation.
This news release contains information about adjacent properties on which the Company does not have an interest. The QP has been unable to verify the information on these adjacent properties and the information is not necessarily indicative to the mineralization on the properties that is the subject of this news release.
References
1CPER: TSXV Interim MDA for the Period Ended September 30 2024, 27th November 2024
CPER: TSXV News Release 18th November 2024
CPER: TSXV News Release 15th October 2024
CPER: TSXV News Release 26th August 2024
CPER: TSXV News Release 19th August 2024
CPER: TSXV News Release 13th May 2024
CPER: TSXV News Release 4th March 2024
CPER: TSXV News Release 18th January 2024
CPER: TSXV News Release 15th November 2023
CPER: TSXV News Release 20th September 2023
CPER: TSXV News Release 6th June 2023
Adjacent Property (Mt Lyell) Information Sources:
Sibanye-Stillwater company website information as of May 12th 2024
New Century Resources: ASX Announcement 23rd January 2023
New Century Resources: ASX Announcement 27th October 2021
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation relating the Company's expectation and plans regarding the Skyline Project in Tasmania; the granting of exploration licence EL11/2024; plans for future exploration and drilling at the Jukes prospect and the timing of same; the merits of the Company's mineral projects and other plans of the Company. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "encouraging", "expects", "plans", "anticipates", "believes", "interpret", "intends", "estimates", "projects", "aims", "suggests", "often", "target", "future", "likely", "pending", "potential", "goal", "objective", "prospective", "possibly", "preliminary" and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or other statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and that such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Factors that could cause future results to differ materially from those anticipated in forward-looking statements include risks associated the timing and outcome of the approval process for final granting of the EL11/2024 application; that the Company may experience difficulties in exploration and drilling and carrying out related work; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; possible accidents; the possibility that the Company may not be able to secure permitting and other governmental approvals necessary to carry out the Company's plans; the risk that the Company will not be able to raise sufficient funds to carry out its business plans; the possibility that future exploration results will not be consistent with the Company's expectations; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors and exchange rate fluctuations; changes in economic and political conditions; and other risks involved in the mineral exploration industry. The reader is urged to refer to the Company's Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of risk factors and their potential effects.
Forward-looking statements are based on a number of assumptions, including management's assumptions about the following: the availability of financing for the Company's exploration activities; operating and exploration costs; the Company's ability to attract and retain skilled staff; timing of the receipt of necessary regulatory and governmental approvals; market competition; and general business and economic conditions. The Company 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 required by law.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233910
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