VANCOUVER, BC / ACCESSWIRE / October 4, 2017 / CopperBank Resources Corp. (“CopperBank” or the “Company”) (CNSX: CBK) (OTC PINK: CPPKF) (FRA: 9CP) is pleased to present the initial results of its summer diamond drilling program on its 100% controlled Pyramid copper deposit, located on the Alaskan Peninsula. The results returning from hole 17PY032 had 3 significant near-surface intervals totaling more than 290 metres at grades higher than 0.33% Copper, demonstrating Pyramid’s potential for expansion.
The 2017 drilling program was designed to chase the extensions of the mineralization within the various zones composing the deposit, establish the connections between the three mineralized zones and to validate the existing block model established by the previous operators. Thirteen holes totalling 3628 metres of NQ size core were completed over eight weeks from July 29 to September 3. All the holes intersected hornfelsed siltstone and/or felsic to intermediate porphyritic intrusions with variable amounts of mineralization. The first two holes of the campaign, 17PY031 and 17PY032, reached the goal of verifying the mineralization extension. Significant mineralized intervals, calculated using a 0.2% Cu cut-off were established for 17PY032 with the best intercept of 201 metres 0.48 % Cu, 0.021 Mo and 0.1 g/t Au.
Drill Hole 17PY031
This hole located in the western extension of the North Zone established more precisely the disruption of the mineralization within the West zone. Several porphyry bodies traversed hornfelsed sediments but mineralization consisting of disseminated chalcocite is scarce. The best interval intercepted chalcocite disseminations associated with a weak potassic alteration overprint over 6 metres.
Drill Hole 17PY032
Drill hole 17PY032 is located in the main zone, 125 metres West of drill hole 11PY014 and 85 metres East of drill hole 10PY002 with the aim to verify a westward extension of the deposit. Hole 11PY014 returned 100 m (from 48m) of 0.48% Cu, 0.1g/t Au and 0.033 % Mo, and hole 10PY002 returned 352m (from 4.57m) of 0.343 % Cu, 0.078 g/t Au and 0.008 % Mo. Numerous phases of feldspar porphyries composed the entire hole and present anomalous copper values over 0.1% Cu in 95% of the collected samples. No sediments were observed. Highest grade intervals are characterized by chalcocite, numerous A veins and by a strong clay alteration. Potassium enrichment of the mineralized areas is revealed by the ICP analyses associated with a calcium loss. The mineralization encountered in hole 17PY032 confirms the continuity of the mineralization between the two previous historical drill holes with similar copper grades and significant width. A detailed cross-section can be found on the company’s website: www.copperbankcorp.com.
Note: The copper equivalent values (CuEq.) were calculated based on estimated prices of USD$2.75/lb of copper, USD$1200 /oz of gold and USD$7.25 /lb of molybdenum. No metallurgical tests were done. Metal recovery is unknown and was not taken into account. True width of intervals is yet to be defined.
All the core samples collected during the 2017 drilling program are pulverized at the ALS Fairbanks facilities then pulps are sent to ALS Minerals Laboratories in Reno, NV. All pulps are analyzed by a 4 acid multi-element analysis for 61 elements by ICP-AES method and assayed for Au by standard atomic absorption spectrometry (Au-AA23) following the fusion by fire-assay of a 30 gram sample. Samples returning copper values higher than 10000 ppm are re-analyzed by ICP-AES following a four-acid digestion and those exceeding 1 g/t gold by gravimetric finish (Au-GRA21). Standards, blanks, and duplicates were inserted every 20 samples consistent with industry best practices then revised by a qualified person using a Quality Assurance/Quality Control program before calculating the intervals.
The Pyramid project is situated on private property with the subsurface controlled by The Aleut Corporation, an Alaska Native-owned corporation. Pyramid is a porphyry copper deposit containing a historical inferred mineral resource estimate of 122 million tonnes of 0.41% copper, 0.02% molybdenum, and 0.10 g/t gold (SRK, 2013) divided in three main recognized zones: Main, North, and West. The mineralization is related to a multi-phased calk-alkaline intrusion, intruding sediments of Tertiary Age. The porphyry system is of a minimal extent of 1,5 km2, displays a leached cap, phyllic, propyllitic, and potassic alteration analogous to the other copper deposits of the Circum Pacific Belt. The observed mineralization consists mainly in disseminations of chalcocite, chalcopyrite and local molybdenite and sulphide veinlets. Bornite, malachite and chrysocolla are also reported as accessory minerals.
This press release was prepared by Brigitte Dejou, P.Eng and a Qualified Person as defined by NI 43-101.
For more information on CopperBank, visit the website at www.copperbankcorp.com, or, contact Gianni Kovacevic, President and Executive Chairman of CopperBank at:
CopperBank is a Canadian exploration mining company focused on energy-related metal exploration in The United States of America.
The Company trades on the Canadian Securities Exchange – CSE- under the symbol “CBK.”
Advisory Regarding Forward-Looking Statements
Certain information in this release constitutes forward-looking statements or information (“forward-looking statements”) under applicable securities laws and necessarily involves risks and uncertainties. Forward-looking statements included herein are made as of the date of this news release and, except as required by applicable law, CopperBank does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Forward-looking statements relate to future events or future performance and reflect management of CopperBank’s expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as “plans,” or “believes,” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur,” or “be achieved,” or the negative of these terms or comparable terminology. Examples of forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s ongoing review of its existing portfolio, the involvement of CopperBank in any potential divestiture, spin-out, partnership or other transactions involving the Company’s portfolio assets, and the ability of the Company to complete any such transactions, the ability of CopperBank to enter into transactions that will ultimately enhance shareholder value, and potential future work or activities in respect of the Pyramid project or the Contact project. Although CopperBank believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to CopperBank. Forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to, the Company’s ability to identify and complete one or more transactions involving the Company’s portfolio assets that enhance shareholder value as part of management’s ongoing review of strategic alternatives in the current market conditions. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Such factors include, but are not limited to, the risk that the Company will not be able to identify and complete one or more transactions involving the Company’s portfolio assets that enhance shareholder value as part of management’s ongoing review of strategic alternatives in the current market conditions. Although CopperBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. For more information on CopperBank and the risks and challenges of its businesses, investors should review the continuous disclosure filings that are available under CopperBank’s profile at www.sedar.com.
SOURCE: CopperBank Resources Corp.
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