Copper Reef Commences 2020 Drill Program
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CSE: CZC 02/20
Copper Reef Begins 2020 Drill Program in The Flin Flon Belt
Flin Flon, Manitoba, January 23, 2020 – Copper Reef Mining Corporation (“Copper Reef” or the
“Company") is pleased to announce the beginning of a 4,300 metre diamond drill program in the Flin
Flon Camp of Manitoba and Saskatchewan . The Company will start with a 630 metre program
consisting of 5 drill holes at its 100% owned Hanson Lake Property in Saskatchewan where Copper
Reef has two horizons each at 2.5 k ilometres strike length . This is expected to be followed by a
$1,000,000 exploration program which will include approximately 3,670 m etres in the main Flin Flo n
Camp of Manitoba. The drill program in Manitoba , anticipated to commence this month and be
completed by the end of March, will target 5 separate target areas along existing mine horizons. Three
of the se targets are newly interpreted, located along key ho rizons and, according to Copper Reef
records, are undrilled. The Company will outline the Manitoba targets in further detail in future press
releases.
The drill program starting today will concentrate on the 2.5 kilometre long Hanson Lake Mine horizon
which realized limited production but high metal grades over a development outline of 420 metre strike
length by 140 metre depth (below bedrock surface) . The mine operated by Western Nuclear Mines
between 1967 and 1969, produced 147,000 tonnes containing 10% Zn, 5.8% Pb, 0.5% Cu and 137.0
g/t Ag . Although gold was noted , it appears to have not been recovered. Of i nterest, there is no
evidence of drilling below 200 metres depth from bedrock surface. This leaves the mine horizon wide
open for de pth, plunge and strike exploration. In 2008, Copper Reef flew a deep penetrating VTEM
airborne survey over the property , which showed that the Hanson Lake deposit extended significantly
southward (700 metres) beyond the mined area. In 1986 , SMDC completed a drill hole south of the
mine that intersected 21.9% Zn, 1.6% Cu, 10.1% Pb and 28oz/t Ag (960g/t Ag) and 0.89 oz/t Au
(30.51 g/t Au) over 1.2 m etres at a shallow depth, in bedrock . This high-grade intersection was not
followed up with further drilling. Copper Reef intends to step back 20 metres and re-test this horizon
at the 45 and 100 -metre levels and again from a separate set up 50 metres south along strike of the
first setup at similar depths. Copper Reef will then step back and drill the horizon with a 5th drill hole at
the 200 metre level.
Copper Reef’s 100% owned Hanson Lake Property lies on strike to the north of Foran Mining
Corporation’s (“Foran”) large McIlvenna deposit, which presently has greater than 22 million tonnes
indicated and 11 million tonnes inferred of copper-zinc-silver mineralization. Copper Reef owns a
$0.75 per tonne net tonnage royalty on this deposit and on any other ore found on the property (the
“McIlvenna Royalty”). The McIlvenna property remains completely open with depth. This McIlvenna
Royalty, according to Foran’s projected mining rate, would net Copper Reef approximately $1.6 million
per year. Copper Reef also owns a 2% net smelter return royalty on Foran’s Bigstone copper deposit,
as well as the Balsam Cu-Zn Deposit in the same Hanson Lake volcanic center of the Flin Flon Belt.
About Copper Reef Mining Corporation
Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral
properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Issuer’s properties
are currently at the exploration stage. The Company has assembled a portfolio of base metal and
CSE: CZC
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precious metal prospects including strategic locations in the Provinces of Manitoba and
Saskatchewan, all of which are 100 percent owned with no option payments or work commitments to a
third party.
Qualified Person
Stephen L. Masson, M.Sc., P.Geo., President & Chief Executive Officer of Copper Reef, who is the
"Qualified Person" as defined by NI 43 -101 for this project, has reviewed and approved of the
technical disclosure contained in this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
COPPER REEF MINING CORPORATION.
Tel: 1-204-687-3500; Email: [email protected]
Website: www.copperreefmining.com
Stephen L. Masson
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the
adequacy or accuracy of this release.
Forward-Looking Information
This news release contains "forward -looking information" within the meaning of applicable Canadian
securities legislation. Forward -looking information includes, but is not limited to, information with
respect to the Company’s exploration programs (including size and budget) and the ability to advance
targets and the timing and results thereof. Generally, forward -looking information can be identified by
the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates of management at the date the
information is made, and is based on a number of assumptions and is subject to known and u nknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from those expressed or implied by such
forward-looking information, including risks a ssociated with the exploration, development and mining
such as economic factors as they effect exploration, future commodity prices, changes in foreign
exchange and interest rates, actual results of current exploration activities, government regulation,
political or economic developments, environmental risks, permitting timelines, capital expenditures,
operating or technical difficulties in connection with development activities, employee relations, the
speculative nature of gold exploration and development, including the risks of diminishing quantities of
grades of reserves, contests over title to properties, and changes in project parameters as plans
continue to be refined. Although the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate , as actual results and future events could
differ materially from those anticipated in such information. Accordingly, readers should not place
undue reliance on forward -looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable securities laws.