Coast Copper Makes New Copper-Gold Discovery at Empire: 7.18 g/t Gold and 3.17% Copper over 16.3 m at Raven Bluff Target
Coast Copper Makes New Copper-Gold
Discovery at Empire: 7.18 g/t Gold and
3.17% Copper over 16.3 m at Raven Bluff
Target
VANCOUVER, BC, Feb. 1, 2022 /CNW/ - Coast Copper Corp.
("Coast Copper" or the "Company") (TSXV: COCO) announces
assay results for the second batch of samples from its initial 19
drillhole (2,346 metre ("m")) core drilling program completed in
December 2021 on its optioned Empire Mine Property (the
"Property"); see news releases dated December 20, 2021 and
January 25, 2022. Results reported in this news release are from two
drillholes and one partial drillhole (MW21-015, partial 016 and 017)
located in the Raven Bluff and Raven Pit approximately 200 m north of
the past-producing Merry Widow magnetite iron ore open pit mine
(see Figure 1). Drill highlights include 7.18 grams per tonne ("g/t")
gold ("Au") and 3.17% copper ("Cu") intersected over 16.3 m at
Raven Bluff: and 6.2 g/t Au over 1.67 m at Raven Pit. See Table 1 for
full list of highlights.
COCO NR2022-02 Figure 1 (CNW Group/Coast Copper Corp.)
The objective of drilling at the Raven Bluff and Raven Pit targets was
to test parts of the Property that, despite numerous recommendations
made over the years since 1988 by consultants, had remained
undrilled. The 2021 drillholes encountered significant copper and gold
intercepts and more drilling is clearly warranted.
At Raven Bluff (see Figure 1) a detailed review of historical records,
compilation of previous geological mapping and our own site
inspections indicated that sulphide mineralization was more likely
associated with north-northwesterly trending greenstone dykes within
a 200 m x 200 m area that has never been adequately tested. Coast
Copper's drillholes MW21-015 & MW21-016 were drilled as a
preliminary test of this hypothesis and were successful in
intercepting semi-massive chalcopyrite and pyrrhotite bands, in
core lengths up to 16.28 m, associated with the margins of the
greenstone dykes. These sulphide-rich mineralized zones
intercepted in hole MW21-015, occurring as deep as 100 m below
surface (see Figure 2 and Table 1), gave assays of up to 7.18 g/t
Au, 3.17% Cu over 16.28 m. Assay results have only been
partially completed for drill hole MW21-016, which was drilled
below drillhole MW21-015 returned initial assay results up to 0.55
g/t Au and 1.06% Cu over 12.04 m and suggestive that the
mineralization at Raven Bluff persists to depth. Detailed controls
to mineralization are still being determined and complete assay
results are awaited for the rest of MW21-016.
Table 1: 2021 Empire Drill Program Significant Raven Bluff Raven Pit Drill Results
Zone Hole ID
From
(m)
To
(m)
Interval**
(m)
Au
(g/t)
Cu
(%)
Silver ("Ag")
(g/t)
Cobalt ("Co")
(%)
AuEq***
(g/t)
CuEq****
(%)
Raven
Bluff
MW21-015 15.76 16.30 0.54 4.67 5.81 38.6 0.192 16.62 10.10
and 56.55 57.47 0.92 12.90 0.65 16.4 0.009 14.27 8.67
and 77.53 79.42 1.89 11.47 0.51 13.7 0.011 12.60 7.65
and 97.78 114.06 16.28 7.18 3.17 47.8 0.056 13.57 8.25
including 100.46 105.16 4.70 16.86 0.22 1.7 0.004 17.28 10.50
including 110.70 114.06 3.36 4.64 12.51 197.6 0.209 29.87 18.15
MW21-016 208.55 211.27 2.72 0.31 0.47 4.6 0.007 1.21 0.74
and 266.96 279.00 12.04 0.55 1.06 12.2 0.007 2.52 1.53
including 272.25 273.91 1.66 1.43 4.38 60.2 0.026 9.68 5.88
including 278.00 279.00 1.00 2.49 3.49 30.2 0.021 8.84 5.37
and 295.35 297.00 1.65 1.40 0.20 2.8 0.002 1.79 1.08
Raven
Pit
MW21-017 31.00 32.67 1.67 6.20 0.002 0.4 0.000 6.21 3.77
and 32.67 34.70 2.03 0.36 0.28 9.9 0.067 1.61 0.98
and 53.90 54.85 0.95 0.22 0.40 2.1 0.017 1.07 0.65
*The intervals reported in this table represent drill intercepts and
insufficient data is available at this time to state the true thickness of
the mineralized intervals. **The Metal prices used in CuEq and AgEq
calculations are as follows: Gold $1750/oz, Silver $23.00/oz, Copper
$4.20/lb and Cobalt $25/lb. Recoveries are assumed to be 100% for
the purposes of equivalent calculations.*** The AuEq formula used for
calculations is: AuEq g/t = Au g/t + (Cu % x 1.65) + (Ag g/t x $0.013) +
(Co % x $9.80).****The CuEq formula used for calculations is: CuEq
% = Cu % + (Au g/t x $0.608) + (Ag g/t x $0.008) + (Co % x $5.95)
Historical records indicate that the 21 m wide, north-trending Raven
magnetite deposit with associated sulphides: pyrrhotite, pyrite,
sphalerite and chalcopyrite was mined in the Raven Pit during 1959.
As a magnetite resource, its high sulphide content made the Raven
deposit uneconomic and after extracting about 22,000 tons, the Raven
deposit was abandoned and later backfilled with waste rock from the
Merry Widow Pit (J. Lund 1966). A substantial body of massive
pyrrhotite, with lesser chalcopyrite and pyrite (with gold and silver
values reportedly associated with these sulphides), cut by late
occurring calcite-sphalerite veins, was described as occurring near the
Raven Pit's eastern boundary². Coast Copper's drillhole MW21-017
(see Figure 2 and Table 1 and 2) is the first ever drillhole to be
drilled under the backfilled Raven Pit and, after passing through
30 metres of waste dump material, immediately cored into 4.70 m
of semi-massive pyrrhotite and chalcopyrite that assayed 6.2 g/t
Au over 1.67 m followed by 2.03 m grading 0.36 g/t Au and 0.28%
Cu. Deeper in the hole, other bands of massive magnetite of up
to 8. 6m were encountered. It is important to note that it appears
that this drillhole clipped the top of the zone and now that the
historical pit and mineralization has been re-located subsequent
drillholes can be properly located to test the entire reported
widths of this > 20 m wide zone.
Adam Travis, Coast Copper's CEO commented, "We have now
reported two new gold discoveries at Raven Bluff and Raven Pit, one
of ten main target areas on the Property, to go along with our
significant copper and gold results released last week, which I would
encourage everyone to read. Our drill success at Raven Bluff opens
up at least a 200 m x 200 m target area. These new discoveries
confirms our belief that additional areas on the Property are prime
exploration targets for new copper and gold discoveries as previous
operators either focused on the mining of magnetite or drilling in the
Merry Widow Pit. Even within the Merry Widow area which is a small
portion of the overall Property zones such as South Pit, Lower Marten
and Whiskey Jack have not been drilled. This is also another step
forward in proving that the Empire Mine Property covers a large
district scale potential with multiple target types (magnetite,
copper/gold and zinc skarns, gold and copper veins, Iron Oxide
Copper-Gold) that have seen little to no modern exploration. We look
forward to adding this drill core to our display at the AMEBC Roundup
conference February 3rd and 4th, 2022 in Vancouver, B.C."
Coast Copper will continue to update its geological interpretation and
modelling and will report additional assay results once received.
Photos of select drill core will be available on the Coast Copper
website under the Empire Mine Property tab.
Table 2: Drill Hole Locations, Azimuth and Dip
Hole ID Easting Northing Elevation m Total Length (m) Azimuth Dip Size
MW21-015 624343.6 5579888 703.803 148.5 77 -45 NQ
MW21-016 624343.2 5579887 703.85 309.0 80 -60 NQ
MW21-017 624299.6 5579882 704.577 84.0 288 -45 NQ
QA/QC Statement on Assay Results
The 2021 drill sample collection was supervised on-site by Coast
Copper personnel and sub-contractors who inserted certified
standards, blanks, and field duplicates consisting of quarter core
samples into each batch of samples at regular intervals. QA/QC
samples account for 8% of the total samples sent to the
labs. Samples were sealed on site and shipped to MSALABS in
Langley, British Columbia for analysis. Samples were prepared by
crushing the entire sample to 70% passing -2mm, riffle splitting of 1kg
and pulverizing the split to better than 85% passing 75
microns. MSALABS also conducts a rigorous QA/QC policy by
inserting standards, blanks and conducting pulp duplicates on certain
drill core intervals.
All samples were analyzed by 48 element ultra-trace 4-acid ICP
digestion. Copper assays >10,000 ppm and Ag assays >100 g/t were
reanalyzed with an Ore Grade method. The analytical results are
verified with the application of industry standard Quality Assurance
and Quality Control ("QA/QC") procedures. The gold assays were
determined by 30g fire assay with AAS finish method which reports in
parts per million ("ppm; equivalent to g/t). Any samples greater than
10.0 g/t gold were re-analyzed by fire assay method with a gravimetric
finish.
Iron ore analysis was determined by borate fusion and XRF finish.
Qualified Persons
The technical information contained in this news release has been
prepared, reviewed, and approved by Wade Barnes, P.Geo. (BC) of
Tripoint Geological Services, Coast Copper's geological consultant
and a Qualified Person within the context of Canadian Securities
Administrators' National Instrument 43-101; Standards of Disclosure
for Mineral Projects.
About Coast Copper Corp.
Coast Copper's exploration focus is the optioned Empire Mine
Property, located on northern Vancouver Island, BC, which covers
three historical open pit mines and two past-producing underground
mines that yielded iron, copper, gold and silver. Coast Copper's other
properties include its 100% owned Eldorado, Gin and Bonanza
properties located in BC's prolific Golden Triangle district which are
adjacent to Newcrest Mining Limited's and Imperial Metals
Corporation's Red Chris Mine, its Knob Hill NW Property located on
northern Vancouver Island and its 100% owned Sterling, Sandy and
Home Brew properties which are located in central BC. Coast
Copper's management team continues to review precious and base
metals opportunities in western North America.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis, Chief Executive Officer and Director
NR22-02
Cautionary Notes Related to this News Release and/or maps
1. NI 43-101 Technical Report: Giroux, G.H., & Raven, W.
(November 30, 2008). Technical Report on the Copper Gold
Resources for the Merry Widow Property. Filed on SEDAR
January 22, 2009. The 2008 Grand Portage resource estimate
was completed by Gary H. Giroux, P.Eng, MASc, of Giroux
Consulting Ltd. in Vancouver, B.C. The estimate was based on a
3D geological model integrating 4,448 metres of diamond drilling
of 43 drill holes, 2,290 assays, with 104 down-hole surveys
collected between June and December 2006. The resource was
reported utilizing gold cut-off grades ranging from 0.10 g/t to 3.00
g/t gold, as more particularly set out in the report. A complete
copy of the report is available on Grand Portage's public filings
on SEDAR (www.sedar.com). A gold cut-off grade of 0.50 g/t
gold was selected as representing one possible mining scenario.
For the purposes of the calculations, lognormal cumulative
frequency plots were used to assess grade distribution to see if
capping of high values was required and if so at what levels. For
all elements, capping levels were established based on the
individual grade distributions as follows: Gold -- a total of 18 gold
assays were capped at 32.0 g/t gold, Silver --a total of 9 silver
assays were capped at 165 g/t silver, Copper -- a total of 7
assays were capped at 11.7% copper, Cobalt -- a total of 5
assays were capped at 0.48% cobalt, Iron -- all iron assays were
capped at 50% iron (the analytical detection limit).
2. 2017 Prepatory/Physical Report for the Blue Gold Project. Dan
P. Berkshire, James Hume. April 15, 2018. British Columbia
Geological Survey Assessment Report 37,471.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained or incorporated by reference in this
press release, including any information regarding the proposed
Transaction, private placement, board and management changes, as
to our strategy, projects, plans or future financial or operating
performance, constitutes "forward-looking statements." All statements,
other than statements of historical fact, are to be considered forward-
looking statements. Forward-looking statements are necessarily
based on a number of estimates and assumptions that, while
considered reasonable by Coast Copper, are inherently subject to
significant business, economic, geological and competitive
uncertainties and contingencies. Although Coast Copper believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance. Known and unknown factors could cause actual
results to differ materially from those projected in the forward-looking
statements. Such factors include but are not limited to: fluctuations in
market prices, exploration and exploitation successes, continued
availability of capital and financing, changes in national and local
government legislation, taxation, controls, regulations, expropriation or
nationalization of property and general political, economic, market or
business conditions. Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance
and, therefore, readers are advised to rely on their own evaluation of
such uncertainties. All of the forward-looking statements made in this
press release, or incorporated by reference, are qualified by these
cautionary statements. We do not assume any obligation to update
any forward-looking statements.
COCO NR2022-02 Figure 2 (CNW Group/Coast Copper Corp.)
SOURCE Coast Copper Corp.
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For further information: Adam Travis, CEO, Coast Copper Corp,409
Granville Street, Suite 904, Vancouver, B.C. V6C 1T2, Canada, P:
877-578-9563, E: [email protected]
CO: Coast Copper Corp.
CNW 08:05e 01-FEB-22