Coast Copper Makes New High-Grade Gold Discovery at Empire Mine Property TSX. V: COCO
Coast Copper Makes New High-Grade Gold
Discovery at Empire Mine Property
TSX. V: COCO
VANCOUVER, BC
,
Aug. 21, 2023
/CNW/ -
Coast Copper Corp. ("Coast Copper"
or the
"Company";
(TSXV: COCO) is pleased to announce the discovery of a new mineral showing ("
B3
")
which is located approximately 700 meters ("
m
") to the south of the Merry Widow pit on the
optioned Empire Mine property ("
Empire Mine
" or the "
Property
") on northern Vancouver Island,
British Columbia
("
BC
"). The B3 showing was discovered during Coast Copper's summer 2023
exploration field program which included prospecting, soil and rock sampling across areas of
interest, taking samples from one of the historical magnetite waste dumps and hosting several site
visits with individuals from the BC Geological Survey ("
BCGS
") and the
University of Victoria
.
Adam Travis
, Coast Copper CEO comments:
"As announced on
June 12, 2023
, several areas of
interest were noted to potentially expand the Property's mineral resource estimate (the "
2023
MRE
")(announced
May 23, 2023
). The new B3 discovery as well as the waste dump were not
included in the potential expansion but going forward will be included as areas that could
potentially add additional resources to the 2023 MRE
. While on site, we also field-checked and
confirmed the proposed drill locations for the next drill program. These drill locations are mostly
located within the areas noted in our
June 12
news release, which could potentially double the
2023 MRE, as well as a few additional exploration holes proposed in new areas."
B3 Showing (New gold and tellurium discovery)
A total of 67 soil samples were taken around the B3 showing with 2 rock and 4 chip samples taken
from the B3 outcrop itself. Soil sampling around the B3 showing has outlined an area roughly
100 m
by
150 m
with gold-in-soil values of >80 parts per billion ("
ppb
"). Additional highlights of soil
sampling taken around the B3 area include 3,931 ppb Au and 1,410 ppb tellurium ("
Te
") in sample
MWS2023-018 and 2,518 ppb gold ("
Au
") and 740 ppb Te in sample MWS2023-094. Highlights of
soil samples taken between the Bluebird 2 showing and the new B3 discovery include 2,194 ppb Au
and 1,340 ppb Te in sample MWS2023-042. These samples warrant further follow-up.
Rock sampling at the B3 outcrop has returned results up to 51.60 grams per tonne ("
g/t
") Au, 30.66
g/t Te, 0.25 percent ("
%
") cobalt ("
Co
") and 50.52 g/t silver ("
Ag
"). The B3 showing confirms that
despite the history of iron ore exploration and mining along the Merry Widow trend, limited
exploration has been given to areas outside of obvious massive iron and copper sulphides, which
Coast Copper's work is now showing can return very significant gold and rare earth element values
peripheral to these iron and copper skarns.
See Figures
1 and 2 for sample locations and Table 1 for rock sample assay results.
Please visit the Company's
YouTube account
for videos taken while at the B3 showing or click the
link
https://youtu.be/-ee7ZHzfarY
Table 1: B3 Showing Geochemical Rock Sample Results
Sample ID
Sample Type
Au (g/t)
Te (g/t)
Co (%)
Cu (%)
Ag (g/t)
MWR2023-001
Rock
13.22
10.67
0.12
0.14
8.75
MWR2023-002
Rock
51.60
27.27
0.16
0.12
21.71
MWR2023-006*
Chip from 0 to 0.15m
43.70
30.66
0.25
0.28
33.06
MWR2023-007*
Chip from 0.15 to 0.60m
17.64
10.35
0.09
0.09
14.17
Weighted Average of MWR2023-006 and 007
22.85
14.41
0.12
0.13
17.95
MWR2023-008*
Chip from 0 to 0.60m
3.28
0.93
0.01
0.20
6.63
MWR2023-009*
Chip from 0 to 0.90m
31.60
15.97
0.11
0.002
26.94
* Vertical chip samples were collected across the B3 outcrop exposure over the intervals specified in Table 1. Sample material collected by hammer and pick.
Adam Travis
further comments:
"Once again we are pleased with the fact that we are still able to
make new discoveries on trend on the Property. Even though this Property has been explored and
mined for over 100 years, the areas outside the core mine area remain heavily under-explored."
Additional Discoveries Meriting Follow-up
In addition to the sampling completed around the B3 showing, a total of 42 soil and 10 rock samples
were taken while prospecting areas of interest from the Whiskey Jack showing to the Battle
Mountain showing (approximately 2.75 kilometers distance). Some notable results from across the
Property include a rock sample collected from outcrop on the southeastern margin of the South Pit
which returned values of 2.9 g/t Au and 4.5% Cu. This result further reinforces the continuation of
high-grade gold and copper mineralization along the thrust trend to the south of the current resource.
A follow-up sample from a mineralized dike near the Bluebird 1 occurrence returned values of 7.1 g/t
Au and 6.5% Cu, confirming presence of high-grade mineralized intrusive structures in the vicinity of
known mineral occurrences.
Ground conditions on site can be very challenging, where places of thick underbrush and dense
organic layers appear to have inhibited the collection of good soil samples by previous operators. As
evidenced by our more diligent soil sampling of proper soil horizons, we are seeing significantly
higher metal values in many places.
Further work will include following up on a
350 m
by
550 m
long gold-in-soil anomaly along the
northerly trending contact of the Merry Widow pluton with Battle Mountain, that has only seen limited
exploration.
Merry Widow Historical Waste Dump Sampling
Several waste dumps have previously been identified across the Merry Widow mine area with a total
material volume estimated at 2.8 million tonnes. One of the historical dumps (containing an estimated
550 kiloton of material) was initially sampled during the program by collecting talus fines from 8
locations on the dump (see Figure 1). Assay results for these samples returned grades ranging
from 0.05 to 0.71 g/t Au, 0.04 to 0.28 % Cu and 15.2 to 35.8 % iron ("
Fe
"). The average grade for
the 8 dump samples was 0.23 g/t Au, 0.14% Cu and 22.3% Fe. See Table 2 for sample assay
results.
Although preliminary, these results are encouraging given the high iron (magnetite), gold and copper
results for material designated as waste during the 1957 to 1967 mining operations. To properly
characterize the material in these dumps and to help determine the potential economic significance,
additional and more substantial sampling programs will need to be carried out. Preliminary waste
dump sampling was initiated to begin characterization of the waste dump material, composition and
grade for future consideration as a potential processable resource.
Table 2: Waste Dump Geochemical Sample Assay Results
Sample ID
Location
Au (g/t)
Cu (%)
Fe (%)
MWND2023-001
North Waste Dump
0.05
0.04
32.63
MWND2023-002
North Waste Dump
0.09
0.05
35.77
MWND2023-003
North Waste Dump
0.26
0.11
21.42
MWND2023-004
North Waste Dump
0.08
0.06
19.96
MWND2023-005
North Waste Dump
0.30
0.22
16.33
MWND2023-006
North Waste Dump
0.71
0.28
15.22
MWND2023-007
North Waste Dump
0.12
0.10
16.17
MWND2023-008
North Waste Dump
0.25
0.20
20.82
Average Grade for all 8 dump samples
0.23
0.14
22.29
*Waste dump samples were hand collected from subsurficial excavations along transects of the accessible upper reaches of the dump at approximately 20 m
interval spacing.
Government Collaboration / Critical Minerals Study
During the summer program, Coast Copper hosted several site visits with members of both the
BCGS and the
University of Victoria
with a focus on the rare earth and critical metals potential at the
Property. Coast Copper will continue to collaborate with the government and academia as it works
toward updating and characterizing the mineral deposit model types.
Adam Travis
, comments:
"The work completed by Coast Copper to date is suggestive of a larger
system than previously thought that may contain zonation patterns with other metals. The new B3
discovery is an excellent example of gold-rich zones that are under-explored and may occur
peripherally to the better-known iron and copper skarn occurrences. "
COCO NR23-08 Figure 1 (CNW Group/Coast Copper Corp.)
COCO NR23-08 Figure 2 (CNW Group/Coast Copper Corp.)
Quality Assurance/Quality Control ("QA/QC") Procedures
Soil samples were taken at
25 m
spacings when possible and by up to
50 m
spacings in areas of
interest. All samples were taken from the B horizon soil profile.
Sampling completed on the project in 2023 was supervised by on–site Coast Copper personnel and
sub-contractors who collected and tracked samples and implemented a full QA/QC program using
blanks, standards and duplicates to monitor analytical accuracy and precision. The samples were
sealed on site and shipped to MSA Labs in
Langley BC
for analysis. MSA Labs' quality control
system complies with global certifications for Quality ISO9001:2008. Soil samples were dried and
screened to 80 mesh and then analyzed in 20g samples with multi-element ICP-MS Aqua Regia
digestion (IMS-111). Rock samples were dried and crushed to 70% passing 2mm mesh and split to
250g samples which were pulverized to 85% passing 75μm. The samples were then analyzed by a 4
acid digestion multi-element ICP-MS (IMS-131). Gold assaying was completed with FAS-415, a 30–
gram fusion fire assay with AAS finish with greater than 10 g/t Au assays completed with FAS-418,
a 30-gram fusion fire assay with gravimetric finish. Silver assays greater than 100 g/t were
completed with ICF-6Ag, 4 acid, ICP-AES ore grade analysis. Copper assays greater than 10,000
parts per million ("
ppm
") were completed with ICF-6Cu, 4acid, ICP-AES ore grade analysis. Zinc
assays greater than 10,000ppm were completed with ICF-6 Zn, 4 acid, ICP-AES ore grade
analysis.
Qualified Persons
The technical information contained in this news release has been prepared, reviewed, and
approved by
Wade Barnes
, P.Geo. (BC), Coast Copper's geological consultant and a Qualified
Person ("
QP
") within the context of the Canadian Securities Administrators' National Instrument
("
NI
") 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 Knob Hill NW property located on northern Vancouver Island, its Home Brew
property in central BC, and its
Scottie West
property located in the "Golden Triangle" of northern
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
Notes Related to this news release and/or maps
1
.
Historical information, maps or figures contained in this release regarding Coast Copper's
Empire Mine Property or adjacent properties cannot be relied upon as the Company's QP, as
defined under NI-43-101 has not prepared nor verified the historical information.
2
.
The 2023 Mineral Resource Estimate was prepared by Sue Bird, P.Eng., an independent
Qualified Person. The effective date of the mineral resource estimate is
April 26, 2023
. Mineral
Resources are reported using the 2014 CIM Definition Standards and were estimated in
accordance with the CIM 2019 Best Practices Guidelines, as required by NI43-101. Mineral
Resources that are not Mineral Reserves do not have demonstrated economic viability. There is
no certainty that any Mineral Resources will be converted into Mineral Reserves. These Mineral
Resource estimates include Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that would enable them to be
categorized as Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral
Resources could be upgraded to Measured or Indicated Mineral Resource with continued
exploration. The Mineral Resource Estimate has been confined by a "reasonable prospects of
eventual economic extraction" pit using the following assumptions, Prices are based on 3 year
trailing averages, recoveries are based on preliminary metallurgical studies, and smelter terms
and costs are based on comparables.
1
.
Au price of
USD$1,800
/oz and Cu price of
US$ 3.50
/lb at an exchange rate of
0.75
US$
per CAD$;
2
.
77% Cu metallurgical recovery, 29% Cu concentrate grade, 100$USD/tonne
concentrate transport, 100 $USD/tonne concentrate treatment, 1% unit concentrate
grade deduction, and 0.1 $USD/lb Cu refining cost
3
.
60% Au metallurgical recovery, 99% payable Au, and
8 USD$
/oz Au refining cost.
4
.
Mining costs of
CAD$15
/tonne;
5
.
Processing + G/A costs of
CAD$25
/tonne;
6
.
Pit slopes of 50 degrees;
The resulting NSR equation is: NSR (CDN$) = (Cu%/100) x 3.96 x 2204.6 x 0.77 + Au
x 76.05 x 0.6. The bulk density of the deposit is interpolated from sample data. The
average value specific gravity used for the Mineral Resource Estimate is 3.45 at the
base case cutoff.
Copper and Gold Equivalents were calculated as: CuEq=NSR/67.22 and
AuEq=NSR/45.63
3
.
Cominco Resources, Drill Section Maps "Plan of Cominco's Benson Lake Operations on Empire
Claims Showing Ore Reserves & Proposed Exploration Program", 1970, Private Files. While
Coast Copper notes that Cominco's historical results are not NI 43-101 compliant and have not
been verified by the Company's QP, these combined historical resources total nearly 3.154
million tonnes and will help guide Coast Copper's exploration programs
4
.
Benson Lake Mine
historical reserves recorded by Cominco Resources (1972) report a non NI
43-101 resource of 454,000 tonnes grading 0.59 g/t Au and 1.3% Cu and Inferred resource of
2.7 million tonnes of 1.7% Cu with no Au grade calculated.
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.
SOURCE
Coast Copper Corp.
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%SEDAR: 00032945E
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], NR23-08
CO: Coast Copper Corp.
CNW 08:05e 21-AUG-23