Coast Copper's New Geological Model Targets Near Surface, Multiple Stacked Thrust Horizons over 1 km x 5 km Area TSX. V: COCO
Coast Copper's New Geological Model Targets
Near Surface, Multiple Stacked Thrust
Horizons over 1 km x 5 km Area
TSX. V: COCO
VANCOUVER, BC
,
Jan. 18, 2023
/CNW/ -
Coast Copper Corp. ("Coast Copper"
or the
"Company")
(TSXV: COCO) is pleased to announce that since completion of its drill program in
2022 on the optioned Empire Mine property (the "
Property
"), focus has been on utilizing all recent
and historical data available to develop a new geological model that incorporates the structural and
lithological controls observed on surface, underground and in drill core. Our new model highlights the
potential down dip continuation of near surface, stacked thrust horizons that are associated with
copper-gold-iron mineralization observed at the historical Merry Widow Pit approximately 1 kilometer
("
km
") east northeast to the Benson Lake Mine. Surface geological observations and mapping, ore
mineral occurrences, underground workings and drillhole data also indicate that these thrust horizons
and associated mineralization occur along strike over a 5 km northerly trend.
NR2023-01 Figure 2_Empire Mine Property (CNW Group/Coast Copper Corp.)
Adam Travis
, Coast Copper's CEO comments:
"Acquiring and compiling 100 years of historical
data, completing and integrating new and historical geophysical and geochemical data, conducting
our initial drill programs that confirm and expand known mineralization and having Dr.
Jim Oliver
complete a geological overview has been a long and ongoing process, but this has all led to the
most significant advancement in geological understanding of the project in its 100-year history. We
have now taken Dr. Oliver's observations and conclusions, reviewed them in the context of both
our data and the historical data and have developed a multiple, stacked thrust geological model
that explains the known mineralization and more importantly provides many new target areas for
us to explore. We look forward to getting back on the property this year to drill test our new
model."
Recently completed field work, led by Dr.
Jim Oliver
, identified the significance of regional scale
planar features to the current resource block, and to other mineral occurrences across the Property.
The new model highlights the potential for significant copper-gold-iron mineralization to continue
adjacent to, and up to 500 metres ("
m
") in elevation below the Merry Widow Pit mineralization, as
well as continuing along the trend of these regional features and down dip towards Benson Lake
Mine.
Figures 1
and
2
outline these larger planar surfaces; the enhancement of mineralized zones
can be associated with the intersection of smaller faults and the contacts of discordant dykes. The
stacked thrust model is consistent with both local and regional observations and correlates well with
copper-gold-iron mineralization recorded in drill core and historical observations from underground.
The model indicates potential for multiple, near-surface targets between the Merry Widow open pit
and the Benson Lake underground. Our understanding of these controls and their relationship with
intersecting structures will prove invaluable in guiding future drill programs.
Coast Copper will be in booth 904 at the AME Roundup Conference in
Vancouver
from
January 23-
26, 2023
and encourages all attending to come by to discuss our new and exciting geological
models.
The Company also reminds shareholders of the upcoming Annual General and Special Meeting of
Shareholders (the "
Meeting
") being to be held in
Vancouver
at its office on
January 26, 2023
at
9:00
am
. Due to the ongoing COVID 19 pandemic, it is highly recommended that all shareholders vote
ahead of the Meeting and attend via teleconference using the number provided in the Management
Information Circular. The Company's current 10% rolling long-term incentive plan ("
LTIP
") was
approved by its shareholders at the Company's Annual General Meeting of Shareholders held on
March 28, 2022
. As of the record date, which was
February 12, 2022
, the number of listed shares
issuable under the LTIP was 5,529,669. The LTIP replaced the Company's previous 10% rolling
stock option plan pursuant to changes to the TSX Venture Exchange's Policy 4.4 which became
effective
November 24, 2021
.
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 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,
British Columbia
, 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 and Shovelnose South Properties in central B.C., and its Scottie West Property located
in the "Golden Triangle" of northern B.C. 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
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
.
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
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.
NR2023-01 Figure 1_Empire Mine Property (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], NR23-01
CO: Coast Copper Corp.
CNW 08:05e 18-JAN-23