CopperCorp Announces Exploration Update and Investor Relations Agreement
CopperCorp Announces Exploration
Update and Investor Relations Agreement
Vancouver, B.C. (TSXV:
CPER)
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC, Jan. 18, 2022 /CNW/ - CopperCorp Resources Inc. ("CopperCorp" or the
"Company") is pleased to announce that the common shares of the Company (the "Shares")
commenced trading on the TSX Venture Exchange ("TSXV") under the symbol CPER at the market
open on January 14th, 2021. This follows the closing of the Company's initial public offering led by
Haywood Securities Inc., whereby 10,000,000 Shares were issued at a price of $0.50 per Share for
gross proceeds of $5,000,000.
Stephen Swatton, CEO of the Company, said "On behalf of CopperCorp, I would like to thank all our
stakeholders for their support throughout this successful IPO process. We look forward to starting
the next chapter of CopperCorp's growth as a listed company and are very excited to accelerate our
exploration and drilling activities at our 100% owned Alpine and Skyline projects in Tasmania."
Eoin Saadien, Chair of the Board, said: "As one of Founders of CopperCorp, I am tremendously
proud of this milestone. We have assembled a highly recognized geological and financial team with a
strong track record of exploration success. Including proceeds raised from the IPO gives
CopperCorp approximately C$10.9 million to advance our exploration programs."
CopperCorp is a new public company that operates in an underexplored district of western
Tasmania, Australia; a tier-one jurisdiction recognized for its mineral potential, favourable geopolitical
jurisdiction, historical mining, and ongoing exploration successes. The Company's principal asset is
the Alpine Copper Project. The Company commenced a confirmation and infill diamond core drilling
program at the Alpine prospect in April 2021 with 10 holes totaling 3,350m completed prior to
December 2021. The drill core is undergoing logging and sampling, with samples submitted from the
first four holes in December 2021. Drilling recommenced on January 11th, 2022, with approximately
1000m planned in order to complete this initial phase of drilling.
CopperCorp is led by an experienced management team. The Board includes Eoin Saadien
(Chairman and Director), Stephen Swatton, (CEO and Director); Craig Roberts, P.Eng, Sam Garrett
and Aaron Keay, as Directors; Sean Westbrook is the Vice President of Exploration; and the team is
rounded out by Leo Hathaway, John Robins and Doug Kirwin as Technical Advisors.
About Alpine
The 95 km2 Alpine property (EL2/2018) was staked to cover a strong magnetic trend coincident with
numerous documented occurrences of base and precious metal mineralization at the southern
extension of the Arthur Metamorphic Complex in western Tasmania. This feature is a major
metamorphic structural deformation zone and host to widespread magnetite-sulphide-silicate
mineralization with affinities to Iron Oxide Copper Gold (IOCG)-style systems. The property is
located 30 km northwest of the local mining hub of Zeehan and 30 km south of the Savage River
magnetite mine (498 Mt @ 46% DTR magnetite). The mineral province of western
Tasmania
hosts
many mineral deposits, including the world class
Rosebery
and Hellyer polymetallic sulphide
deposits,
Renison Bell
and Mount Bischoff tin deposits, as well as many other granite and
volcanogenic-related deposits.
The property's namesake Alpine prospect contains copper mineralization associated with magnetite–
hematite and overprinting disseminated, stringer and breccia hosted sulphide-siderite (pyrite-
chalcopyrite-bornite-chalcocite) mineralization. Work by previous explorers within the property has
delineated an advanced-stage exploration target at the Alpine prospect, as well as multiple early-
stage regional targets.
Historical drilling by previous explorers at the Alpine prospect (CRAE in 1985, and Stellar Resources
in 2006-2007) comprises 23 diamond core holes totaling
3,992 m
. Most previous drill holes
intersected magnetite–hematite–pyrite–chalcopyrite mineralization from shallow depths, with visible
copper mineralization including intercepts of:
AP007:
80.0m
@ 0.5% Cu from
62.7m
.
AP004:
28.1m
@ 1.0% Cu from
58.7m
.
The historical drilling at Alpine defined mineralization over 700 metres of strike length and to depths
up to 200 metres below surface. Mineralization is open at depth and along strike.
Skyline Property
CopperCorp is also pleased to announce that it plans to commence preliminary exploration at its
Skyline mineral property during Q1 2022 pending work application approvals. The Skyline property is
located approximately 100km to the southeast of the Alpine Project. The project was acquired from
Georgina Resources Pty Ltd. pursuant to the Georgina Purchase Agreement dated
November 9,
2020
. The Skyline Project is a 97 km
2
land package located along the eastern margin of Mount
Read Volcanic Belt, in a zone hosting extensive IOCG-style alteration and mineralization at surface
as well as porphyry Cu-Au potential.
Quality Assurance / Quality Control
Full information on historical exploration activities and results at the Alpine property are included in
the Technical Report (NI 43-101) dated 18 April 2021. True widths of historical drill hole intercepts
are yet to be determined. Reported intervals are calculated as length weighted intercepts using a
0.3% Cu lower cut-off grade.
Drill core samples from the Alpine prospect drilling were transported to ALS Laboratories in Burnie,
Tasmania
for sample preparation and gold analysis, and for shipment to ALS Laboratories in
Townsville for base metal and multi-element analysis. The ALS Burnie and Townsville facilities are
ISO/IEC 17025:2017 and ISO 9001:2015 certified. ALS is an independent laboratory that has
developed and implemented a Quality Management System ("QMS") at each of its locations
designed to ensure the production of consistently reliable data.
Copper and other base metals are to be analysed using a four-acid digestion with ICP-AES finish
(ALS method ME-ICP61a) and gold assayed by 30-gram fire assay with atomic absorption ("AA")
spectroscopy finish (ALS method Au-AA25).
Control samples comprising certified reference samples, duplicate and blank samples are
systematically inserted into the sample stream and analysed as part of the Company's quality
assurance / quality control (QAQC) protocol.
Qualified Person
The Company's disclosure of technical or scientific information in this press release was reviewed
and approved by
Sean Westbrook
, VP Exploration for the Company. Mr. Westbrook is a Qualified
Person as defined under the terms of National Instrument 43-101.
Investor Relations
CopperCorp also announces that it has entered into an Investor Relations Employment Agreement
dated
January 17, 2022
(the "Agreement") with
Alexander Muir
to provide investor relations and
corporate development services to the Company. The Agreement provides for an annual salary of
C$100,000
per year and an option grant to purchase 50,000 Shares at an option price of
$0.66
per
Share until
January 17, 2027
(the "Options"). The Options shall vest quarterly over a period of 12
months and are exercisable for a period of 60 months. Mr. Muir's appointment and the Options are
subject to the approval of the TSX Venture Exchange. Mr. Muir was previously employed with TMX
Group as an Analyst in Capital Formation for Toronto Stock Exchange and is a CFA Charterholder.
About CopperCorp
CopperCorp is a mineral exploration company actively focused on copper exploration in western
Tasmania, Australia
, a tier one mineral jurisdiction. The Company is primarily focused on iron oxide
copper-gold (IOCG) style mineralization at the Alpine Prospect.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
:
This news
release includes certain "forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or intentions regarding the future.
Such statements are subject to risks and uncertainties that may cause actual results, performance
or developments to differ materially from those contained in the statements, including risks related
to factors beyond the control of the Company. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if they do occur, what benefits the
Company will obtain from them. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required
by law.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
CopperCorp Resources Inc.
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For further information:
Stephen Swatton, CEO & Director, [email protected]
CO: CopperCorp Resources Inc.
CNW 07:00e 18-JAN-22