CopperCorp Announces Filing of NI 43-101 Technical Report for the EL16/2018 Walford Peak (Skyline Project)
CopperCorp Announces Filing of NI 43-101
Technical Report for the EL16/2018 Walford
Peak (Skyline Project)
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2022) - CopperCorp Resources Inc.
(TSXV: CPER) (OTCQB: CPCPF) ("CopperCorp" or the "Company") is pleased to announce the filing
on SEDAR of a Technical Report for its 100% wholly-owned Skyline Project, Tasmania.
The report, dated September 14, 2022, is entitled "Independent Technical Report on EL16/2018
Walford Peak (Skyline Project), Tasmania, Australia" and has been prepared by independent qualified
persons Anthony Woodward, BSc Hons MSc MAusIMM MAIG and Tim Callaghan, BSc Hons M Econ
Geol MAusIMM MAIG of Mining Associates Pty Ltd. The Technical Report is available on the Company's
SEDAR profile at
www.sedar.com
.
EL16/2018 (Figure 1) covers 97 km
2
of prospective ground along the eastern margin of the highly
mineralized Cambrian calc-alkaline volcanic arc of the Mount Read Volcanics belt. Two large-scale
operating mines lay within 5 km of the project - the Mt Lyell Cu-Au deposit (3 Mt Cu and 3 Moz Au @
1.0% Cu and 0.3g/t Au)
1
, and the Henty Au deposit (1.64 Moz Au @ 12.5 g/t Au)
1
The project was
acquired by the Company through its acquisition of Georgina Resources Pty Ltd in November 2020.
The Technical Report documents and confirms the results of historical prospecting and exploration
activities completed by previous owners of the property and recent data compilation, review and
exploration targeting work completed by the Company.
It also provides additional information on the
project's history, regional geology, mineralization styles and exploration targets, and provides
recommendations for exploration work.
Key highlights of the Technical Report include:
EL18/2016 is concluded to be prospective for magmatic-related iron-oxide-copper-gold (IOCG)
deposits and hybrid magmatic-hydrothermal IOCG-porphyry-epithermal style deposits. Potential
for alkalic porphyry Cu-Au styles of deposits is also recognized.
Evidence collected to date
supports a theory that Cu-Au mineralization in the eastern Mount Read Volcanics (MRV) domain is
related to magmatic-hydrothermal systems driven by a belt of mostly buried Cambrian granitoid
intrusives that extend along the eastern margin of the MRV, east of the Henty fault.
Granite-proximal mineralization and alteration styles in the eastern Mt Read Volcanics are
recognized to be similar to magmatic-related IOCG systems and broad comparisons can be made
with the IOCG systems of the Cretaceous Andean Coastal Cordillera.
There are a total of 40 known historical prospects within the tenement.
Results of data compilation
and review work completed for EL16/2018 has grouped the prospects together into prioritized
exploration target zones (Table 1).
TARGET ZONE
PROSPECT AREAS
PRIORITY RANKING
Dora Zone
Dora 1, 2, 3, 4
High
Linda Zone
Burbury Volcanics (Linda)
High
Selina Zone
Western Pyrite Zone
Eastern Pyrite Zone
Selina North
Selina South
Anthony Tunnel
Moderate
Moderate
Moderate
Low-Moderate
Low
Beatrice Zone
East Beatrice
Low-Moderate
Sedgwick Zone
Sedgwick magnetic anomaly
Low-Moderate
Table 1. Prioritized exploration target zones, EL16/2018.
Dora Zone
The high priority Dora Zone comprises an approximately 5 km long, NW-trending line of historical
exploration workings that comprise polymetallic Cu-Au-(Ag-Zn-Pb-Co) mineralization intermittently
outcropping at surface. The mineralization is associated with magnetite and coincident magnetic
features interpreted as deep regional fault structures.
Based on historical prospecting and exploration,
the Company has identified 4 priority target areas at Dora (Figure 4), including:
Dora 1:
Anomalous assays from outcrop and historical workings occur over a +300m long,
approximately 50m wide breccia-matrix mineralized zone. Historical rock sample assays include:
3.2% Cu
with
1.44 g/t Au
,
42 g/t Ag
,
1.7% Zn
and
0.85% Pb
.
0.2% Cu
with
1.9 g/t Au
,
16 g/t Ag
and
885ppm Co
.
Numerous samples ranging
0.25-0.54% Cu
,
0.12-0.47 g/t Au
,
54-88 g/t Ag
,
146-320ppm Co,
0.2-9.6% Zn
,
0.4-2.1% Pb
.
Dora 2:
Adjacent to Dora 1, a +200 m strike zone of historical workings on sulphide-rich veining in
altered volcanics occurs. Historical rock sample assay results include:
47.7 g/t Au
with
3.85% Cu
,
2.25% Co
,
250 g/t Ag
and
0.46% Pb
with visible erythrite (a Co-As
oxide mineral).
6.3% Cu
with
2 g/t Au
,
152 g/t Ag
,
0.5% Pb
and
0.4% Zn
.
0.5% Cu
, with
0.8 g/t Au
,
115 g/t Ag
,
5.5% Zn
, and
2.3% Pb
.
Dora 3
: A zone in excess of 500m, NW-trending line of outcropping mineralization and workings which
returned multiple anomalous assays from historical grab rock samples including:
1.03% Cu
with
0.4g/t Au
,
21g/t Ag
and
0.13% Zn
.
0.91% Cu
with
0.3g/t Au
and
11g/t Ag
.
0.59% Cu
with
0.19g/t Au
and
14g/t Ag
.
Dora 4
, An approximately 800 m long NW-trending line of outcropping mineralization and historical
workings with anomalous Cu in historical surface rock chip sampling including:
1.38% Cu
with
9.3 g/t Ag
0.78% Cu
with
7.0 g/t Ag
and
0.23% Pb
.
0.68% Cu
with
3.4g/t Ag
and
0.14% Pb
.
0.21% Cu
with
0.1g/t Au
and
15g/t Ag
.
Despite consistently anomalous surface results, the magnetite associated Cu-Au mineralization at Dora
remains untested by drilling.
Selina Zone
The moderate priority Selina Zone is situated in the northern part of the tenement. Dispersed pyrite and
magnetite mineralization, with elevated levels of copper, lead, zinc, and silver, occurs throughout highly
chlorite-sericite-silica altered volcanic host rocks in the Selina Zone. The mineralization is concentrated
into two main linear zones - the 4 km long, 100-300m+ wide Western Pyrite Zone (WPZ) and the 3.5 km
long, 50-150m wide Eastern Pyrite Zone (EPZ).
Within these zones pyrite and/or magnetite generally
average around 10%.
A total of 14 drillholes have been completed in the Selina Prospect by previous explorers between 1970
and 1992.
These drillholes are widely spaced, being spread out over a strike length of approximately
5km.
Low grade copper and base metal intercepts were recorded from the drillholes.
Linda Zone
The high priority Linda Prospect is located at the southern area of the tenement, around 4.5 km east of
the Mt Lyell 3 Mt Cu - 1 Moz Au mine (Figures 1 and 2). The area includes outcropping alteration and
low-grade mineralization discovered by Mt Lyell (Copper Mines of Tasmania or "CMT") exploration
geologists in 1996.
CMT detected low grade gold, copper and lead mineralization (rock chips up to
0.5% combined base metals and 0.6 g/t Au) in outcropping silica-hematite-pyrite altered Tyndall Group
volcaniclastics and several gold and base metal anomalies were produced from a stream sediment
survey.
CopperCorp plans to advance the Linda Zone prospect to a drill ready stage through a program of
gridding, geological mapping, geophysics and detailed soil geochemistry programs.
Exploration work
program proposals have been submitted, with the work to commence subject to timing of the statutory
permitting.
Beatrice Zone
The low priority Beatrice Zone is defined as the southern part of the tenement extending west and south
from Lake Spicer. The area is relatively poorly explored, probably in part due to rugged terrain and poor
access. It covers the southern extension of the favourable EQPS that hosts mineralization in the Dora
and Selina Zones and has several magnetic features of interest.
Sedgwick Zone
The Sedgwick magnetic anomaly, a large strong circular aeromagnetic feature on the NE flanks of Mount
Sedgwick. The anomaly is located approximately 3.5 kilometres north of the Beatrice lava dome, in an
area of outcropping Owen Conglomerate.
The Sedgwick magnetic feature, while large, is deep and
currently considered to be a low-priority exploration target by the Company.
Forward Plan
As concluded in the Technical Report, EL16/2018 is considered to be prospective for IOCG and hybrid
magmatic-hydrothermal IOCG-porphyry-epithermal style deposits.
CopperCorp has recently
commenced a reconnaissance level mapping and sampling program at the Dora Zone, and a geological
review and re-sampling program of the Selina Zone historical drill core.
Both of these programs are
designed to advance our understanding of the mineralization system at Skyline, in particular to identify
mineralization and alteration zonation patterns and key structural controls towards refining high-priority
exploration targets for future drilling.
Planning and permitting for the next phase of exploration, including a
maiden drill program at the Dora Zone, tentatively planned for Q4, is now underway.
Baseline
environmental studies are being carried out as part of this planning.
Figure 1. Location plan showing CopperCorp's exploration licences and project areas in western
Tasmania, Australia.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8950/137892_4196f8a044243ad7_002full.jpg
Figure 2. Geological summary map of the EL16/2018 area with exploration target areas.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8950/137892_4196f8a044243ad7_003full.jpg
Figure 3. EL16/2018 exploration target zones with TMI magnetics image.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8950/137892_4196f8a044243ad7_004full.jpg
Figure 4. Dora Zone TMI image with historical rock sample copper assays.
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/8950/137892_4196f8a044243ad7_005full.jpg
References
1
Seymour, D.B., Green, G.R., and Calver, C.R. 2007.
The Geology and Mineral Resource of
Tasmania: a summary
.
Geological Survey Bulletin 72.
Mineral Resources Tasmania, Department of
Infrastructure, Energy and Resources Tasmania.
Other Business
CopperCorp would also like to announce that the new 2022 Equity Incentive Plan was approved by
shareholders at the Annual General Meeting held on July 4, 2022.
The new equity incentive plans include
a 10% rolling option plan and a fixed amount of performance-based awards of which there are currently
100% of the 6,622,537 performance-based awards available to be granted under the plan.
Qualified Person
The technical information contained in this news release has been reviewed and approved by the
Qualified Persons (as defined under NI 43-101) and authors of the Technical Report, Anthony
Woodward, BSc Hons MSc MAusIMM MAIG and Tim Callaghan, BSc Hons M Econ Geol MAusIMM
MAIG of Mining Associates Pty Ltd.
None of the Qualified Persons hold any interest
in CopperCorp, its
associated parties, or in any of the mineral properties which are the subject of this news release.
About CopperCorp
CopperCorp is a well-financed mineral exploration company with approximately C$7.7M in working
capital as of September 14, 2022 targeting world class copper-gold discoveries in western Tasmania,
Australia. The Company is currently undertaking ground exploration programs at the Alpine Prospect
and Dora Prospect.
Contact:
Stephen Swatton
President, CEO & Director
Alexander Muir, CFA
Manager, Corporate Development & Investor Relations
604-970-8032
Additional information about CopperCorp can be found on its website:
www.coppercorpinc.com
and at
www.sedar.com
.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news
release includes certain "forward-looking statements" under applicable Canadian securities
legislation relating to exploration programs, drilling, mineralization, plans for future exploration and
drilling and the timing of same, the merits of the Company's mineral projects and funding of drilling
programs. Forward-looking statements are statements that are not historical facts; they are generally,
but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpret",
"intends", "estimates", "projects", "aims", "suggests", "often", "target", "future", "likely", "pending",
"potential", "goal", "objective", "prospective", "possibly", "preliminary" and similar expressions, or that
events or conditions "will", "would", "may", "can", "could" or "should" occur, or other statements, which,
by their nature, refer to future events. The Company cautions that forward-looking statements are
based on the beliefs, estimates and opinions of the Company's management on the date the
statements are made, and that 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. Consequently, there can be no assurances that such statements will prove to be accurate
and 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.
Factors that could cause future results to differ materially from those anticipated in forward-looking
statements include risks associated with exploration and drilling; the timing and content of upcoming
work programs; geological interpretations based on drilling that may change with more detailed
information; possible accidents; the possibility that the Company may not be able to secure permitting