CopperCorp Awarded EDGI Co-Funding for Initial Jukes Cu-Au Prospect Drill Program
CopperCorp Awarded EDGI Co-Funding for
Initial Jukes Cu-Au Prospect Drill Program
Vancouver, British Columbia--(Newsfile Corp. - September 27, 2024) - CopperCorp Resources Inc.
(TSXV: CPER) (OTCQB: CPCPF) ("CopperCorp" or the "Company") is pleased to announce that it has
been awarded a co-funded grant under the Tasmanian Government's Exploration Drilling Grant Initiative
(EDGI) scheme for drilling at the Jukes prospect on its 100% owned Razorback Copper-Gold-REE
property in western Tasmania, Australia (Figures 1 and 2).
The Company applied for co-funding to undertake the drilling of two proposed 200m deep diamond core
drill holes (total 400m of drilling) at the Jukes prospect.
The EDGI grant allows the Company to apply for
a total refund of up to AUD $70,000 from 50% of direct diamond drilling costs incurred in drilling the
proposed holes, subject to signing of a funding agreement.
As previously reported
1,2
, the Company commenced diamond drilling at Jukes during early September
with the first drill hole, JDD001 (Figures 3 and 4), successfully completed to a depth of 214m. Drilling of
a second diamond drill hole, JDD002, has commenced from the same pad as JDD001 (Figure 4).
The
planned initial drill holes are designed to target depth extensions to high-grade Cu-Au mineralization
recently sampled
4
in underground historical Jukes No. 3 Main Adit (
31.0m @ 1.48% Cu and 0.83g/t
Au
, including
9.0m @ 2.92% Cu and 1.79g/t Au
) and will test the current interpretation that these high-
grade mineralized zones occur associated with NNW-trending fault structures, and in particular at the
intersection of these structures with the NE-trending Jukes fault. Pending initial information and results,
these drill holes may be extended to test deeper parts of the Jukes system.
Stephen Swatton, President and CEO of CopperCorp commented: '
The Company are delighted to
receive this grant from the Tasmanian Government. The grant is merit based and is testament to the
quality of the work being undertaken by the CopperCorp team in Tasmania and to the importance of
mining, and in particular the development of 'climate transition metals' such as copper, to economy of
the State of Tasmania'.
About the Jukes Prospect
The Jukes prospect is located within the 100% owned Razorback Cu-Au-REE property, 10km south of
the Sibanye-Stillwater owned Mt Lyell copper-gold mining camp. Recent work by CopperCorp, including
3D inversion modelling of magnetic and gravity data indicates a vertically extensive pipe-like magnetic
feature with a partially coincident to off-set residual gravity anomaly at Jukes
3
.
The position of the
magnetic and gravity anomalies adjacent to large fertile fault structures is considered highly prospective
for structurally controlled mineralized pipes typical of the Mt Lyell system where anomalous gravity
features occur associated with larger mineralized pipe bodies that have depth extensive chlorite-
magnetite-apatite-biotite alteration zones (e.g. Prince Lyell and Western Tharsis orebodies)
3
.
Previous exploration at the prospect includes limited drilling below historical workings during the 1970's
and 1980's that gave a best intercept of
13.4m @ 1.6% Cu and 1.6g/t Au
from 61.6m (drillhole JP02)
4
.
Results of recent channel sampling
4
of historical underground adits by CopperCorp included
31.0m @
1.48% Cu and 0.83g/t Au
, including
9.0m @ 2.92% Cu and 1.79g/t Au
. The copper-gold
mineralization at Jukes occurs predominantly as chalcopyrite with lesser bornite, associated with intense
chlorite-magnetite alteration with strong similarities to deep level mineralization at Mt Lyell.
Figure 1. Southern Skyline Project properties and exploration target areas with magnetics TMI RTP
image.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8950/224792_0be0e4cb244e5ab6_002full.jpg
Figure 2. Location of the Razorback property and the Jukes Zone target area relative to the Mt Lyell
copper-gold mine. Blue outlines are CopperCorp's 100% owned licenses.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8950/224792_0be0e4cb244e5ab6_003full.jpg
Figure 3. Jukes prospect summary plan with magnetics reduced to pole (RTP) image underlay
showing location of the recently commenced drill hole (JDD001).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8950/224792_0be0e4cb244e5ab6_004full.jpg
Figure 4. Jukes prospect drill update summary section with 3D inversion model isosurface for
magnetics (blue) and gravity (pink) showing drill hole traces of completed and planned initial drill
holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8950/224792_0be0e4cb244e5ab6_005full.jpg
About CopperCorp
CopperCorp is focused on the exploration and development of its Skyline, AMC, and Whisky Creek
copper-gold-REE projects in western Tasmania. The company is well-financed with approximately
C$4.0M in working capital as reported in the August 27, 2024 news release
5
.
Qualified Person & National Instrument 43-101 Disclosure
The Company's disclosure of technical or scientific information in this news release has been reviewed
and approved by Sean Westbrook, VP Exploration for the Company. Mr. Westbrook is a Qualified
Person (QP) as defined in National Instrument 43-101.
Information on historical and recent prospecting, mining, and exploration activities at the Skyline Project
group of properties contained within this news release has been reviewed and verified by the Qualified
Person.
In the opinion of the Qualified Person, sufficient verification of historical and new data has been
undertaken to provide sufficient confidence that past exploration programs were performed to adequate
industry standards and the data reported is fit for substantiating the prospectivity of the project in
general, supporting the geological model/s proposed, planning exploration programs, and identifying
targets for further investigation.
This news release contains information about adjacent properties on which the Company does not have
an interest. The QP has been unable to verify the information on these adjacent properties and the
information is not necessarily indicative to the mineralization on the properties that is the subject of this
news release.
References
1
CPER: TSXV News Release 25
th
September 2024
2
CPER: TSXV News Release 11
th
September 2024
3
CPER: TSXV News Release 26
th
August 2024
4
CPER: TSXV News Release 13
th
May 2024
5
CPER: TSXV Interim MDA for the Period Ended June 30 2024, 27
th
August 2024
Adjacent Property (Mt Lyell) Information Sources:
Sibanye-Stillwater company website information as of May 12
th
2024
New Century Resources: ASX Announcement 23
rd
January 2023
New Century Resources: ASX Announcement 27
th
October 2021
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
Contact:
Stephen Swatton
President, CEO & Director
Additional information about CopperCorp can be found on its website:
www.coppercorpinc.com
and at
www.sedarplus.ca
.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news
release includes certain "forward-looking statements" under applicable Canadian securities
legislation relating the Company's expectations and plans regarding the Skyline Project, Razorback
property and Jukes prospect in Tasmania; plans for future exploration and drilling at the Jukes
prospect and the timing of same; the merits of the Company's mineral projects and other plans of the
Company. Forward-looking statements are statements that are not historical facts; they are generally,
but not always, identified by the words "encouraging", "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 the timing and outcome of the approval process for final granting
of the EL11/2024 application; that the Company may experience difficulties in exploration and drilling
and carrying out related work; 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 and other governmental
approvals necessary to carry out the Company's plans; the risk that the Company will not be able to
raise sufficient funds to carry out its business plans; the possibility that future exploration results will
not be consistent with the Company's expectations; increases in costs; environmental compliance
and changes in environmental and other local legislation and regulation; interest rate other risks
associated with mineral exploration operations, the risk that the Company will encounter unanticipated
geological factors and exchange rate fluctuations; changes in economic and political conditions; and
other risks involved in the mineral exploration industry. The reader is urged to refer to the Company's
Management's Discussion and Analysis, publicly available through the Canadian Securities
Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at
www.sedarplus.ca
for a more complete discussion of risk factors and their potential effects.
Forward-looking statements are based on a number of assumptions, including management's
assumptions about the following: the availability of financing for the Company's exploration activities;
operating and exploration costs; the Company's ability to attract and retain skilled staff; timing of the
receipt of necessary regulatory and governmental approvals; market competition; and general
business and economic conditions. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/224792