CopperCorp Awarded Razorback REE and Cu- Au Project in Tasmania, Australia with
CopperCorp Awarded Razorback REE and Cu-
Au Project in Tasmania, Australia with
Historical Drilling Intercepts of 30.0m @ 2.1%
TREO & 13.4m @ 1.6% Cu and 1.6 g/t Au
Vancouver, British Columbia--(Newsfile Corp. - June 6, 2023) - CopperCorp Resources Inc. (TSXV:
CPER) (OTCQB: CPCPF)
("CopperCorp" or the "Company") is pleased to announce that its wholly-
owned subsidiary, Georgina Resource Pty Ltd, has been named as the successful recipient for
exploration licence EL8/2023 (the "Razorback Project"), located south of the Mt Lyell copper mine in
western Tasmania, Australia (see Table 1 and Figure 1). The licence was awarded to the Company
following its submission through the state's Exploration Release Area (ERA) competitive application
process.
CopperCorp considers the Razorback Project area to be highly prospective for primary rare earth
element (REE) and iron oxide-copper-gold (IOCG) style Cu-Au mineralization based upon results of
historical drilling within the project area, which include total rare earth oxide (TREO) intercepts of
30.0m
@ 2.1% TREO
(drillhole SDD005)
1
, and Cu-Au intercepts including
13.4m @ 1.6% Cu and 1.6g/t Au
(drillhole JP2)
2
.
Multiple areas with anomalous REE assays from surface rock chip sampling, including
up to
16.2% TREO
1
, have received limited follow-up exploration, providing a significant opportunity for
the Company to generate and develop new REE exploration targets.
The Razorback Project (EL8/2023) will add 171km
2
in new mineral licence holdings to the Company's
100%-owned AMC and Skyline projects in western Tasmania, bringing the total combined exploration
licence holdings to 1,571 km
2
. The successful application will now move forward through the exploration
licence grant process and a more detailed press release on the property will follow.
Licence ID
Project
Target Commodity
Status
Total Area km
2
EL8/2023
Razorback
Rare Earths-Copper-Gold
Priority Application
171
Table 1.
Summary of CopperCorp's new licence application in western Tasmania, Australia.
Steve Swatton, President and CEO of CopperCorp commented,
"The Razorback land package has
been recognized and highly regarded by our team since inception of the Company. The project is
located immediately south and along trend of the 3 million tonne (contained copper) historic Mt Lyell
mine which has generated significant copper and gold since starting production in the late 1800's and
still has a reported 25-year mine life
3
. Previous exploration work completed at Razorback indicates
the presence of significant copper, gold and rare earth mineralization including in surface sampling
and drill intercepts.
We look forward to initiating a work program to advance exploration at Razorback
including following up on the significant copper-gold and rare earth surface showings and intercepts."
Figure 1.
Location plan showing CopperCorp's exploration licenses and project areas in western
Tasmania, Australia.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8950/168874_bf05a512045adb65_002full.jpg
EL8/2023 Razorback Project Background
EL8/2023 is situated over the Middle Cambrian aged Mt Read Volcanics (MRV) directly south of the Mt
Lyell copper project (3 Million tonnes Cu and 3 Million ounces Au) (Figure 2).
It is readily accessible by
all-weather gravel roads and is near infrastructure including power transmission lines, hydro-electric
power stations, and regional mining centres.
The MRV is an arcuate belt of calc-alkaline volcanic sequences and broadly co-magmatic granitoid
intrusives. It is host to several world-class polymetallic base metal, Cu-Au, and Au-only deposits. The
MRV formed in sub-marine rift basins related to a post-subduction extensional tectonic regime during
the Tyennan Orogeny, considered to be one of the most important metallogenic events in Tasmania.
CopperCorp considers the Razorback Project area to be prospective for magmatic-hydrothermal
related iron oxide copper-gold (IOCG), and hybrid porphyry-epithermal Cu-Au/Au-only deposits (such as
the Mt Lyell Cu-Au and Henty Au style occurring along trend to the north).
Previous exploration drilling
during the early 1980's returned best intercepts of
13.4m @ 1.6% Cu and 1.6g/t Au
from 61.6m
(drillhole JP2)
2
at the Jukes prospect (Figure 2), however, no follow-up drilling has been reported since.
The Hydes prospect, (Figure 2) which has not been drill tested, contains outcropping chalcopyrite
stringer mineralization mapped over a strike length of 500m (open) and up to 30m wide. The area was
rock chip sampled in the 1970's returning assays of
0.5 to 1.25% Cu over 24m
4
, while rock chip
sampling of gossanous outcrop in adjacent areas assayed up to
6.1% Cu and 3.9g/t Au
4
.
Excellent potential for rare earth element (REE) mineralization is also recognized with previous
exploration drilling returning REE intercepts of
30.0m @ 2.1% TREO
(drillhole SDD005)
1
, and
anomalous REE's in surface rock chip sampling up to
16.2% TREO
1
at the South Darwin prospect with
limited follow-up exploration. The historical drilling results indicate that REE mineralization in the
Razorback Project area is enriched in critical listed and valuable REE minerals including Neodymium
(Nd), Praseodymium (Pr), Dysprosium (Dy), Yttrium (Y), Cerium (Ce), Lanthanum (La) (see Table 2).
The REE and Cu-Au mineralization at Razorback is interpreted to be related to a 2-4km wide belt of
magnetite-series K-Ba-REE rich Cambrian alkaline granitoids that extends underneath the eastern
margin of the Mt Read Volcanics belt (Figure 3). The regional tectonic setting (post-collisional/back-arc
setting), calc-alkaline volcanic host rocks and style of Cu-Au mineralization/alteration of the MRV can be
broadly compared with the Andean Coastal Cordillera IOCG belt which hosts numerous large deposits
such as Candelaria (470Mt @ 0.95% Cu, 0.22g/t Au).
The project area has been intermittently explored since the mid-1950 with previous exploration activity
including geological mapping, gridding, stream sediment and soil geochemistry, adit sampling, plus
magnetic, EM and IP geophysical surveys, and diamond drilling at various prospects.
Most of the
previous exploration work is regional/greenfields in nature. Compilation and digitization of historical
exploration data is ongoing, and the Company is working up several REE and Cu-Au exploration targets,
with more detail to be provided in future news releases.
DH ID
From
m
To
m
Width
m
TREO
%
CeO2
%
La2O3
%
Nd2O3
%
Pr6O11
%
Sm2O3
ppm
Gd2O3
ppm
Dy2O3
ppm
Eu2O3
ppm
Er2O3
ppm
Tb4O7
ppm
Ho2O3
ppm
Tm2O3
ppm
Lu2O3
ppm
Yb2O3
ppm
SDD005
297
327
30
2.08
0.99
0.5
0.33
0.1
500
300
128
48
32
34
16
4
3
22
Table 2.
Rare earth oxide values from significant drill hole intercept in SDD005 30.0M @ 2.1% TREO
(1.0% TREO cut-off).
Values have been rounded.
Next Steps
The Company is currently planning its exploration strategy for EL8/2023 in anticipation of formal granting
of the exploration licence and looks forward to providing updates in the near future.
Figure 2.
Map showing location of EL8/2023 south of the EL16/2018, with key prospect areas and TMI
reduced to pole magnetics image and mineral occurrences grouped by commodity.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8950/168874_bf05a512045adb65_004full.jpg
Figure
3
.
3-D geological model (oblique view) of the Middle Cambrian granite pluton beneath the Mt
Read Volcanics.
Modified from Seymour et al., 2006.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8950/168874_bf05a512045adb65_005full.jpg
About Western Tasmania
Western Tasmania is an established mining region located within a low-risk, stable jurisdiction with an
ongoing, 150-year exploration and mining history. The region has a rich and diverse mineral resource
inventory with large-scale multi-generational mines, established infrastructure, local skilled labour, and
rail-to-port networks. The entire state of Tasmania is supplied by 100% renewable energy.
About CopperCorp
CopperCorp is a well-financed mineral exploration company with approximately C$6.0M in working
capital as of March 31, 2023 and is exploring in locations that could host world class size copper-gold
deposits in western Tasmania, Australia.
National Instrument 43-101 Disclosure
The Company's disclosure of technical or scientific information related to EL8/2023, the Razorback
Project, 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.
The data disclosed in this news release in relation to the Razorback Project is related to historical
exploration results. CopperCorp has not undertaken any independent analysis of the results of the
historical exploration work carried out in order to verify the results. However, the historical results are
considered sufficiently consistent between generations of past explorers and/or past exploration
programs to provide confidence that the results are indicative of the tenor of the samples. In the
professional opinion of the QP, sufficient verification of the 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 target areas for further
investigation.
The Company's current and future exploration work includes verification of the historical
data through new sampling.
TREO (Total Rare Earth Elements) values were calculated by the formula:
TREO = CeO2 + La2O3 +
Nd2O3 + Pr6O11 + Sm2O3 + Gd2O3 + Dy2O3 + Eu2O3 + Er2O3 + Tb4O7 + Ho2O3 + Tm2O3 +
Lu2O3 + Yb2O3 + Y2O3.
Standard element to oxide conversion factors have been used in the calculation of rare earth oxide
values from elemental assay values.
This news release also contains information about adjacent properties on which the Company does not
have an interest. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative
of mineralization hosted on the Razorback Project.
References
1
Hughes, C. 2013.
Annual Report EL51/2008. Corona Minerals Limited.
Open file Report 13-6792,
Mineral Resources Tasmania.
2
Hutton, M.J., Komyshan, P., Mears, R.M.D., Purvis, J.G. 1982. Exploration License 9/1966, Tasmania,
Annual Report for 1981-1982. Mount Lyell Mining and Railway Company Limited, Consolidated
Goldfields Australia Limited, Getty Oil Development Company Limited. Open file report 82-1791,
Mineral Resources Tasmania.
3
ASX Announcement (New Century Resources, ASX:NCZ) 23 January 2023.
Mt Lyell Copper Mine
Prefeasibility Study Demonstrates Strong Economics Over Multi-Decade Life.
4
Ruddock, I. 1974.
Jukes-Darwin Area of EL 13/65 S.W. Tasmania, Report on Exploration Work
Conducted by INAL between October 1972 and March 1974. Broken Hill Proprietary Company Ltd &
International Nickel Australia Ltd.
Open file report 74-1010, Mineral Resources Tasmania.
Contact:
Stephen Swatton
President, CEO & Director
Alexander Muir, CFA
Manager, Corporate Development & Investor Relations
604-970-8032
Website:
www.coppercorpinc.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
:
This news
release includes certain "forward-looking statements" under applicable Canadian securities
legislation relating to the Company's expectations and plans regarding the Razorback Project in
Tasmania, Australia; the merits and potential of the Razorback Project; the grant of an exploration
licence for the Razorback Project; generating and developing new rare earth elements and copper-
gold exploration targets in the Razorback Project area; advancing the Razorback Project; the
technical, financial and business prospects of the Company, its projects and other matters; the merits
of the Company's mineral projects; funding of the Company; 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 "expects", "plans", "anticipates", "believes", "interpret", "intends", "estimates",
"projects", "aims", "suggests", "indicate", "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 the timing and outcome of the approval process for final
granting of the Razorback exploration licence; 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 that may change with new or 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 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.sedar.com
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/168874