Copper Road Resources Intersects 50 Metres of 1.00% Cu Eq at the Richards Breccia and 95 Metres of 0.51% Cu Eq at the Jogran Porphyry, JR Zone,
Copper Road Resources Intersects 50
Metres of 1.00% Cu Eq at the Richards
Breccia and 95 Metres of 0.51% Cu Eq
at the Jogran Porphyry, JR Zone,
Batchewana Bay, Ontario
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| Source: Copper Road Resources
Inc.
Highlights 2023 JR Zone Drill
Program
Richards Breccia
R23-01: 38.63 m @ 1.17%
Cu Eq (76.37 to 115 m)
R23-04: 50.17 m @ 1.00%
Cu Eq (79 to 129.17 m)
Jogran Porphyry
JR-23-01: 342 m @ 0.23%
Cu Eq (8 to 350 m)
JR-23-02: 197 m @ 0.35%
Cu Eq (4 to 201 m)
including 21 m @ 1.04% Cu
Eq (5 to 26 m)
within 95 m @ 0.51% Cu Eq
(4 to 99 m)
TORONTO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Copper Road Resources
(TSXV: CRD) (“Copper Road” or “the Company”) is pleased toannounce2023
diamond drill results from its 1,250-metredrill program completed in the JR
Zone at the 24,000-hectareCopper Road Project, Batchewana Bay, Ontario.
The JR Zone is located approximately 8 kmfrom the Tribag Zone whichthe
Companydrilled in 2022. The objectivewas toconfirmthe lengthyhistorical
intersections of Copper and Molybdenum mineralization within the Jogran
Porphyry and to demonstrate additional high-grade Copper mineralization
at depth in the Richards Breccia.
Copper Road President and CEO John Timmons comments: “The results
from our initial drill program have established the presence of lengthy near-
surface intersections of porphyry-hosted Copper/Molybdenum
mineralization with shorter intersections of higher-grade Copper/Gold
breccia-hosted mineralization. The Jogran Porphyry and Richards Breccia
targets are approximately 1 km apart and form part of a wider array of alkalic
porphyry and breccia targets in the JR Zone area, similar in areal scale to the
established alkalic porphyry districts or “clusters” in British Columbia and in
Australia.
“The Richards and Jogran targets are two of nineteen targets in the greater
JR Zone area based on the ongoing compilation of historical and current
exploration data. The Company believes the JR Zone has the potential to
deliver multiple larger porphyry and breccia-hosted discoveries.”
Figure 1: JR Zone Long Section
Table 1: Richards Breccia Select Intercepts
Drillhole
Drill Intercept (metres) Grade
From To Length Cu (%) Ag (g/T) Mo (%) Au (g/t) Cu Eq
(%)
R2301 76.37 115.00 38.63 1.06 3.55 0.002 0.07 1.17
Including 98.00 108.00 10.00 2.19 7.96 0.002 0.11 2.35
R2304 80.00 120.00 40.00 0.99 4.58 0.002 0.09 1.11
Including 79.00 129.17 50.17 0.88 4.56 0.002 0.09 1.00
Including 81.00 89.00 8.00 2.09 16.00 0.004 0.21 2.42
Including 117.00 120.00 3.00 2.41 7.20 0.001 0.23 2.66
R2305 72.00 85.00 13.00 0.31 1.72 0.000 0.03 0.35
Including 73.83 75.00 1.17 2.03 11.17 0.001 0.18 2.27
Assumptions used in USD for the copper equivalent calculation are metal prices of
$3.60/lb Copper, $22/oz Silver, $50/kg Molybdenum, $1900/kg Gold and recovery is
assumed to be 100% as no metallurgical test data is available. The following equation
was used to calculate copper equivalence: CuEq = Copper (%) + (Silver (g/t) x 0.01) +
(Molybdenum (%) x 6.30) + (Gold (g/t) x 0.77)
Table 2: Jogran Porphyry Select Intercepts
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1
Drillhole
Drill Intercept (metres) Grade
From To Length Cu (%) Ag (g/T) Mo (%) Cu Eq
(%)
J2301 8.00 350.00 342.00 0.13 1.18 0.015 0.23
Including 39.00 52.00 13.00 0.16 2.26 0.027 0.35
Including 69.00 98.00 29.00 0.10 1.60 0.040 0.37
Including 188.00 284.00 96.00 0.18 1.23 0.015 0.28
Including 198.00 212.00 14.00 0.20 1.12 0.053 0.55
Including 234.00 245.00 11.00 0.20 1.22 0.004 0.24
Including 256.00 279.00 23.00 0.25 1.55 0.009 0.33
Including 318.78 350.00 31.22 0.17 0.88 0.010 0.24
Including 318.78 335.00 16.22 0.21 1.17 0.016 0.32
J2302 4.00 201.00 197.00 0.17 1.62 0.025 0.35
Including 4.00 99.00 95.00 0.20 1.97 0.048 0.51
Including 5.00 26.00 21.00 0.27 2.15 0.120 1.04
Assumptions used in USD for the copper equivalent calculation are metal
prices of $3.60/lb Copper, $22/oz Silver, $50/kg Molybdenum, $1900/kg Gold
and recovery is assumed to be 100% as no metallurgical test data is available.
The following equation was used to calculate copper equivalence: CuEq =
Copper (%) + (Silver (g/t) x 0.01) + (Molybdenum (%) x 6.30) + (Gold (g/t) x
0.77)
Jogran Porphyry
Two (2) drillholes were completed at Jogran Porphyry to test the extent and
continuity of the mineralization encountered in previous historical
exploration by Jogran Mines and Phelps-Dodge in the early 1960s. The
Jogran Porphyry is a quartz monzonite porphyry intrusion with a distinct
alteration and mineralization style consistent with alkalic porphyry copper-
molybdenum mineralization. Drilling has successfully confirmed the
continuity of the copper and molybdenum mineralization in the porphyry
over long intervals, beyond what was previously known laterally and at
depth, and that the mineralization also extends to the southwest into the
mafic volcanics where it is associated with localized and discrete potassic
alteration (magnetite and biotite) occurring as haloes adjacent to quartz-
carbonate veinlets and as local patches in the mafic volcanics.
Figure 2: Jogran Porphyry: Cross-Sections Showing Drillhole Locations
1
1
J2301: Drilled to test the continuity of the porphyry mineralization beneath
historical hole JDH-16 (165 m @ 0.43% Cu Eq). This hole intersected an
extensive zone of copper mineralization hosted by the porphyry (0.23% Cu
Eq over 342 metres from 8 to 350 metres, including an interval of 0.37% Cu
Eq over 29 metres from 69 to 98 metres). Historical drilling had traced the
mineralized porphyry to a maximum vertical depth of 180-220 metres below
surface. The current drilling has extended the mineralized porphyry to 320
metres below surface and is still open at depth. The broad intersection at
JR-23-01 confirms the presence of near-surface copper mineralization with
strong credit mineralization (Mo, Ag, Au) that increases proportionately with
the higher copper grades. Copper mineralization extends into the mafic
volcanics and appears as consistently mineralized as in the porphyry
intrusion, thereby suggesting the presence of a larger intrusive system
southwest of the Jogran porphyry (i.e. towards the J2 “Roof Zone” Cu-in-MMI
and magnetic high anomaly).
J2302: Drilled to test the continuity of the porphyry mineralization below
historical hole JDH-13 (147 m @ 0.53% Cu Eq). This hole intersected a broad
zone of altered quartz monzonite porphyry containing consistent copper
mineralization with associated strong molybdenum grades throughout the
entire hole (0.35% Cu Eq over 197 metres from 4 to 201 meters including
higher-grade intervals of 0.51% Cu Eq over 95 metres and 1.04% Cu over 21
metres). Copper and molybdenum mineralization also extends into the
altered mafic volcanics, similar to that seen in J2301, again confirming the
potential of higher-grade copper mineralization to the southwest
Richards Breccia
Richards Breccia is an altered polymictic and clast supported breccia. Clasts
consist of altered volcanics, silicified cherty fragments and felsic intrusives.
The presence of felsic intrusive clasts in the breccia indicates an
emplacement related to an intrusive source at depth. Four (4) holes were
drilled to test the continuity of the mineralization originally drill-tested by
Aurogin Resources in 1997 and 1998, with an additional hole testing an area
of high Gradient chargeability located approximately 200 metres to the
west-northwest of Richards. Drilling successfully extended the breccia 50 to
60 metres vertically below the known mineralization, establishing the
vertical extent of mineralization to 130 meters from surface. The breccia is
still open at depth and is technically open to the northeast for at least a
limited strike extent.
Figure 3: Richards Breccia Drillhole Location Map Showing Gradient IP
Anomaly
Figure 4: Richards Breccia: Section along R2301
Figure 5: Richards Breccia: Section along R2304
R2301: Drilled to test the vertical extent of the mineralized breccia
encountered by historical drillholes AR98-07, AR97-24, and AR97-25. This
hole returned grades of 1.17% Cu Eq over 38.63 metres from 76.37 to 115
metres including a higher-grade interval of 2.35% Cu Eq over 10 metres
from 98 to 108 metres. True widths are estimated to be 50% of the drill
widths reported above. This hole extended the mineralization to 50 metres
vertically below AR97-25.
R2302: This hole was designed to test the western strike extent of the
breccia but may have been fault-displaced or dyked out by a mapped
diabase. The hole did not return any significant mineralization.
R2303: This drillhole tested a historical gradient IP anomaly to the southeast
of the breccia. The hole appears to have drilled down a moderately east-
dipping fault that is sub-parallel to the trace of the hole, perhaps explaining
the weak to moderate IP anomaly, but did not intersect any significant
mineralization.
The Company continues to analyse the structural framework of the Richards
Breccia regarding the negative results of R-23-02 and R-23-03, but it is
initially interpreted that the breccia has been fault-displaced to both the
east and the west.
R2304: Drilled to test the northeastern extent of mineralized breccia below
AR98-07. It returned a composite grade of 1.00% Cu Eq over 50.17 metres
from 79 to 129.17 metres. Within this broad zone of mineralization are higher
grade zones of copper enrichment containing 1.11% Cu Eq over 40 metres
and 2.42% Cu Eq over 8 metres. This hole has confirmed extension of
mineralization to 60 metres vertically below AD98-07.
R2305: This hole tested the southeastern edge of a high Gradient IP anomaly
located approximately 100 m to the northwest of the mineralized Richards
Breccia. It intersected dominantly chlorite-carbonate-pyrite altered mafic
volcanics with a few narrow diabase dikes. Notably, there are scattered
patches of sulphide mineralization and associated alteration through out
the length of the hole, with discontinuous anomalous copper values greater
than 0.1% Cu from 52.0 to 148.0 metres (the hole was not continuously
sampled). The zones are characterized by pyrite mineralization in hairline
fractures and as disseminations and, to a lesser extent, quartz-calcite
veinlets containing chalcopyrite+pyrite±bornite±pyrrhotite. Best results from
this hole returned 2.27% Cu Eq over 1.17 metres within a 13-metre-wide
interval of 0.35% Cu Eq from 72 to 85 metres. These results indicate
possible proximity to a mineralized porphyry intrusion or breccia pipe that
may be centred just to the north and/or just below the drill hole.
Exploration Outlook
The Jogran Porphyry and Richards Breccia targets are approximately 1 km
apart and form part of a wider array of alkalic porphyry and breccia targets
in the JR Zone area, similar in areal scale to the established alkalic porphyry
districts or “clusters” in British Columbia and in Australia (see Figure 8
below).
Currently the established porphyry and breccia targets within the JR area
are a combination of MMI soil, stream silt, and lake sediment geochemical
anomalies with local magnetic highs that may indicate intrusive centres
within a larger area of elevated magnetics that is interpreted to indicate a
broad area of propylitic alteration. Within this broad halo, numerous
historical surface showings are reported, and virtually every historical drill
hole has reported at least locally anomalous Copper-Molybdenum
mineralization and related alteration (many not assayed).
The Company is currently planning a large (3 x 4 kilometre), semi-3D, deep-
penetrating IP survey over the main JR area to further advance the targets
as it has only had limited patches of historical IP surveying (mostly
Gradient). This will be followed up with additional drill testing of coincident
geochemical and geophysical anomalies.
Figure 6: Alkalic Porphyry Deposit Clusters Comparison
Sources: the maps above are original and created from publicly available
information and technical reports
Marketing Update
The Company also announces that it has finalized the following sponsorship
arrangements with the Rocks and Stocks News YouTube channel and news
website (“Rocks and Stocks”) and Ahead of the Herd (“AOTH”) newsletter.
Rocks and Stocks is a private entity owned and operated by Allan Laboucan.
Rocks and Stocks is based in Mexico where it operates an online portal for
news related to mining stocks and the precious metals industry. The
Company had paid sponsorship fees to Rocks and Stocks in the amount of
$15,000 on May 4 , 2023, for the period commencing on May 4 , 2023 and
ending on November 4 , 2023. In exchange for such sponsorship fees, Rocks
and Stocks provided coverage of video interviews with the Company’s
management on its various online platforms. No equity compensation was
paid to Rocks and Stocks in connection with the sponsorship. Rocks and
Stocks and the Company are unrelated and unaffiliated entities, and the
Company is not aware of any interest, directly or indirectly, of Rocks and
Stocks or its principal in the Company or its securities.
The Company had paid sponsorship fees to AOTH in the amount of $12,000
over a 6-month period commencing on May 5 , 2023, paid monthly at
$2,000, and ending on November 15th, 2023. AOTH is based in Prince
George, BC, Canada, owned and operated by Rick Mills. AOTH provides
written commentaries of public companies based on public information and
approved by Copper Road management. In exchange for such sponsorship
fees, AOTH provided written interviews with the Company’s management
discussing publicly available information regarding the Company’s project.
No equity compensation was paid to AOTH in connection with the
sponsorship. AOTH and the Company are unrelated and unaffiliated entities,
and the Company is not aware of any interest, directly or indirectly, of AOTH
or its principal in the Company or its securities.
The Company also announces an ongoing contract with Grove Corporate
Services (“Grove”) to assist in developing presentation materials, press
releases, content for social media posts relating to broad market statements
relating to the copper mining industry, and incoming investor relations calls.
Grove, owned by Stephen Coates, is based in Toronto, Canada, providing
incoming investor relations services and social media content creation and
postings among other services. The contract commenced on March 31, 2023
and is ongoing at a monthly rate of $4,000. No equity compensation was
paid to Grove in connection with the sponsorship. Grove and the Company
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