TSX. V: COCO
VANCOUVER, BC, Nov. 21, 2023 /CNW/ - Coast Copper Corp. ("Coast Copper" or the "Company"; (TSXV: COCO) is pleased to provide results from a September 2023 field program following up on several geophysical and gold in soil anomalies at its optioned Empire Mine property ("Empire Mine" or the "Property") on northern Vancouver Island, British Columbia ("BC"). This exploration work included expanding the gold ("Au"), copper ("Cu") and tellurium ("Te") in soil and rock anomaly to over a 250 meter ("m") x 500 m area around the newly discovered B3 showing (see August 21, 2023 news release) which reported several chip samples averaging 31.60 grams per tonne ("g/t") Au, 15.97 g/t Te, and 0.11% cobalt ("Co") in sample MWR2023-009 (See Figures 1 & 2). Additional work included initial prospecting and sampling in an underexplored 1-kilometer ("km") x 2 km area between the Upper Merry Widow Trend ("Upper Trend") and Lower Benson Lake Mine Trend ("Lower Trend"), known as the Middle Trend. This area was highlighted during geological compilation and fits with the model of probable multiple stacked thrust systems, which indicate potential for mineralization in this area. Preliminary investigations show promising initial surface results. A total of 76 soil and 25 rock samples were collected during this field program from targeted areas across the Upper and Middle Trend zones on the Property (see Figure 1).
Adam Travis, Coast Copper CEO comments: "With ongoing exploration we continue to expand our understanding, and size potential of mineral occurrences at Empire Mine. We enlarged our coverage around our new B3 discovery, approximately 500 m south of the Merry Widow Pit, and as a result the gold, copper and tellurium anomaly is at least 250 m in strike length. Since the discovery of B3 earlier this year, we have taken a total of 21 soil samples in the area that have returned values greater than 80 parts per billion ("ppb") gold, with sample MWS2023-018 returning 3,931 ppb Au. This anomaly is open to the north below the historical waste dumps. To the south, a newly discovered rock float sample returned 9.60 g/t Au suggesting a potential link of the B3 area to the Bluebird 1 area 250 metres further to the south where four rock samples have returned greater than 2 g/t Au. We also completed initial prospecting and sampling in the relatively underexplored Middle Trend area between the Upper Trend and Lower Trend returning some highly anomalous copper and gold in rock and soil samples (see Figure 2). This reinforces our model of multiple stacked thrusts, or horizons, that can host mineralization at many levels through the 1 km thick limestone package, and that new discoveries can continue to be made in an old camp."
B3 Zone (250 m x 500 m area with soil samples up to 3,931 ppb Au and chip samples up to 51.60 g/t Au- announced August 21, 2023)
Coast Copper's technical team collected 42 soil samples and 10 rock samples in the area surrounding the B3 discovery, specifically between the Bluebird 1, Marten and Snowline mineral occurrences. Notable assay results from sampling include outcrop samples up to 11.1 g/t Au and up to 191.50 g/t Te above the Snowline showing, a 9.60 g/t Au rock float sample and 368.00 ppb Au in soil samples between Bluebird 1 and Bluebird 2 and up to 2,100.00 ppb Au in soil samples down slope of Snowline (see Figure 2 and Table 1 and 2). This work has extended the soil anomaly to an area roughly 250 m in width and 500 m in length and shows good potential to link the Bluebird 1, Bluebird 2 and Snowline showings with our newly discovered B3 showing.
Table 1: Geochemical Soil Sample Results
Cu (parts per million ("ppm"))
Bluebird 1 – Bluebird 2
Table 2: Geochemical Rock Sample Results
Bluebird 1 – Bluebird 2
Rock - Float
Snowline – West Extension
Rock - Chip
Snowline – West Extension
Rock – 3 m Chip Sample*
Rock - Chip
*Chip samples were taken in a continuous horizontal line across the outcrop face
Emerging Middle Trend (1 km x 2 km area between Upper Trend and Lower Trend)
Fieldwork by Dr. Jim Oliver in 2022 identified the presence and importance of regional thrust systems in the Merry Widow Pit and along the Upper Trend (see January 18, 2023 news release). A thorough review of the recent drillhole data and relevant historical work led to a geological model of multiple stacked thrust faults, or thrust panels, occurring between the Upper Trend and the Lower Trend potentially linking up mineralization between these deposit areas. The importance of cross structures within these favorable trends has also been recognized as a significant control on mineralization across the Property.
This concept was further validated when examining historical drill-hole logs from 2007 located above the Benson Lake Mine which indicated mineralized intervals occurring hundreds of meters above the Benson Lake Mine in areas that should have been barren limestone. As such, initial prospecting and sampling was completed with the expectation that mineralization could occur within this 1 km x 2 km area, that had previously seen no systematic work.
Coast Copper's preliminary work in this area that was previously not thought to be prospective, shows promising copper and gold values from both rock and soil samples. A total of 34 rock 15 soil samples were taken across the emerging Middle Trend zone. Rock samples returned assay values up to 1.90% Cu and up to 1.25 g/t Au, with one soil sample returning 9,995.00 ppm Cu and 1,210 ppb Au (see Tables 1 & 2 and Figure 2). These encouraging results indicate that further work is warranted in this area.
Quality Assurance/Quality Control ("QA/QC") Procedures
Soil samples were taken at 25 m spacings when possible and by up to 50 m spacings in areas of interest. All samples were taken from the B horizon soil profile.
Sampling completed on the project in 2023 was supervised by on–site Coast Copper personnel and sub-contractors who collected and tracked samples and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to MSA Labs in Langley BC for analysis. MSA Labs' quality control system complies with global certifications for Quality ISO9001:2008. Soil samples were dried and screened to 80 mesh and then analyzed in 20g samples with multi-element ICP-MS Aqua Regia digestion (IMS-111). Rock samples were dried and crushed to 70% passing 2mm mesh and split to 250g samples which were pulverized to 85% passing 75μm and then analyzed by Aqua Regia, ICP-AES/MS (IMS-131). Copper assays greater than 10,000 ppm were completed with ICF-6Cu, 4acid, ICP-AES ore grade analysis.
The technical information contained in this news release has been prepared, reviewed, and approved by Wade Barnes, P.Geo. (BC), Coast Copper's geological consultant and a Qualified Person ("QP") within the context of the Canadian Securities Administrators' National Instrument ("NI") 43-101; Standards of Disclosure for Mineral Projects.
About Coast Copper Corp.
Coast Copper's exploration focus is the optioned Empire Mine property, located on northern Vancouver Island, BC, which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold and silver. Coast Copper's other properties include its 100% owned Knob Hill NW property located on northern Vancouver Island, its Home Brew property in central BC, and its Scottie West property located in the "Golden Triangle" of northern BC. Coast Copper's management team continues to review precious and base metals opportunities in western North America.
On Behalf of the Board of Directors:
Adam Travis, Chief Executive Officer and Director
Notes Related to this news release and/or maps
- Historical information, maps or figures contained in this release regarding Coast Copper's Empire Mine Property or adjacent properties cannot be relied upon as the Company's QP, as defined under NI-43-101 has not prepared nor verified the historical information.
- The 2023 Mineral Resource Estimate was prepared by Sue Bird, P.Eng., an independent Qualified Person. The effective date of the mineral resource estimate is April 26, 2023. Mineral Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by NI43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that any Mineral Resources will be converted into Mineral Reserves. These Mineral Resource estimates include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued exploration. The Mineral Resource Estimate has been confined by a "reasonable prospects of eventual economic extraction" pit using the following assumptions, Prices are based on 3 year trailing averages, recoveries are based on preliminary metallurgical studies, and smelter terms and costs are based on comparables
a. Au price of USD$1,800/oz and Cu price of US$ 3.50/lb at an exchange rate of 0.75 US$ per CAD$;
b. 77% Cu metallurgical recovery, 29% Cu concentrate grade, 100$USD/tonne concentrate transport, 100 $USD/tonne concentrate treatment, 1% unit concentrate grade deduction, and 0.1 $USD/lb Cu refining cost
c. 60% Au metallurgical recovery, 99% payable Au, and 8 USD$/oz Au refining cost.
d. Mining costs of CAD$15/tonne;
e. Processing + G/A costs of CAD$25/tonne;
f. Pit slopes of 50 degrees;
The resulting NSR equation is: NSR (CDN$) = (Cu%/100) x 3.96 x 2204.6 x 0.77 + Au x 76.05 x 0.6. The bulk density of the deposit is interpolated from sample data. The average value specific gravity used for the Mineral Resource Estimate is 3.45 at the base case cutoff.
Copper and Gold Equivalents were calculated as: CuEq=NSR/67.22 and AuEq=NSR/45.63
- Cominco Resources, Drill Section Maps "Plan of Cominco's Benson Lake Operations on Empire Claims Showing Ore Reserves & Proposed Exploration Program", 1970, Private Files. While Coast Copper notes that Cominco's historical results are not NI 43-101 compliant and have not been verified by the Company's QP, these combined historical resources total nearly 3.154 million tonnes and will help guide Coast Copper's exploration programs
- Benson Lake Mine historical reserves recorded by Cominco Resources (1972) report a non NI 43-101 resource of 454,000 tonnes grading 0.59 g/t Au and 1.3% Cu and an Inferred resource of 2.7 million tonnes of 1.7% Cu with no Au grade calculated.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board, and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Coast Copper, are inherently subject to significant business, economic, geological, and competitive uncertainties, and contingencies. Although Coast Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation, or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
SOURCE Coast Copper Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2023/21/c3791.html