Jun 10, 2015
Copper North Commences Exploration At Carmacks Project, Yukon
Vancouver, British Columbia - Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V:COL) has commenced its 2015 Carmacks exploration program to expand copper-gold-silver resources adjacent to the proposed mining area. The program will focus on extending the Measured and Indicated mineral resources in zones 1, 4, 7 and 7a. The prime target areas are referred to as the North Gap and South Gap. These target areas have the potential to significantly increase mineral resources.
Dr. Harlan Meade, President and CEO, states that "the expansion of the oxide mineral resources has the potential to significantly improve project economics. An extension of mine life will increase the attractiveness of investment to those providing capital for project financing. The continuity of mineralization over the five kilometres of the structural trend is very encouraging, and suggests that new discoveries are likely in the gap areas between the known mineral zones."
The Measured and Indicated mineral resource estimate totals 11,980,000 tonnes grading 1.07% total copper, of which 0.86% is soluble copper (see Preliminary Economic Assessment filed on SEDAR on May 30, 2014, the "PEA"). The mineral resource estimate also contains substantial gold and silver. The resource in the oxide classification forms the basis for the potentially mineable mineralization by open pit methods as described in the PEA.
Carmacks Mineral Resources (at a 0.25% Total Copper Cut-Off)
The Carmacks copper-gold-silver mineralization has been discovered in at least 15 zones, defining the mineralized northwest trending shear structures that extend for at least five kilometres. The proposed mining area consists of Zones 1, 4, 7 and 7a, spanning approximately 700 metres along the main shear structure that dips steeply to the northeast. The mineralization forming the mineral resources appears truncated by cross faults on both its north and south extent; the extension of the known mineralized zones is prime exploration targets.
The resumption of exploration in 2014 consisted of geologic mapping, trenching, induced polarization and magnetic geophysical surveys, and diamond drilling. Exploration commenced in the Zone 2 area, located 2,500 metres to the north of the Zone 1 proposed mining area. The 2,500 metre gap between Zones 1 and 2 remains largely unexplored. Trenching and drilling in the 2014 program extended Zone 2 mineralization over a strike length of 500 metres, reducing the gap to Zone 1 to approximately 2,000 metres with little exploration (see January 5, 2015 news release). A gap is also apparent to the south boundary of the proposed mining area.
North GAP Area - Zone 1 Extension
The 2015 program focuses on determining the offset of Zone 1, on the cross fault, and following it along strike to the northwest. The highest copper and gold grades in Zone 1 occur at its north end, up against the cross fault. A combination of detailed geophysical surveying and trenching will be undertaken in preparation for drilling of the Zone 1 offset. The gap between Zone 1 and the known mineralization at Zone 2 is approximately 2,000 metres, and has the potential to host substantial oxide mineral resources.
Exploration this past year focused on extending the Zone 2 mineralization along strike. Trenching to the southeast was successful in tracking Zone 2 for approximately 500 metres. The historic Zone 2 trench was refreshed with the excavator and the oxide copper zone was resampled. The shear fabric and distribution of oxide copper minerals indicates a steep dipping mineralized zone, trending southeast. Sampling of the trench yielded 15 metres grading 0.9% copper. Ten drill holes tested the near surface oxide copper mineralization over a distance of 450 metres. Drill holes in the Zone 2 extension intersected the mineral zone at depths between 9.6 metres and 81.0 metres. All holes intercepted oxide copper in the mineral zone and yielded an average of 10.5 metres grading a weighted average of 0.36% copper, 0.069 g/t gold and 4.37 g/t silver (see January 5, 2015 news release).
Trenching to the north of the Zone 2 showing indicates that Zone 2 is cutoff by a cross fault, approximately 20 metres to the northeast of the discovery outcrop and mineralized trench. Additional trenching failed to find an extension on the north side of the cross fault.
South GAP Area - 2000S Zone Extension
This South Gap area is located between the current limit of zones, 1, 4, 7, and 7A and 2000S zone. The South Gap target consists of an approximate 300 metre gap between the main proposed mining area and the 2000S zone. The 2000S zone has been partially defined by 6 drill holes with both oxide and sulphide mineralization. Drill hole WC92-01 intersected 10.67m grading 0.67% copper at a depth of 30 to 41metres. To follow up on this intercept, drill hole CN14-11 was collared 22 metres to the north northwest of WC92-01, and intersected 18.74 metres grading 0.58% copper, 0.189 g/t gold and 2.46 g/t silver at a depth 21 to 40 metres. Three other drill holes failed to intercept the mineralized zone.
Additional drilling is planned to define the continuation of the mineralization to the northwest extension of the mineralization comprising the 2000S zone.
Dr. Harlan Meade, P.Geo. is the Qualified Person responsible for the preparation of this news release.
On behalf of the Board of Directors:
"Dr. Harlan Meade"
President, CEO and Director
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Project located in the Yukon, the Redstone Property located in the Northwest Territories, and the Thor Property in British Columbia. Copper North trades on the TSX Venture Exchange under the symbol COL.
For Further Information
Dr. Harlan Meade
President and Chief Executive Officer
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to results from previous exploration on the Carmacks Project; proposed exploration plans, their timing, and results achieved from such activity; the potential for expanding the known mineral resources; development, engineering and permitting activities, and their timing; and future economic operating results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the proposed exploration and development of the Carmacks Project will proceed as planned; early exploration success will increase mineral resources; market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Company expressly 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 otherwise required by applicable securities legislation.
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.
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