Vancouver, British Columbia--(Newsfile Corp. - February 18, 2025) - CopperCorp Resources Inc. (TSXV: CPER) (OTCQB: CPCPF) ("CopperCorp" or the "Company") is pleased to provide an update on its ongoing exploration activities at the Company's 100% Razorback Copper-Gold-REE property in western Tasmania, Australia (Figures 1 and 2).
Highlights
Exploration field crews have successfully located outcropping copper mineralization at the Hydes prospect in the vicinity of a 1960's surface channel sampling program reported by BHP that returned 23.0m @ 0.8% Cu. Follow-up mapping and sampling is ongoing at Hydes
Gravity survey crews have been mobilised to site and have commenced planned ground gravity surveys over the Jukes and Hydes priority target areas. Line-cutting crews have been sourced to cut IP survey grids at Jukes and Hydes with work anticipated to commence during March
ICP Securities Inc. engaged for automated market making services
Field Exploration Update
Outcropping High-Grade Copper Mineralization Located at Hydes
The historically sampled outcropping chalcopyrite mineralization at Hydes has been successfully located by CopperCorp field crews (See Figures 3 and 4). The mineralization occurs in chlorite altered volcanic host rocks, exhibiting strong similarities in style to copper-gold mineralization at Jukes and deeper levels of the Mt Lyell Cu-Au system. Follow-up detailed mapping and sampling programs have been prioritized and commenced at Hydes. Assay results of rock sampling will be released as soon as they are available.
At Hydes, which remains untested by drilling, a modelled elongated magnetic pipe feature extends up to 1km vertically and occurs coincident with a circular residual gravity high anomaly around 1km in diameter with a peak amplitude of 4.6mGal, positioned on a large NW-trending fault structure (Figures 6 and 7). Outcropping chalcopyrite mineralization that flanks the modelled magnetitic feature at Hydes has been successfully located by CopperCorp field crews. The mineralization was surface channel sampled by BHP in the 1960's and returned 23.0m @ 0.8% Cu (gold not assayed, see figure 6.) but has had no follow-up exploration since that time.
Gravity Surveys
Ground gravity surveys will focus initially on the Jukes and Hydes target area before moving on to cover the South Darwin and Linda target areas. The surveys are planned to infill around existing broad spaced gravity survey points (averaging approximately 1000m spacings) to provide higher resolution data (at 200m to 400m spacing) and enable more accurate mapping of prospective gravity anomalies for drillhole targeting.
As previously announced1, 3D inversion modelling of magnetic and gravity data indicates highly prospective coincident magnetic pipe and gravity features at the Jukes and Hydes prospect areas characteristic of IOCG deposits and with similarities to the Mt Lyell Cu-Au system (3Mt contained copper at 1% Cu, and 3Moz contained gold at 0.3g/t Au) located along trend 10km to the north of Jukes.
Recent drilling by CopperCorp at the Jukes prospect2 confirmed significant Cu-Au mineralization associated with chlorite-magnetite alteration flanking an elongate pipe-like magnetic high feature with the core of the pipe extending up to 700m in a N-S direction, and up to 1.4km vertically below outcropping mineralization at surface. 3D gravity inversion modelling based on wide-spaced historical gravity survey data defined a significant gravity high anomaly located adjacent and partially overlapping the modelled magnetic pipe at Jukes. The area of the modelled gravity high feature is overlain by cover sequence rocks and remains untested by drilling. It is anticipated that higher resolution data from the current gravity survey will enable higher confidence drill targeting to test the gravity feature.
The position of the magnetic and gravity features at Hydes and Jukes lies directly adjacent to large NW-trending faults and is considered to indicate potential for highly prospective structurally controlled mineralized pipes typical of the Mt Lyell system where anomalous gravity features occur associated with the larger mineralized pipe bodies that have depth extensive chlorite-magnetite-apatite-biotite alteration zones (e.g. Prince Lyell and Western Tharsis orebodies).
Next Steps - Gridding and Drill Hole Planning
Line cutting crews for gridding at both Hydes and Jukes have been engaged and are anticipated to commence work during March. It is anticipated that commencement of IP surveys will follow completion of the grid cutting.
Planning and permitting is currently underway for follow-up drilling at the Jukes prospect and possible maiden drill testing at Hydes. Results from the detailed ground gravity surveys as well as the upcoming IP surveys will be used to inform and refine additional future drill planning at the prospects.
Figure 1. Southern Skyline Project properties and exploration target areas with magnetics TMI RTP image.
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Figure 2. Location of the Razorback property and priority target zones relative to the Mt Lyell copper-gold mine. Blue outlines are CopperCorp's 100% owned licenses.
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Figure 3. Jonathan Davis, Project Geologist standing next to outcropping chalcopyrite in chlorite altered volcanics at the rediscovered overgrown 1960's BHP Hydes sample site.
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Figure 4. Example of chalcopyrite mineralization in chlorite altered host rocks from recently located outcrop at the Hydes prospect.
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Figure 5. Jukes Zone area with complete bouguer anomaly (CBA), 20km high-pass (HP20km) residual gravity image, TMI 1VD magnetic contours, and recent CopperCorp drilling results.
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Figure 6. Hydes Zone area with complete bouguer anomaly (CBA), 20km high-pass (HP20km) residual gravity image and TMI 1VD magnetic contours.
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Figure 7. Hydes and Jukes Zone area long section (looking towards WNW) with current 3D inversion magnetic susceptibility (teal) and gravity/density (pink) model iso-surface shells.
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ICP Securities Inc Engaged for Automated Market Making Services
The Company is pleased to announce that it has engaged the services of ICP Securities Inc. ("ICP") to provide automated market making services, including use of its proprietary algorithm, ICP Premium, in compliance with the policies and guidelines of the TSX Venture and other applicable legislation. ICP will be paid a monthly fee of C$7,500, plus applicable taxes. The agreement between the Company and ICP was signed with a start date of February 18, 2024, and is for four (4) months (the "Initial Term") and shall be automatically renewed for subsequent one (1) month terms (each month called an "Additional Term") unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future.
ICP is an arm's length party to the Company. ICP's market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company's shares. ICP will be responsible for the costs it incurs in buying and selling the Company's shares, and no third party will be providing funds or securities for the market making activities.
ICP Securities Inc. is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.
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$3.5M in working capital as reported in the November 27, 2024 news release3.
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.
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
1CPER: TSXV News Release 26th August 2024
2CPER: TSXV News Release 19th December 2024
3CPER: TSXV Interim MDA for the Period Ended September 30 2024, 27th November 2024
CPER: TSXV News Release 16th December 2024
CPER: TSXV News Release 18th November 2024
CPER: TSXV News Release 15th October 2024
CPER: TSXV News Release 25th September 2024
CPER: TSXV News Release 11th September 2024
CPER: TSXV News Release 13th May 2024
Adjacent Property (Mt Lyell) Information Sources:
Sibanye-Stillwater company website information as of May 12th 2024
New Century Resources: ASX Announcement 23rd January 2023
New Century Resources: ASX Announcement 27th 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
stephen@coppercorpinc.com
Additional information about CopperCorp can be found on its website: www.coppercorpinc.com and at www.sedar.com.
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 planned exploration work programs; that the Company may experience difficulties in exploration 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/241258
SOURCE: CopperCorp Resources Inc.
