GREY:LRCPF - Post by User
Comment by
Bagofhammerson Sep 21, 2017 6:30pm
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Post# 26728330
RE:What's Up with the volume and 18.75% spike in SP?
RE:What's Up with the volume and 18.75% spike in SP?Okay understand now
- Project Update -
September 21, 2017, Vancouver, BC - Lorraine Copper Corp. ("Lorraine Copper") (TSX-V: LLC) is pleased to announce that the definitive agreement has been signed with 1124245 B.C. Ltd. whereby 1124245 B.C. Ltd. has an option to purchase a 100% interest, subject to certain royalties and terms, in the Lustdust mineral property located in the Omineca Mining Division approximately 140 km northwest of Fort St. James, British Columbia (see news release dated June 29, 2017 for the agreement terms). 1124245 B.C. Ltd. is a private sole purpose company and member of the Oxygen Capital Group of companies. One of the most significant terms in the agreement will allow Lorraine Copper Corp to become a significant shareholder of 1124245 B.C. Ltd. which will become a public company before June 1, 2018. An exploration program is underway on the property and crews have been placing grids for the completion of a 30 km IP geophysical survey. A soil sampling program is also underway to expand historical grid sampling to cover prospective areas outlined by geophysical and geologic targeting. A three hole drilling program is planned which will be placing in-fill holes into known mineralized zones to verify continuity. The 2017 exploration program and planned winter data compilation project are being completed in order to plan for a large drilling program in 2018. Lustdust is a large integrated skarn, carbonate replacement deposit (CRD) and related porphyry system that includes gold-silver-zinc mantos, gold silver rich copper skarn, limestone hosted gold, porphyry Cu-Mo (Au) and precious metal quartz-vein mineralization. In excess of 334 drill holes totalling over 74,000 meters have been completed. An initial resource was published in 2010 (R. Simpson, P.Geo: Technical Report; filed by Alpha Gold, now ALQ Resources), on a small area of the mineralized system known as the Copper Canyon Skarn. At a 1.5% Cu cut off the indicated resource is 910,000 tonnes grading 1.56% Cu, 1.68 g/t Au and 39.3 g/t Ag and the inferred resource is a further 1.96 million tonnes grading 1.34% Cu, 1.72 g/t Au and 32.1 g/t Ag. Geophysical surveys indicate a good potential for discovering additional skarn mineralization and magnetic and soil geochemical sampling suggest that the mineralizing system extends well beyond the known mineralized zones. The prospective area is in excess of 6 km in length and 4-5 km wide. The Lustdust Property lies along the western border of Serengeti Resources Inc.'s Kwanika Creek copper-gold property (recently published a PEA). and is approximately 30 km south of Lorraine Copper's 49% owned Lorraine Copper-Gold Property which is a joint venture with Teck Resources Limited. G. L. Garratt, P.Geo., is the qualified person, as defined by NI 43-101, who has reviewed and takes responsibility for this news release. https://www.lorrainecopper.com/s/NewsReleases.asp?ReportID=803423&_Type=&_Title=Lustdust-Property-Formal-Agreement-Signed