NEWS: 116 feet of 1.15% CopperCopper Mountain drills 116 feet of 1.15% Cu
2008-07-16 10:04 ET - News Release
Mr. Peter Holbek reports
COPPER MOUNTAIN MINING CORPORATION - EXPLORATION UPDATE: NEAR-SURFACE INTERSECTION OF 116 FEET GRADING 1.15% COPPER
Copper Mountain Mining Corp. is providing results from its continuing explorationprogram. A total of five drills are currently active on the property andapproximately 100,000 feet (30,000 metres) of drilling has been completed sofar this year, making it one of the largest drill exploration programs in British Columbiafor 2008. One of the more significant results of the 2008 drill program is thedefinition of new, higher-grade mineralization in the Pit 2-West area. Thisnew mineralization has not been incorporated into the December, 2007, resource modelthat is the basis of the feasibility study, which is planned to be releasedthis month. An updated resource model that incorporates the 2008 drill resultsto mid-July is being prepared. Current drill results for this release are fromthe areas of the: Pit 2-West, Pit 2-East, Mill Zone and Pit 3.
The drill program is focused on continued expansion of the resource basethrough both incremental additions to known resources as well as the discoveryand delineation of new zones of mineralization. The discovery of new areas ofmineralization has been greatly aided by the Titan 24 geophysical survey whichwas completed late last year and identified substantial areas of highchargeability both at depth and near surface. Drilling to date on theseprospective targets has proven highly successful (see news in Stockwatch on June 4,2008). Additionally, geotechnical and condemnation drilling to assist in minedevelopment was carried out during the period. Highlights of the most recentresults for 28 drill holes are included in the accompanying table. Complete results can be found on thecompany's website.
Pit 2-West
Drilling to the west of Pit 2 continues to extend mineralization in bothnortherly and westerly directions. Significant intersections includedrill hole P2-119 which intersected 230 feet of 0.50 per cent Cu and drill hole P2-122which cut 200 feet of 0.43 per cent Cu. Additionally, drill testing to define thenorthern boundary of Pit 2 produced a few interesting results such asdrill hole P2-124 which intersected 210 feet grading 0.52 per cent Cu. The mineralizedarea west of Pit 2 continues to provide good results and remains open toexpansion.
Pit 2-East
Drilling on the northeast side of Pit 2 continues to better define themineralization and incrementally add to the resource base in this area, withthe most significant results coming from near-surface zones intersected bydrill hole P2-107 (103 feet grading 0.67 per cent Cu, starting at 32 feet fromsurface) and P2-110 (147 feet grading 0.50 per cent Cu starting at 48 feet fromsurface). These drill results indicate the presence of near-surface good-grademineralization.
Mill zone
Eight drill holes were completed in the Mill zone, a flat-lying arealocated just east of Pit 2 that historically was considered as a site for theconcentrator. The Mill zone was being examined as a potential location tostore waste rock but the recent geophysical survey identified achargeability high in this area. Eight drill holes were drilled on approximate200-foot sections covering an area about 1,000 by 1,000 feet. Drill resultssuggest semi-continuous low-to-moderate-grade mineralization throughout thisarea which is near surface and open in all directions. As a result, this areais no longer being considered for waste rock storage and resource definitiondrilling will be initiated later this year.
Pit 3 area
Drilling in the Pit 3 area was successful at intersecting high-grademineralization (322 feet grading 1.31 per cent Cu) below the proposed superpit bottomand just along the top edge of a large Titan 24 chargeability anomaly asdescribed in previous news in Stockwatch on June 4, 2008. A follow-updrill hole, P3-09, collared 600 feet to the northwest, flattened and deflectednorthward, consequently missed the chargeability anomaly and was terminatedat 2,355 feet. This hole did, however, intersect a near-surface zone of116 feet grading 1.15 per cent Cu starting at 62 feet. Continued drill testing of thisdeep chargeability anomaly will commence from the bottom of Pit 3 before theend of the summer.
The mineralized system at Copper Mountain is classified as abulk-tonnage, alkalic porphyry copper deposit that is hosted within NicolaGroup volcanic rocks. Mineralization is structurally controlled and focused atmultidirectional vein intersections and within vein stockwork systems. Drillholes are usually drilled at angles of minus 45 or minus 55 degrees to provide the bestindication of the lateral extents of vertically oriented mineralization.
The Copper Mountain project is located 300 kilometres outside of Vancouver,B.C. The Copper Mountain project is a former producer of justunder two billion pounds of copper and as a result has extensive infrastructurein place, including power and water. The site can be accessed year-round by apaved public road to the mine gate, 20 kilometres from the town of Princeton.
Quality assurance
The company employs a system of quality control for drill results whichincludes the use of blanks, certified reference material (standards) and checkassaying. Core is logged on site and split with a diamond saw. Samples areshipped to Pioneer Laboratories for geochemical analysis of copper with allvalues of greater than 1,000 parts per million copper being reanalyzed by assay methods forcopper, gold and silver. The drilling program is being supervised by PeterHolbek, MSc, PGeo, a qualified person as defined by National PolicyInstrument 43-101.
COPPER MOUNTAIN DRILL RESULTS
Hole ID Location From To Length CuEq Cu Ag Au
(feet) (%) (g/t) (g/t)
Pit 2-West
CM08P2
-97 Pit 2-West 242 282 40 0.43 0.39 1.15 0.07
352 402 50 1.36 1.25 3.26 0.21
1,194 1,284 90 0.55 0.41 0.93 0.34
CM08P2
-108 Pit 2-West 810 860 50 0.42 0.34 0.74 0.18
CM08P2
-111 Pit 2-West 435 535 100 0.58 0.44 0.92 0.34
1,000 1,140 140 0.25 0.21 0.57 0.10
CM08P2
-121 Pit 2-West 570 595 25 0.72 0.64 1.66 0.16
CM08P2
-122 Pit 2-West 250 270 20 1.23 1.1 2.53 0.28
870 1,070 200 0.54 0.43 1.07 0.26
1,250 1,310 60 0.39 0.32 0.85 0.17
1,490 1,530 40 0.39 0.26 0.75 0.31
CM08P2
-119 Pit 2-West 95 120 25 0.41 0.3 0.84 0.27
290 520 230 0.61 0.5 1.29 0.26
660 710 50 0.31 0.25 0.72 0.15
Pit 2-East
CM08P2
-107 Pit 2-East 62 130 68 1.08 0.95 4.88 0.25
CM08P2
-110 Pit 2-East 48 195 147 0.55 0.50 1.29 0.11
CM08P2
-113 Pit 2-East 560 610 50 0.36 0.32 1.80 0.07
CM08P2
-116 Pit 2-North wall 88 116 28 0.87 0.71 2.44 0.36
CM08P2
-118 Pit 2-North wall 490 573 83 0.41 0.34 1.46 0.15
CM08P2
-120 Pit 2-North wall 705 745 40 0.30 0.25 1.12 0.09
CM08P2
-123 Pit 2-North wall 140 160 20 0.52 0.39 1.25 0.31
CM08P2
-124 Pit 2-North wall 235 445 210 0.61 0.52 1.26 0.20
Mill zone
CM08MZ
-01 Mill zone 90 200 110 0.25 0.21 0.62 0.09
CM08MZ
-02 Mill zone 290 380 90 0.36 0.30 0.99 0.11
CM08MZ
-03 Mill zone 430 500 70 0.24 0.19 0.66 0.12
CM08MZ
-04 Mill zone 35 90 55 0.60 0.51 1.97 0.20
220 270 50 0.34 0.27 0.92 0.15
CM08MZ
-05 Mill zone 500 530 30 0.40 0.33 1.87 0.15
CM08MZ
-06 Mill zone 170 394 224 0.30 0.24 0.76 0.13
705 785 80 0.44 0.33 1.76 0.26
CM08MZ
-08 Mill zone 100 240 140 0.57 0.45 0.99 0.28
Pit 3 area
CM08P3
-08 Pit 3 deep 980 1,060 80 0.63 0.53 2.30 0.20
1,150 1,204 54 0.44 0.42 1.62 0.02
1,775 2,732 957 0.62 0.55 2.23 0.14
2,410 2,732 322 1.48 1.31 5.53 0.34
CM08P3
-09 Pit 3 deep 62 178 116 1.23 1.15 4.28 0.12
1,700 1,720 20 0.57 0.52 1.1 0.11
(*) Based on metal prices of: Copper $2.50 (U.S.) per pound, gold
at $675 (U.S.) per ounce, and silver at $12 (U.S.) per ounce with
metallurgical recoveries at 100 per cent.
(xx)Previously released in Stockwatch.
We seek Safe Harbor.