U.S. Copper completes drilling at Moonlight-Superior U.S. Copper completes drilling at Moonlight-Superior
2023-08-21 17:21 ET - News Release
Mr. Stephen Dunn reports
US COPPER CORP COMPLETES DRILL PROGRAM AT MOONLIGHT-SUPERIOR COPPER PROJECT IN CALIFORNIA
U.S. Copper Corp. has completed the exploration drilling program announced on June 8, 2023, at the company's wholly owned Moonlight-Superior copper project, located in Plumas county, California.
The Moonlight-Superior project has a mineral resource estimate of 1.3 billion pounds of copper indicated and one billion pounds of copper inferred across three deposits: Moonlight, Superior and Engels. The resource estimate is contained in the National Instrument 43-101 technical report and resource estimate for the Superior project, Plumas county, California, with an effective date of Nov. 15, 2013, available on U.S. Copper's website and on SEDAR+.
A total of 15 shallow holes totalling 3,990 feet were drilled at the Engels deposit to test the oxide cap that sits atop the Engels copper sulpide deposit. Drilling at Engels proceeded quickly, and the company was also able to drill an additional 15 holes at the Moonlight deposit totalling 2,430 feet to test the oxide cap on that deposit. A further two holes were then drilled at the Lambs Ridge historical copper deposit. Samples from all 32 holes have been logged, bagged and sent to the lab for assays. Assay results are expected to be available in September.
The main objectives of the 2023 exploration drill program include:
- Upgrading and potentially expanding the current oxide resource estimate;
- Providing samples for preliminary metallurgical evaluation;
- Providing initial data for inclusion in a preliminary economic assessment on the Engels oxide deposit.
"As an exploration- and development-stage company with a copper project in northern California, we welcome the recent decision by the U.S. Department of Energy to add copper to the critical materials list. This decision was based on the high risk of U.S. copper supply disruption and its importance to domestic manufacturers of electric vehicles and clean energy technologies. With global copper demand projected to double by 2035, the [United States] will need to develop a secure and responsible domestic supply of mined copper. We look forward to working with our California stakeholders and prospective partners to advance the strategically important Moonlight-Superior copper project," commented Stephen Dunn, president and chief executive officer of U.S. Copper.
The company would also like to announce that its board has approved the grant of 4,625,000 stock options to certain directors, officers and consultants of the company, subject to regulatory and TSX Venture Exchange approval. The stock options have been issued with an exercise price of 10 cents per share, vest immediately and have a three-year term.
Qualified person
The scientific and technical content of this press release has been reviewed and approved by George Cole, MSc, director of U.S. Copper, who is a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Cole is a registered professional geologist through AIPG (CPG-11687).
About U.S. Copper Corp.
U.S. Copper controls approximately 13 square miles of federal mining claims in the Light's Creek copper district in Plumas county, northeast California, essentially the entire district. The district contains substantial copper (silver) sulphide and copper oxide resources in three deposits: Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.
The Superior and Engels mines operated from about 1915 to 1930 producing over 161 million pounds of copper from over four million tonnes of rock containing 2.2 per cent copper with silver and gold credits.
The Moonlight deposit was discovered and drilled by Placer Amex during the 1960s. Details of the resources on U.S. Copper's property and the limits used to calculate them can be found in the "Technical Report and Preliminary Economic Assessment for the Moonlight Deposit, Moonlight-Superior Copper Project, California, USA," dated April 12, 2018, on both the company's website or on SEDAR+ under the U.S. Copper profile.
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