Copper One drills 135 m of 0.36% Cu at Lone Mounta 2012-02-06 17:55 ET - News Release
Mr. Benoit Moreau reports
COPPER ONE INTERSECTS 135 METERS OF 0.36% COPPER AND TRIPLES THE SIZE OF THE WESTERN ZONE AT LONE MOUNTAIN PROJECT, NEW MEXICO, USA
Copper One Inc. is providing the results from the fall 2011 core drilling program for its 100-per-cent-owned Lone Mountain project located just outside of Silver City, N.M. These results are highlighted by hole LM-11-052, which intersected 135 metres of 0.36 per cent copper, was drilled on a portion of the property that had never been tested and extends the known mineralization to the south, tripling its size. The Lone Mountain project lies between Freeport McMoran's operating Chino and Tyrone copper mines.
The goal of the fall 2011 drilling program was to test the north-northwest-trending mineralized zone, which lies along the western margin of the porphyry intrusion and was defined previously by only three vertical holes, LM-44, LM-03 and LM-32. The fall 2011 program used angle core drilling (one to the east and five to the west) because of the suspected high angle to vertical fracture control to the mineralization. Prior to the 2011 core drilling program, the Western zone had dimensions of 79 metres wide and 545 metres long, and plunged steeply to the east. The 2011 core drilling clearly demonstrated strong high angle to vertical control to the mineralization and tripled its dimensions to 143 metres wide by 1,046 metres long.
The best intersections from the 2011 core drilling campaign on the Lone Mountain project are shown in the attached table. The true widths of the reported core intervals are estimated to be between 60 and 65 per cent of the intervals shown in the table.
Width CopperHole No. (m) (%)LM-11-049 45 0.34LM-11-050 40 0.33LM-11-051 75 0.25LM-11-052 135 0.36LM-11-53 44 0.17LM-11-54 50 0.60
An additional goal of the drill program was to determine the depth extent of the copper oxide mineralization at Lone Mountain. This most recent drilling revealed that copper oxide mineralization does penetrate deeper than expected, in excess of 380 metres deep. Copper One also found that the observed mineralized fractures in the porphyry are denser than modelled from previous shallow vertical drilling in the centre of the intrusion.
The fall 2011 drilling program was performed under a first-of-its-kind state-issued Part 4 permit that allows Copper One the flexibility to drill up to 528 holes from up to 176 drill sites. In 2012, the company plans to conduct reverse circulation drilling in the Western zone. This will be followed by core drilling to potentially expand the Western and Eastern zones, and test the depths of mixed-oxide sulphide-chalcocite zones in the Eastern zone.
Benoit Moreau, president and chief executive officer of Copper One, stated: "The core drilling program was successful in expanding the Western copper oxide zone and confirmed the vertical to subvertical fracture control at Lone Mountain. A similar program is planned for 2012 on both the Western and Eastern zones that are still open, with the objective to increase again the mineralization footprint. These drill programs are designed to lead to a National Instrument 43-101-compliant resource estimate."
Granting of stock options
Copper One also announces that it has granted 400,000 stock options to various directors, employees and consultants. Such options may be exercised at a price of 35 cents per common share for a period of five years from the date hereof and are subject to approval of the TSX Venture Exchange.
Qualified person
The scientific and technical information in this news release has been reviewed and approved by Thomas Kilbey, Copper One's vice-president, exploration, a certified professional geologist and a qualified person as defined by National Instrument 43-101.
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