VANCOUVER, British Columbia, Oct. 15, 2014 (GLOBE NEWSWIRE) -- The smart money is flowing into copper. Lundin Mining just agreed to pay $1.8 billion to buy the Candelaria copper mine in Chile. Mining legend Frank Giustra recently purchased 19.9% of Catalyst Copper. Last month, Mexican metal tycoon Germán Mota-Velasco spent $25 million of his own money buying up shares of Southern Copper.
As it builds on a fresh discovery in a prolific region of British Columbia, Doubleview Capital Corp. (TSX.V:DBV) is well positioned to attract international copper investors placing bets on the growing copper-supply deficit. Interest in Doubleview's rapidly emerging Hat Cu-Au porphyry deposit in northwest B.C.'s Sheslay district can be expected to intensify as the company prepares to commence another round of drilling.
"The Hat Copper district is under-explored," stated Doubleview President and CEO Farshad Shirvani in an exclusive interview with Financial Press. "It's one of five or six major potential discovery areas in Canada. We're on a minimum 30 kilometer long NW-SE trend that still has countless undrilled targets. And the drilling that has been done has shown an extremely high success ratio."
Doubleview's latest hole, HAT-022, intersected the strongest mineralization encountered at the property including a 118.4-metre interval grading 0.80% copper equivalent. Shirvani believes that there is a potential for higher grades and additional length within the Sheslay "red stock" and the zone identified earlier this year.
"The Hat Copper Project is our lead asset," confirms Shirvani. "This is where we are focussing the bulk of our energy. There was a lot of work done by majors in the past, though no drilling, and we inherited millions of dollars of data at virtually no cost. IP and magnetic surveys revealed numerous anomalies and the initial drilling is certainly confirming that we have a very good shot at proving up a large deposit in a mining-friendly district."
Shirvani points out that the copper values at the Hat are increasing with depth. Before the end of October the company intends to move the rig to the east of Hole 22 and commence an aggressive new drill program.
"These latest results confirm our belief that the Hat Property is an important new discovery," stated Shirvani. "We have ample reasons to expect fresh breakthroughs as work continues. Mineralization remains open in all directions at the Lisle Zone (Anomaly "B") where the vast majority of our holes have been drilled so far."
Shirvani has recently recruited legendary geologist Patrick McAndless to the Doubleview team. The former V.P of Exploration for Imperial Metals, McAndless has over four decades in the mining industry primarily exploring for base and precious metal deposits.
"We now have seven geologists working on the Hat Project," states Shirvani. "Pat and his team have a track record of developing similar deposits in the same region. To investors who know the local history of copper-gold porphyry exploration, the McAndless name is important. The strength of our technical team is now the equivalent to a senior mining company."
In January of this year, Doubleview reported two discovery holes that sparked a staking rush in the area and breathed new life into the junior exploration sector in B.C. Shirvani believes this is only the beginning of much more excitement for this district which has certain infrastructure advantages not seen in other remote areas of the province.
"With each round of drilling the grades are getting better, our understanding of this system is improving, and we are building tonnage," stated Shirvani. "Our team of geologists is unanimous in their belief that this could become a very important new deposit in northwest B.C."
The latest 7 holes show a continuity of mineralization within the Lisle Zone. Geological, geophysical and geochemical testing have revealed highly prospective additional targets, within this zone and well beyond it, that have yet to be drill-tested.
"Just over a year ago, this was a grassroots project," stated Shirvani. "In this challenging market, we've been able to execute a series of successful drill programs. We have confirmed high gold values and increasing copper values. These are still the early stages. Given the progression of this, we have every reason to believe the Hat has world class potential in a district where multiple new discoveries could be made."
The International Copper Study Group has predicted that there will be a 466,000 tonne copper supply deficit in 2014. Copper analysts at Morgan Stanley recently stated, "We remain comfortable with our forecast for deficit conditions this year and next, as well as progressively higher prices."
Doubleview Capital is currently trading at .17 with a market cap of $9.5 million.
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CONTACT: For further information please contact:
Doubleview Capital Corp.
Suite 310, 675 West Hastings Street
Vancouver, BC V6B 1N2
Farshad Shirvani
President & CEO
T: (604) 678-9587
E: corporate@doubleview.ca
