Toronto, Ontario--(Newsfile Corp. - March 30, 2015) - Miocene Resources Limited ("Miocene"), formerly Miocene Metals Limited (TSXV: MII) and Carube Resources Inc. ("Carube"), a private Ontario-based exploration company, are pleased to provide an exploration update on their Bellas Gate Joint Venture ("BGJV") with OZ Minerals Limited ("OZ Minerals") in Jamaica. Two drills are currently operating on the property as part of the $3.6 million dollar 2015 exploration program. A third drill is being added to the program in the near future.
Work completed since the inception of the BGJV in January 2014 includes 5,500 metres of drilling in 18 holes. Helicopter magnetic and radiometric surveys have been completed over the entire property. Surface field work has been completed, including mapping, prospecting and the collection of 1,500 soil samples over numerous prospects. The total cost of exploration completed by OZ Minerals on the BGJV in 2014 was $2.9M.
Dr. Vern Rampton, P.Eng., President and CEO of Carube stated, "Carube is extremely pleased with the progress made on the Bellas Gate Joint Venture by partner OZ Minerals. We have intersected significant copper and gold mineralization at Connors and have identified encouraging porphyry systems at Hendley and Geo Hill that are now being drill tested. OZ Minerals has been able to systematically identify, sample, map and drill these high priority target areas in a quick and efficient manner. It is also important to note that the BGJV has tested and drilled only four of the 14 high priority targets so far."
Alar Soever, P. Geo., Executive Chairman of Miocene commented, "The addition of a third drill in the near future will enhance our ability to rapidly follow-up the results of the surface work on the other 10 targets, while the two drills currently operating will continue to define the limits and indicative grade of mineralization on the targets that are currently being drilled."
Connors
Drilling to date has focused on the Connors prospect where 12 holes have been completed for a total of 3,964 metres. This drilling has defined copper-gold mineralization with a surface footprint of approximately 300m by 260m and to a depth of 225m. The mineralization is characterized by multiphase potassium alteration with several episodes of copper mineralization. Copper mineralization is chalcopyrite - associated with quartz and magnetite veining as well as fine disseminations within the rock.
Drill results include:
- from hole CON-14-003, 297m of 0.53% CuEq including 55m of 1.00% CuEq and
- from hole CON-14-005, 294m of 0.56% CuEq including 96m of 1.00% CuEq
For complete assay results received to date, please see Press Release March 3, 2015.
(Note: Intervals calculated using unlimited internal dilution. Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming 100% recovery of both metals. Intervals are core lengths and not necessarily true widths. Not enough information is available to determine true widths.)
Hendley
Detailed mapping and prospecting at Hendley, located approximately 4.5 km north-west of Connors and proximal to the northwest extremity of Porphyry Alley, identified strong copper oxide mineralisation at surface in several locations. A soil sampling program was been completed over a 2.3km x 1.8 km area and has identified a 1200m by 500m copper ± gold in soil anomaly (see press release dated October 2, 2014). Intensely altered rocks with malachite (a copper carbonate hydroxide mineral) were recovered from several hand-dug soil sample holes at depths of 30-50cm.
Drilling is now in progress on the Hendley prospect with one drill rig. Initial assay results are pending.
Geo Hill and Porphyry Alley
Drilling has also been initiated at Geo Hill at the north end of the approximately 1.9km strike length of the Porphyry Alley prospect which extends from Camel Hill in the southeast through Mab Hill to Geo Hill in the northwest.
The Geo Hill target consists of a 450m x 300m area defined by an airborne magnetic anomaly with coincident elevated soil Cu values adjacent to an historic drill hole which intersected 0.35% copper and 0.17 grams per tonne gold over 121.6 metres . Drilling has intersected copper mineralization associated with magnetite. Assay results are pending.
Dry Hill Target
The Dry Hill prospect, located about two kilometres south of Geo Hill, consists of an airborne magnetic response underlying the centre and eastern edge of the two kilometre diameter Coffee Copper soil geochemical anomaly. The target has been given a high priority in the drilling sequence given the association of the copper mineralization with magnetite noted elsewhere on the property, including at Geo Hill.
Kola
Detailed mapping at the Kola Prospect, located approximately 4.5 km south-east of Connors, has identified a zoned, porphyry-style alteration system, approximately 1.1 km long by 0.7 km wide. This correlates well with the historic copper soil geochemical anomaly, as well as airborne magnetic and radiometric data. A water extraction licence has been received and drill hole locations are currently being planned.
Sample Preparation, Analysis and Quality Control: Please see disclosure in previous release January 14, 2015
RTO Transaction with Carube Resources Inc.
Miocene has received conditional TSX Venture Exchange (the "Exchange") approval for the RTO transaction with Carube, which has been extended to March 31, 2015 subject to completion of the current financing in gross amount of $2,780,000 (increased from $2,600,000), and the filing of an updated NI 43-101 report on the Bellas Gate Property on SEDAR. Under the terms of the transaction, Miocene has undergone a share consolidation on a 10:1 basis and will then issue additional common shares resulting from the acquisition of all of Carube's outstanding securities and from related transactions. Carube shareholders will own the majority of Carube Copper Corp., the Resulting Issuer. The terms of the RTO are fully described in Miocene's information circular dated April 29, 2014 (the "Information Circular"). The Information Circular is available under Miocene's profile on SEDAR (www.sedar.com). Shareholder approval for the RTO transaction has been obtained from Miocene and Carube shareholders.
Carube Financing
As previously disclosed, Euro Pacific Canada Inc. ("EPC") has been appointed by Carube to use EPC's commercially reasonable best efforts as the lead agent and book-runner in connection with a private placement unit offering of up to 21,150,000 Units. Each Unit consists of one Carube Common Share and a one-half Carube Common Share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one Carube Common Share for a period of twenty-four (24) months from the Closing Date at a price of CDN $0.30 per Common Share.
EPC is a full-service IIROC registered investment dealer headquartered in Toronto with offices in Montreal, Vancouver, and Tokyo, Japan. EPC offers an integrated platform of investment advice and opportunities including economic and equity research, institutional sales and trading, investment banking, and private client services. For further information contact: Richard Jozefacki, Investment Advisor, Capital Markets, 150 York Street, Suite 1100, Toronto, ON, Canada, M5H 3S5, +1 416-479-8986, richard.jozefacki@europac.ca.
This Press Release has been prepared by Dr. Vern Rampton, P.Eng, President and CEO of Carube. It has been reviewed and approved by Mr. Alar Soever, P. Geo. in his capacity as a qualified person as defined under NI 43-101("QP") on behalf of Miocene and reviewed and approved by Dr. Vern Rampton, P. Eng. in his capacity as a QP on behalf of Carube, each of whom has responsibility for the technical contents of this Press Release. All references to "$" herein are to Canadian dollars unless stated otherwise.
About Miocene Resources Limited
Miocene is focused on the exploration of three porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
About Carube Resources Inc.
Carube is a Canadian private exploration company focused on the rapid exploration and development of precious metal and copper projects in Jamaica. Its wholly owned subsidiary, Carube Resources Jamaica Ltd., owns a 40% beneficial interest (subject to a 2% NSR) in the Bellas Gate Project consisting of two highly prospective copper/gold/silver licences covering 84 square kilometres of the Central Inlier. The Bellas Gate Project is the subject of a joint venture agreement with OZ Minerals Limited. ("OZ Minerals") an Australian copper-gold producer with a market capitalization of $1.1B. OZ Minerals can earn a 70% interest (Carube 30%) in the Bellas Gate Project by spending $6.5M and has already made payments totaling $475K to Carube; OZ Minerals can then increase its interest a further 10% by completing a feasibility study. OZ Minerals also has the right to fly airborne geophysics over 3 other Carube projects (4 wholly-owned licenses, subject to 2% NSRs) and subsequently invoke separate joint ventures on each project with similar terms to those applicable to the Bellas Gate Project.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For Further Information
Please visit Miocene's website at www.miocenemetals.com or Carube's website at www.caruberesources.com, or contact:
DISCLAIMERS AND FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Miocene and Carube (collectively the "Corporations"), including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Miocene's Management Information Circular dated April 29, 2014 and other public filings (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Corporations' expectations regarding the transaction and contemplated financings. The Corporations caution investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporations do not assume any obligation to update or revise them to reflect new events or circumstances. The Corporations disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Completion of the Combination transaction between Carube and Miocene is still subject to certain conditions, including raising the entire amount under the Carube Financing and receiving TSXV final acceptance, neither of which can be assured.
Investors are cautioned that, except as disclosed in the information circulars and/or filing statements prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Miocene should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Figure 1: Prospect Locations at Bellas Gate Copper Project Jamaica
To view an enhanced version of Figure 1, please visit:
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