TSX.V: COCO
VANCOUVER, BC, Dec. 20, 2021 /CNW/ - Coast Copper Corp. ("Coast Copper" or the "Company"; (TSXV: COCO); formerly Roughrider Exploration Limited) has completed its 2021 drill program (as announced December 1, 2021) on its optioned Empire Mine Property (the "Property") located on northern Vancouver Island, British Columbia ("BC"). In total, the Company completed 19 core drill holes totaling 2,346 meters ("m") and also completed a 3.75-line-kilometer ("km") induced polarization ("IP") geophysical survey (see Figure 1). Drill core assay results will be released when received stringent quality assurance and quality control procedures.
The 2021 exploration drill program targeted along strike and down dip extensions of the Merry Widow copper-gold resource¹, as well as testing the Copper Knob, Raven Pit, North Notch and the Benson Lake Mine-Old Sport Horizon targets. Multiple zones of copper-gold-iron mineralization were visually encountered in the drill program including, but not limited to:
- Replacement-style massive sulphide (pyrrhotite, chalcopyrite historically associated with gold values) hosted by limestone around the margins of the previously-mined, massive magnetite iron ore Merry Widow Pit ¹.
- Northerly trending structural zones with massive magnetite with associated chalcopyrite and pyrrhotite hosted by volcanics re-discovered around and below the abandoned Raven Pit, which was subsequently buried with waste from the Merry Widow Pit¹.
- Newly discovered, northerly trending sulphide-rich zones with chalcopyrite and pyrrhotite along andesitic dyke margins under North Notch extending from surface to 250 m below surface.
- Tested the unmined up-dip continuation of the Old Sport Horizon (previously mined by Cominco in 1972).
Adam Travis, Coast Copper's CEO comments: "We quickly moved from completing our financing on November 29, 2021 to implementing and completing this drill and geophysical program before the holiday season. We did this to get our core samples into the laboratory during the winter months when turnaround times are considerably better and to guide future exploration plans in the new year. I was personally on site for this program to ensure good productivity and best targeting for our first important drill program. We are very encouraged by extending known copper-gold mineralization as visually observed in drill core and making some new discoveries in previously undrilled areas. We eagerly await assay results and anticipate conducting a larger drill program in 2022. We look forward to showcasing our drill core and our geological understanding of this significant mineral district this January at the Metals Investor Forum and AME Roundup in Vancouver."
Coast Copper wishes everyone happy holidays and a safe and prosperous New Year!
Qualified Persons
The technical information contained in this news release has been prepared, reviewed and approved by Wade Barnes, P.Geo. (BC) of Tripoint Geological Services, Coast Copper's geological consultant and a Qualified Person within the context of Canadian Securities Administrators' National Instrument 43-101; Standards of Disclosure for Mineral Projects.
About Coast Copper Corp.
Coast Copper's exploration focus is the optioned Empire Mine Property, located on northern Vancouver Island, BC, which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold and silver. Coast Copper's other properties include its 100% owned Eldorado, Gin and Bonanza properties located in BC's prolific Golden Triangle district which are adjacent to Newcrest Mining Limited's and Imperial Metals Corporation's Red Chris Mine, its Knob Hill NW Property located on northern Vancouver Island and its 100% owned Sterling, Sandy and Home Brew properties which are located in central BC. Coast Copper's management team continues to review precious and base metals opportunities in western North America.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis, Chief Executive Officer and Director
Cautionary Notes
- NI 43-101 Technical Report: Giroux, G.H., & Raven, W. (November 30, 2008). Technical Report on the Copper Gold Resources for the Merry Widow Property. Filed on SEDAR January 22, 2009. The 2008 Grand Portage resource estimate was completed by Gary H. Giroux, P.Eng, MASc, of Giroux Consulting Ltd. in Vancouver, B.C. The estimate was based on a 3D geological model integrating 4,448 metres of diamond drilling of 43 drill holes, 2,290 assays, with 104 down-hole surveys collected between June and December 2006. The resource was reported utilizing gold cut-off grades ranging from 0.10 g/t to 3.00 g/t gold, as more particularly set out in the report. A complete copy of the report is available on Grand Portage's public filings on SEDAR (www.sedar.com). A gold cut-off grade of 0.50 g/t gold was selected as representing one possible mining scenario. For the purposes of the calculations, lognormal cumulative frequency plots were used to assess grade distribution to see if capping of high values was required and if so at what levels. For all elements, capping levels were established based on the individual grade distributions as follows: Gold -- a total of 18 gold assays were capped at 32.0 g/t gold, Silver --a total of 9 silver assays were capped at 165 g/t silver, Copper -- a total of 7 assays were capped at 11.7% copper, Cobalt -- a total of 5 assays were capped at 0.48% cobalt, Iron -- all iron assays were capped at 50% iron (the analytical detection limit).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Coast Copper, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although Coast Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
SOURCE Coast Copper Corp.
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