VANCOUVER, BC, Feb. 17, 2022 /CNW/ - Vizsla Copper Corp. (TSXV: VCU) ("Vizsla Copper" or the "Company") is pleased to provide the results from its 2021 airborne geophysical survey at the 100% owned, Blueberry Copper Project ("Blueberry" or the "Project") in central British Columbia and the 2022 exploration plan across the project portfolio.
Highlights:
- Work at the Project consisted of a high-resolution airborne MobileMT survey.
- Survey successfully delineated three main magnetic-high anomalies with adjacent resistivity-low features, including an interpreted extension of the geology that hosts the nearby Stars Discovery (0.45% Cu over 204 m).
- Significant exploration programs are planned for both the Blueberry and Carruthers Pass Projects ("Carruthers Pass") in 2022.
- Completion of the first anniversary expenditures, cash payment and share issuance commitment for the Carruthers Pass Option Agreement.
- Vizsla Copper is well funded with $5M in its treasury
Steve Blower, Vice President of Exploration commented "The 2021 exploration program at the highly prospective, 100% owned, Blueberry Project was a success. We are very encouraged by the results of the MobileMT survey. The survey provided definition on three prospective magnetic-high anomalies, including an interpreted extension of the geology that hosts the nearby Stars Discovery. These anomalies present compelling porphyry copper style exploration targets. With $5 million in the treasury, we look forward to a follow-up program at Blueberry and our first exploration program on the Carruthers Pass."
2021 Results
Expert Geophysics Ltd. of Newmarket, Ontario, completed a MobileMT survey over Blueberry (Figure 1). A total of 857 line-kilometers of coverage was completed on 300 meter spaced, east-west oriented flight lines. MobileMT is a passive airborne electromagnetic technique that records magnetic (in the air) and electric (on the ground) fields generated by natural sources in the audio frequency range.
Based on the MobileMT survey, three main magnetic high anomalies that are adjacent to resistivity low features represent compelling target areas. These features are defined by large, up to 5 kilometer by 4 kilometer anomalies, which are elliptical in plan view, and plug like and elongated in section view. The westernmost zone is further characterized by a northwest striking trend that may be caused by faulting.
2022 Program
Significant exploration programs are planned for the Blueberry and Carruthers Pass Copper Projects.
- Blueberry
- An induced polarization (IP) ground geophysical survey and a soil geochemical survey are planned to systematically follow-up the compelling geophysical targets with the goal of defining robust target areas for future drill programs. Exploration permit applications were submitted late in 2021 and the permits are expected to be received during the second quarter of 2022.
- Carruthers Pass
- Geotech Ltd. has been contracted to fly a 371 line-km Versatile Time Domain Electromagnetic (VTEM) helicopter-borne geophysical survey over the entirety of the Carruthers Pass Project with flight lines spaced 100 meters apart. The survey is expected to begin in the second quarter of 2022.
- Depending on the results of the VTEM survey, a follow up drill program is tentatively planned for the third quarter of 2022.
- All exploration permits are in hand for this work.
About Blueberry
Blueberry is a copper exploration property located in central British Columbia, approximately 30 kilometers southwest of the town of Houston. The Project comprises 16 contiguous mineral claims totalling 11,500 hectares, immediately adjacent to the Stars copper discovery controlled by Aurwest Resources Corp. Blueberry covers an underexplored and till covered portion of the Skeena Arch – a northeast trending, structurally uplifted portion of the Stikine Terrane that is host to numerous porphyry copper deposits. Regional aeromagnetic geophysical data indicate the presence of several large, magnetic-high anomalies within the Project boundary that may represent covered intrusions that are prospective for porphyry copper mineralization.
About Carruthers Pass
Carruthers Pass is a copper-zinc-silver-gold and cobalt volcanogenic massive sulphide (VMS) property located in northern British Columbia, approximately 75 kilometers southeast of the former producing Kemess copper gold mine owned by Centerra Gold Inc. Carruthers Pass was discovered in 1997 by Phelps Dodge Corporation of Canada (now Freeport McMoRan Copper and Gold Inc.). Drilling in 2011 cored a large boulder on the property that returned 3.1 meters of 6.2% copper, 5.8% zinc, 2.37 grams per tonne (g/t) gold and 192.0 g/t silver. The source of the boulder is likely an outcrop of massive sulphides in the cliffs above. Numerous untested airborne electromagnetic (EM) anomalies exist on the property.
The Carruthers Pass property is approximately 200 kilometers northeast of the community of Smithers. The Kemess Mine Road passes 25 kilometers north and east of the claims while industrial logging roads extend from Takla Lake northward to within 35 kilometers of the property.
Share Issuance
Vizsla Copper has issued an aggregate of 47,619 common shares of the Company ("Consideration Shares") to Cariboo Rose Resources Ltd. ("Cariboo Rose") as per the first anniversary requirements of the Carruthers Pass Option Agreement dated February 17th, 2021. The Consideration Shares were issued at a deemed value of $0.21 per Consideration Share, being the ten-day volume weighted average price of the Company's common shares. The Consideration Shares issued are subject to a statutory four month plus one day hold period.
Viszla Copper will also issue 83,333 shares at a price of $0.19 per share to a consultant of the company for services provided. These shares are subject to the TSX Venture Exchange approval.
About Vizsla Copper
Vizsla Copper is a new and well-funded copper exploration company that was recently spun out of Vizsla Silver Corp. with a mandate to explore, acquire and develop quality copper projects around the globe. The Company has two prospective exploration projects in British Columbia, Canada; Blueberry (porphyry copper) and Carruthers Pass (volcanogenic massive sulphide). The Company is led by a Board and Management team with a track record of success in mineral exploration, development and operations.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Steve Blower, P.Geo., Vice President of Exploration for Vizsla Copper. Mr. Blower is a Qualified Person as defined under the terms of National Instrument 43-101.
Neither the 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.
FORWARD LOOKING STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE Vizsla Copper Corp.
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