Vancouver, British Columbia--(Newsfile Corp. - January 29, 2024) - Stamper Oil & Gas Corp. (TSXV: STMP) (FSE: TMP2) ("Stamper" or the "Company") Is thrilled to share the additional results from our 2023 Redonda Copper Molybdenum fall drill program.
Comments from President and CEO Bryson Goodwin:
"The preliminary findings from RED 23-04 have been received and are included here. The results speak to a continuation of what we saw in Hole 23-03 and demonstrate good mineralization across broad intercepts within the drill core. Again we ended in good grade and I am committed to deeper drill targets to further develop this worthy copper exploration discovery.
Of note are the Rhenium returns.
Rhenium is one of the rarest elements in Earth's continental crust; its estimated average crustal abundance is less than 1 part per billion. Rhenium is a metal that has an extremely high melting point and a heat-stable crystalline structure. More than 80 percent of the rhenium consumed in the world is used in high-temperature superalloys, especially those used to make turbine blades for jet aircraft engines. https://pubs.usgs.gov/publication/pp1802P
I would also like to update shareholders on timing. With our fall drill program we experienced periods of wet that facilitated shutdowns and delays. Assays were sent to the labs in batches and the hole number does not correlate to when each hole was drilled or submitted. We anticipate the remaining assays to be delivered shortly and will release results as soon as all technical data has been tabulated.
I have included the following information to help shareholders view our results in a broader perspective.
For a mine currently in production:
- Typical cut off 0.10% acid soluable copper.
- This is the number below which you don't consider copper to be recoverable.
- PROFITABLE production Copper grade %0.17 (as reported in 2022 with a price per pound low of $3.22)
- PROFITABLE production Molybdenum 0.008
COPPER IS FORCAST TO EXCEED $4.00 WITH MANY ACKNOWLEDGED EXPERTS PREDICTING $5 BY 2025. This gives a frame of production understanding so shareholders can fully digest the listed results for RED 23-03
(A forecast is considered a Forward-looking statement involving various risks and uncertainties. There can be no assurance that this will prove to be accurate, and actual results and future events could differ materially from those anticipated in this statement)
https://www.cnbc.com/2024/01/03/copper-appears-set-to-rally-more-than-75percent-by-2025-analysts-say.html#:~:text=In%20a%20December%20report%2C%20the,scaled%20in%20March%20last%20year.
HOLE RED 23-04
| Hole # |
From/To |
Core Length |
Cu% |
MoS2% |
Re (ppm) |
CuEq% |
| Hole Red-23-04 |
|
15.2m |
0.452 |
0.0265 |
0.1053 |
0.632 |
| Hole Red-23-04 |
25.5-97.5m |
72m |
0.235 |
0.0228 |
0.1106 |
0.422 |
| Hole Red-23-04 Hole bottoms in good grade |
147.8-163.1m |
30.3m |
0.212 |
0.0154 |
0.0514 |
0.328 |
The copper equivalent calculation utilizes the standard equation and is based on current spot metal prices of copper at US$3.40 per pound, Re at $4,400 per ounce, and molybdenum at $20.60 per pound. Recoveries are set at 100% for all metals for purposes of the copper equivalent calculation as no metallurgical test data is available. Cu Eq is used for illustrative purposes only and does not imply that the metals are economically recoverable.
The current results allow a re-interpretation of the geology and mineralization. The entire mineralized area is a series of multi-phase magmatic-hydrothermal breccias.
The currently known highest grad copper-moly zone and associated breccias extend over a defined northerly horizontal length of over 600m, a width of at least 500m and a vertical extent of 300m. This is higher grade, potassic altered centre of mineralization is composed of variable density of dark mafic-rich fragments. Higher grades are clearly related to abundance of dark fragments in vugs and heavy chalcopyrite/molybdenite and pyrrhotite replacement. These hornblende phyric rocks are extremely altered by biotite and magnetite forming a potassic core of alteration. The area of interest appears to be the top of the magma cupola or carapace. Large blocks of older volcanics have been observed a short distance to the northeast.
However, some high-grade copper/MoS2 is also associated with the density of quartz stockworks and fracture filling. The locus of magmatic-hydrothermal multi-phase intrusives and brecciation associated with mineralization is distinct from the surrounding Coast Plutonic Complex although current level of mapping has not well documented the contact relationships. The multi-phase system is clearly younger than the enclosing Coast Plutonic rocks. The presence of mineralized miarolitic cavities suggest a high level and very fluid-rich hydrothermal system.
The very large breccia-agmatite body to the northeast is sparsely mineralized on surface but has not been tested by drilling. Previous operators suggest that the focus of mineralization may occur at depth to the northeast as interpreted by the magnetic signature.
The company is considering an aggressive program in 2024 which may consist of:
1) Airborne magnetics and radiometrics to define the potassic core zone to the north and south
2) Limited Induced Polarization to the northeast
3) Deeper drilling to below 500min the known potassic core
This program is currently permitted. A new Notice of Work (NoW) has been filed in 2023 to expand the currently permitted program.
The mineralized zones are open to the north. A separate old road system 1.0km to the northwest will be investigated in 2024 for possible extensions of the mineralized zone.
The mineralized zone is open to the south and may plunge to the south (under the Coast Plutonic Complex. Future drilling is warranted along roads to the south after airborne geophysics is completed. Extensive iron skarns are known to the east on the east side of Redonda Island which could be part of a very large magmatic-hydrothermal system at depth.
About Redonda:
The project comprises 9 claims totalling 2746.46ha and is located 40km northeast of Campbell River, BC. Redonda is easily accessed with year-round regularly scheduled barge service out of Campbell River via Marinelink. Access from Redonda Bay is by 5km of recent upgraded logging road. Logging is ongoing and assures a well-maintained complex of forest service roads across the claims. Work proceeded in 2021 under a Letter of Support from the Klahoose First Nation within their Traditional Territory and Free Use Permit, Drill Permit and IP Exemption from the Ministry of Energy, Mines and Low Carbon Innovation (EMLI).
The regional setting of the Redonda property is part of the Coast Suture Zone between the Wrangellia Terrane and the Coast Plutonic Complex. In the claims area, Early Cretaceous dioritic intrusive rocks of the Coast Plutonic Complex have been intruded by at least three later intrusive units, including a quartz plug, a 60 to 90 meter wide hornblende dike which is locally brecciated over its 650 meter exposed length and several smaller feldspar dikes which cut dioritic rocks near the southwest margin of the hornblende dike. Higher concentrations of copper-molybdenum mineralization are closely associated with the hornblende dike, particularly in areas where it has been brecciated. The geological setting of the mineralization on the Redonda mineral claims share a number of features similar to those observed at the OK Over copper-molybdenum porphyry deposit located 34 km to the southeast, north of Powell River and the Gambier Copper deposit in Howe Sound.
QA/QC
Analytical work for samples was completed by ALS Canada Ltd. an ISO/IEC 17025 2017 Accredited Lab, with sample preparation and geochemical analyses in North Vancouver, BC. Core samples were fine crushed before a 250-gram split was pulverized to better than 85% passing 75 microns. Gold was determined for core samples by the PGM-ICP24 procedure which involves fire assay preparation using a 50-gram charge with an inductively coupled plasma-atomic emission spectroscopy finish ("ICP-AES"). Multi-element data for 48 elements was determined for all samples by the ME-MS61 procedure, which involves a four-acid digestion followed by ICP-AES and inductively coupled plasma-mass spectrometry.
Rigorous procedures are in place regarding sample selection, collection, chain of custody and data entry. Certified assay standards and blanks are routinely inserted into the sample stream of diamond drill samples to ensure integrity of the assay process. All diamond drill samples included in this news release have passed the QA/QC procedures as described above. Core was sampled using a manual splitter, with half of each interval sent to the lab for analysis, and the other half retained with sample intervals marked on the boxes.
Qualified person
The technical disclosure in this release has been read and approved by J. T. Shearer, M.Sc., P.Geo. (BC & Ontario), a qualified person as defined in National Instrument 43-101. Mr. Shearer is not arms length.
About Stamper Oil & Gas
Stamper Oil & Gas Corp. (TSXV: STMP) is an "Energy Commodity Focused" resource company, seeking to acquire interests in mineral and/or oil & gas resource properties focused on energy creation, storage or delivery. The Company is committed to creating sustainable shareholder value by evaluating and developing future prospects into commercially viable assets.
ON BEHALF OF THE BOARD OF DIRECTORS
"Bryson Goodwin"
Bryson Goodwin, President & CEO
Chairman of Board of Directors
For further information, please contact:
Phone: 604-341-1531
Email: brysongoodwin@shaw.ca
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
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp. undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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