Vancouver, British Columbia--(Newsfile Corp. - April 15, 2024) - Bell Copper Corporation(TSXV: BCU) (OTCQB: BCUFF) ("Bell Copper" or the "Company") reports that drilling has been completed on hole K-23 on the Company's Perseverance porphyry copper project in Arizona. The Perseverance project is held under a joint venture and earn-in agreement with Cordoba Minerals Corp. ("Cordoba") (TSXV: CDB; OTCQB: CDBMF). Under the terms of the agreement (see March 18, 2024 release), Cordoba has the right to earn up to 80% of Perseverance through the expenditure of $14.2 million before April 24, 2026. Up to the present, Cordoba has earned a 51% interest and Bell Copper retains a 49% interest in the project.
Previous drilling shows evidence of a nearby porphyry system
In January 2024, hole K-23 was drilled approximately 1000 meters southeast of hole K-22 and 1000 meters east-northeast of hole K-20. Both holes returned evidence to support the existence of a nearby porphyry system.
Hole K-22 tested a large low resistivity anomaly generated by a Magneto Telluric ("MT") survey. The hole encountered clay-filled breccia zones with minor occurrences of pyrite, chalcopyrite in quartz veins and stringers representing distal alteration and mineralization to a porphyry copper system. Hole K-20, intersected 321 meters of anomalous copper assaying 541pm copper, within a low MT resistivity anomaly that was interpreted as being on the outer margin of a porphyry copper deposit.
K-23 potentially points in the right direction to a porphyry system
Hole K-23 targeted an undrilled area that could potentially host the core of a porphyry system. The hole drilled through a thick series of gravel followed by a sequence of volcanic basalt that blankets the valley floor before being covered over by the recent gravel fill. Underlying the basalt, Laramide-age porphyry volcanic and tuffaceous units were intersected at 516 meters, which are intensely oxidized with hematite and limonite representing weathered pyrite and chalcopyrite that has formed as a gossan on the surface exposure of potential porphyry copper mineralization long before the basalt was extruded onto the land surface. Arizona copper deposits that produced approximately 10% of the world's copper were directly associated with Laramide intrusive rocks.
Hole K-23 continued in hematite, limonite impregnated and fracture-filled Laramide porphyry and tuffaceous rocks that were strongly sericite altered and acid leached to a depth of 571 meters. This style of alteration and leaching is commonly referred to as a "leached cap" situated at the top of a porphyry copper deposit. At 571 meters, the hole crossed through a major fault and breccia zone, and into weakly altered Laramide porphyry intrusive rocks with minor quartz veins with sphalerite, galena and tennantite to 579 meters. The hole ended at 590 meters in Laramide porphyry rocks with minor disseminated pyrite. The core interval between 516 meters and 590 meters in hole K-23 will be submitted for assay.
Figure 1: Perseverance Drilling Overview
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K-23 543 meters (1782 ft) showing hematitic leached capping hosted in strongly sericitized Laramide volcanic tuff
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Future Work
Future work on Perseverance may include the use of Ivanhoe Electric's proprietary Typhoon system to map out the extent of sulphide mineralization and explore for possible supergene, copper-enriched sulphide (chalcocite) mineralization with associated oxide copper mineralization. Diamond drilling of any compelling anomalies identified by the Typhoon survey would be expected to follow.
Bell Copper President & CEO Dr. Tim Marsh stated- "Bell Copper is excited to see this first appearance of true volcanic rocks in the Laramide porphyry system at Perseverance. The intense sericitic alteration and supergene leaching in the volcanic rocks, together with very sparse relict chalcocite in the leached capping, give us confidence that Cordoba is pointed in the right direction. Notably, there was minimal Precambrian wallrock intersected in this hole, so K-23 likely represents a move toward the locus of igneous activity in this porphyry system. We are pleased to see Cordoba voting with their wallet at a time when exploration dollars are scarce. We look forward to Cordoba deploying the balance of $14.2 million of expenditures required by the earn-in agreement on Perseverance in the next 24 months."
Qualified Person
The technical content of this release has been reviewed and approved by Timothy Marsh, PhD, PEng., the Company's CEO and President and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
About Bell Copper
Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100% owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Venture - Earn In.
On behalf of the Board of Directors of
Bell Copper Corporation
"Timothy Marsh"
Timothy Marsh, President, CEO & Director
For further information please contact the Company
Tel: 1 800 418 8250
Email: info@bellcopper.net
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 includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation, including, but not limited to, the ability of Bell to identify a mineral resource at the Perseverance or Big Sandy Projects. There is no certainty that the present exploration effort will result in the identification of a mineral resource or that any mineral resource that might be discovered will prove to be economically recoverable. All statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Bell Copper operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
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