VANCOUVER, BC, April 18, 2024 – Geologica Resource Corp. (CSE:GRCM, FSE:862) (“
Geologica” or the “
Company”) is pleased to announce the acquisition of new claims at the Topley Copper Project (“
Topley”).
Doug Unwin CEO and President of the Company stated “We are very excited to acquire this additional 802.48 acres at Topley. Analysis of our geochemical data and historic magnetic survey data as well as data from previous drilling and trenching indicates that mineralization may extend to the west where we have acquired this additional property. Geologica’s Topley Property is located in British Columbia, a global leader in the development of socially and environmentally responsible resources. Combined with a positive market sentiment for commodities like gold, silver, copper and molybdenum,
Topley and Geologica are well-positioned to create significant value for shareholders. The Geologica team is committed to creating Canada’s next great mineral success story, developing assets that will be attractive to potential transaction partners.
ABOUT TOPLEY PROPERTY
Geologica’s Topley property is located in the Babine Porphyry Belt of central British Columbia. The belt is north-trending, approximately 80 km long x 20 km wide, and located within the area of the northern part of Babine Lake in west-central British Columbia. The belt is known for its large porphyry, copper/gold, and copper/molybdenum deposits including two past-producing copper mines, Granisle and Bell, as well as a recent discovery by American Eagle of 1.09% copper over 300m. The Topley Property lies on trend with these mines and discovery. Mining at Granisle was suspended in mid-1982. Production from 1966 to 1982 totalled 52,273,151 tonnes yielding 69,752,525 grams of silver, 6,832,716 grams of gold, 214,299,455 kilograms of copper and 6,582 kilograms molybdenum. At Bell, production began in 1972, and by December 31, 1990, approximately 71 million tonnes of ore had been processed. Reserves in the open pit and in the Extension Zone were (in 1990) 71,752,960 tonnes grading 0.23 gram per tonne gold, 0.46 per cent copper and 0.48 gram per tonne silver (Noranda Inc. Annual Report 1990).
American Eagle Gold Corp announced that hole NAK23-17 intersected 302 metres of 1.09% Copper Equivalent within 606 metres of 0.74% Copper Equivalent (“CuEq”) beginning at 98 metres downhole, west of the South Zone at its NAK Copper Gold porphyry project (“NAK” or the “Project”) in British Columbia, Canada. (American Eagle January 8, 2024). The NAK property is located in the Babine Porphyry Belt.
Recently Quartz Mountain announced results from its Maestro property about 40Km west of Topley. Diamond drill hole PR-23-02, the Company’s second hole at Prodigy intersected:
-
102 meters grading 2.22 g/t Au and 104 g/t Ag (3.49 g/t AuEQ1, 270 g/t AgEQ)
-
Including 12 meters grading 1.23 g/t Au and 586 g/t Ag (8.01 g/t AuEQ, 752 g/t AgEQ)
-
And additionally, 36 meters of 5.73 g/t Au and 87 g/t Ag (6.69 g/t AuEQ, 471 g/t AgEQ)
Six MinFile occurrences are located within the Topley Property. All occurrences consist of sulphide mineralization, mainly pyrite and chalcopyrite, except for the Chris showing, which consists of limestone. Copper mineralization and related secondary copper oxide minerals and other sulphides observed on the Topley are consistent with a widespread copper/molybdenite porphyry system on the Topley claims.
Historical work has identified a mineralized Cu-Mo prospect in the eastern portion of the claims - one of the few areas containing outcrop. Rock samples also contain up to 6.84 g/t Au. Drilling of the prospect by Taseko and Noranda led them to conclude that a significant deposit may be located nearby.
Exploration in the western portion of the property has identified areas where chalcopyrite occurs locally as disseminations and in veins within volcanic and Topley granitic rocks. Copper bearing float was uncovered during the construction of a powerline through this region. Historical exploration programs conducted by Bethlehem Copper, HudBay, and Riverside/Antofogasta have led to recommendations for further exploration in the Paul Lake area for VMS and copper porphyry type occurrences.
Interpretation of the results from SGH geochemical surveys has identified 3 potential redox zones with corresponding Cu, Au and VMS anomalies in the western part of the claims. This area is a priority target due to its structural complexity, marked by two circular magnetic features (potential intrusions) and regional faults as outlined by Mira Geoscience (2012). The northern magnetic feature aligns with a VTEM anomaly and a 2012 top-of-bedrock RC hole that intersected kspar intrusive rock (Paul Lake Zone). Near the southern magnetic feature, float collected from 56 deep backhoe pits indicate the presence of a buried, hydrothermally altered biotite feldspar porphyry stock (British Columbia Ministry of Mines and Petroleum Resources, 1975, p. E 140)(Topley South Zone). Furthermore, 500 meters to the north, intense hydrothermal alteration observed in HudBay’s LEN-004 diamond drill hole could be attributed to a VMS system (Dunning, 2000).
The Topley property is accessible year-round via a highway that bisects the property minimizing exploration cost and carbon footprint. Clean hydro power is on site from power lines that also bisect the property. Rail access to tide water is only 40 kilometers away. Several lakes on the property are available to supply water for future development. Geologica has engaged with indigenous bands to initiate a mutually acceptable development path.
CLAIMS PURCHASE AND SALE AGREEMENT
On March 15, 2024, the Company entered into an agreement to purchase a 100% interest in a mineral property in British Columbia known as the Topley West. The claim is strategically located contiguous with the Topley Claims and adds 802.48 hectares to the Company’s land position. With the addition of TOPLEY WEST the Company now has a land position of 4,216 hectares at Topley. These claims are being acquired to further Geologica’s stated mission of “Building Shareholder Value through the acquisition of properties of technical merit”. In order to complete the purchase of the property, the Company must issue 2,000,000 shares on transfer of the property from an arms length vendor. The purchase and sale agreement has been approved by the Company’s board of directors.
ABOUT GEOLOGICA RESOURCE CORP.
Geologica Resource Corp. is a mineral explorer, focused on copper exploration, building shareholder value through the acquisition of projects with significant technical merit. The Company has an option agreement and purchase agreements for 100% of the mineral claims known as the Topley Project, located in central British Columbia. The Company continues to evaluate additional properties to explore.
Further information on Geologica Resource Corp. can be found on the Company’s website
https://geologicaresource.com/ and on SEDAR at
https://www.sedarplus.ca
The accuracy of the technical content of this overview has been reviewed by David Mark P.Geo. David is a Qualified Person as defined under NI 43-101, and a member of the Company’s board of directors.
Neither the Canadian Securities Exchange ("CSE") nor its Market Regulator (as such term is defined in the CSE policies) has reviewed or accept responsibility for the adequacy or accuracy of this news release. The appointment of Directors and the closing of this issuance of options is subject to the rules and regulation of the CSE and securities law and regulation.
Doug Unwin
President & CEO
(604) 762-5355
doug.unwin@geologicaresource.com
Forward-Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “ensuring”, “believe”, “anticipate”, “will”, “would” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s plans and objectives with respect to the Topley Project. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, failure to obtain all necessary regulatory approvals, risks and uncertainties inherent in the exploration and development of mineral properties. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.