- Thierry's core sampling program was recently completed to expand and further delineate the K1 bulk-tonnage resource.
- QC Copper recommended this program following a site visit and thoroughly examining the previously drilled core.
- Significant amounts of drill core were never sampled due to an unidentified style of mineralization.
- The program design and execution benefited from QC Copper's experience at the Opemiska project.
- Cuprum, which owns 100% of the Thierry project, has announced a business combination with QC Copper, expected to close in December.
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - QC Copper and Gold Inc. (TSXV: QCCU) (OTCQB: QCCUF) ("QC Copper" or the "Company") is pleased to announce that Cuprum has completed a core resampling program at its Thierry Copper Project ("Thierry"). This program focuses on sampling previously unsampled areas in the K1 Zone ("K1") from existing previously drilled core, specifically targeting core from 2002 - 2023 which were initially overlooked. The resampling program will help identify additional mineralization in and around K1, potentially increasing existing resources and improving upon the existing geological model. This program was extremely cost effective-estimated at just 6% of what would otherwise be a $2.4M twinning program.
Scope of the Resampling Program
The QC Copper team identified approximately 1,100 metres of historical core, encompassing 690 samples across 34 istorical drill holes. These holes were selected based on a detailed evaluation of Theirry's current geological model and existing core located on the Thierry Project, and informed by the technical team's experience in meticulously rebuilding Opemiska's geological model. These historical drill holes were overlooked by previous companies, who prioritized delineating the K2 Zone's high-grade mineralization. QC Copper's technical team easily identified core potentially containing low-grade and disseminated mineralization by visually inspecting and selecting core that has seen oxidation.
LINK TO MAP OF K1 SHOWING LOCATION OF HOLES TO BE RESAMPLED
K1 Mineralization: Disseminated Pyrite and Chalcopyrite
Mineralization in K1 primarily consists of disseminated pyrite and chalcopyrite, with some areas showing 1-5% pyrite, and up to 1% chalcopyrite. This mineralization is mostly occurring within ultramafic zones, pseudo-breccias, and zones with epidote-silicate or silicate alteration. Additionally, quartz or quartz-sericite veinlets, such as within hole K-11-27 at 306 - 323 metres (1005 - 1060 ft) show enhanced mineralization, with up to 15% disseminated pyrite and chalcopyrite in mafic volcanics. This pattern indicates an extensive mineralization system in K1, which is primarily traceable through alteration zones and secondary mineral features.
Cost Effectiveness
The resampling program will provide similar insights as a drill program focused on twinning the 34 historical drill holes, albeit, at a fraction of the cost. The Company is able to conduct this resampling program due to the repairs completed at the Thierry core farm, making the historical core easily accessible. The cost of the program is estimated at just 6% of an equivalent drilling program focused on twinning the 34 historical drill holes, which could upwards of $2.4M.
About Cuprum Corp.
Cuprum owns 100% of the Thierry Copper project, the largest primary copper project in Pickle Lake, Ontario. Thierry spans 7,907 hectares across 27 mineral leases, 163 contiguous cell claims and 16 boundary claims. The property hosts two past-producing open pits that transitioned to underground mining-producing 5.8Mt @ 1.13% Cu, 0.14% Ni between 1976 - 1982 by UMEX Inc. Historically, copper concentrate was shipped to the Horne Smelter in Rouyn-Noranda, QC. Significant infrastructure is already in place, with the property being accessible via all-season road, an airport within 5km, a provincial power grid within 8km, and nearby rail.
About QC Copper & Gold Inc.
QC Copper & Gold Inc. is advancing its flagship Opémiska copper mining complex, a former high-grade copper producer in Quebec. The Company's most recent resource estimate outlined a substantial 2.1 billion pounds of copper equivalent in measured and indicated resources, solidifying QC Copper's position as a key player in the Canadian copper sector.
Qualified Person Statement
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., VP Exploration and Director of QC Copper and Gold Inc., a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." For the exploration undertaken by QC Copper, all assay batches are accompanied by rigorous Quality Assurance procedures, including the insertion of standards and blanks. All the core the drill was split in half, bagged and sent to ALS-Global in Thunder Bay, Ontario where sample preparation and analyses were performed using standard ALS laboratory codes. The remaining half core along with the rejects and the pulps were returned from the laboratory and are securely stored at the Thierry Mine site near Pickel Lake, Ontario. Quality Control results, including the laboratory's control samples, were evaluated immediately on reception of batch results and corrections were implemented immediately when necessary. For drill holes oriented toward the north and plunging between 50 and 65 dips, the true width of mineralized intersections are equal or greater than 70% of the quoted core length composite intervals.
Forward-Looking Statements
This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in relation to: the anticipated benefits of the Acquisition to QC Copper and its shareholders; the timing and anticipated receipt of required regulatory (including TSXV) and shareholder approvals for the Acquisition; the ability of QC Copper to satisfy the other conditions to, and to complete, the Acquisition; and the anticipated timing of the Meeting and the closing of the Acquisition. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the acceptance of the offer to purchase by the non-principal shareholders of the Cuprum; the current share price of the QC Copper Shares; TSXV acceptance and market acceptance of the Acquisition; the Company's current and initial understanding and analysis of its projects; the Company's general and administrative costs remaining constant; market acceptance of the Company's business model, goals and approach; and the feasibility and reasonableness of conducting exploration on and developing any of the Company's projects. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: there is no certainty that work programs will result in significant or successful exploration and development of the Company's properties; uncertainty as to the actual results of exploration and development or operational activities; uncertainty as to the availability and terms of future financing on acceptable terms; uncertainty as to timely availability of permits and other governmental approvals; the Company may not be able to comply with its ongoing obligations regarding its properties; the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation or income tax legislation, affecting the Company; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors which may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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 news release.
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