Copper North Clarifies Technical Disclosure
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2015) - As a result of a review by the British Columbia Securities Commission, Copper North Mining Corp. ("Copper North" or the "Company") (TSX VENTURE:COL) is issuing the following news release to clarify certain technical disclosure.
Disclosure of Exploration Target at Carmacks Project
In the Company's news releases dated September 8, 2015 and September 23, 2015, in its corporate presentation dated October 3, 2015, and in an interview with the Investor News Network dated October 5, 2015, the Company reported an exploration target at its Carmacks Project in a manner that is non-compliant with National Instrument 43-101 ("NI 43-101"). The Company did not include a range of grades for the exploration target nor did it provide the cautionary language required under NI 43-101. It also did not make clear that the stated tonnage potential is a conceptual target for further exploration and not resources.
The Company wishes to clarify its previous disclosure of the Carmacks Project exploration target and cautions investors not to rely on the previous disclosure contained in the news releases, corporate presentation and interview noted above. The Company has updated its corporate presentation and its website accordingly.
The reported tonnages are based on the fill-in drill hole data and historic drill hole data to define a 3D wireframe model of the mineralization that defines the boundaries of the mineralization. The tonnage estimates are based on a density of 2.7 tonnes per cubic metre. The range of grades for copper mineralization described below is based on historic and new drill holes that define the deposit model.
The potential tonnage of oxide and sulphide mineralization in Zone 2000S, ranges from 1.6 to 1.8 million tonnes with a grade ranging from 0.30 to 0.70% copper. The exploration target in Zone 2000S extends to an estimated depth of 190 metres and is open to depth and south.
The potential tonnage of oxide and sulphide mineralization in Zone 13 ranges from 7 to 9 million tonnes with a grade ranging from 0.30 to 0.70% copper. The exploration target in Zone 13 extends to an estimated depth of 120 metres and is open to depth and along strike to the north and south.
Investors are cautioned that the potential quantity and grade is conceptual in nature, that there is insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Disclosure of Historical Estimate at the Redstone Property
The disclosure of the historical estimate for the Redstone property presented in the Company's corporate presentation dated October 3, 2015 and on its website was not disclosed in accordance with NI 43-101.
The historical estimate for the Redstone property is derived from a technical report entitled "Technical Report on the Coates Lake Copper Deposit, Nahanni Mining District, Western Northwest Territories for Lumina Resources Corp." dated August 15, 2005 prepared by A.W. Gourlay, P.Geo. This technical report was filed on SEDAR on April 2, 2007 under the profile of Western Copper and Gold Corp., a predecessor company to Copper North.
The source and date of the historical estimate, key assumptions, parameters, methods used to prepare the historical estimate, and information concerning further work required to upgrade or verify the historical estimate as current mineral resources are contained in the Company's news release dated May 10, 2012.
Copper North is not treating this historical estimate as current mineral resources and the Qualified Person responsible for review of the historical resource on behalf of the Company has not performed sufficient work to classify the historical estimate as a current mineral resources or mineral reserves.
The Company has updated its website and its corporate presentation to ensure that all references to the historical estimate at the Redstone Property comply with NI 43-101.
Dr. Harlan Meade, P.Geo. is the Qualified Person responsible for the preparation of this news release and has reviewed and approved the scientific and technical information contained herein.
On behalf of the Board of Directors:
Dr. Harlan Meade, President, CEO and Director
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Project located in the Yukon, the Redstone Property located in the Northwest Territories, and the Thor Property in British Columbia. Copper North trades on the TSX Venture Exchange under the symbol COL.
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to results from current and previous exploration on the Carmacks Project; the potential tonnage and grade of exploration targets; the potential for expanding the known mineral resources. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of current and future exploration and development activities; exploration and development risks; market prices; exploitation and exploration results; availability of capital and financing; general economic, market or business conditions; uninsured risks; regulatory changes; defects in title; availability of personnel, materials and equipment; unanticipated environmental impacts on operations; and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the current and proposed exploration and development of the Carmacks Project will proceed as planned; early exploration success will increase mineral resources; and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.
Contact
Copper North Mining Corp.
Dr. Harlan Meade
President and Chief Executive Officer
604.398.3451
info@coppernorthmining.com
www.coppernorthmining.com