Large Induced Polarization Geophysical Survey Begins at Carube Copper's Bellas Gate Joint Venture
Ottawa, Ontario--(Newsfile Corp. - May 10, 2016) - Carube Copper Corp. (TSXV: CUC) is pleased to announce that its joint venture partner OZ Minerals Ltd. has initiated an Induced Polarization (IP) geophysical survey over a large area with known copper-gold porphyry mineralization at the Bellas Gate Joint Venture (BGJV) in Jamaica. The ground-based geophysics survey along with the current ongoing diamond drilling program, are part of the BGJV's Phase Five program, which includes all work to the completion of a feasibility study. OZ Minerals will earn an additional 10% interest in the Joint Venture by sole funding Phase Five.
Jeff Ackert, President and CEO of Carube Copper noted: This IP program will enable the Joint Venture to prioritize the plethora of copper and gold rich areas located in the Bellas Gate Joint Venture. The program should also assist in identifying undiscovered, sub-surface mineralized zones. We have seen IP used to great effect in Cretaceous terrain in other Caribbean countries and believe that it will be very successful in locating significant porphyry mineralization in Jamaica.
Figure 1: Bellas Gate Joint Venture IP Geophysical Survey Area
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2661/20522_carube1enhanced.jpg
The Dipole-Dipole IP survey will be performed by Zonge International Geophysics of Tucson, Arizona. The survey will consist of 7 parallel lines of an average length of 6.5 kilometres for a total of 46 line kilometres. The lines will be 500m apart and will cover an area of over 30 square kilometres, including the North and South Alteration zones and intervening area (see Figure 1). The first line to be surveyed will traverse across known porphyry copper mineralization and will be a model for evaluating the IP anomalies.
The survey is expected to be completed by the end of June, with new target generation, ground truthing, sampling and drilling of priority targets to follow in the second half of 2016.
As previously announced by Carube Copper on April 27, 2016, OZ Minerals has started a drill program at Bellas Gate in order to evaluate three new prospective areas; Provost, Provost South East and Lucky Valley. To date, OZ Minerals has sole-funded the drilling of forty holes, totalling 11,028 metres, on BGJV targets as part of a 70% interest earn-in on the BGJV; Carube Copper now holds a 30% interest. For further information on the work completed and expenditures to date on the BGJV, please refer to our press release of February 10, 2016.
Contacts
Jeff Ackert, President and CEO • 1-613-839-3258 • jackert@carubecopper.com
Vern Rampton, Executive VP of Corporate Development • 1-613-839-3258 • vrampton@carubecopper.com
Alar Soever, Chairman • 1-705-682-9297 • asoever@carubecopper.com
www.carubecopper.com
QP Statement: This press release has been reviewed and approved by Dr. Vern Rampton, P. Eng., in his capacity as a qualified person as defined under NI 43-101.
— END PRESS RELEASE —
Carube Copper Corp. (TSXV: CUC) is a Canadian exploration company focused on the exploration and development of copper and gold projects in Jamaica and Canada. In Jamaica, two projects, totalling 188 square kilometres in area, are the subject of separate joint venture agreements with OZ Minerals Ltd., an Australian copper-gold producer with a market capitalization of over $1B. Carube Copper holds a 100% interest in two other nearby projects, totalling 80 square kilometres. In Canada, Carube Copper holds a 100% interest in three porphyry copper-gold-molybdenum properties, totalling 593 square kilometres within the Tertiary-aged Cascade Magmatic Arc in southwestern British Columbia. Exploration continues on these properties with the goal of joint-venturing them to larger exploration and mining companies. Carube Copper continues to seek opportunities in Canada and the Caribbean for acquisition and development.
DISCLAIMER & FORWARD LOOKING STATEMENTS
This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management’s expectations. Factors that can cause results to differ materially are set out in the Company’s documents filed on the SEDAR website. Undue reliance should not be placed on "forward looking statements".
IMPORTANT NOTICE: By reference herewith, Carube Copper incorporates into this release the entire disclaimer set forth on our website at http://carubecopper.com/disclaimer.htm
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.