Global Copper Group Acquires Additional Ontario Cobalt Claims
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 11, 2016) - Global Copper Group Inc. ("Global Copper") (TSX VENTURE:ICU) is pleased to announce the staking of an additional 5 mineral claims contiguous to, and surrounding, the patented mining claims recently acquired (see news releases dated September 6th and 13th, 2016). Cost of the transaction: $14,000.00 CDN (cost of staking) and 150,000 common shares.
The claims were staked during the visit to the Smith Cobalt and Proteus properties (see news release dated October 5, 2016). The properties: Kirk Lake, Smith Cobalt 2, and Smith Cobalt 3, are located southeast of Cobalt, Ontario, and cover approximately 1,240 acres (496 ha). This brings the total amount of property acquired in the Cobalt region to 712 ha (1,760 acres).
About the Properties
The Kirk Lake and Smith Cobalt extensions are located in the Cobalt, Ontario, region - an area with a long history of silver and associated cobalt production. The properties are underlain by a sequence of Archaean volcanics which are uncomformably overlain by Huronian sediments. These formations have been intruded by the Proterozoic-age Nipissing diabase sill. Faulting, on both a regional and local scale, has been found by surface mapping and in drill cores. Polymetallic veining, and especially pinkish-white carbonate veins, has also been reported. Thus, all the necessary geological components of accepted mineralization models for silver-cobalt have been identified on the properties.
In 2005, sampling by the Ontario Department of Mines found silver values ranging from 103 to 6,800 ppm on the Kirk Lake project. Additionally, historical data indicates that the property contains the southeasterly extension of the veins previously mined at the Deer Horn mine - reported to have produced approximately 11 million ounces of silver and 100,000 pounds of cobalt until 1966. Several of these silver and cobalt producing veins extend onto the properties.
"Global continues to build its portfolio in the Cobalt region by actively consolidating prospective claims in the area," states Dr. Andreas Rompel, President & CEO. "Geological and historical data indicates significant mineral potential on the newly acquired claims. As well, existing historic mining infrastructure on the ground will facilitate a rapid exploration program beginning in the next few weeks."
Jevin Werbes, Chairman of Global Copper Group, comments, "By utilizing contacts in Cobalt, Ontario, the company has significantly increased its project size. This is now one of the largest land packages among public companies that are entering the cobalt sector in the region. Global Copper is planning a name change to better reflect its direction into the exciting cobalt space."
Chris M. Healey, P.Geo., a Director of Global Copper Group, is the Qualified Person responsible for the technical content of this release and consents to its dissemination.
About Global Copper Group Inc.
Global Copper Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange (TSX VENTURE:ICU) focused on mineral exploration and development. The company plans to acquire, de-risk and advance assets in mining friendly jurisdictions prior to seeking joint venture partnerships.
On behalf of the Board of Directors
Dr. Andreas Rompel, President and CEO
www.globalcoppergroup.com
We seek safe harbor.
The company's profile may also be viewed on www.sedar.com.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Contact
Global Copper Group Inc.
Daniel Caamano
VP Corporate Communications
604.620.7737
Global Copper Group Inc.
Judy A. McCall
Corporate Secretary
604.620.7737
www.globalcoppergroup.com