Jamaica Approves Transfer of Key Licences to Carube Copper
OTTAWA, ON / ACCESSWIRE / April 17, 2017 / Carube Copper Corp. (TSX-V: CUC) Jeff Ackert, President and CEO, is pleased to confirm that Carube Copper has received the official transfer documents from the Jamaican Ministry of Transportation and Mines for seven Special Exploration and Prospecting Licences previously held by OZ Minerals. Carube Copper now has 100% ownership of eleven Licenses covering 535 square kilometres in Jamaica.
Mr. Ackert emphasized, "Now that the Licenses are 100% in the company's name, we can move forward with aggressive exploration programs on our flagship Bellas Gate Project and the newly acquired highly prospective licences. Armed with the $14M exploration data package from OZ Minerals as well as our recently closed $1.6M financing, we plan to start our programs immediately."
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Figure 1: Carube Copper's 100% owned licences in Jamaica totalling 535 square kilometres.
Jamaica is a highly favourable, stable jurisdiction for exploration and mining with strong support from the relevant Ministry, as well as the Commissioner of Mines and Geology. The country's Cretaceous aged inliers host numerous copper and gold porphyry occurrences.
To date, Carube Copper has identified seven porphyry centres at the Bellas Gate Project, alone. Many identified prospective areas on all Licenses have yet to be drill tested. Drill results have indicated strong and consistent mineralization in well altered porphyry style sequences. Highlights of drilled intersections are given in the following table.
Table 1. Selected drill intersections from the Bellas Gate project
| Hole ID | Zone | From | To | Interval | Cu (%) | Au (g/t) | CuEq (%) | ||
| CON-14-001 | Connors | 39 | 299 (EOH) | 260 | 0.44 | 0.19 | 0.55 | ||
| Including | 75 | 299 (EOH) | 224 | 0.49 | 0.22 | 0.61 | |||
| Including | 91 | 198 | 107 | 0.59 | 0.34 | 0.78 | |||
| CON-14-003 | Connors | 34 | 331 | 297 | 0.4 | 0.24 | 0.53 | ||
| Including | 57 | 189 | 132 | 0.5 | 0.38 | 0.70 | |||
| Including | 86 | 141 | 55 | 0.67 | 0.59 | 1.00 | |||
| Including | 252 | 321 | 69 | 0.55 | 0.22 | 0.68 | |||
| Including | 279 | 306 | 27 | 0.85 | 0.32 | 1.03 | |||
| CON-14-005 | Connors | 7 | 301 | 294 | 0.41 | 0.27 | 0.56 | ||
| Including | 7 | 103 | 96 | 0.68 | 0.57 | 1.00 | |||
| Including | 181 | 254 | 73 | 0.48 | 0.21 | 0.60 | |||
| PVT-16-001* | Provost | 29 | 111.1 (EOH) | 82.1 | 0.37 | 0.16 | 0.46 | ||
| including | 61 | 111.1 | 50.1 | 0.4 | 0.19 | 0.51 | |||
| and | including | 82 | 111.1 | 29.1 | 0.49 | 0.24 | 0.63 | ||
| PVT-16-002 | Provost | 29 | 368.15(EOH) | 339.15 | 0.28 | 0.12 | 0.34 | ||
| including | 80 | 93 | 13 | 0.41 | 0.16 | 0.50 | |||
| including | 138 | 148 | 10 | 1.28 | 0.90 | 1.79 | |||
| including | 189 | 204 | 15 | 0.38 | 0.24 | 0.52 | |||
| CH12-007 | Camel | 47 | 254 | 207 | 0.27 | 0.15 | 0.35 | ||
| Including | 192 | 206 | 14 | 0.46 | 0.34 | 0.66 |
The reported intervals do not necessarily indicate true width of mineralization, as its geometry is not known. Intervals calculated using unlimited internal dilution. Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming 100% recovery of both metals. For a full description of QC on matters pertaining to assaying of drill hole, please refer to press release dated October 7, 2014 and January 14, 2015 on the company's web-site or its SEDAR filings.
For the company's high priority drilling plans at Bellas Gate, please refer to press release dated January 12, 2017. For a review of the exciting news on the company's Main Ridge project, see press release dated March 6, 2017. For more details on the acquisition of the OZ Minerals licences, see press release dated January 11, 2017.
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
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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.
Carube Copper Corp. (TSX-V: CUC) is a Canadian exploration company focused on the exploration and development of copper and gold projects in Jamaica and Canada. In Jamaica, Carube Copper holds a 100% interest in 11 licences, totalling 535 square kilometres. In Canada, it 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 which cause results to differ materially are set out in the Company's documents filed on SEDAR. 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 its website at http://carubecopper.com/disclaimer.htm.
SOURCE: Carube Copper Corp.