CopAur Minerals Defines New Drill Targets from Geophysical Survey at Kinsley Mountain Gold Project
Vancouver, August 3, 2022 - CopAur Minerals Inc. (TSXV: CPAU) (OTCQB: COPAF) ("CopAur" or the "Company") is pleased to announce new drill targets generated from the recently completed induced polarization (IP) / resistivity geophysical surveying at the Company's flagship Kinsley Mountain Gold Project (the "Kinsley Mountain Project" or "Kinsley Mountain") in Elko County, Nevada. In total, 80 line-km of geophysical surveys have been completed at Kinsley, over a 9 km north-south strike length, covering an area of approximately 30 km2.
Interpretation of the survey data has identified a minimum of eight (8) untested high-priority targets at Kinsley North. The final phase of IP/resistivity surveying announced here specifically targeted the frontier Kinsley North Range, which contains a significant strike length of prospective, faulted Pogonip Group and upper Notch Peak Formation carbonate rocks that are known to host significant gold mineralization at the Long Canyon Mine1 located 90 km north of Kinsley. The observed chargeability and resistivity anomalies indicate potentially significant fault displacement coincident with mapped faults, arsenic ± antimony ± gold in soil anomalies, and prospective known gold hosting rock units.
New Drill Target Highlights (Figure 1):
- IP/resistivity survey defined 8 untested high-priority targets within 20 km2 underexplored area north of high-grade Western Flank gold deposit (Figure 1)
- Kinsley North Range chargeability and/or resistivity anomalies:
- Are coincident with broad arsenic ± antimony ± gold in soil anomalies up to 1,000 by 500 metres in size,
- Indicate significant displacement along property-scale north to northwest-trending fault structures analogous to the Kinsley NW fault, a critical controlling structure of Western Flank Zone gold resources,
- Correlate with northeast to northwest-trending block faulting that exposes prospective lower Pogonip Group and upper Notch Peak Formation geology, known to host gold mineralization at Long Canyon1,
- Associated with mapped jasperoid alteration
Jeremy Yaseniuk, CEO, commented, "The Kinsley IP survey has already generated eight new, high-quality drill targets in the underexplored Kinsley North area. The geophysical anomalies show a strong correlation with soil anomalies, faults, and alteration, similar to the known Kinsley gold resource zones, but are associated with the host rocks for gold mineralization at Long Canyon, which has produced over 1 million ounces of gold to date1,2. We believe that these new targets warrant drill testing."
The Pogonip Group and upper Notch Peak Formation represent significant untested greenfield targets that are known to host gold-bearing systems elsewhere in Nevada, including at Long Canyon1, and have not been tested to date at Kinsley. These rocks are exposed primarily in the underexplored Kinsley North Range. The Kinsley mineral resources are hosted stratigraphically lower, primarily within the Dunderberg Shale, Hamburg Formation, and Secret Canyon Shale units. The new geophysical anomalies, together with mapped fault structures and geochemical anomalies, provide compelling exploration targets within the stratigraphically higher Pogonip and Notch Peak units within the Kinsley North Range.
Figure 1. North-northeast facing isometric view of Kinsley Mountain Project showing the 2020-2022 IP/resistivity survey chargeability inversions and drill target areas. Kinsley North Range inversions featured.
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1 Not necessarily indicative of mineralization on CopAur properties.
2 Long Canyon 2021 production values derived from Barrick Annual Report 2021 filed under Barrick Gold Corporation's issuer profile on SEDAR (www.sedar.com); 2016 to 2020 production values derived from the Nevada Division of Minerals Major Mines of Nevada 2016-2020 publications downloaded from the State of Nevada Commission on Mineral Resources Division of Minerals website (https://minerals.nv.gov/Programs/Mining/Mining_Forms/)
3 Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A., dated June 21, 2021, with an effective date of May 5, 2021, and prepared by Michael M. Gustin and Gary L. Simmons, and filed under New Placer Dome Gold Corp.'s issuer profile on SEDAR (www.sedar.com).
Methodology and QA/QC
Twenty-three (23) lines totalling approximately 80 line-km were completed during the 2021-2022 Kinsley Mountain Gold Project geophysical program. The lines are spaced 150 to 1,000 metres apart, with line lengths ranging from approximately 2.5 to 4.0 kilometres. Data were collected using the Direct Current Resistivity, Induced Polarization ("DCIP") method, on a 16-channel pole-dipole array with a dipole size (a-spacing) of 100 metres. A GDD GRx16 receiver and GDD 5000W-2400V-20A IP Tx model Tx4 transmitter was used. Raw data were loaded into GDD IP Post-Process software and Geosoft Oasis Montaj software for quality control and review. The reviewed data were used to produce pseudo section plots of apparent resistivity and apparent chargeability and were the input for the inversion. Inversions were completed using the UBC-GIF DCIP2D inversion codes. Each line of data was inverted independently. The resistivity and IP inversion is a two-step process. The resistivity inversion is run first, and this model is used in the chargeability inversion. Multiple inversions were completed for quality control.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC), Principal and Consultant, and Christopher W. Livingstone, P.Geo. (BC), Senior Geologist, both of APEX Geoscience Ltd. of Edmonton, AB, and "Qualified Persons" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Raffle and Mr. Livingstone have verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein.
For more information, please contact:
Jeremy Yaseniuk, Chief Executive Officer & Director
Tel: +1 (604) 773-1467
Email: jeremyy@copaur.com
Max Sali, Director
Tel: +1 (604) 367-8117
Email: msali@copaur.com
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.
Forward Looking Information
This news release includes certain statements that constitute "forward-looking information or statements" within the meaning of applicable securities law, including without limitation, conducting exploration work on its projects, receipt of assays, other statements relating to the technical, financial and business prospects of the Company and its properties, and other matters.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to gold and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company's history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as "social licence"); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company's projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company's prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, government regulations and policies, litigation, exchange rate fluctuations, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, decrease in the price of gold and other metals, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company 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 expressly required by applicable securities legislation.
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