Copper Road Resources Inc. Provides Exploration Update
TORONTO, March 08, 2023 - Copper Road Resources Inc. (TSXV: CRD) ("Copper Road" or the "Company") is pleased to announce an update on its 2022 exploration activities and a preview of 2023 exploration plans at the 21,000-hectare Copper Road Project located 80 km north of Sault St. Marie, Ontario, Canada.Highlights:
- Tribag Mine Zone 2022 diamond drilling program: a total of 3,000 metres of step-out diamond drilling was completed in the former Tribag Mine area which extended near-surface copper mineralization at the Breton and East Breccias
| Breton Breccia: TR22-06: 100 m @ 0.32% Cu, 2.99 g/t Ag (0.35% Cu Eq) from 18-118 m |
| East Breccia: TR22-07: 66 m @ 0.22% Cu, 2.94 g/t Ag, 0.02% Mo, 0.36 g/t Re (0.36% Cu Eq) from 69-135 m |
- Regional Exploration Fall 2022:
- The Company executed a successful regional exploration campaign of geological mapping and geochemical sampling. The Company completed 120 lake sediments, 11 reconnaissance MMI (Mobile Metal Ion) soil samples and stream silts to validate new regional geophysical targets. The Company is currently compiling 2022 geochemical analytical results and digitizing historical geochemical results in order to create a comprehensive database across this extensive project.
- The Company has identified additional drill ready porphyry and breccia Cu-Mo-Au-Ag targets across the district which are discussed in detail below. The company plans a summer drill program based on analysis of a voluminous historical database of DDH, Geophysics and Geochemistry combined with recent 2022 regional exploration results.
- 2023 Program: the "JR Zone" (Jogran Porphyry and Richards Breccia) is approximately 10 kilometres southwest of the former Tribag Mine and contains mineralized surface breccia and surface porphyry targets. Examples of significant drill intercepts at the Richards Breccia (Aurogin, 1997) include:
| AR98-07: 27m @ 1.46% Cu, 0.17 g/t Au, 3.8 g/t Ag |
| AR97-25: 40m @ 0.86% Cu, 0.06 g/t Au, 3.5 g/t Ag |
Figure 1: Copper Road Project
Figure 2: Copper Road Regional View
JR Zone: the JR Zone has seen limited shallow diamond drilling into known copper/gold mineralization with surface porphyry and breccia hosted Cu-Mo-Au-Ag. The targets are approximately 1 kilometre apart and have seen no exploration since 1998.
Figure 3: JR Zone Long Section
A. Jogran Porphry Target
The Jogran Porphyry target is a quartz monzonite porphyry intrusion emplaced into Neoarchean mafic metavolcanic rocks. The Jogran Porphyry intrusion is exposed at surface and open at depth. Historical drilling by Phelps-Dodge in 1958 and re-sampling by Noranda in 1992 demonstrated consistent copper mineralization to a drilled depth of 150 m. (Figure 3). Upcoming drilling will test depth, grade and possible extensions of the Jogran porphyry towards the Richards breccia.
Figure 4: Jogran Porphyry Target: Noranda Resampling
B. Richards Breccia Target
The Richards Breccia target is a significantly mineralized Cu-Au-Ag bearing breccia body that is both open laterally and at depth. The copper-bearing Tribag breccia pipes are similarly intrusion related, and likely formed contemporaneously with the Jogran porphyry. The target has only been drill tested to a depth of 80 m. returning historical intersections of AR98-07: 27m @ 1.46% Cu, 3.8g/t Ag, 0.17g/t Au (from 36-63 m) and AR97-25: 40.5m @ 0.86% Cu, 0.06 g/t Au, 3.5 g/t Ag (from 42.5-83m).
Figure 5: Richards Breccia Target: Superior Copper Resampling
Tribag Mine Zone
This zone consists of 6 known mineralized breccia pipes of which the Breton, East and West breccias were previously mined by Tribag Mining Company and Teck Resources Limited from 1966-1972. Due to a downturn in the copper market in 1972, production ceased, and the mine was closed to staking from 1974-2008.
Figure 6: Tribag Mine Zone
The Tribag breccia pipes are associated with late Keweenawan felsic porphyry intrusions and have transected both the thick Keweenawan mafic volcanics as well as the older Archean granite-greenstone terrane. Hydrothermal alteration within the pipes occurs adjacent to fractures and becomes more pervasive at depth. The breccias contain large tonnages of near-surface Cu-Mo-Ag mineralization as per historical estimates from Teck Resources. Historical drill logs note the Breton Breccia extends to a 700 m depth and the East Breccia to an 800 m depth.
Teck Resources 1972 Historical Estimates:
Breton Breccia: 40 million tons @ 0.40% Cu
East Breccia: 125 million tons @ 0.13% Cu, 0.05% Mo
These are non-NI 43-101 compliant historic estimates which should not be relied upon, and are presented for historical information purposes only
2022 Drill Tribag Mine Zone Drill Results
The Company completed 3,000 metres of diamond drilling in the Tribag Mine Zone confirming lateral extension of both targets while returning lengthy intersections of Cu-Ag mineralization at the Breton Breccia, and Cu-Mo-Re-Ag mineralization at the East Breccia. The Breton Breccia is open to the southwest, and the East Breccia to the west towards the Creek Zone which may contain the central location of the causative porphyry intrusion as demonstrated in historic drill hole AR98-03 which intersected altered porphyry at shallow depth.
| Breton Breccia Drill Highlights |
| TR22-03: 60 m @ 0.29% Cu, 3.51 g/t Ag (0.32% Cu Eq) from 16-76 m |
| TR22-06: 100 m @ 0.32% Cu, 2.99 g/t Ag (0.35% Cu Eq) from 18-118 m |
| Including 7 m @ 1.02% Cu, 8.39 g/t Ag |
| East Breccia Drill Highlights |
| TR22-07: 66 m @ 0.22% Cu, 2.94 g/t Ag, 0.02% Mo, 0.36 g/t Re (0.36% Cu Eq) from 69-135 m |
| TR22-08: 48 m @ 0.27% Cu, 4.84 g/t Ag, 0.01% Mo, 0.37 g/t Re (0.37% Cu Eq) from 34-82 m |
| 9 m @ 0.60% Cu, 6.83 g/t Ag, 0.15% Mo, 0.56 g/t Re (1.47% Cu Eq) from 330-339 m |
Copper Road Resources President/CEO John Timmons comments, "We are pleased with our first drill campaign at the Tribag Zone, the program confirms that the Breton and East breccias are both open laterally and at depth for expansion. The combination of near surface copper, large historical tonnage estimates and multiple untested targets confirm the potential of the Tribag Zone.
The JR Zone is an exciting opportunity with near-surface high-grade breccia hosted copper located one km from porphyry copper-molybdenum mineralization at surface. Both targets have seen limited exploration and are open at laterally and depth.
We are excited about compiling the incoming 2022 geochemical results and digitization of historic geochemical surveys, to be released in the next few weeks to further de-risk known and prospective targets.
We have near-surface copper, 20 km from the TransCanada in a tier-one mining jurisdiction with multiple discovery opportunities. In 2023, shareholders can expect the company to advance the Tribag and JR Zones with targeted geophysics and diamond drill programs in conjunction with additional regional greenfields exploration."
Qualified Person
Mr. Augusto Flores IV, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
For further information, please contact:
Mr. John Timmons
President/CEO and Director
Copper Road Resources Inc.
Cellular (416) 931 2243
Email: jtimmons@copperroad.ca
Web: www.copperroad.ca
Copper Road Resources Inc. is a Canadian based explorer engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals. The Company is exploring for large copper/gold deposits on the 21,000-hectare Batchewana Bay Project 80 km. north of Sault St. Marie, Ontario, Canada.
Caution Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Copper Road. Forward-looking statements include estimates and statements that describe Copper Road Resource's future plans, objectives or goals, including words to the effect that Copper Road Resources or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Copper Road Resources, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, details of the exploration results, potential mineralization, Copper Road Resource's treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Offering on disclosed terms or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Copper Road Resources disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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 news release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9550d6a4-4406-4877-9e97-b2c95b1c0075
https://www.globenewswire.com/NewsRoom/AttachmentNg/88ffcbde-1846-4fa3-9339-28975d46f65b
https://www.globenewswire.com/NewsRoom/AttachmentNg/cbc846df-21f4-47d7-b914-4cd199fb9461
https://www.globenewswire.com/NewsRoom/AttachmentNg/09c2a709-384e-4f4d-912c-a7592472f168
https://www.globenewswire.com/NewsRoom/AttachmentNg/a5d8d025-c30b-4597-8494-8222aa36235c
https://www.globenewswire.com/NewsRoom/AttachmentNg/5082b997-095f-4343-a72e-c3b7179a029c