Copper North Announces Results of 2012 Exploration Program, Redstone Copperbelt, Northwest Territories, Canada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Copper North Mining Corp. (TSX VENTURE: COL) ("Copper North" or the "Company") is pleased to announce the results of geophysical surveys, geochemical surveys and geological mapping from Coates Lake and other properties in the Redstone Copperbelt, Northwest Territories, Canada.
An exploration program was conducted by Aurora Geosciences Ltd. (a company which was engaged by Copper North to provide geological, geophysical and logistical field services in the Northwest Territories) in 2012, which targeted stratiform, sedimentary rock-hosted, copper-silver mineralization, and included; geological mapping, 21.3 line km of induced polarization ("IP") surveys, 41.25 line km of ground-based extremely low frequency electromagnetic ("ELF-EM") surveys, 324 stream sediment samples and 690 biogeochemical samples. An additional 18,979.1 acres across 15 new mineral claims were staked to increase Copper North's land position in the Redstone Copperbelt.
Highlights include:
-- Identification of drill-ready targets at the Coates Lake and Johnson
Vein properties
-- Delineation of chargeable IP anomalies at the north end of the Coates
Lake property that extend along strike northwards 3,000 m from the limit
of known stratiform copper-silver mineralization
-- Delineation and 3D modelling of a complex zone of chargeable IP
anomalies that extends at least 1,000 m along strike at the south end of
the Coates Lake property
-- ELF-EM surveys have been a useful tool to provide new data on structures
and stratigraphy in the near and deep (less than 2 km) subsurface. This
data can be used to help target exploration efforts and to de-risk the
positioning of future drill holes
-- Several regional targets have been generated with anomalous stream
sediment geochemistry, including samples that have returned assays of up
to 490 ppm Cu
-- Biogeochemistry has the potential to locate stratiform copper-silver
mineralization that is concealed beneath glacial sediment cover
President and Chief Executive Officer, Dr. Sally Eyre, commented, "The 4,000 m of chargeable strike length successfully identified in 2012, in addition to the 6,000 m strike length of known copper-silver mineralization demonstrated by historical drilling, indicates the geological potential for a conceptual stratiform, sedimentary rock-hosted copper target that spans up to 10,000 m of strike length at Coates Lake. In addition to this, the deposit remains open to the north and at depth to the west and southwest."
Coates Lake deposit
The Coates Lake deposit is a stratiform, sedimentary rock-hosted, copper-silver deposit, that is located 116 kilometres north-east of the Cantung mine, Tungsten, Northwest Territories. At Coates Lake, mineralization comprises a high-grade, laterally continuous zone that has a demonstrated strike-length of over 6,000 m and extends down-dip for at least 2,400 m.
IP Surveys
21.3 line km of IP surveys were conducted at Coates Lake over two areas: a northern area and a southern area. Pole-dipole surveys were carried out at a spacing of 50 m or 100 m, observing 6 dipoles for a total of 12 lines. All IP data was modelled to produce 2D psuedosections and the southern area was modelled in 3D. Modelled chargeability anomalies from IP surveys were found to be coincident with known zones of stratiform, disseminated copper-silver mineralization. Chargeable anomalies present on four lines extend 3,000 m along strike from the northern limit of known stratiform copper-silver mineralization. A chargeable zone in the south of the property extends over 1,000 m strike length and is evident on 8 lines.
Drill-ready targets have been identified at Coates Lake (see accompanying Map) to further assess the potential for a large, copper-silver deposit; focussing on extending known high grade zones of stratiform copper-silver mineralization and exploring for thicker mineralized zones.
Click here to view Map: http://media3.marketwire.com/docs/col219i.pdf
Johnson Vein
Geological mapping and prospecting at the Johnson Vein, located on a lease approximately 40 km NNW of Coates Lake, has traced copper-silver mineralization in talus over a strike distance of 500 m. Hydrothermal dolomite alteration of carbonate grainstones associated with chalcopyrite-bornite-tetrahedrite-pyrite mineralization has been mapped at a high angle to bedding and mineralization is likely related to high angle faults. Grab samples of massive sulphide material in talus have returned assays of up to 39.9% Cu, 33.0 ppm Ag, 3820 ppm Sb and 1030 ppm Zn. Drill-ready targets have been identified to further test the structure that is inferred to control mineralization.
The potential quality and grade of the mineral occurrences at the Johnson Vein are conceptual in nature. There has been insufficient exploration to date to define a mineral resource and it is uncertain if future exploration will result in the target being delineated as a mineral resource.
Regional Exploration (Hayhook Basin and Hidden Valley)
Geological mapping was carried out on the Hayhook and Hidden Valley properties. Structures that are favourable for copper-silver mineralization have been identified in the Hayhook area and grab samples have returned assays of up to 1.36% Cu and 7.2 ppm Ag. A stream sediment survey comprising 324 samples was conducted on a regional basis with several anomalous areas returning copper assays of up to 490 ppm Cu. Several targets have been identified in areas with no previously known mineralization. Biogeochemistry has been tested over a zone of known copper mineralization that is concealed by glacial tills. This technique has shown to be a useful indicator of buried mineralization and can be used in future exploration programs.
The potential quality and grade of the mineral occurrences at Hayhook Basin and Hidden Valley are conceptual in nature. There has been insufficient exploration to date to define a mineral resource and it is uncertain if future exploration will result in the target being delineated as a mineral resource.
QA/QC
Rock and stream sediment samples were collected in the field with appropriate metadata and locations were recorded with handheld GPS. Samples were dried out and stored in camp until the end of the field season when all samples were transported to Yellowknife with the Aurora Geoscience Ltd. field crews to the laboratory at ALS Minerals, ALS Canada Ltd. ("ALS Minerals"), in North Vancouver, B.C., an independent analytical facility that is individually certified to standards within ISO 9001:2008 and has received accreditation to ISO/IEC 17025:2005 from the Standards Council of Canada for methods: ME-MS61 and Cu-OG62. All rock samples mentioned in this news release were crushed, split, pulverized and analyzed by ALS Minerals method ME-MS61 (HF-HNO3-HClO4-HCl (4-acid) digestion of a 0.25 g sample followed by inductively coupled plasma atomic emission spectrometry (ICP-AES) and inductively coupled plasma mass spectrometry (ICP-MS)) for 48 elements, including Ag, Cu, Sb and Zn. Samples that returned copper values greater than 10,000 ppm were reported by 4-acid digestion followed by a variable ICP-AES or atomic absorption spectroscopy finish (Cu-OG62 method, ALS Minerals). Stream sediment samples were sieved to 80 mesh by ALS Minerals and then the fine fraction was sent to ALS Minerals in North Vancouver for "ultra-trace level" analysis by ICP-MS (ALS Minerals method ME-MS41L).
Blind field duplicates of rock and stream sediment samples were submitted to the Laboratory at a rate of approximately 1 in 10 samples and standard reference materials were submitted to the laboratory at a rate of approximately 1 in 25 samples for external QA/QC. ALS Minerals also provided internal QA/QC on sample preparation and analytical procedures, using internal standards, duplicates and blanks.
The interpretation of the IP data collected in 2012 is strengthened by an historic IP survey conducted when the Coates Lake property was owned by Lumina Resources Corp. in 2005. Aurora Geosciences Ltd. also carried out this survey and key technical personnel were involved in both surveys. Historic data were available to use and were particularly useful to substantiate 2012 IP data using historic IP data gathered over areas of known, historically drilled stratiform copper-silver mineralization.
Qualified Person
This news release has been prepared under the supervision of, and approved by Gary Vivian, M.Sc., P.Geol., who serves as the Qualified Person under National Instrument 43-101. Mr. Vivian is the President of Aurora Geosciences Ltd.
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Copper Project located in the Yukon, and the high-grade, stratiform-copper Redstone Property, located in the Northwest Territories. Copper North's common shares are listed on the TSX Venture Exchange under the symbol "COL".
Please visit www.coppernorthmining.com.
On behalf of the Board of Directors:
Dr. Sally L. Eyre, President, CEO and Director
This news release includes certain forward-looking information or forward-looking statements (collectively "Forward-Looking Information") for the purposes of applicable securities laws. Forward-Looking Information includes, but is not limited to, statements with respect to proposed exploration and development activities and their timing, potential mineralization and the announcement of results. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would" or "will be taken" occur or be achieved. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the proposed exploration and development of the mineral projects will proceed as planned, current exploration and other objectives concerning the Company's mineral projects can be achieved and that the Company's other corporate activities will proceed as expected market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described herein, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company expressly 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 otherwise required by applicable securities legislation.
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 release.
Contacts:
Copper North Mining Corp.
Peter Oates
Manager, Investor Relations
604-638-2505 or Toll Free: 1-888-966-9995
604-669-2926 (FAX)
info@copperrnorthmining.com
www.coppernorthmining.com
Renmark Financial Communications
514-939-3989
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