TORONTO, Dec. 06, 2018 (GLOBE NEWSWIRE) — CR Capital Corp. (TSX-V / CIT) (“CR Capital” or the “Company“) is pleased to announce the initial results from its 2018 surface field exploration program on its 100% owned Coppercorp Property acquired from Superior Copper Corporation on March 6, 2018. The property is situated in Kincaid, Ryan and Palmer townships of the Sault Ste Marie District, Ontario. This announcement is a follow-up to the news release dated March 16, 2018 discussing the discovery of anomalous copper, silver, gold and cobalt values from litho-geochemical samples obtained during an initial site visit in 2017 and reported in the 43-101 Technical Report filed under the Company’s SEDAR profile at www.sedar.com.
During the 2018 field season, CR Capital Corp. completed prospecting and surface rock sampling on the Coppercorp Property as a part of its initial surface exploration program. In total, during this program, 70 litho geochemical samples, obtained from outcrop, plus ten taken from angular boulders were gathered from the vicinity of selected known metal showings throughout the property. Completed evaluative prospecting and sampling focused on three main areas.
The first area was the Glenrock and STP Au (+-Cu-Co-Ag) occurrences hosted in Archean metavolcanic rocks spatially associated with Proterozoic felsic dykes and breccia bodies located in the southeastern part of the property. The second area was from a three km north-northwest trend along strike with the past-producer Coppercorp Mine, hosted in Proterozoic mafic volcanic rocks, towards the historic Mamainse Mine situated on the Lake Superior shore. The third area was from north northwest along strike with the Kincaid Copper Breccia where the recent building of logging roads has resulted in the revealing of a newly exposed copper mineralized occurrence.
Highlight of the program was the rediscovery and identification of exciting new gold occurrences west and north of the Glenrock main grid in grab samples which reported values of up to 13.4 g/t Au in an area which remains largely not drill-tested. The results also confirmed that the main grid of the Glenrock Showing remains open along strike to the west based upon a grab sample reporting 10.6 g/t Au and supported by historic drilling results. The average grade of the16 grab samples obtained in the Glenrock showing area is 3.24 g/t Au.
The results also confirmed the presence of high-grade Cu-Ag-Au values from the surface grab sampling of chalcocite mineral occurrences reporting up to 15.5% Cu, 51.7 g/t Ag, and 0.3 g/t Au along the north-northwest trend from Coppercorp Mine which remains essentially unexplored since the 1960s when the mine was in operation. In addition, during the October site visit, new Cu occurrences were discovered along the side of a newly built logging road 700 metres north northwest along strike from the Kincaid Breccia. Six composite grab samples of surface exposures over 40 metres along the road averaged 0.47% Cu with reported concentrations of up to 1.07% Cu.
In total, 37 litho-geochemical grab and composite grab samples from outcrop returned significant results which are tabulated as follows:
|Coppercorp Mine trend north northwest||1058101||1,110||96||2.1||0.048|
|Coppercorp Mine trend north northwest||1058102||939||81||3.1||0.033|
|Coppercorp Mine trend north northwest||1058103||889||78||3.1||0.260|
|Coppercorp mine trend north northwest||1058104||11,300 (1.13)||46||<0.5||0.049|
|Coppercorp mine trend north northwest||1058106||40,700 (4.07)||60||4.0||0.798|
|Coppercorp mine trend north northwest||1058107||57,900 (5.79)||41||16.2||0.415|
|Coppercorp mine trend north northwest||1058108||155,000 (15.5)||31||51.7||0.303|
|Coppercorp mine trend north northwest||1058109||26,200 (2.62)||48||8.5||1.92|
|Coppercorp mine trend north northwest||1058110||1,180||34||2.5||0.015|
|Coppercorp mine trend north northwest||1058111||11,300
|Coppercorp mine trend north northwest||1058141||22,900 (2.29)||42||3.0||9.80|
|Coppercorp Mine, B-Zone Chalcocite vein||1058158||45,400
|Glenrock Au-Cu main grid showing||1058115||429||53||<0.5||5.50|
|Glenrock Au-Cu main grid showing||1058116||106||65||<0.5||0.216|
|Glenrock Au-Cu main grid showing||1058117||940||110||0.9||0.049|
|Glenrock Au-Cu main grid showing||1058118||212||156||<0.5||0.067|
|Glenrock Au-Cu main grid showing||1058119||626||78||1.3||9.20|
|Glenrock Au-Cu main grid showing, west extension||1058148||701||212||0.7||10.6|
|Glenrock Au-Cu main grid showing, west extension||346670||48||75||0.6||2.90|
|Glenrock Au-Cu showing area northwest of main grid||1058149||1,340||126||0.9||0.238|
|Glenrock Au-Cu showing area northwest of main grid||1058150||496||89||0.8||13.4|
|Glenrock Au-Cu showing area north of main grid||1058151||1,470||136||<0.5||0.406|
|Glenrock Au-Cu showing area north of main grid||1058152||939||229||0.8||4.47|
|Glenrock Au-Cu showing area north of main grid||346671||745||196||1.0||4.58|
|STP Au Showing||1058130||160||336||1.7||3.47|
|STP Au Showing||346672||1,440||457||4.6||0.706|
|STP Au Showing||346673||8,360||694||5.4||1.39|
|Palmer Au Showing||1058153||139||14||<0.5||2.50|
|NNW of Kincaid Breccia, new road exposed occurrence, composite grab||1058163||2,460||17||0.5||0.022|
|NNW of Kincaid Breccia, new road exposed occurrence, composite grab||1058164||5,850||13||3.3||0.022|
|NNW of Kincaid Breccia, new road exposed occurrence, composite grab||1058165||757||11||2.7||0.022|
|NNW of Kincaid Breccia, new road exposed occurrence, composite grab||1058166||8,300||57||1.6||0.016|
|NNW of Kincaid Breccia, new road exposed occurrence, composite grab||1058167||847||6||1.0||0.011|
|NNW of Kincaid Breccia, new road exposed occurrence, composite grab||1058168||10,070
|SSE of Kincaid Breccia, Roadside Cu-Co occurrence||1058173||2,020||46||<0.5||0.010|
|SSE of Kincaid Breccia, Roadside Cu-Co occurrence||1058174||2,440||1,540||0.7||0.11|
An Exploration Plan application, initially submitted to the Ontario Ministry of Energy, Northern Development and Mines in April, has been elevated by the ministry to an Exploration Permit application status and remains pending. An agreement to conduct basic surface exploration has been signed and activated with the Batchewana First Nation (BFN) and a consultation process is underway with the aboriginal community with the purpose of negotiating a more comprehensive Memorandum of Understanding to conduct subsurface exploration on the BFN traditional territory.
The collected rock samples for the site visit pertaining to this program were delivered directly by the Qualified Person or shipped by bonded carrier to the AGAT Laboratories facility in Mississauga, Ontario. The Qualified Person submitted one each of a blind Au-Ag and Cu-Ni-Co multi-element standards, plus a certified blank into each submitted batch. The submitted samples were prepared by crush to 90% passing 2mm, split to 250 gm and pulverize to 85% passing 75um (Method Code 200-002).
The samples were analyzed for gold at the AGAT Laboratories facility at Mississauga by Au by fire assay, ICP-OES Finish, 50g with a range 0.001 – 10 ppm (Method Code 202-552, gravimetric assay for over-limit >10 ppm Au samples), and for multi-element metals analysis by 4-Acid Digestion and ICP-OAS method finish with re-assay for over-limit >10,000 pm for Cu, Co and As and >10 ppm for Ag. The AGAT Mining Geochemistry Laboratory is accredited to ISO 17025 by the Standards Council of Canada (SCC).
The information in this press release has been reviewed and approved by Trevor Boyd, P. Geo., and a Qualified Person for the technical information under NI 43-101 standards.
For further information, please contact:
Mr. Brian Howlett, CPA, CMA
President & CEO
CR Capital Corp.
CR Capital Corp. is engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals.
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 CR Capital. Forward-looking statements include estimates and statements that describe CR Capital’s future plans, objectives or goals, including words to the effect that CR Capital 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 CR Capital, CR Capital 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, CR Capital’s objectives, goals or future plans, statements, details of the exploration results, potential mineralization, CR Capital’s portfolio, treasury, management team and enhanced capital markets profile, the timing of the Transaction, 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 Transaction on the terms as announced 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 CR Capital’s public documents filed on SEDAR. Although CR Capital 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. CR Capital 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.
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