TORONTO, March 02, 2023 (GLOBE NEWSWIRE) — Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce the discovery of a new copper-gold mineralized zone at the Doré Ramp copper-gold deposit located 2.5 kilometers from the existing Copper Rand mill, near Chibougamau, Québec. To date, the Company has completed six holes, including two wedge cuts, for a total of 7,020 meters. Assays have been received for the first three holes (Table 1).
This new copper-gold mineralized zone was intersected in all six holes over a strike length of approximately 360 meters (Figure 1). It is located approximately 300 meters to the south of the Doré Ramp zone with parallel strike and dipping approximately 55° to the southwest as per current interpretation. The new zone is characterized by a 2 to 8 meter zone of quartz veining containing localized disseminated and/or massive chalcopyrite and pyrite within a large ductile fault zone that is strongly sericitized and chloritized. The first three holes drilling intersections include:
- LDR-22-01W2: 3.98% Cu and 0.36 g/t Au over 2.35 meters, including 16.45% Cu and 0.7 g/t Au over 0.35 meter (Figure 2)
- LDR-22-01W1: 2.34% Cu and 0.97 g/t Au over 1.8 meters, including 3.01% Cu and 1.24 g/t Au over 1.4 meters
- LDR-22-01: 0.58% Cu and 0.65 g/t Au over 0.4 meter
Holes LDR-22-03 and 04 (assays pending) intersected chalcopyrite and pyrite mineralization in the new zone.
This drilling program was initially designed to test the continuity of the Doré Ramp copper-gold mineralized zone at depth. Hole LDR-22-01, at a vertical depth of approximately 900 meters, returned 4.37% Cu, 0.87 g/t Au and 13.0 g/t Ag over 2.4 meters, including 17.6% Cu, 1.76 g/t Au and 43.9 g/t Ag over 0.5 meters (news release September 12, 2022). Hole LDR-22-01W1 intersected the Doré Ramp zone approximately 50 meters west and below the above-mentioned intercept with 0.60% Cu and 2.85 g/t Au over 1.6 meters, including 1.61% Cu and 7.57 g/t Au over 0.6 meter. Hole LDR-22-01W2, located 40 meters west and above intercept in LDR-22-01, did not intersect any signification mineralization on the Doré Ramp zone.
The latest hole completed LDR-23-04 (assay pending) is the first hole to intersect the Doré Ramp zone in multiple parallel mineralized zones containing chalcopyrite and pyrite starting at a vertical depth of 800 metres (Figure 3). The Company plans to continue its exploration drilling program at Doré Ramp and other targets on the property.
Ernest Mast, President and CEO of Doré Copper, stated, “The discovery of a new mineralized zone at Doré Ramp, in addition to our exploration drilling which has extended the Doré Ramp zone at depth, confirms the Company’s exploration model of additional copper-gold zones on the east side of the Lac Doré fault, in the vicinity of the Doré Ramp and Copper Rand deposits. These encouraging results to date, in close proximity to the Copper Rand mill, support additional exploration drilling to potentially enhance our hub-and-spoke operation model for the Chibougamau mining camp.”
Doré Ramp Deposit
The Doré Ramp deposit is within the Chibougamau Central mining camp and as many other deposits and mineral occurrences it is within a wide shear zone of 100 to 400 meters perpendicular to the Lac Doré fault. In the Chibougamau Central camp, the copper and gold-rich mineralized zones are in contact with acidic to intermediate dykes interpreted as originating from the Chibougamau Pluton. The Doré Ramp deposit starts at 80 meters below surface and has been tested over a strike length of approximately 500 metres. It consists of a series of subparallel pinch and swell veins, varying in thickness from 0.3 to 7.7 meters, over a strike length of up to 300 meters. A number of mineralized lenses are displaced by northeast faults at 15 to 30 metres intervals.
The Doré Ramp deposit was drilled in a few different phases from 1984 to 1992. A total of 47 drill holes from surface are reported during that period. A double ramp approximately 1 kilometer long was excavated in 1991-92 to a vertical depth of 160 metres, followed by an underground drilling campaign of 46 holes totaling 10,200 metres testing the deposit to a depth of 240 meters. Only five holes tested the deposit between 300 and 600 meters. At the end of 1992, Westminer Canada reported a historical estimate of 209,120 tonnes at 1.23% Cu and 5.4 g/t Au, from a depth of the surface pillar of 115 meters to 350 meters (Source: Westminer Canada Limitée, Project Lac Dore, November 1992). This estimate is considered to be historical in nature and should not be relied upon. A Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. The Company is not treating the historical estimate as current mineral resources or mineral reserves). No subsequent exploration programs were carried out on the Doré Ramp deposit.
Other Exploration Targets in Central Chibougamau Camp
Doré Copper continues its compilation work on the area around the large Copper Rand property in the Central Chibougamau Camp and intends to follow up on a number of exploration targets in 2023. The Doré Ramp North Zone and Copper Rand South targets have not been tested below depths of 500 meters (Figure 3).
Doré Ramp North Zone
The Doré Ramp North Zone is located 450 meters northeast of the Doré Ramp deposit (and approximately 2 kilometers southwest from Copper Rand mine and mill) and is defined by a shear corridor parallel to the Doré Ramp shear. Information collected from 11 historical drill holes targeting the Doré Ramp North show similar mineralization to the Doré Ramp. The best intersections reported were 2.13% Cu and 1.25 g/t Au over 2.3 metres (hole S4-91-6) and 1.43% Cu and 1.68 g/t Au over 2.75 metres (hole S4-91-9) (Source: Westminer Canada Limited, drill logs March 1991).
Copper Rand South
Copper Rand South (also known as Kerr Addison) is another shear corridor parallel to the Copper Rand shear located 490 meters to the southwest. The shear is approximately 60 meters wide and hosts a number of mineralized veins with chalcopyrite, pyrrhotite, sphalerite, and pyrite. A portion of the deposit was mined as part of the Copper Rand mine between the 230 and 400 meter levels (e.g., veins 60-1, 57-3 and 65-5). Reported mined grades range from 1.20% Cu and 3.6 g/t Au from 230 to 300 meters, and 1.76% Cu and 0.93 g/t Au from 300 to 400 meters.
There is an area of approximately 450 meters in strike length that has not been explored towards the Lac Doré Fault. Geophysical surveys from 1991 indicate a conductive zone of approximately 100 square meters in that area. Copper Rand South remains open below 400 meters.
Table 1. Doré Ramp Drill Assays Highlights
|Cu (%)||Au (g/t)||Ag (g/t)||Zone|
|LDR-22-01||937.4||937.8||0.4||0.58||0.65||0.8||New quartz vein|
|LDR-22-012||1,234.7||1,237.1||2.4||4.37||0.87||13.0||Doré Ramp zone|
|LDR-22-01W1||943.2||945.0||1.8||2.34||0.97||4.3||New quartz vein|
|LDR-22-01W1||1,263.4||1,265.0||1.6||0.60||2.85||4.9||Doré Ramp zone|
|LDR-22-01W2||950.80||953.15||2.35||3.98||0.36||11.7||New quartz vein|
|1,245.60||1,246.10||No significant mineralization||Doré Ramp zone|
- The true width of the structures intersected is estimated at approximately 80% of the downhole width.
- Reported in news release dated September 12, 2022.
Figure 1. Isometric View and Cross-Section of the Doré Ramp Deposit Showing the Location of the New Copper-Gold Mineralized Zone
Figure 2. Photo of LDR-22-01W2 Mineralized Interval
Figure 3. Composite Long Section Along Lac Doré Fault Showing the Location of the Doré Ramp Deposit.
Drilling and Quality Control
The Company is using Miikan Drilling as the drilling contractor. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
Sample preparation was done at SGS Canada Inc. (“SGS”) in Val-d’Or, Québec and Burnaby, B.C. and fire assay and ICP analysis was done at SGS in Burnaby, B.C. Samples were weighed, dried, crushed to 75% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 microns. Samples were then fire assayed for Au (50 g) and sodium peroxide fusion ICP-MS finish for 34 elements.
QA/QC is done in house by Doré Copper geologists with oversight from the Vice President Exploration. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on quarter split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed.
Sylvain Lépine, M.Sc, P.Geo, MBA, Vice President Exploration of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
Engagement of Hybrid Financial Ltd.
Doré Copper has retained Hybrid Financial Ltd. (“Hybrid”) to provide marketing services to the Company. Hybrid has been engaged to heighten market and brand awareness for Doré Copper and to broaden the Company’s reach within the investment community.
Hybrid has agreed to comply with all applicable securities laws and the policies of the TSX Venture Exchange in providing marketing services.
Hybrid has been engaged by the Company for an initial period of six months starting February 27 (the “Initial Term”) and then shall be renewed automatically for successive three-month periods thereafter, unless terminated by the Company in accordance with the Agreement. Hybrid will be paid a monthly fee of $15,000, plus applicable taxes, during the Initial Term.
Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. The Corporation has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of the Corporation’s Copper Rand Mill.
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- Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
- Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to aiming to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually, implementing a hub-and spoke operation model; and completing a feasibility study.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. The Corporation 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 required by law.
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