Coppernico Metals Inc. (TSX: COPR) (“Coppernico” or the “Company”),
is pleased to provide an update on its ongoing Phase 1 exploration
drill program. Drilling is being conducted through its Peruvian
subsidiary, Sombrero Minerales SAC, at its Sombrero Project in
Peru, which is targeting copper skarn mineralization. To date, the
Company has successfully completed three diamond drill holes for a
total of 1,161.1 metres at the Corrales zone (Figure 1), where
preliminary findings have provided valuable insights into the
geological setting and potential of the project. Assay results for
the first three holes are pending.
Figure 1 – Planned Drill Holes in the Ccascabamba
Area (~30 total, with 3 completed and 1 currently in progress)
Coppernico is now testing the Hojota target
area, located approximately 1 km to the east of Corrales, where the
fourth diamond drill hole (24SOM-004) is currently underway (Figure
1). This fourth hole is drilling underneath channel sample 18SRT-09
which intersected 105 m @ 0.23% Cu and 0.13 g/t Au1. The hole is
planned to be extended to at least 450 m in order to intersect an
area of elevated chargeability (+20 mV) (Figure 2).
Figure 2 – Cross-section of hole 4 and planned
extension to intersect area of elevated chargeability
This fourth hole exhibits significant skarn
alteration over long intervals, as well as zones of strong hematite
(iron) replacement of original rock (Figure 3). Sulphide minerals
including pyrite, chalcopyrite and pyrrhotite are present
throughout and several intervals show a complex network of
overprinting vein generations more than one of which contains
chalcopyrite (Figures 4 and 5). These geological characteristics
suggest a robust and multiphase mineralized system and further
strengthen the potential for significant copper-gold skarn
mineralization at this target.
Figure 3 – Zones of strong hematite (iron)
replacement of original rock in fourth hole
Figure 4 - Zones with high concentrations of
sulphide minerals including pyrite, chalcopyrite and pyrrhotite in
fourth hole
Figure 5 - Zones with high concentrations of
sulphide minerals including pyrite, chalcopyrite and pyrrhotite in
fourth hole
The Company intends to continue its drilling
program in this target area, with additional widely spaced holes,
to further assess the continuity, grade and scale of a potentially
emerging copper skarn system. Coppernico will provide further
updates as drilling progresses and assay results become
available.
Tim Kingsley, Vice President of Exploration,
commented, “As we advance the fourth of approximately thirty
planned drill holes, we are very encouraged by the geological
features we are intersecting. The pace at which our team is gaining
geological insights through drilling has been impressive, each hole
is improving our model and allowing us to have greater confidence
in our interpretations of geophysical signatures.
The Ccascabamba Area represents a large, very
active hydrothermal system, and the extent of skarn alteration and
the presence of sulphide minerals in hole 4 support our exploration
thesis. This, combined with the complexity of the vein systems,
indicate that we are in a highly prospective zone. As we move
forward, we remain committed to deploying best practices in
exploration, ensuring that we meet our environmental and social
responsibilities.”
Ivan Bebek, Chair and CEO, added, "This is an
exciting time for the Company as we undertake the inaugural drill
program at the Sombrero Project. Our technical team is executing
safely, on time, within budget, and we are fully funded through
2025. In anticipation of a busy quarter of results, we plan to be
very active with conference participation, road shows and
interviews to keep investors abreast of our findings as we explore
this compelling, large, and active mineralized system.”
Conference Participation
Coppernico is pleased to announce that Ivan
Bebek, Chair and CEO, will be participating in key industry
conferences throughout the fall of 2024, where he will be available
for one-on-one meetings with investors, analysts, and industry
stakeholders.
Upcoming Fall Conferences:
- Precious
Metals Summit Beaver Creek – September 10-13, 2024, in
Beaver Creek, Colorado, USA.
- CEO Presentation:
Tuesday, September 10 at 3:15 pm MT in Room 1
- Capital
Event Conference Muskoka – September 27-29, 2024, in
Muskoka, Ontario, Canada.
- Precious
Metals Conference Zurich – November 11-12, 2024, in
Zurich, Switzerland.
The conference presentations will be posted on
the Company's website at www.coppernicometals.com
Technical Disclosure and Qualified
Person
The scientific and technical information
contained in this news release was reviewed and approved by Tim
Kingsley, M.Sc., CPG, Coppernico’s VP of Exploration, who is a
“Qualified Person” (as defined in NI 43-101).
Analytical Protocols
As of the date of this release, none of the core
samples have been submitted for assay and no assurance can be given
that significant grades of mineralization will be determined to be
contained within these cores.
The procedure for assaying and custody control
includes systematic collection of core samples, which are then
split using a diamond saw. One half of the core is sent to an
accredited laboratory for analysis, while the other half is
retained on-site for reference and verification. Chain of custody
protocols are strictly followed to ensure sample integrity from the
drill site to the laboratory.
ON BEHALF OF THE BOARD OF DIRECTORS
Ivan BebekChair & CEO
For further information, please contact:
Coppernico Metals Inc.
Phone: +1 778 729 0600
Email: info@coppernicometals.com
Website: www.coppernicometals.com
Twitter: @CoppernicoMetal
LinkedIn:
www.linkedin.com/company/coppernico-metals/
About Coppernico
Coppernico is a mineral exploration company
focused on creating value for shareholders and stakeholders through
diligent and thoughtful project evaluation and exploration
excellence in pursuit of the discovery of world-class copper-gold
deposits in South America. The Company’s management and technical
teams have a successful track record of raising capital, discovery
and the monetization of exploration successes. The Company, through
its Peruvian subsidiary Sombrero Minerales S.A.C., is currently
focused on the Ccascabamba (previously referred to as Sombrero
Main) and Nioc areas within the Sombrero Project in Peru, its
flagship project, and is reviewing additional premium projects in
South America.
The Sombrero Project is a land package of
approximately 102,000 hectares located in the north-western margins
of the world-class Andahuaylas-Yauri trend in Peru. It consists of
a number of prospective exploration targets characterized by
copper-gold skarn and porphyry systems, and precious metal
epithermal deposits. The Company’s NI 43-101 technical report, with
an effective date of April 17, 2024, and as filed on SEDAR+ on May
23, 2024, focuses on the Ccascabamba and Nioc target areas of the
project.
Coppernico Metals Inc. is currently listed on
the Toronto Stock Exchange under symbol "COPR". More
information about the Company can be found on the Company’s profile
on SEDAR+ (www.sedarplus.ca).
Cautionary Note
No regulatory organization has approved the
contents hereof.
This news release contains forward-looking
statements and forward-looking information within the meaning of
Canadian securities legislation (collectively,
“forward-looking statements”). Forward-looking
statements are often identified by terms such as “may”, “should”,
“anticipate”, “expect”, “intend” and similar expressions and
include, but are not limited to, statements with respect to: the
Company’s drill plans, identifying targets for future exploration,
the potential of the mineralization, and its financial position in
the future. No certainty can be given that these expectations will
prove to be correct and such forward-looking statements included in
this news release should not be unduly relied upon. Forward-looking
statements are based on a number of assumptions and are subject to
a number of risks and uncertainties, many of which are beyond the
Company’s control, which could cause actual results and events to
differ materially from those that are disclosed in or implied by
such forward-looking statements. Readers should refer to the risks
discussed in the Company’s AIF and other continuous disclosure
filings with the Canadian Securities Administrators, available at
www.sedarplus.ca. These factors are not, and should not be
construed as being, exhaustive. Accordingly, readers should not
place heavy reliance on forward-looking statements. The
forward-looking statements contained in this new release are
expressly qualified by this cautionary statement. Any
forward-looking information and the assumptions made with respect
thereto speaks only as of the date of this news release. The
Company does not undertake any obligation to publicly update or
revise any forward-looking information after the date of this news
release to conform such information to actual results or to changes
in the Company’s expectations except as otherwise required by
applicable legislation.
_________________________1 See NI 43-101
Technical Report on the Sombrero Main/Nioc Project, Ayacucho
Department, Peru – effective date April 17, 2024, prepared by APEX
Geoscience Ltd. and Mining Plus.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/68283ff7-c74d-4774-a970-f82f25a5d038
https://www.globenewswire.com/NewsRoom/AttachmentNg/36603930-b142-44e4-a6a3-a8468330acbf
https://www.globenewswire.com/NewsRoom/AttachmentNg/54bd6f17-ff8b-4236-9a52-3e828e47e6a2
https://www.globenewswire.com/NewsRoom/AttachmentNg/60fa3a10-0f44-44f2-8f06-864aaa7c9ae7
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c4091bb-1a32-4c24-9f06-ba2e7bbee728
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