TSX. V: COCO
VANCOUVER, BC, Aug. 15,
2022 /CNW/ - Coast Copper Corp. ("Coast Copper" or
the "Company"; (TSXV: COCO) is pleased to report the
results of its 10 core holes (1,483.7 meters ("m")) drilled
in the spring of 2022 on the optioned Empire Mine property
(the "Property"), the completion of an underground survey of
the Kingfisher iron ore (magnetite) mine that was in operation from
1961 to 1967 and the completion of an independent review of the
Property by Dr. James Oliver, P.
Geo.
Adam Travis, Coast Copper CEO
comments, "The 2022 drilling and underground survey have
extended the known strike length of the north-northwest trending
Raven Bluff Zone to over 150 metres and have made a new discovery
in the Lower Marten area. More importantly, a recent independent
Property review by Dr. James Oliver,
based on field and drillhole observations, has identified a
previously unknown regional thrust fault that may have acted as a
conduit for mineralizing fluids over 1.0 km of strike length
between the Marten Zone and the Raven Bluff area. Observations of
regional geological mapping also indicate that this trusted contact
may occur for greater than 2.5 km strike across the Property,
outlining the potential for further significant mineralization
targets. The recognition of the major controls to
mineralization is a very important milestone in understanding the
exploration potential at Empire."
Spring 2022 Diamond
Drilling
In the spring of 2022, Coast Copper completed 5 core drillholes
in the Raven Bluff area, 2 drillholes in the Raven Pit area, 2
drillholes in the Marten Zone and 1 in the West Pipe Dike area.
Please see Figure 1 for the drillhole locations and Table 1 for the
significant results table.
Table 1: 2022 Empire
Mine Drilling Significant* Results
|
Zone
|
Hole
Id
|
From
(m)
|
To
(m)
|
Interval
(m)**
|
Au
(g/t)
|
Cu
(%)
|
Ag
(g/t)
|
Co
(%)
|
AuEq
(g/t)***
|
CuEq
(%)***
|
Raven
Bluff
|
MW22-20
|
118.22
|
125.27
|
7.05
|
0.55
|
0.31
|
3.7
|
0.016
|
1.15
|
0.86
|
|
including
|
122.73
|
124.07
|
1.34
|
1.59
|
0.79
|
14.3
|
0.030
|
3.06
|
2.30
|
|
MW22-21
|
21.00
|
24.00
|
3.00
|
1.90
|
0.03
|
0.7
|
0.029
|
2.20
|
1.65
|
|
and
|
80.04
|
80.79
|
0.75
|
1.17
|
6.47
|
50.0
|
0.032
|
10.64
|
7.98
|
|
MW22-23
|
211.04
|
212.34
|
1.30
|
4.23
|
0.18
|
2.5
|
0.001
|
4.51
|
3.38
|
|
and
|
227.00
|
238.60 (EOH)
|
11.60
|
0.08
|
0.17
|
1.5
|
0.003
|
0.35
|
0.26
|
West Pipe
Dike
|
MW22-27
|
6.00
|
24.00
|
18.00
|
0.24
|
0.28
|
1.2
|
0.006
|
0.68
|
0.51
|
|
including
|
18.00
|
21.00
|
3.00
|
0.19
|
1.00
|
2.8
|
0.017
|
1.70
|
1.28
|
Lower
Marten
|
MW22-28
|
89.18
|
98.11
|
8.93
|
0.69
|
0.17
|
2.4
|
0.003
|
0.97
|
0.73
|
|
including
|
97.70
|
98.11
|
0.41
|
9.05
|
1.75
|
19.7
|
0.022
|
11.80
|
8.85
|
* Significant is
defined as >4 g/t AuEq*m and/or >4 % CuEq*m[AT1]. ** The
intervals reported in this table represent drill intercepts and
insufficient data is available at this time to state the true
thickness of the mineralized intervals. *** The Metal prices
used in CuEq and AgEq calculations are as follows: Gold $1750/oz,
Silver $20.00/oz, Copper $3.40/lb and Cobalt $22/lb. Recoveries are
assumed to be 100% for the purposes of equivalent calculations. The
AuEq formula used for calculations is: AuEq g/t = Au g/t + (Cu % x
1.332) + (Ag g/t x $0.011) + (Co % x $8.621). The CuEq formula used
for calculations is: CuEq % = Cu % + (Au g/t x $0.751) + (Ag g/t x
$0.009) + (Co % x $6.471). Drillhole location, azimuth and dip are
provide on Table 3.
|
The Raven Bluff gold-copper-cobalt-magnetite zone, defined by
drilling and underground observations and sampling, is a
north-northwesterly trending extensional zone that coincides with
andesitic dike swarms which was drill tested in 2022 by 5
drillholes (MW22-20 to MW22-23 and MW22-26). The Raven Bluff
Zone has now been extended to a strike length of 150 m with a vertical depth of 250 m below surface. This zone continues to be
open in all directions. Higher grade intervals observed in drilling
are associated with the intersection of extensional faults that
chiefly occur along east-northeast and north-northwest orientations
off the QT. Within the Merry Widow Pit area, stronger
gold-copper-silver mineralization is noted in the footwall of the
QT as mentioned above. To date, this thrust fault has not been
drill tested in the Raven Bluff area, except for drillhole MW21-16
which ended in the thrust with 0.55 grams per tonne ("g/t")
gold ("Au") and 1.06% copper ("Cu") over 12.04 m. Future drilling in the Raven Bluff area
will incorporate the new model type to target higher grade zones at
the intersection of these extensional fault and thrust zones.
The Marten showing is a shallow, west dipping massive
sulphide manto and was tested with two core drill holes. Drillhole
MW 22-28 was drilled at depth to the west and returned 0.69 g/t Au
and 0.17% Cu over 8.93 m including
9.05 g/t Au and 1.75% Cu over 0.41 m.
This drillhole is proof of concept of the mineralizing role of high
angle structures and provides further evidence of a previously
unrecognized QT continuing southward from the Merry Widow Pit.
Drillhole MW22-29 was drilled approximately 30 m to the south of MW22-28 but failed to reach
target depth due to technical difficulties. Further drilling is
proposed in the Lower Marten area and up to 750 m south toward the Bluebird area along the
thrusted contact, in areas of previous surface showing and Induced
Polarization anomalies.
The West Pipe Dike is a large magnetite dominant feature
located at surface just east of the entrance to the Merry Widow Pit
that was noted in historical records from the 1960's, but
overlooked during exploration drill programs in the 1990's and
early 2000's. The intent of drillhole MW22-26 was to prove the
continuity of this magnetite anomaly in the West Pipe Dike. The
West Pipe Dike was intersected but not as fractured and mineralized
as seen from underground, which could be due to the proximity of
the thrust and the extensional faults. More work is required to
better understand the West Pipe Dike.
Kingfisher Underground Mine
Assessment
In April 2022, Coast Copper
engaged both the McElhanney Group Ltd. and Procon Mining &
Tunnelling Ltd. to complete a survey of the Kingfisher underground
mine to test the viability of it being revitalized. The survey
noted that ground conditions and airflow were generally quite good
especially for workings that are greater than 50 years old. During
this survey, Coast Copper personnel were also able to make
geological observations and complete some chip sampling. A total of
33 samples were taken and submitted to MSA Labs in Langley, British Columbia. Highlights of
the samples are included in Table 2.
Table 2: Kingfisher
Underground Highlighted Chip Samples*
|
Sample
Number
|
Location (m) from
Kingfisher
Adit
Portal
|
Au
(g/t)
|
Cu
(%)
|
Ag
(g/t)
|
Co
(%)
|
AuEq
(g/t)
|
CuEq
(%)
|
C0099903
|
584
|
0.40
|
0.97
|
11.1
|
0.011
|
1.91
|
1.43
|
C0099912
|
457
|
0.46
|
1.52
|
12.6
|
0.009
|
2.71
|
2.03
|
C0099922
|
362
|
3.37
|
0.06
|
1.9
|
0.009
|
3.55
|
2.66
|
C0099923
|
316
|
1.22
|
<0.01
|
0.2
|
>1.000
|
9.84
|
7.39
|
C0099925
|
311
|
0.91
|
0.01
|
0.1
|
0.033
|
1.21
|
0.91
|
C0099931
|
35
|
0.86
|
2.63
|
5.9
|
0.004
|
4.46
|
3.34
|
*Chip samples were
taken across 0.5m intervals
|
The underground surveying indicates that the main Kingfisher
level is up to 20 m lower in
elevation then previously surveyed, which explains why several of
the 2021 drillholes unexpectantly encountered underground
workings.
Chip sampling and geological observations (see Figure 1) noted
the southerly continuation of the structures and dikes from the
Raven Bluff Zone, massive magnetite with chalcopyrite clots in the
most southerly end of the workings (and outside of the historical
resource) are a reminder that underground workings and open stopes
were targeting the massive magnetite zones and not the copper and
gold sulphide zones, which were avoided as they could contaminate
the magnetite concentrate. Previous sampling focused on the massive
magnetite and massive sulphide zones, but our sampling has
indicated that gold and cobalt values can also be returned from
areas with relatively modest sulphide zones associated with
structures. Underground samples from the Company's work in the main
trend between the Kingfisher and Merry Widow pits returned
individual samples up to 3.37 g/t Au, 0.97% Cu and greater than 1%
cobalt. Interestingly, at approximately 35
m from the portal (adit entrance) was a previously unmapped
zone of mineralization associated with dikes within the surrounding
Quatsino Limestone and sample C0099931 returned 0.85 g/t Au and
2.62% Cu.
In May 2022, the Company installed
a permanent, secured gate at the Kingfisher portal to restrict
unauthorized access to the historical underground mine workings.
Several safety berms were also installed to impede vehicular access
to the Merry Widow and Kingfisher open pit areas.
Independent Review
In May 2022, Coast Copper engaged
Dr. James Oliver, P.Geo. to complete
field observation and provide an independent appraisal of mineral
occurrences across the Property. Areas of interest included the
Merry Widow mine area, Battle Mountain, Benson Lake Mine area and several known mineral
occurrences. Dr. Oliver's observations provide excellent insight
into the structural and lithological controls on mineralization at
Empire, which supplement our current knowledge base and will be
used to refine drill targets for the next phase of exploration
drilling. Some key observations from Dr. Oliver are:
- Mineralization is following the planar Quatsino Thrust
("QT") seen in the Merry Widow deposit area and the planar
regional scale unconformities (Old Sport Horizon). Both of those
surfaces are regional-scale fluid pathways, which have a loose
spatial relationship to the Merry Widow pluton.
- Within the larger planar surfaces and fluid pathways at both
the QT and Old Sport Horizon, enhancement of mineralized zones are
associated with steeper dipping faults and the contacts of
discordant dikes coming off the QT and Old Sport Horizon.
- If both the QT and the Old Sport Horizon represent potential
mineralizing fluid pathways, then the intersection of those two
surfaces may represent a significant exploration target.
- All thrust faults dilate when they flatten, therefore it is
recommended to look for flat rolls along the strike of the QT.
- Field observations and data suggest that the QT may be a
regional-scale feature. Any occurrence developed along the trace of
this thrust surface should take on a heightened significance.
Enhanced property-scale magnetic or chargeability trends along the
strike of the QT will also have greater exploration
significance.
Table 3: Drillhole
Locations, Azimuth, Dip
|
Hole
ID
|
Easting
|
Northing
|
Elevation
(m)
|
Total Length
(m)
|
Azimuth
|
Dip
|
Size
|
MW22-20
|
624339.6
|
5579908
|
718.64
|
144
|
78
|
-45
|
NQ
|
MW22-21
|
624345.7
|
5579919
|
719.4
|
99
|
76
|
-44
|
NQ
|
MW22-22
|
624570.2
|
5579901
|
692.65
|
240
|
261
|
-44
|
NQ
|
MW22-23
|
624606.5
|
5579938
|
685.9
|
238.6
|
260
|
-43
|
NQ
|
MW22-24
|
624315.7
|
5579877
|
718.7
|
134.6
|
284
|
-55
|
NQ
|
MW22-25
|
624310.5
|
5579924
|
716.7
|
81
|
285
|
-54
|
NQ
|
MW22-26
|
624374.8
|
5579863
|
717
|
138
|
78
|
-44
|
NQ
|
MW22-27
|
624409
|
5579769
|
699
|
119
|
286
|
-59
|
NQ
|
MW22-28
|
624355
|
5579539
|
743.94
|
177
|
265
|
-44
|
NQ
|
MW22-29
|
624379
|
5579493
|
746
|
112.5
|
276
|
-44
|
NQ
|
QA/QC Statement on Assay
Results
The 2022 drill sample collection was supervised on-site by Coast
Copper personnel and sub-contractors who inserted certified
standards, blanks, and field duplicates consisting of quarter core
samples into each batch of samples at regular
intervals. Quality assurance and quality control
("QA/QC") samples accounted for 8% of the total samples sent
to the labs. Samples were sealed on site and shipped to MSA
Labs for analysis. Samples were prepared by crushing the
entire sample to 70% passing -2mm, riffle splitting of 1kg and
pulverizing the split to better than 85% passing 75
microns. MSA Labs also conducts a rigorous QA/QC policy by
inserting standards, blanks and conducting pulp duplicates on
certain drill core intervals.
All samples were analyzed by 48 element ultra-trace 4-acid ICP
digestion. Copper assays greater than 10,000 ppm and silver assays
greater than100 g/t were reanalyzed with an Ore Grade method.
The analytical results are verified with the application of
industry standard QA/QC procedures. The gold assays were determined
by 30g fire assay with AAS finish method which reports in parts per
million ("ppm; equivalent to g/t). Any samples greater than
10.0 g/t gold were re-analyzed by fire assay method with a
gravimetric finish.
Qualified Person
The technical information contained in this news release has
been prepared, reviewed, and approved by Wade Barnes, P.Geo. (BC) of Tripoint Geological
Services, Coast Copper's geological consultant and a Qualified
Person within the context of Canadian Securities Administrators'
National Instrument 43-101; Standards of Disclosure for Mineral
Projects.
About Coast Copper
Corp.
Coast Copper's exploration focus is the optioned Empire Mine
property, located on northern Vancouver Island, BC, which covers
three historical open pit mines and two past-producing underground
mines that yielded iron, copper, gold and silver. Coast Copper's
other properties include its 100% owned Knob Hill NW Property
located on northern Vancouver Island and its Home Brew and
Shovelnose South Properties which are located in central BC. Coast
Copper's management team continues to review precious and base
metals opportunities in western North
America.
On Behalf of the Board of Directors:
"Adam
Travis"
Adam Travis, Chief
Executive Officer and Director
NR22-10
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.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in
this press release, including any information regarding the
proposed Transaction, private placement, board and management
changes, as to our strategy, projects, plans or
future financial or operating performance, constitutes
"forward-looking statements." All statements, other than statements
of historical fact, are to be considered forward-looking
statements. Forward-looking statements are necessarily based on a
number of estimates and assumptions that, while considered
reasonable by Coast Copper, are inherently subject to significant
business, economic, geological and competitive uncertainties and
contingencies. Although Coast Copper believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements. Such factors include but are not
limited to: fluctuations in market prices, exploration and
exploitation successes, continued availability of capital and
financing, changes in national and local government legislation,
taxation, controls, regulations, expropriation or nationalization
of property and general political, economic, market or business
conditions. Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. All of the forward-looking statements made
in this press release, or incorporated by reference, are qualified
by these cautionary statements. We do not assume any obligation to
update any forward-looking statements.
SOURCE Coast Copper Corp.