Doré Copper Mining Corp. (the "
Company" or
"
Doré Copper") (TSXV: DCMC; OTCQX: DRCMF; FRA:
DCM) is pleased to announce that it has exercised its right to
acquire a 65% interest in certain claims subject to a joint venture
with SOQUEM (the "
SOQUEM JV Property"), which
surround and are adjacent to the Company's 100% owned Joe Mann
Property, pursuant to an earn-in option agreement (the
"
Option Agreement") dated January 2, 2020, as
amended October 28, 2022, between the Company and Ressources Jessie
Inc. ("
Ressources Jessie"). SOQUEM holds the
remaining 35% interest in the SOQUEM JV Property.
In accordance with the terms of the Option
Agreement, Ressources Jessie will transfer its 65% interest in the
SOQUEM JV Property, comprising 69 claims totaling 3,029.6 ha, to
the Company for $300,000 in cash and 3,333,333 common shares of the
Company at a deemed price of $0.12 per common share, representing
$400,000 in common shares. Following this acquisition, the Company
has a controlling interest in a contiguous group of claims totaling
6,209.2 ha surrounding the former high-grade Joe Mann gold mine
(Figure 1) and part of the southern Chibougamau Camp where Northern
Superior Resources Inc. and IAMGOLD Corporation have significant
gold mineral resources (Figure 2).
The acquisition is subject to the acceptance of
the TSX Venture Exchange. The common shares issued in connection
with the acquisition are subject to a four month hold period under
applicable Canadian securities laws which will expire on May 23,
2024.
Ernest Mast, President and CEO of Doré Copper,
commented, “With this transaction, we have consolidated a large
contiguous group of claims around the former Joe Mann mine in the
prolific southern Chibougamau camp. Most of the SOQUEM JV block has
not been explored since the late 1990s and numerous gold targets
remain to be evaluated on the property. We are looking forward to
work with SOQUEM and we plan to commence a detailed review of the
historical work and use new geological interpretations to generate
high quality exploration targets.”
Exploration Potential on the SOQUEM JV
Property
The Company’s contiguous group of claims (Figure
1) is located in the eastern part of the Abitibi Greenstone belt
within the upper part of the Obatogamau Formation, within a major
deformation corridor known as the Opawica-Guercheville shear zone.
The Company has a 100% interest in the former Joe Mann mine, which
produced 1.12 million ounces of gold at an average grade of 8.26
g/t from the 1950s to 2007.1 The deposit has an inferred mineral
resource of 680,000 tonnes grading 6.78 g/t Au and 0.24% Cu, which
was included in the Company's Preliminary Economic Assessment (PEA)
of its hub-and-spoke operation announced on May 10, 2022.2
The main lithologies encountered are basalts,
rhyolites, gabbros and several families of felsic, intermediate and
mafic dykes. Two felsic intrusions, La Dauversière and Verneuil,
are found respectively to the northeast and northwest of the claim
group. The stratigraphy is east-west, dipping sub-vertically, and
metamorphosed to the upper greenschist facies (epidote-amphibolite
facies).
A number of gold occurrences and mineralized
zones have been identified on the SOQUEM JV Property and are
briefly summarized below. An evaluation of all the exploration work
conducted on the SOQUEM JV will be completed over the coming months
to identify exploration targets. No significant exploration work on
the SOQUEM JV Property has been carried out since the late 1990s,
except for the Rohault and Norhart gold occurrences where the
latest exploration activities took place in 2004.
RohaultThe Rohault gold occurrence is located
north of the former Joe Mann mine and its western extension is
located approximately 300 meters north of the mine infrastructures.
This structure has been tested by drilling over a 2 kilometer
strike length. The Rohault mineralized zone is characterized by
quartz-carbonate veins and veinlets which cut mafic lavas and
intrusions. The main occurrence contains approximately 15% pyrite
and 5% chalcopyrite with several interesting historical drill
intercepts: 108.71 g/t Au, 16.85 g/t Ag and 1.4% Cu over 0.6 meter
at a downhole depth of 44.95 meters (H-560) and 6.32 g/t Au and
0.37% Cu over 3.6 meters (including 34.5 g/t Au and 0.99% Cu over
0.6 meter) at a downhole depth of 79.2 meters (H-518).1
NorhartThe Norhart gold occurrence is located
approximately 1 kilometer north of former Joe Mann mine. The gold
mineralization shows similar characteristics to Joe Mann. It is
comprised of five parallel quartz vein structures, separated by
between 50 and 150 meters over a strike length of approximately 500
meters. Gold mineralization is within quartz veins cutting strongly
altered granular felsic dykes or basalts.
Significant historical drill intercepts in the
sector of Norhart include: 65.85 g/t Au, 5.9 g/t Ag over 6.34
meters at a downhole depth of 207.46 meters (H-04-579); 160.50 g/t
Au, 9.8 g/t Ag over 0.85 meters at a downhole depth of 235.0 meters
(H-04-582); 81 g/t Au, 1.4 g/t Ag over 1.2 meters at a downhole
depth of 234.8 meters (H-04-580); 24.65 g/t Au, 17.48 g/t Ag, 0.79%
Cu over 1.92 meters at a downhole depth of 256.62 meters
(H-04-578), 99.64 g/t Au, 11.8 g/t Ag and 0.12% Cu over 0.3 meter
at a downhole depth of 283.85 meters (H-569); 10.04 g/t Au, 16.3
g/t Ag and 0.11% Cu over 1.2 meters at a downhole depth of 521.2
meters (H-535 EXT); 57.65 g/t Au over 0.40 meter at a downhole
depth of 264.0 meters (H-550).1 ,3
Currie-MillsThe Currie Mills (Lac James) gold
occurrence is located 3 kilometers east-northeast of the former Joe
Mann mine. The mineralized system is parallel to Joe Mann and
contains a small historical near-surface resource (not compliant
with NI 43-101). Mineralization consists of two lenses (North and
South) of disseminated chalcopyrite, pyrite, pyrrhotite and
arsenopyrite in centimetric to decimetric quartz-carbonate veins
with locally some specks of free gold with altered and sheared
non-magnetic coarse gabbros. One significant historical drill hole
intercept of 3.9 /t Au over 6.9 meters at a downhole depth of 61
meters (VM87-07) is located 150 meters east of the historical
resource.1,4
Lac MestonThe Lac Meston gold occurrence is
located 4.8 kilometers southwest of the former Joe Mann mine. The
mineralization is found in a tonalite intrusion. An underground
ramp of 305 meters was built in 1974 but did not access the
mineralized zone. Significant historical drill hole intercepts
include: 18.49 g/t Au over 3.61 meters (M-81-09), 34.21 g/t Au over
1.55 meters (A-12) and 6.92 g/t Au over 6.10 meters (A-14), all of
which were at less than 100 meters depth.1,5,6
AdnorThe Adnor mineralized zone, located 3
kilometers west of Joe Mann, consists of a number of east-west
subparallel veins within a sequence of pillowed massive basaltic
flows injected by a variety of small felsic dykes. A significant
drilling campaign was conducted in the early 1950s to define the
mineralized zone. The highest drill intercept returned 2,297 g/t Au
over 0.30 m (A-10). A subsequent drilling program in the early
1970s returned the following significant results: 14.40 g/t Au over
0.3 meter (N-7-2); 6.86 g/t Au over 0.6 meter (N-6); and 4.80 g/t
Au over 1.5 meters (N-7). Highlight from the subsequent late 1980s
drilling program include 11.04 g/t over 3.05 meters (H-380).1,7
Noranda - La DauversièreThis mineral occurrence
is located approximately 3.5 kilometers east of Joe Mann. Gold
mineralization is found in quartz carbonate veins with
pyrrhotite-pyrite and chalcopyrite within sheared and altered
gabbro. A number of diamond drill holes were completed by several
companies prior to the late 1990s and significant results included:
8.16 g/t Au, 2.4 g/t Ag and 0.16% Cu over 0.55 meter (H-223); and
12.3 g/t Au over 1.02 meters (VM-89-26).1
Montgomery This mineral showing is located
approximately 2 kilometers west of Joe Mann. Gold mineralization is
found in quartz veins containing varying amounts of pyrite,
scheelite, chalcopyrite and local visible gold within a sheared
structure covering a strike length of 475 meters and up to 8 meters
wide. Significant historical intersections include: 4.41 g/t Au
over 0.27 meter (M-7); 106.10 g/t Au (trench # 1 channel sample);
13.56 g/t Au (trench # 2 channel sample); and 199.66 g/t Au (trench
# 4 channel sample).1
Wright HargreavesThe mineral showing (also known
as “Fancamp”) is located 500 meters southwest of the Adnor showing.
Gold mineralization is erratic and associated with <1 meter
quartz-carbonate+/-tourmaline veins and veinlets with auriferous
pyrite in massive and pillowed basalts and co-magmatic magnetic
gabbro-sills. Historical trench results include 9.88 g/t Au over
1.0 meter and 6.05 g/t Au over 1.0 meter. The only significant
highlight from the latest drilling program (1980s) include 4.50 g/t
over 0.60 meter (87-1).1
Lac AntoineLocated near the southwest boundary
of the property, the Lac Antoine gold mineralization is associated
with northeast trending quartz-carbonate veins containing up to 15%
pyrite and minor chalcopyrite within pillow basalts. Historical
work only reports high-grade gold assays (10 to +30 g/t Au) from
grab samples.1
Bloc SudLocated near the southwest boundary of
the property, the Bloc Sud gold mineralization consists of black
quartz veins (+/- sulphides) within a chlorite-sericite-ankerite
schist of decametric width at the contact of a basalt-tonalite
dyke. An intercept of 1.96 g/t Au over 6.25 meters, including 6.98
g/t Au over 1.35 meters (H-507), was reported from a limited
drilling campaign.1
Qualified Person
Sylvain Lépine, M.Sc., P.Geo., Vice President
Exploration of the Company and a "Qualified Person" within the
meaning of National Instrument 43-101 – Standards of Disclosure for
Mineral Projects, has reviewed and approved the scientific and
technical information contained in this news release.
Figure 1.
Joe Mann Property - Land Tenure Map and Main Gold
Occurrences
Figure 2.
South Chibougamau Area - Land Tenure Map
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
Mlbs of copper equivalent annually by implementing a hub-and-spoke
operation model with multiple high-grade copper-gold assets feeding
its centralized Copper Rand mill.1 The Company has delivered its
PEA in May 2022 and is proceeding with a feasibility study.
The Company 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 gold.2 The land package
includes 13 former producing mines, deposits and resource target
areas within a 60-kilometre radius of the Company's Copper Rand
Mill.
For further information, please contact:
Ernest Mast |
Laurie Gaborit |
President and Chief Executive Officer |
Vice President, Investor Relations |
Phone: (416) 792-2229 |
Phone: (416) 219-2049 |
Email: ernest.mast@dorecopper.com |
Email: laurie.gaborit@dorecopper.com |
|
|
Visit: www.dorecopper.com Facebook: Doré Copper MiningLinkedIn:
Doré Copper Mining Corp.Twitter: @DoreCopperInstagram:
@DoreCopperMining
- 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).
- 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. 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.
- GM 62760: Ressources Meston Inc.
Forage Printemps et Automne 2024, Propriete Joe Mann, Secteurs
Norhart et Rohault, by Denis McNicholes, geo, dated April 8,
2005.
- GM 49329 : Cambior Inc.
Rapport de la Campagne de Forages Hiver 1989, Propriété
Currie-Mills by Pierre Ouelette, dated April 11, 1989.
- GM 29950: Ayarhar Mining Corp.dated
December 10, 1973 by S.V. Burr (drill holes, A series).
- GM 38101: Ressources Meston Inc.
Forage Hiver 1981 Meston-Gamache by Paul Gagne dated May 1981
(drill holes, M series).
- GM 49692: Drill logs. Mine Meston
1989.
Cautionary Note Regarding Forward-Looking
StatementsThis 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. All statements other than statements of
historical fact included in this news release, including, without
limitation, statements with respect to the timing and ability of
the Company to receive necessary regulatory approvals, the
Company's ability to meet its production target, the commencement,
timing and completion of a feasibility study, and the plans,
operations and prospects of the Company 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 Company with securities regulators.
Although the Company 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 Company 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.
Neither 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 news release.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/babbf1fc-0b5f-4051-ab82-fc751318e57b
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