Doré Copper Mining Corp. (the "
Company" or
"
Doré Copper") (TSXV: DCMC; OTCQB: DRCMF; FRA:
DCM) is pleased to announce it has entered into an agreement with
SOQUEM to acquire a 56.41% interest in a group of contiguous claims
(the “Claim Group”) located immediately north and east of its
flagship high-grade Corner Bay copper project in the Chibougamau
mining camp, approximately 55 kilometers by road from Chibougamau,
Québec.
The Claim Group totals 17 claims covering an
area of 446 ha within Dore Copper’s 100% owned Corner Bay-Devlin
Property (5,446 ha) (Figure 1). The Claim Group has seen historical
exploration during the 1970's with 36 diamond drill holes totaling
approximately 7,610 meters. Further exploration activities was
carried out by SOQUEM between 1992 and 1998 with 28 diamond drill
holes totaling 5,327 meters.
Several parallel shear zones trending
northwest-southeast were identified over a strike length of 1.4
kilometers (A, B, C, and D in Figure 1). The mineralization is
characterized by narrow quartz+calcite veins (generally <1
metre) which generally contain between 10% and 40% chalcopyrite and
pyrite. The mineralized zones have been tested to a vertical depth
of 400 meters.
Significant historical drill intercepts on the
Claim Group include1:
- 13.15% Cu over 0.61 meters
(R1-12)
- 5.45% Cu over 2.40 meters,
including 13.9% Cu over 0.80 meters (4018-95-12)
- 8.92% Cu over 0.91 meters
(R1-31)
- 12.45% Cu over 0.43 meters
(R1-11)
- 15.26% Cu over 0.76 meter
(R1-33A)
- 9.8% Cu over 1.25 meters
(4018-95-21)
- 12.37% Cu over 0.91 meters
(R1-10)
More importantly, the potential northern strike
extension of the Corner Bay deposit has never been tested on the
Claim Group. The current northern limit of the Corner Bay mineral
resource is approximately 430 meters south of the property
boundary. Access to the Claim Group would provide an additional 800
metres along strike to test the possibility of a northern
extension. In addition, a target of interest is the area of
intersection between the north-south Corner Bay shear zone and the
northwest-southeast shear zones of the Claim Group. Further
compilation of historical geophysical surveys will assist in
refining these targets.
Ernest Mast, President and CEO of Doré Copper,
commented, “The acquisition of SOQUEM’s Claim Group further
consolidates the land position around our flagship Corner Bay
copper deposit. High-grade copper shear zones, with similar
mineralization to the Corner Bay deposit, have already been
identified on the Claim Group. There are also indications that the
Corner Bay deposit could extend northwards into the newly acquired
claims. We plan to review and incorporate all the available data
into our geological model to better define the areas which have not
been adequately followed for future exploration plans.”
Terms of Agreement
Upon execution of the Agreement, SOQUEM is to
receive (i) a cash payment of $20,000 and (ii) equivalent of
$125,000 in common shares of the Company as consideration for the
purchase of a 56.41% interest in the Claim Group. In addition, in
the event that the Company completes a mineral resource estimate in
accordance with NI 43-101 on the Claim Group, the Company will pay
SOQUEM the sum of $100,000. On commencement of commercial
production (defined as greater than 200 tonnes per day for a
consecutive period of seven days), the Company will pay SOQUEM the
sum of $250,000 and a 1% Net Smelter Return royalty (the "NSR") on
the production of copper and gold. The Company will have the right,
at any time prior to the commencement of commercial production, to
purchase 50% of the NSR for $500,000 and the other 50% for
$1,000,000. The closing of the Agreement is subject to the approval
of the Company's filings with the TSX Venture Exchange.
Disclosure
Youssouf Ahmadou, M.Sc., P.Geo., Senior
Exploration Geologist of the Company and a QP 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.
The Qualified Person ("QP") for the Company has
not verified the historical sample analytical data disclosed within
this release. While the Company has obtained all historic records
including analytical data from the previous owners of the Property
and from various government databases, the Company has not
independently verified the results of the historic sampling.
Figure 1. Corner Bay-Devlin Property showing the
Claim Group acquired by Dore Copper
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.2 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.3 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
- GM 56435 : Rapport annuel
d'exploration 1998, propriete corner bay (4018 ).
- 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.
- 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. 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.
A photo accompanying this announcement is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/6900fc90-7595-4fba-9e8f-bb5e70a215de
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