Liberty Star Uranium & Metals Corp. (LBSR: OTCBB) is an Arizona-based mineral exploration company engaged in the acquisition and exploration of mineral properties in the states of Arizona and Alaska. Currently the company controls properties which are located over what management considers some of North America’s richest mineralized regions for copper, gold, silver, molybdenum (moly), and uranium.
Posts Tagged ‘copper’
Explor Announces Multiple Copper Zones Grades Up to 3.65% Cu Over 5.35 Meters on the Chester Copper Property $EXS.ca
- 12 Diamond Drill Holes completed on the Chester Copper Property
- 3.65% Cu Over 5.35 Meters
- increase in strike length of the known mineralization from 500 to 750 meters
ROUYN-NORANDA, QUEBEC–(Jan. 10, 2017) - Explor Resources Inc. (“Explor” or the “Corporation“) (TSX VENTURE:EXS)(OTCQB:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce further results from the 12 Diamond Drill Holes completed on the Chester Copper Property. The Chester Copper property is located in the Northumberland County, 70 km southwest of Bathurst, New Brunswick and 50 km west-northwest of Miramichi, New Brunswick, within the Bathurst Mining Camp. This area has an extensive history in base metal production from VMS deposits.
There has been very little exploration work in this area of the Bathurst Mining Camp (BMC) since the initial exploration more than 60 years ago. Of significance also is the fact that three (3) age date studies of the rock in the area since 2005 have indicated an age of 469+/- 0.3 ma. All of the main largest VMS deposits in the BMC (including BMS #12 and #6, the Caribou Deposit (currently being developed by Travalli) and the past producing Heath Steele Mines, are associated with this age date for the footwall felsic rocks. That new data in 2007 places Explor’s Chester deposit is in the same time frame as the Brunswick Mining No. 12 and No. 6 deposits located in the BMC.
New Brunswick is the home of the No 12 massive sulphide deposit (The Brunswick Deposit) which was in continuous production from 1964 to its closure in March of 2013 (to Feb 2013, 135,903,168 tonnes milled at 3.44 % Pb, 8.74 % Zn, 0.37 % Cu and 102 g/t Ag). The Brunswick deposits (No 6 and No 12) are situated in the Nepisiguit Falls Group of rocks in the Lower Tetagouche group of the BMC. There are 46 known VMS deposits in the BMC.
The property is located in the southern-most part of the Bathurst Mining Camp and consist of 174 Mineral Claim Units within a total of five (5) Mineral Claims (1571, 2428, 6003, 6005 and 7045) comprising approximately 3,828 hectares as shown on the attached map.
Chris Dupont, President and Chief Executive Officer of Explor Resources Inc. commented: “We are extremely pleased and encouraged by these preliminary drill results. The presence of multiple copper mineralized zones in each of the holes drilled is very significant in terms of exploration. The increase in strike length of the known mineralization from 500 to 750 meters confirms the potential to significantly increase the resources on the property. The property continues to be open on strike to the west and Northwest.”
A total of 4 diamond drill holes were drilled on claim 1571. The first three diamond drill holes that were drilled were fan holes from the same location. This successfully tested the extension of the copper stringer zone for a distance of 250 meters west of previous drilling. The fourth drill hole was located approximately 100 meters west (and 38 meters south) of the first three drill holes, confirming the continuity of the mineralization to the west and Northwest and adding 250 meters of strike length to the known deposit. It intersected the target horizon and favorable geology from 49 meters to 172 meters.
Further to the west the copper deposit goes down dip and onto claim 6003. At about 1,100 meters west of the first drill hole, drill hole 6003-16-012 was drilled at a vertical dip. It eventually went to a depth of 600 meters and intersected previously unknown mineralization near surface (18 meters) and also extending the deep main Chester Stringer zone an additional 650 meters westward than any previous reliable drilling (i.e. casing in place and core in government storage). It also confirms the existence of the alteration zone and the host stratigraphic horizon to a depth not previously known or expected. The chloritized favorable horizon extends from a depth of 472.5 meters to 561 meters with low grade copper mineralization documented from 519 meters to 543 meters.
In the north part of claim 6003, an untested soil geochemical anomaly was tested. Copper mineralization was discovered as pyrrhotite and chalcopyrite veinlets in felsic volcanic associated with the soil anomaly. Copper mineralization was also discovered in this area in 2014 and a soil survey on claim 7045 to the west have unexplained copper and lead anomalies which may be associated with previously mentioned soil anomaly and this horizon.
To the south on Claim 6005, two drill holes were put down to test a soil anomaly apparently associated with a historical drill hole, dating to about the 1956 to 1958 era, with a reported value of more than 2% copper. No indication of any mineralization was discovered in the two drill holes.
Preliminary results are shown below for Hole # 1571-16-002:
|Summary of Results From Drill Hole 1571-16-002|
A total of 8 zones of copper mineralization were intersected in the above referenced Hole # 1571-16-002.
Preliminary results are shown below for Hole # 1571-16-003:
|Summary of Results From Drill Hole 1571-16-003|
A total of 6 zones of copper mineralization were intersected in the above referenced Hole # 1571-16-003. Samples have been sent to the lab and assays are pending.
The Chester Property is known to contain both a copper deposit and a VMS deposit. The copper deposit has an Open Pit resource with Measured & Indicated resource of 1,400,000 tonnes grading 1.38% Cu, 0.06% Zn & 3.5 g/t Ag and an inferred resource of 2,089,000 tonnes grading 1.26% Cu (assayed for Cu only).
Chris Dupont, P.Eng is the qualified person responsible for the information contained in this release.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQB (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
This Press Release was prepared by Explor. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Québec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Québec with approximately 33% in Ontario and 67% in Québec. The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. The Corporation was continued under the laws of Alberta in 1986 and has had its main office in Québec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. Teck Resources Ltd. is currently conducting an exploration program as part of an earn-in on the TPW property. The TPW mineral resource (Press Release dated August 27, 2013) includes the following:
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows:
|Indicated:||213,000 oz (4,283,000 tonnes at 1.55 g/t Au)|
|Inferred:||77,000 oz (1,140,000 tonnes at 2.09 g/t Au)|
Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:
|Indicated:||396,000 oz (4,420,000 tonnes at 2.79 g/t Au)|
|Inferred:||393,000 oz (5,185,000 tonnes at 2.36 g/t Au)|
This document may contain forward-looking statements relating to Explor’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explor’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
To view the image associated with this press release, please visit the following link: http://media3.marketwire.com/docs/1082322a.pdf
Christian Dupont, President
888-997-4630 or 819-797-4630
Finore Mining to Acquire 100% interest in Panther Creek Cobalt Property, Idaho, Changes Name to Hybrid Minerals Corp. $FIN.ca
- Signed a Definitive Agreement with Utah Mineral Resources LLC to acquire 100% interest on the Panther Creek Cobalt property, East-Central Idaho
- Located in the heart of the Idaho cobalt belt, home to the Salmon Canyon and Iron Creek Deposits
- Road accessible
- Consists of 50 lode mining claims with a total area of 1000 acres located in Lemhi County
Vancouver, B.C. / October 6, 2016 – FINORE MINING INC. (CSE: FIN; OTCQX: FNREF) (the “Company” or “Finore”) -announces that the Company signed a Definitive Agreement with Utah Mineral Resources LLC (“UMR”) to acquire 100% interest on the Panther Creek Cobalt (“Co”) property, East-Central Idaho.
The Panther Creek Cobalt Property (“the Property”) is located in the heart of the Idaho cobalt belt which is home to the Salmon Canyon and Iron Creek Deposits. The property is road accessible and located 26 miles west of the Salmon, East-Central Idaho. The property consists of 50 lode mining claims with a total area of 1000 acres located in Lemhi County.
The Property is well located within the vicinity of the Blackbird copper-cobalt Mine in the famous Blackbird District. The copper-cobalt mineralization is hosted in the micaceous quartzites of the Apple Creek Formation of the well-known Idaho Cobalt Belt. A historic mine adit on the property was channel sampled by US Geological Survey and returned 1.04% cobalt and 4.14% copper across 10 feet or 3.04 metres (Re: US Geol. Surv. Open File Report 98-478). Extensive exploration consisting of detailed geological mapping emphasizing stratigraphy and structure, systematic geochemical soil sampling and trenching is required to confirm the historical result as this does not conform to the NI 43-101 rules and regulations.
Idaho cobalt belt
The Idaho cobalt belt trends northwest-southeast for nearly 60 km in east-central Idaho (Fig. 1). Included within this belt are numerous historic mines and prospects of the centrally located Blackbird district, the Salmon Canyon deposit at the northwest end, and deposits of the Iron Creek area at the southeast end (U.S. Geological Survey, 2010). The Idaho cobalt belt is important nationally because it contains the largest known cobalt resources in the United States (Slack et al., 2012). Ecobalt Solutions Inc. is developing the Idaho Cobalt Project, located in the Blackbird district. Ecobalt completed a Preliminary Economic Assessment with a measured and indicated resource of 3.48 million tonnes grading 0.55% Co and 0.85% Cu.
History and production
Production in the Blackbird district began in 1917 following initial discovery of the sulfide deposits in 1893. Minor Co was produced from 1917 to 1920 at the Haynes-Stellite Mine (Bennett, 1977). Major production began in 1949 and continued intermittently to 1960 at the Blackbird (Uncle Sam) underground mine and the Blacktail open pit, which together yielded ca. 5 Mt of ore averaging 1.5 wt % Cu and 0.6 wt % Co.
The location of the Idaho Cobalt Belt with the historic mines and occurrences is shown in the figures below. The Panther Creek prospect is located in the Blackbird district.
Map of central Idaho showing location of mineral deposits (modified, Lund, et al, 2011. Econ Geol. v.106) Dot overlay shows location of Idaho cobalt belt. Index map is (upper right) shows location of Late Cretaceous Idaho batholith relative to area of this figure. Numbers refer to important named mines and prospects: 1 = Yellowjacket mine, 2 = Salmon Canyon copper mine, 3 = more than 40 deposits of the Blackbird district including the Panther Creek property, 4 = Musgrove prospect, 5 = Blackpine mine, 6 = Iron Creek prospect, 7 = Spring Creek deposits, 8 = Shoup area mines, 9 = Pine Creek mines, 10 = Diamond Creek mines, 11 = Copper King mine, 12 = Pope Shenon mine, 13 = Woods Creek deposit, 14 = McConn Creek deposit, 15 = Ulysses mine, 16 = Lemhi Pass thorite mines and prospects, 17 = Copper Queen Mine
FIG. 2. Generalized geologic map of the Blackbird district showing strata-bound and discordant mineral deposits ((Slack, 2012. Econ.Geol. v.107).
The Board of Directors are looking forward to be exploring for Cobalt in the well-known Idaho Cobalt Belt. Cobalt is considered to be a metal of the future with growing demand in technology, health and energy industries. The main components of electric vehicle motors and many rechargeable Lithium-ion batteries, contain as much as 60% cobalt. A sustained cobalt price growth could occur over the next few years as battery demand grows, driven by electric car battery market expansion in line with demand for low emission vehicles
Consideration for the Property:
To acquire 100% of the Panther Creek Cobalt Property, the Company will:
Fund and incur Exploration Expenditures of $375,000 over an Earn-In-Period of three (3.) years from the date of signature of the Option Agreement.
-on or before the first anniversary of the Execution Date: $ 75,000 (seventy five thousand dollars)
-on or before the second anniversary of the Execution Date: $ 100,000 (one hundred thousand Dollars.
-on or before the third anniversary of the Execution Date: $ 200,000 (one hundred thousand Dollars).
In addition to incurring the above Exploration Expenditures, Finore will pay UMR each of the following option premium amounts during the Earn-In Period in cash or shares in the Company
-on the Execution Date: $ 25,000 within 14 days of Exchange Acceptance and issue to UMR a total of 3,500,000 common shares of Finore at a deemed value of $0.05 per share;
-on or before the first anniversary of the Execution Date: the sum of $ 150,000 or the equal value in common shares of Finore; and
-on or before the second anniversary of the Execution Date: the sum of $ 150,000 the equal value in common shares of Finore.
-In the event that proven and probable mineral resources for the purposes of NI 43-101, of at least of 4 million tonnes grading a minimum 0.25% Co is determined on the Property by Finore or before the 5 year anniversary of the Effective Date, Finore shall issue to UMR an additional 2,000,000 common shares in the capital of Finore.
The Company is planning to apply to regulatory authorities for a name change to Hybrid Minerals Corp.
The Company also announces that it will conduct a non-brokered private placement of up to 20,000,000 units (the “Units”) at a price of $0.10 per Unit to raise total gross proceeds of up to $2,000,000. Each Unit will consist of one common share of the Company (a “Share”) and one half (1/2) transferable common share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable to acquire one additional Share for a period of two (2) years from the closing of the Private Placement at an exercise price of $0.25 per share. In the event that the common shares of the Company trade at a closing price in excess of $0.20 per share for a period of 10 consecutive trading days at any time after four months past the closing date, the Company will accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the Company.
The net proceeds from the Offering will be used for the option payments and first year work program on the Panther Creek Property, general working capital, clearing outstanding payables and for evaluating other green metal properties.
The non-brokered private placement is subject to the completion and execution of appropriate documentation, acceptance for filing by the Canadian Securities Exchange and receipt of any required regulatory approvals.
Mohan R. Vulimiri, M.Sc., P.Geo, Director of Finore, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release
On behalf of the board of directors of Finore Mining Inc.,
President & CEO
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.