District Copper Corp. (“District Copper”, “District”, or the
“Company”) (TSX-Venture: DCOP) is pleased to announce analytical
results from the recently completed prospecting and sampling on its
100% owned Stony Lake East gold project.
District’s Stoney Lake Project is located within
the Cape Ray/Valentine Lake structural trend in Central
Newfoundland - Canada’s newest emerging orogenic gold
district. The Stony Lake project covers 27
kilometers of this favourable trend between Sokoman’s Moosehead
discovery to the northeast and the Twilight zone to the
southwest.
Highlights:
- Eight areas of highly anomalous to low grade gold
mineralization have been identified.
- The gold mineralization is hosted in quartz feldspar porphyry,
pyrite, and arsenopyrite bearing reduced sandstone, quartz
stockwork, and quartz veins.
- The gold mineralization exhibits arsenic-antimony-molybdenum
geochemical associations with a high gold to silver ratio.
- The gold mineralization is characterized by sericite, silica,
ankerite, carbonate, and chlorite alteration typically as pervasive
alteration and envelopes around quartz stockwork and quartz
veins.
- Pyrite and arsenopyrite (1-3% total sulphide) are common to the
gold mineralization in all samples containing greater than 50 parts
per billion (“ppb”) gold.
Jevin Werbes, District Copper President &
CEO, comments: “the analytical results and features common to the
gold mineralization located to date suggest the potential for a
number of different gold environments including a sediment-hosted,
intrusion-related style orogenic gold environment. Sediment hosted
intrusion related gold deposits are large tonnes, lower grade
deposits such as Muruntau in Uzbekistan. We look forward to the
next phase of the program which will be include compilation of the
rock sampling results with the structural and alteration data from
the airborne survey currently underway.”
The gold mineralization shows a crude
correlation with pathfinder elements typical of orogenic gold
deposits. The statistical data for gold and pathfinder
elements for all samples collected are listed in the table
below.
|
|
|
Gold |
Arsenic |
Antimony |
Molybdenum |
|
|
(ppb) |
(ppm) |
(ppm) |
(ppm) |
|
MEDIAN |
60 |
89 |
2.5 |
0.4 |
|
AVERAGE |
215 |
1,052 |
10.5 |
1.6 |
|
MIN |
< 5 |
1 |
< 0.1 |
< 0.1 |
|
MAX |
4,026 |
10,000 |
1,652 |
60.2 |
ppb=parts per billion, (ppm)=parts per million, detection limit
for gold is 5 ppb. Numbers in the above table have been
rounded.
The statistical analysis by lithology for
samples containing greater than 50ppb gold are listed
below.
|
|
|
|
|
|
|
|
|
Lithology |
Element |
MEDIAN |
AVERAGE |
MIN |
MAX |
#of Samples |
|
QFP |
Gold (ppb) |
266 |
388 |
50 |
1,702 |
26 |
|
|
Arsenic (ppm) |
3,168 |
3,159 |
200 |
6,181 |
|
|
Stockwork/Vein |
Gold (ppb) |
124 |
601 |
50 |
4,026 |
18 |
|
|
Arsenic (ppm) |
99 |
394 |
5 |
3,468 |
|
|
Sandstone |
Gold (ppb) |
158 |
349 |
50 |
1,744 |
63 |
|
|
Arsenic (ppm) |
2,165 |
2,690 |
3 |
10,000 |
|
QFP=Quartz Feldspar Porphyry, (ppb=parts per billion,
(ppm)=parts per million. Numbers in the above table have been
rounded.
Preliminary Interpretation of Sampling
Results:The property is covered by glacial overburden,
swamp, and thick forest with outcrop and subcrop exposure estimated
to be less than 1%.
The distribution of the zones of anomalous
(greater than 50 ppb) to low grade gold mineralization suggest a
northeast-southwest trending corridor located close to the western
side of the property. Sampling to the west (Twin Pond area) and
east (Moccasin Lake area) of the corridor returned low (less than
20 parts per billion (“ppb”) gold) concentrations of gold. A
brief description of the zones is provided below.
In the northern portion of the corridor, three
northeast-southwest trending parallel zones (approximately 400 m
apart) of anomalous to low grade gold mineralization have been
identified. The first zone (600 m by 200 m)
is located on the recently acquired Duffitt claims and is open
along strike to the northeast and southwest. The
second zone (1,600 m by 600 m) located
approximately 400 m west of the Duffitt zone is also open to the
northeast and southwest. The third zone,
located approximately 400 m west of the second zone, is a 6,000 m
long, linear, northeast-southwest trend hosting five areas of
anomalous to low grade gold mineralization. This zone appears to be
associated with a prominent northeast-southwest trending
topographic lineament - a possible fault zone. The northeast end of
zone 3 is referred to as the Rabbit Tracks area. The gold
mineralization in this area is open to the northeast.
To the southwest of Zone 3, the work completed
around Frenchman’s Pond has located anomalous to low grade gold
mineralization over an area of 1,400 m by 400 m and, in the area
south of Tumbler Lake, over an area of 400 m by 200 m. Both zones
remain open along strike to the northeast and southwest.
Three other areas (2-3 samples) with anomalous gold values - Caters
Pond (52-383 ppb gold), Island Pond (86-489 ppb gold), and Big
Rocky Pond (801-4,026 ppb gold) have been identified that require
additional prospecting and mapping. The south end of the property
has not been prospected.
The geochemical signature accompanying the
anomalous to low grade gold mineralization includes combinations of
arsenic, antimony, tin, and molybdenum. The gold
mineralization is hosted in quartz feldspar porphyry dikes/stocks,
sheeted vein/stockwork veinlets, and reduced sandstones, all of
which contain variable concentrations (1-3%) of disseminated pyrite
and arsenopyrite. Stibnite and galena have been observed at several
occurrences in the field.
Analytical and Sampling
Procedures:Outcrop sampling (286 samples), as well as
mapping lithologies, alterations, and styles of mineralization was
completed. Selected rock chip samples were collected from outcrop
to characterize the precious and base metals and trace element
geochemistry present in veins, other mineralized structures, and
outcrops. Outcrop exposures within the areas sampled are
estimated to be less than 1%. The samples were shipped to
Bureau Veritas Mineral Laboratories in Vancouver, British
Columbia.
Samples were prepared using Bureau Veritas’s
code PRP70-250. Procedure Code FA430 was used to determine
gold concentrations and Procedure Code AQ201 was used to determine
base and other trace elements (36 elements).
Elmer B. Stewart, MSc. P. Geol., a Director of
District Copper, is the Company’s non-independent, nominated
Qualified Person pursuant to National Instrument 43-101, Standards
for Disclosure for Mineral Projects, and has reviewed and approved
the scientific and technical information disclosed in this news
release.
About District CopperDistrict
Copper is a Canadian company engaged in the exploration for gold
deposits in Newfoundland and Ontario and copper-gold deposits in
northwestern British Columbia. The acquisition of the Stony
Lake gold project establishes the company as a major land holder in
one of North America’s most exciting new gold camps.
For further information, please
visit www.districtcoppercorp.com to view the Company’s profile
or contact Jevin Werbes at 604-620-7737.
Jevin Werbes, President & CEO
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. This news release does
not constitute an offer to sell or a solicitation of an offer to
sell any of the securities described herein in the United States.
The securities described in this news release have not been and
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available. This news release is not for
distribution in the United States or over United States
newswires.
Cautionary Statement on Forward Looking
Statement
Certain information contained in this news
release, including information as to our strategy, projects, plans
or future financial or operating performance and other statements
that express management’s expectations or estimates of future
performance, constitute “forward looking statements”. Actual
results may differ materially from those indicated by such
statements. All statements, other than historical fact, included
herein, including, without limitations statements regarding future
production, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements.
Forward-looking information in this news release
includes statements regarding: gold mineralization being traced in
outcrop over a horizontal distance of 6,000m, the areas of
anomalous to low grade gold mineralization being outlined, comments
related to sediment hosted intrusion related orogenic gold
deposits, and the approximate dimensions of the mineralized
zones.
In connection with the forward-looking
information contained in this news release, District Copper has
made numerous assumptions regarding, among other things: the
geological advice that District Copper has received is reliable and
is based upon practices and methodologies which are consistent with
industry standards and the reliability of historical reports.
While District Copper considers these assumptions to be reasonable,
these assumptions are inherently subject to significant
uncertainties and contingencies.
Additionally, there are known and unknown risk
factors which could cause District Copper’s actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information contained herein. Known risk
factors include, among others: the dimensions and shape of the
mineralized areas may not be as estimated; the mineralization may
not represent sediment hosted intrusion related style gold
mineralization; uncertainties relating to interpretation of
the outcrop sampling results; the geology, continuity, and
concentration of the mineralization; the financial markets and the
overall economy may deteriorate; the need to obtain additional
financing and uncertainty of meeting anticipated program
milestones; and uncertainty as to timely availability of permits
and other governmental approvals.
A more complete discussion of the risks and
uncertainties facing District Copper is disclosed in District
Copper's continuous disclosure filings with Canadian securities
regulatory authorities at www.sedar.com. All forward-looking
information herein is qualified in its entirety by this cautionary
statement, and District Copper disclaims any obligation to revise
or update any such forward-looking information or to publicly
announce the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.
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