Vancouver,
B.C.
(TSXV: CPER)
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION
TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC, Jan. 18, 2022 /CNW/ - CopperCorp Resources
Inc. ("CopperCorp" or the "Company") is pleased to announce that
the common shares of the Company (the "Shares") commenced trading
on the TSX Venture Exchange ("TSXV") under the symbol CPER at
the market open on January 14th,
2021. This follows the closing of the Company's initial
public offering led by Haywood Securities Inc., whereby 10,000,000
Shares were issued at a price of $0.50 per Share for gross proceeds of
$5,000,000.
Stephen Swatton, CEO of the
Company, said "On behalf of CopperCorp, I would like to thank all
our stakeholders for their support throughout this successful IPO
process. We look forward to starting the next chapter of
CopperCorp's growth as a listed company and are very excited to
accelerate our exploration and drilling activities at our 100%
owned Alpine and Skyline projects in Tasmania."
Eoin Saadien, Chair of the Board,
said: "As one of Founders of CopperCorp, I am tremendously proud of
this milestone. We have assembled a highly recognized geological
and financial team with a strong track record of exploration
success. Including proceeds raised from the IPO gives CopperCorp
approximately C$10.9 million to
advance our exploration programs."
CopperCorp is a new public company that operates in an
underexplored district of western Tasmania, Australia; a tier-one jurisdiction
recognized for its mineral potential, favourable geopolitical
jurisdiction, historical mining, and ongoing exploration successes.
The Company's principal asset is the Alpine Copper Project. The
Company commenced a confirmation and infill diamond core drilling
program at the Alpine prospect in April
2021 with 10 holes totaling 3,350m completed prior to December 2021. The drill core is undergoing
logging and sampling, with samples submitted from the first four
holes in December 2021. Drilling recommenced on January 11th, 2022, with approximately
1000m planned in order to complete
this initial phase of drilling.
CopperCorp is led by an experienced management team. The Board
includes Eoin Saadien (Chairman and
Director), Stephen Swatton, (CEO and
Director); Craig Roberts, P.Eng,
Sam Garrett and Aaron Keay, as Directors; Sean Westbrook is the Vice President of
Exploration; and the team is rounded out by Leo Hathaway, John
Robins and Doug Kirwin as
Technical Advisors.
About Alpine
The 95 km2 Alpine property (EL2/2018) was staked to
cover a strong magnetic trend coincident with numerous documented
occurrences of base and precious metal mineralization at the
southern extension of the Arthur Metamorphic Complex in western
Tasmania. This feature is a major
metamorphic structural deformation zone and host to widespread
magnetite-sulphide-silicate mineralization with affinities to Iron
Oxide Copper Gold (IOCG)-style systems. The property is located 30
km northwest of the local mining hub of Zeehan and 30 km south of
the Savage River magnetite mine (498 Mt @ 46% DTR magnetite). The
mineral province of western Tasmania hosts many mineral deposits,
including the world class Rosebery
and Hellyer polymetallic sulphide deposits, Renison Bell and Mount Bischoff tin deposits, as
well as many other granite and volcanogenic-related deposits.
The property's namesake Alpine prospect contains copper
mineralization associated with magnetite–hematite and overprinting
disseminated, stringer and breccia hosted sulphide-siderite
(pyrite- chalcopyrite-bornite-chalcocite) mineralization. Work by
previous explorers within the property has delineated an
advanced-stage exploration target at the Alpine prospect, as well
as multiple early-stage regional targets.
Historical drilling by previous explorers at the Alpine prospect
(CRAE in 1985, and Stellar Resources in 2006-2007) comprises 23
diamond core holes totaling 3,992 m.
Most previous drill holes intersected
magnetite–hematite–pyrite–chalcopyrite mineralization from shallow
depths, with visible copper mineralization including intercepts
of:
- AP007: 80.0m @ 0.5% Cu from
62.7m.
- AP004: 28.1m @ 1.0% Cu from
58.7m.
The historical drilling at Alpine defined mineralization over
700 metres of strike length and to depths up to 200 metres below
surface. Mineralization is open at depth and along strike.
Skyline Property
CopperCorp is also pleased to announce that it plans to commence
preliminary exploration at its Skyline mineral property during Q1
2022 pending work application approvals. The Skyline property is
located approximately 100km to the southeast of the Alpine Project.
The project was acquired from Georgina Resources Pty Ltd. pursuant
to the Georgina Purchase Agreement dated November 9, 2020. The Skyline Project is a 97
km2 land package located along the eastern margin
of Mount Read Volcanic Belt, in a zone hosting extensive IOCG-style
alteration and mineralization at surface as well as porphyry Cu-Au
potential.
Quality Assurance / Quality Control
Full information on historical exploration activities and
results at the Alpine property are included in the Technical Report
(NI 43-101) dated 18 April 2021. True widths of historical
drill hole intercepts are yet to be determined. Reported
intervals are calculated as length weighted intercepts using a 0.3%
Cu lower cut-off grade.
Drill core samples from the Alpine prospect drilling were
transported to ALS Laboratories in Burnie, Tasmania for sample preparation and gold
analysis, and for shipment to ALS Laboratories in Townsville for
base metal and multi-element analysis. The ALS Burnie and
Townsville facilities are ISO/IEC 17025:2017 and ISO 9001:2015
certified. ALS is an independent laboratory that has developed and
implemented a Quality Management System ("QMS") at each of its
locations designed to ensure the production of consistently
reliable data.
Copper and other base metals are to be analysed using a
four-acid digestion with ICP-AES finish (ALS method ME-ICP61a) and
gold assayed by 30-gram fire assay with atomic absorption ("AA")
spectroscopy finish (ALS method Au-AA25).
Control samples comprising certified reference samples,
duplicate and blank samples are systematically inserted into the
sample stream and analysed as part of the Company's quality
assurance / quality control (QAQC) protocol.
Qualified Person
The Company's disclosure of technical or scientific information
in this press release was reviewed and approved by Sean Westbrook, VP Exploration for the Company.
Mr. Westbrook is a Qualified Person as defined under the terms of
National Instrument 43-101.
Investor Relations
CopperCorp also announces that it has entered into an Investor
Relations Employment Agreement dated January
17, 2022 (the "Agreement") with Alexander Muir to provide investor relations and
corporate development services to the Company. The Agreement
provides for an annual salary of C$100,000 per year and an option grant to
purchase 50,000 Shares at an option price of $0.66 per Share until January 17, 2027 (the "Options"). The
Options shall vest quarterly over a period of 12 months and are
exercisable for a period of 60 months. Mr. Muir's appointment and
the Options are subject to the approval of the TSX Venture
Exchange. Mr. Muir was previously employed with TMX Group as an
Analyst in Capital Formation for Toronto Stock Exchange and is a
CFA Charterholder.
About CopperCorp
CopperCorp is a mineral exploration company actively focused on
copper exploration in western Tasmania,
Australia, a tier one mineral jurisdiction. The Company is
primarily focused on iron oxide copper-gold (IOCG) style
mineralization at the Alpine Prospect.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements consist of statements
that are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the
future. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements, including risks related to factors beyond the control
of the Company. No assurance can be given that any of the
events anticipated by the forward-looking statements will occur or,
if they do occur, what benefits the Company will obtain from
them. 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 Service Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE CopperCorp Resources Inc.