(TheNewswire)
December 20, 2018 / TheNewswire / Vancouver, B.C. – Lorraine Copper Corp. (“Lorraine Copper” or the “Company”) (TSXV: LLC) (OTCQB: LRCPF) is pleased to advise that Sun Metals Corp. (TSXV: SUNM), who have the Stardust Property under option, has announced final results from the 2018 diamond drill program at Stardust.
The Company believes the 2018 program was successful in identifying a major mineralized pathway leading toward the heart of a high-grade system. The 2018 program was successful in identifying target areas to focus on in 2019 that are prospective for adding tonnage to the existing resource at Stardust.
Significant new results reported in this release include:
DDH18-SD-413, which targeted an extension to the existing resource model and returned 5.50 metres (m) grading 1.72% copper, 0.93 grams per tonne (g/t) gold and 29.1 g/t silver.
DDH18-SD-414, which targeted a geophysical and soil anomaly and returned high-grade manto style mineralization over a narrow intersection near surface. The hole returned a 0.60 m interval grading 0.59 g/t gold, 382.8 g/t silver and 21.22% zinc.
Along strike from DDH18-SD-414, DDH-18-SD-415 intersected two intervals of manto style mineralization, the upper intersection returning 2.20 m grading 5.25 g/t gold, 16.4 g/t silver and 3.79% zinc, with the lower intersection returning 4.60 m grading 4.17 g/t gold, 34.5 g/t silver and 1.60% zinc.
DDH18-SD-418 targeted a geophysical anomaly beneath the shallow Number 4B manto zone and intersected a number of manto style mineralized zones, the most significant being 3.10 m grading 5.05 g/t gold, 55.3 g/t silver and 5.23% zinc.
Two holes targeted the open skarn extension of the Number 5 lens within the historic resource. Hole DDH18-SD-424 returned 1.50 m grading 1.67% copper, 6.70 g/t gold and 27.0 g/t silver, with a narrower downhole intersection returning 0.60 m grading 10.00% copper, 5.17 g/t gold and 265.3 g/t silver. Hole DDH18-SD-427 returned 0.60 m grading 1.12% copper, 1.96 g/t gold and 16.1 g/t silver, with a downhole intersection returning 1.70 m grading 1.01% copper, 1.63 g/t gold and 11.8 g/t silver.
Each of these intercepts has added to the knowledge of the mineralizing events at Stardust. The intersection in drill hole DDH18-SD-421, (see press release a https://www.lorrainecopper.com/news ) which returned a 100.00 m interval of 2.51% copper, 3.03 g/t gold, and 52.5 g/t silver for a 4.99% Copper Equivalent (CuEq) has provided a robust target for further exploration, and Sun Metals believes that result confirms a clear path forward targeting carbonate stratigraphy proximal to the Canyon Creek fault on the east side of the Glover stock. No holes were drilled during the 2018 program to follow up on the results of drill hole DDH-18-SD-421, which will be the primary focus of the 2019 drilling campaign.
Select significant results from drill holes not previously reported are presented in the table below.
Select significant results, 2018 Stardust drill program
-------------------------------------------------------------------------- |Hole |From |To |Length|Copper|Gold |Silver|Zinc |Zone | | |(m) |(m) |(m)(1)|(%) |(g/t)|(g/t) |(%) | | |------------------------------------------------------------------------| |DDH18-SD-413|232.50|238.00|5.50 |1.72 |0.93 |29.1 |0.01 |Canyon | | | | | | | | | |Creek | | | | | | | | | |Skarn | |-----------------------------------------------------------| | |DDH18-SD-413|245.00|246.00|1.00 |0.02 |2.52 |11.1 |0.09 | | |------------------------------------------------------------------------| |DDH18-SD-414|63.30 |63.90 |0.60 |0.05 |0.59 |382.8 |21.22|GD/Anomaly-C| |------------------------------------------------------------------------| |DDH18-SD-415|34.60 |34.90 |0.30 |0.01 |4.23 |3.2 |0.04 |GD Zone | |-----------------------------------------------------------| | |DDH18-SD-415|44.60 |46.80 |2.20 |0.28 |5.25 |16.4 |3.79 | | |-----------------------------------------------------------| | |DDH18-SD-415|55.90 |60.50 |4.60 |0.09 |4.17 |34.5 |1.60 | | |------------------------------------------------------------------------| |DDH18-SD-416|281.70|282.70|1.00 |1.70 |1.25 |27.2 |0.01 |Canyon | | | | | | | | | |Creek | | | | | | | | | |Skarn | |------------------------------------------------------------------------| |DDH18-SD-418|218.80|220.20|1.40 |0.03 |0.88 |9.5 |4.60 |Anomaly A | |-----------------------------------------------------------| | |DDH18-SD-418|224.90|225.60|0.70 |0.09 |0.08 |6.7 |25.67| | |-----------------------------------------------------------| | |DDH18-SD-418|233.10|234.80|1.70 |0.05 |4.37 |15.4 |4.39 | | |-----------------------------------------------------------| | |DDH18-SD-418|242.80|243.20|0.40 |0.03 |0.11 |7.6 |11.79| | |-----------------------------------------------------------| | |DDH18-SD-418|249.10|252.20|3.10 |0.10 |5.05 |55.3 |5.23 | | |------------------------------------------------------------------------| |DDH18-SD-424|74.50 |76.00 |1.50 |1.67 |6.70 |27.0 |0.01 |No.5 Lens | |-----------------------------------------------------------| | |DDH18-SD-424|282.70|283.30|0.60 |10.00 |5.17 |265.3 |0.08 | | |------------------------------------------------------------------------| |DDH18-SD-425|50.80 |51.35 |0.55 |0.15 |0.58 |54.1 |6.23 |Anomaly B | |------------------------------------------------------------------------| |DDH18-SD-426|143.50|144.90|1.40 |0.37 |1.90 |25.3 |3.08 |Anomaly B | |------------------------------------------------------------------------| |DDH18-SD-427|81.20 |81.80 |0.60 |1.12 |1.96 |16.1 |0.01 |No.5 Lens | |-----------------------------------------------------------| | |DDH18-SD-427|145.50|147.20|1.70 |1.01 |1.63 |11.8 |0.01 | | --------------------------------------------------------------------------
(1) True widths of the reported mineralized
intervals are not known
Graphics & Table: A plan map of the 22-hole 2018 drill program (Figure 1), and a full table of results from the 2018 drill program (Table 1) is available on the Company website:
Figure 1: https://www.lorrainecopper.com/wp-content/uploads/2018/11/2018-11-14-llc-figure1.jpg
Much of the text and information in this news release was supplied to Lorraine Copper by Sun Metals and all technical aspects of this news release have been reviewed and approved by Ian Neill P. Geo., Vice President Exploration of Sun Metals, who is a qualified person as defined by National Instrument 43-101. G. L. Garratt, P. Geo., is the qualified person, as defined by NI 43-101, who has reviewed and takes responsibility for this news release.
On behalf of the Board of Directors
Glen Garratt, P.Geo., VP, Director
Lorraine Copper Corp.
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT: (604) 681-7913 or (888) 656-6611 (Toll Free) or go to our website: www.lorrainecopper.com
About Lorraine Copper: Lorraine Copper is a Canadian mineral exploration company that is acquiring and advancing copper, gold and molybdenum projects at intermediate to advanced stages that hold significant resources. Lorraine Copper currently owns three properties all of which have defined resources: Lorraine copper-gold (Joint Ventured with Teck Limited), OK copper-molybdenum and Stardust (under option to Sun Metals Corp.). For more information please visit the Company's website at www.lorrainecopper.com.
The Option Agreement
Pursuant to the terms of the amended Option, Sun Metals has the right to earn a 100% ownership interest in the Stardust Project by issuing 500,000 common shares of Sun Metal and making payment of $75,000 to Lorraine by December 31, 2018, issuing 31,529,315 common shares of Sun Metal within 5 business days of March 31, 2019, and assuming all obligations under the Company’s $50,000 reclamation bond currently posted with the Province of British Columbia. Upon completion of the Option Agreement, the Company will hold approximately 32,530,000 common shares of Sun Metal.
In addition, Sun Metals is required to spend an additional $1,721,469 on the Stardust Project prior to September 30, 2019 (“Remaining Work Commitment”) and, in the event the Remaining Work Commitment is not expended by September 30, 2019, Sun Metals agrees to pay the Company100% of any remaining unspent amount under the Remaining Work Commitment on or before November 30, 2019
Lorraine Copper will also hold a 2% NSR on precious metals and a 1% NSR on base metals, each of which may be bought down by Sun Metals by one half, with payment of $1.5 million per royalty.
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 release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
The Stardust Resource
Stardust is a high grade polymetallic Carbonate Replacement Deposit with a rich history. The Canyon Creek copper-gold skarn zone at Stardust was the subject of a 2018, 43-101 compliant resource estimate published by the Company in January 2018. GeoSim Services Inc. provided the following estimate.
Stardust Project - Canyon Creek zone Mineral Resource Estimate(1):
-------------------------------------------------- |Resource |Tonnes |Copper|Zinc|Gold|Silver|% | |Category | |% |% |g/t |g/t |Cu | | | | | | | |Eq | |------------------------------------------------| |Indicated|985,000 |1.34 |0.62|1.59|36.8 |2.92| |------------------------------------------------| |Inferred |1,985,000|1.24 |0.14|1.72|30.5 |2.65| --------------------------------------------------(1)The cut-off grade used in the resource estimate was 1.5% copper equivalent. Metal price assumptions for the copper equivalent calculation were $3.00/lb Cu, $1.25/lb Zn, $1,300/oz Au and $18/oz Ag. Adjustment factors to account for differences in relative metallurgical recoveries of the constituents will depend upon completion of definitive metallurgical testing. The following equation was used to calculate copper equivalence: Cu Eq = Cu + (Zn x 0.4167) + (Au x 0.6319) + (Ag x 0.0087). A cut-off grade of 1.5% Cu Equivalent represents an in-situ metal value of approximately $100/tonne which is believed to represent a reasonable break-even cost for underground mining and processing. These are not mineral reserves and no work has been completed that demonstrates economic viability at the Project.
Copyright (c) 2018 TheNewswire - All rights reserved.