Significant Copper and Tungsten Porphyry Targets Included in Deer Horn PEA
VANCOUVER, British Columbia, June 12, 2018 (GLOBE NEWSWIRE) -- Deer Horn Capital Inc. (CSE:DHC) (OTCBB:GODYF) (the “Company” or “Deer Horn”), reports that its updated Preliminary Economic Assessment (“PEA”) noted important porphyry-style occurrences of both copper and tungsten at the Company’s 51 square-kilometer Deer Horn property, in addition to the gold-silver-tellurium resource as reported in Deer Horn’s June 6, 2018 news release.
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Copper showings northwest of the current PEA resource provide evidence of a porphyry system
In September 2012, prospecting and surface sampling identified several copper-gold-silver porphyry-style showings northwest of the Indicated and Inferred gold-silver-tellurium resource. A second area of anomalous porphyry-style copper-gold mineralization occurs on a ridge crest 1.8 km northwest of Kenney Lake on the property. (See attached map of Deer Horn mineral showings.)
“All of the newly discovered showings warrant follow-up examination,” noted the PEA authors. “The copper showings, known as Pond and H-Spot, are discoveries of bulk tonnage, porphyry-style copper+/-silver mineralization and associated alteration.”
According to the PEA: “These new showings, and their broad distribution, may be evidence of a largely hidden porphyry copper system.”
“Economic porphyry deposits are in great demand worldwide,” said Deer Horn President and CEO Tyrone Docherty. “That’s why one of our priorities is to gain more information about these discoveries at Deer Horn. Certainly the metals and the geological settings discovered to date justify a lot more exploration. While our primary focus is to develop our gold-silver-tellurium resource, the porphyry targets are generating a lot of interest.”
Tungsten showing may indicate a separate tungsten porphyry
There is also an important tungsten showing at Deer Horn, called Harrison Scheelite, which was discovered in 1943 approximately one km southwest of Lindquist Peak. The showing is centered just 250-to-300 meters west of the current PEA gold-silver-tungsten resource.
As noted in the PEA: “The main apron of anomalous talus has a sinuous northwest trend and covers an area measuring 485 m long by an average of approximately 50 m wide (Duffell, 1959). Systematic sampling of talus from the area yielded an average of 0.34 % WO3 (Duffell, 1959). A 40 m long trench was excavated through the talus to bedrock. Bedrock samples collected from the western part of the trench averaged 0.84% WO3 over 18 m and bedrock samples collected from the eastern part of the trench averaged 1.55 % WO3 over 22 m (Duffell, 1959). Sampling of the second, smaller apron of talus produced modest results.”
The tungsten occurrence “…may be regarded as a porphyry tungsten system (Sinclair, 1995a). Additional exploration of the tungsten is recommended.”
“The Deer Horn property is emerging as a very valuable, multi-target project that warrants extensive exploration and follow-up,” said Docherty. “Truly, if all we had on the property was the tungsten we’d be thrilled. But we have an abundance of exceptional opportunities. We’re now working with our geological teams to design an exploration program that will evaluate all these targets.
Added Docherty, “We are in the right region for this type of polymetallic potential. The Huckleberry copper-molybdenum mine, the Endako molybdenum mine, the Equity silver mine and the recently discovered Ootsa copper-gold-molybdenum deposit all lie within our same geological area. We have also discovered molybdenum at Deer Horn, which we will discuss in future disclosures.”
Qualified Persons, Quality Control and Assurance
The independent qualified persons responsible for preparing the Deer Horn PEA are; Tracey Meintjes, P.Eng. of Moose Mountain Technical Services (MMTS), Marc Schulte P.Eng. of MMTS, Bob Lane , P.Geo. of Plateau Minerals Corp, and Gary Giroux, M.A.Sc., P.Eng. of Giroux Consultants Ltd., all of whom act as independent consultants to the Company, are Qualified Persons as defined by National Instrument 43-101 ("NI 43-101") and have reviewed and approved the contents of this news release.
On behalf of the board of directors of
Deer Horn Capital Inc.
“Tyrone Docherty”
Tyrone Docherty
President and CEO
For further information please contact:
Tyrone Docherty
604.789.5653
tyrone@deerhorncapital.ca
Investor Relations, Craig Doctor
(604) 278-4656
craig@docsconsultingltd.com
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/93fe8f77-f43f-4057-b60b-9bfa8bb59b36