TSXV: COCO
In
Northwest of
Two CSAMT lines were located to the northwest of the historical
Keystone - High Priority Target Area (100 m x 1000 m) Section B-B'
The upper or western ends of three CSAMT lines also identified an approximate 100 m thick sill-like, gently west-dipping low resistivity feature that appears to be associated with mapped Keystone volcanic sills that are associated with mineralization at the historical Merry Widow mine open pit. Limited exploration work and no drilling has occurred in this area recently identified by
South of
One CSAMT line was completed to the south of the past-producing
It is important to note that a magnetic anomaly identified by the 2006 airborne geophysical survey continues for a further 2 km to the south. In the first kilometer, very widely spaced and sometimes abandoned and technically misdirected drilling was completed in 2006 and 2007 (drillholes MW06-25,26 & 27 and MW 07-52,53 & 54) and although assay results were not as high-grade as most of the drilling at the Merry Widow Deposit, with the value of hindsight and a better understanding of the Old Sport Mineralized Horizon, they are very technically significant with some of the results highlighted below:
- MW06-25 returned an epidote skarn with pyrrhotite from 261-275 m with a one-meter interval of 1.46 g/t Au and 0.44% Cu,
- MW06-27 returning a 20 cm semi-massive pyrrhotite interval of 0.14% Cu, 484 parts per million Cobalt and 37.5% Fe which is even more significant considering the previous 5 m interval had no recovery,
- MW07-52 returning a 1.62 m intercept of massive magnetite of 0.54 g/t Au, 0.52% Cu and 29.6% Fe, MW07-053 returning a 4.52 m intercept of massive magnetite of 34.12% Fe and
- MW07-54 returning a 14.24 m intercept of 0.12 g/t Au and 0.29 % Cu ³.
When these drillholes were completed to depth they also identified the transition to underlying Karmutsen volcanics and proved that the Old Sport Horizon continues for up to a kilometer south of the
Exploration Implications of
Comparisons of geophysical and regional airborne magnetics with known mineralization and fault zones shows a close spatial relationship, suggesting that some of these fault zones may have been feeder zones for the magnetite mineralization which was later overprinted by copper-gold-silver-cobalt mineralization, similar in nature to iron-oxide copper gold deposits ("IOCG") like those in
Based on the success of the CSAMT geophysical survey, further lines are proposed to generate new drill targets on the Property.
Qualified Persons
The technical information contained in this news release has been prepared, reviewed, and approved by
On Behalf of the Board of Directors:
"Adam Travis"
Cautionary Notes on Release and/or Figures
- Historical information, maps or figures contained in this release regarding
Coast Copper's Empire Mine Property or adjacent properties cannot be relied upon as the Company's QP, as defined under NI-43-101 has not prepared nor verified the historical information. Cominco Resources , Drill Section Maps "Plan ofCominco's Benson Lake Operations on Empire Claims Showing Ore Reserves & Proposed Exploration Program", 1970, Private Files. WhileCoast Copper notes thatCominco's historical results are not NI 43-101 compliant and have not been verified by the Company's QP, these combined historical resources total nearly 3.154 million tonnes and will help guideCoast Copper's exploration programs.Benson Lake Mine historical reserves recorded byCominco Resources (1972) report a non NI 43-101 resource of 454,000 tonnes grading 0.59 g/t Au and 1.3% Cu and an Inferred resource of 2.7 million tonnes of 1.7% Cu with no Au grade calculated.- The 2023 Mineral Resource Estimate was prepared by Sue Bird, P.Eng., an independent Qualified Person. The effective date of the mineral resource estimate is
April 26, 2023 . Mineral Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by NI43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that any Mineral Resources will be converted into Mineral Reserves. These Mineral Resource estimates include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued exploration. The Mineral Resource Estimate has been confined by a "reasonable prospects of eventual economic extraction" pit using the following assumptions, Prices are based on 3 year trailing averages, recoveries are based on preliminary metallurgical studies, and smelter terms and costs are based on comparables.- Au price of
USD$1,800 /oz and Cu price ofUS$ 3.50 /lb at an exchange rate of0.75 US$ per CAD$; - 77% Cu metallurgical recovery, 29% Cu concentrate grade, 100$USD/tonne concentrate transport, 100 $USD/tonne concentrate treatment, 1% unit concentrate grade deduction, and 0.1 $USD/lb Cu refining cost
- 60% Au metallurgical recovery, 99% payable Au, and
8 USD$ /oz Au refining cost. - Mining costs of
CAD$15 /tonne; - Processing + G/A costs of
CAD$25 /tonne; - Pit slopes of 50 degrees;
The resulting NSR equation is: NSR (CDN$) = (Cu%/100) x 3.96 x 2204.6 x 0.77 + Au x 76.05 x 0.6. The bulk density of the deposit is interpolated from sample data. The average value specific gravity used for the Mineral Resource Estimate is 3.45 at the base case cutoff.
- Au price of
Grande Portage Resources Inc. 2006 and 2007 Drilling. BC Assessment Report 28863 "Assessment Report onDiamond Drilling on the Merry Widow Property byG. Nicholson andW. Robb " and, BC Assessment Report 30002 "Diamond Drilling , Geochemical and Geophysical Assessment Report for the 2007 Program at theMerry Widow Project ,W. Ravel ,M. Nelson ".- Barra, Fernando, Reich, Martin, Selby, David, Rojas, Paula, Simon, Adam, Salazar, Eduardo, Palma, Gisella, Unraveling the origin of the Andean IOCG clan: A Re-Os isotope approach, Ore Geology Reviews (2016)
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Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board, and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by
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