Gold Target Identified at Carube Copper's Main Ridge Project
Ottawa, Ontario--(Newsfile Corp. - March 3, 2016) - Carube Copper Corp. (TSXV: CUC) announced today that during management's review and interpretation of recently flown airborne geophysics, soil sampling, chip sampling and historic data, they were able to confirm a highly prospective 2km long gold-focused target on its 100% owned 32 sq. km Main Ridge Project in Jamaica. Main Ridge has a similar geological setting to that of the Bellas Gate, where Carube Copper has OZ Minerals fully funding a copper and gold focused joint venture program.
"Dr. Rampton's analysis of historic data and the recently completed work at Main Ridge has identified a significant gold in soil zone that traverses the central portion of the project area. Our initial objective had been to prioritize copper targets for further investigation, so the realization that Main Ridge has excellent gold potential is clearly a bonus. Our intention now is to prioritize the evaluation of the gold target in the next exploration program at Main Ridge," stated Jeff Ackert, CEO and President of Carube Copper Corp.
Figure 1. Gold in soils zone at Main Ridge, Jamaica.
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Historic Work Shows Gold and Copper Zones
In the early 1990s, BHP-Utah¹ completed soil sampling from near the site of the former Pennants Gold Mine across the Main Ridge Project for a distance of 6000m to the northwest and defined a 3000m long gold in soil anomaly (Fig. 1); Gold values in the anomalous zone on Main Ridge ranged from 10 to 830 ppb Au, well above the background values of ≤ 5 ppb Au, which characterize much of the license area.
Trenching and drilling at the former Pennants Gold Mine during the 1990s established that a steeply dipping epithermal quartz-carbonate high-grade gold zone was open to the northwest in the direction of Carube Copper's Main Ridge license. Reported production from the Pennants open pit mine was 95,725 t at 9.01g Au/t containing 27,739 oz. Au². High head grades, up to 120g Au/t, were recorded from its west zone.
Recent Sampling Programs Confirm Gold and Copper Mineralization
Two bedrock samples collected by Carube Resource in 2012 on a trail intersecting the gold in soil zone yielded values of 288 and 329 ppb Au3 (Fig.1).Carube Copper then completed a soil sampling program in 2014 on the southwestern part of Main Ridge and some areas were characterized by anomalous copper values of 250 to 694 ppm and gold values of 8 to 33 ppb4 (Fig. 2).
Figure 2: CIDA copper in stream sediments, BHP copper in soils and Carube copper and gold in soils.
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Identification and Prioritization of Multiple Copper and Gold Targets
Potassium-thorium ratios and magnetic residuals from a geophysical survey flown over Main Ridge in 2015 show distinct responses5 that correlate well with previously identified copper and gold in soil anomalies (Figs. 1, 2 and 3). A review of these correlative patterns and anomalies plus the historic data and reports for the Main Ridge area reveal the following mineral targets areas, MR-I through MR-VI.
Figure 3: Outline of high potential areas for mineralization at Main Ridge (MR-I through MR- VI). MR-I correlates with the gold in soil anomaly on Figure 1.
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Summary of Gold and Copper Target Areas
- MR-I, MR-II and MR-III: structurally controlled gold ± copper and copper porphyry type mineralization, suggested by the patterns of K/Th ratios, magnetic residuals and copper and gold in soil values.
- MR-IV: copper ± gold porphyry type mineralization, suggested by copper and gold in soil values, K/Th ratios and magnetic anomalies.
- MR-V and MR-VI: copper oxide and copper porphyry type mineralization, suggested by magnetic, radiometric and copper in soil patterns in combination with copper values of 0.8% Cu over 1m ± from volcanic agglomerate outcrops within an area covered by volcanic-fan type formations.
Planned Exploration to Evaluate Gold and Copper Potential
A geophysical consultant has been retained to further process and interpret the magnetic and radiometric data in order to better define the targets. The 2016 two-phased exploration program will incorporate the recommendations of his report. The initial phase of the program will concentrate on establishing priority drill targets at an estimated cost of C$250,000; the second phase may comprise up to 5000m of drilling.
1Pyle, P.F. 1992, Main Ridge Gold Project, Clarendon, Jamaica; unpublished reports, March and August for BHP-Utah Exploration Inc with analytical reports by Chemex Labs Inc, Sparks, Nevada
2Exploration Management Pty Ltd. 2012; Main Ridge gold Mine (Jamaica); web-site
3CaruBE Resources Inc. 212; Analytical results from Actlabs, Ancaster, Ontario
4Rodinia Jamaica Ltd. 2015; Semi-annual report for the Main Ridge Project area, July 1, 2014 to December 31, 2014; prepared by Jeff Ackert and Trevor McCain
5OZ Minerals Ltd. 2015; Results from geophysical and radiometric survey at Main Ridge; internal report and data delivered to Carube Copper Corp.
Carube Copper has previously announced that it intends to raise an aggregate of $440,000 by way of a non-brokered private placement of up to 3,000,000 units of the Company at a price of $0.08 per unit and up to 2,000,000 flow-through common shares in the capital of the Company at a price of $0.10 per share. Closing is expected to take place on or about March 9, 2016. For more information, please contact us.
In other corporate developments; the Company has granted stock options to certain directors, officers and consultants to purchase up to an aggregate of 4,150,000 common shares, exercisable at a strike price of $0.08 per share for a period of 5 years. The Company currently has 61,688,433 common shares outstanding and 4,561,500 stock options including those in this grant.
Pursuant to the Company's Restricted Share Unit and Deferred Share Unit Compensation Plan, the Company has granted 200,983 Restricted Share Units (RSUs) to certain officers at $0.13 per unit and 1,000,000 RSUs at $0.08 per Unit. These RSUs will vest on March 1, 2017 and can then be exchanged for common shares of the Company on a one for one basis. Furthermore, the Company has awarded a total of 392,500 Deferred Share Units (DSUs) to directors at $0.20 per share. These DSUs will vest upon the recipient leaving the board of directors.
Contacts
Jeff Ackert, President and CEO • 1-613-839-3258 • jackert@carubecopper.com
Dr. Vern Rampton, VP Corporate Development • 1-613-839-3258 • vrampton@carubecopper.com
Alar Soever, Chairman • 1-705-682-9297 • asoever@carubecopper.com
Darrell Munro, Corporate Administration • 1-613-839-0474 • dmunro@carubecopper.com
www.carubecopper.com
Sample Preparation, Analysis and Quality Control: For a description of these items as pertaining to rock and soil samples collected by CaruBE Resources Inc. please see disclosures in press releases of April 5, 2012 (http://carubecopper.com/press/2012/Carube%20Press-Release-Reports-Extensive-Copper-April-5-2012.pdf) and October 2, 2014. (http://carubecopper.com/press/2014/Carube-PR-2014-10-02-Hendley-Soils.pdf) Carube Resources and Activation Laboratories all have robust sample security and control programs in place for samples collected in Jamaica.
QP Statement: This press release has been prepared by Dr. Vern Rampton, P. Eng., in his capacity as a qualified person as defined under NI 43-101.
- END PRESS RELEASE -
Carube Copper Corp. (TSXV: CUC) is a Canadian exploration company focused on the exploration and development of copper and gold projects in Jamaica and Canada. In Jamaica, two projects, totalling 188 square kilometres in area, are the subject of separate joint venture agreements with OZ Minerals Ltd., an Australian copper-gold producer with a market capitalization of over $1B. Carube Copper holds a 100% interest in two other nearby projects, totalling 80 square kilometres. In Canada, Carube Copper holds a 100% interest in three porphyry copper-gold-molybdenum properties, totalling 593 square kilometres within the Tertiary-aged Cascade Magmatic Arc in southwestern British Columbia. Exploration continues on these properties with the goal of joint-venturing them to larger exploration and mining companies. Carube continues to seek opportunities in Canada and the Caribbean for acquisition and development.
DISCLAIMER AND FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management's expectations. Actual events, results, performance, prospects and opportunities may differ materially from those expressed herein. Factors that can cause results to differ materially are set out in the Company's documents filed on the SEDAR website. Even though Carube Copper believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on it, as it may only apply to a disclosed time frame or not at all. Carube Copper disclaims any obligation to update or revise information in the future other than required by law. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
