OZ Minerals Initiates Drill Program on Carube Copper's Bellas Gate Joint Venture
Ottawa, Ontario--(Newsfile Corp. - April 27, 2016) - Carube Copper Corp. (TSXV: CUC) is pleased to announce that its joint venture partner OZ Minerals Ltd. has initiated the first portion of their 2016 drilling program at the Bellas Gate Joint Venture (BGJV) in Jamaica. The drill program is part of the BGJV's Phase Five, which includes all work to the completion of a feasibility study. OZ Minerals will earn an additional 10% interest in the Joint Venture by sole funding Phase Five.
Jeff Ackert, President and CEO of Carube Copper noted: During the course of OZ Minerals' work at Bellas Gate over the last two years, they have discovered some exceptionally prospective areas for copper-gold porphyry systems that they will now be drilling to measure copper and gold content. Early assay results are expected to be available in June. We are extremely pleased that OZ Minerals is proceeding so rapidly with this drill program.
Diamond drilling has begun at the BGJV on three recently defined prospective targets. Approximately 4 holes, totalling more than 1000m in length, are being drilled at these targets, which are located on parallel alteration zones. These zones are approximately 5km long and are notable for the presence of copper-gold porphyries. Further drilling will be considered after review of the initial drill results, and the results from a ground-based IP survey being completed over the alteration zones and intervening ground.
The three targets to be drilled are:
- Provost Prospect, a copper-gold porphyry target, located on the prospective Southern Alteration Zone trend between Camel Hill and Hendley, both of which host copper gold porphyry systems. Soil geochemistry has defined a 400m by 400m copper in soil anomaly at Provost. The site also contains strong to intense density of stockwork veining in volcanic rocks, which include quartz "A-veins" in malachite-mineralized outcrops. The alteration zone is open along trend to the southeast.
- Provost Southeast Prospect, a target some 800m southeast of Provost, is along the strike of the alteration system stretching from the Hendley copper-gold porphyry system in the northwest to the Camel Hill copper-gold porphyry in the southeast. Soil data outlines an anomalous copper zone 600m long by 100 to 200m wide.
- Lucky Valley Prospect, located to the northwest of Connors, is in an intrusive complex interpreted to be analogous to the Connors porphyry complex. Multiple phases of intrusion including a quartz-feldspar porphyry that contains strongly sheeted quartz +/- magnetite veining have been identified in field mapping there; individual rock samples yielded up to 0.44% Cu and 0.67g/t Au at the site. A zone of anomalous Cu in soil measuring 200m by 400m has been identified in an area of poor outcrop.
Contacts
Jeff Ackert, President and CEO • 1-613-839-3258 • jackert@carubecopper.com
Vern Rampton, Executive VP of Corporate Development • 1-613-839-3258 • vrampton@carubecopper.com
Alar Soever, Chairman • 1-705-682-9297 • asoever@carubecopper.com
www.carubecopper.com
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.
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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 Copper continues to seek opportunities in Canada and the Caribbean for acquisition and development.
DISCLAIMER & 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. Factors that can cause results to differ materially are set out in the Company's documents filed on the SEDAR website. Undue reliance should not be placed on "forward looking statements".
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