CopperBank Plans Second Drill Rig at Pyramid Drilling Program
VANCOUVER, BC / ACCESSWIRE / June 28, 2017 / Copperbank Resources Corp. ("CopperBank" or the "Company") (CSE: CBK) (OTC PINK: CPPKF) is pleased to announce that the Company aims to add a second diamond drill to the recently announced 1,500 meter July and August drilling program. The additional rig will enable the company to significantly increase the total meterage drilled this year and better define the geometry of the deposit.
As previously reported, the Company's objective for the Summer 2017 program is to drill step-out holes from the historical resource and to depth. Specifically, the program is designed to expand higher grade mineralization in the Main and North Zones. In the Main Zone, diamond drill hole PY11-16 returned 155 meters of 0.71% copper, 0.18 g/t gold, and 0.018% molybdenum starting at 94 metres, and bottoming in 34 meters of 0.844% copper. The bottom 10 meters of this hole, where 1% copper was intersected, is not in the historical resource model. There is not sufficient information available to determine the true width of this mineralized zone, so the additional drilling in this area will assist the company in better understanding the higher grade potential in the Main Zone. It is anticipated that drill holes REC-001, P-004 and P-007 will achieve a better understanding, and the depth of these holes will be determined as drilling occurs with visual inspection, however, it is envisaged that they will be at least 300 meters in depth. View drill maps on the company website and presentation located at www.copperbankcorp.com.
In the North Zone, the company will drill holes REC-002, P-005, and P-006, with the objective of further delineating near surface mineralization (near REC-002) and lateral extensions of the North Zone (P-005 and P-006) view maps. While total depth of these holes is estimated to be approximately 300 meters, visual inspection of the presence of copper mineralization will determine depth of drilling.
CopperBank Executive Chairman, Gianni Kovacevic, commented, "Having two drill rigs on site will enable our team to have a dedicated machine to each of the Main and North Zones. Our plan is to finance enough drilling to ensure the important holes in each zone are completed, then our team can assess results to determine where future meters should be focused. Subject to results, we believe an updated and more current mineral resource could be considered after this drilling season."
In conjunction with adding the second drill rig, the company proposes raising a minimum of $500,000 at 0.12 per share. It is anticipated that this placement should close in the near future.
About Pyramid
The Pyramid deposit is a copper-molybdenum-gold exploration project where CopperBank has an option to earn a 100% interest. The project is located on private property with the subsurface controlled by The Aleut Corporation, an Alaska Native-owned corporation. Applying a 0.4% copper cut-off, Pyramid has a historic (SRK, July 2013) NI 43-101 Resource Estimate with inferred mineral resources of 122 million tonnes at 0.41% copper, 0.02% molybdenum, and 0.10 g/t gold. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources.
For more information on CopperBank Resources, visit the website at www.copperbankcorp.com. Robert McLeod, P.Geo, and Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this release.
On behalf of CopperBank Resources Corp.
"Gianni Kovacevic"
Executive Chairman
Address: Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Tel: 604-889-0852
E-mail: gk@copperbankcorp.com
Website: www.copperbankcorp.com
Advisory Regarding Forward-Looking Statements
Certain information in this release constitutes forward-looking statements or information ("forward-looking statements") under applicable securities laws and necessarily involves risks and uncertainties. Forward-looking statements included herein are made as of the date of this news release and, except as required by applicable law, CopperBank does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Forward-looking statements relate to future events or future performance and reflect management of CopperBank's expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as "plans," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," or "be achieved," or the negative of these terms or comparable terminology. Examples of forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's ongoing review of its existing portfolio, the involvement of CopperBank in any potential divestiture, spin-out, partnership or other transactions involving the Company's portfolio assets, and the ability of the Company to complete any such transactions, the ability of CopperBank to enter into transactions that will ultimately enhance shareholder value, and potential future work or activities in respect of the Pyramid project or the Contact project. Although CopperBank believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to CopperBank. Forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include but are not limited to, the Company' ability to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Such factors include, but are not limited to, the risk that the Company will not be able to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. Although CopperBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. For more information on CopperBank and the risks and challenges of its businesses, investors should review the continuous disclosure filings that are available under CopperBank's profile at www.sedar.com.
SOURCE: Copperbank Resources Corp.
