VANCOUVER, BC / ACCESSWIRE / June 25, 2020 / Granite Creek Copper Ltd. (TSXV:GCX) ('Granite Creek' or 'the Company') announces the receipt of a ten-year Class 4 exploration permit for physical work on the Company's Stu Copper-Gold Project ('the Permit') in the Yukon's Minto Copper District, and the mobilization of field exploration crews.
The Permit, which covers approximately 68 square kilometres, including the priority A and B zones, allows for up to 100,000 meters of diamond drilling and 60,000 meters of RC drilling, in addition to trenching, road construction and upgrading. This new permit, together with an existing permit over the southern part of the property, means that over 95% of the Company's claims are permitted for exploration activities (see Figure 1 below).
Tim Johnson, President and CEO of Granite Creek Copper, stated, 'Receipt of this permit covering the northern part of the Stu property including the A and B zones is an important milestone for the Company as it gives us the ability to maximize the efficiency of our programs for this year and subsequent years by enabling our teams to immediately work on our highest priority target areas. We are excited to review the internal geological model and use that model to drive future programs as we uncover new information from across the property.'
Figure 1 - Permit outline, target areas, and high-grade mineralized zones
2020 Field Exploration Program
Granite Creek has begun mobilising crews to undertake a field program that will consist of re-sampling of historic core, multi-element soil sampling to determine the precious metal response in soils, and identifying drill sites for a follow up diamond drilling campaign, potentially later in the 2020 season.
Prior operators selectively sampled 20-30% of the core from the highly prospective Zone A using an in-house lab and very high precious metals detection limits based on the technology available at the time, resulting in incomplete information. (See selected drill intercept table below). As part of internal 3D modeling and review of historic drilling, Granite Creek has outlined a core re-sampling program that will include full multi-element analysis with industry standard detection limits for base and precious metals in order to ensure the proper, accurate inclusion of the full suite in core assays. In addition to assays, other core measurements such as magnetic susceptibility and spectral analysis will be taken to assist with alteration mapping and identification of other prospective areas of the property. The program is designed to provide a primary data set to be used to advance the area of historic drilling towards a formal National Instrument 43-101 compliant resource and assist in drill targeting efforts to qualify and expand the same.
Table 1 - Highlight Drill and Trench Results
*Total Copper Equivalent calculations reflect total gross metal content using metals prices as follows (all USD): $2.50/lb copper (Cu), 18.00/oz silver (Ag), and $1,450/oz gold (Au) and . Values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. In terms of dollar value, 0.25% copper equates to a gold value of 0.30 g/t gold or a silver value of 23.81 g/t, using the above metal values.
**Widths are composite samples from drilled intercepts and the true thickness is unknown.
*** Completed in 1980 at an previous operator's lab using a higher than is typical for modern labs, lower detection limit for Au
* Widths are composites of surface samples and the true thickness is unknown
** Completed between 2014-2015 using modern multi-element ICP using a standard lower detection limit for Au.
About the Stu Copper-Gold Project
The Stu Copper-Gold project is part of the Minto Copper Belt, a linear stretch of intrusion hosted Cu-Au-Ag mineralization in the Dawson Range, south-central Yukon Territory. Centered on the Minto Mine the belt extends from north of the Yukon/Pelly River confluence southeast to the community of Carmacks. The Minto Copper Belt has been proven productive, with one operating copper mine and one deposit advancing towards production. The Stu property lies on strike between the two deposits, displays the same styles of mineralization, and has shown preliminary copper values of a similar calibre. To date the Company has identified 4 multi-kilometre exploration targets (see figure 1).
Copper, gold, and silver mineralization is contained in foliated to gneissic granodiorite (see Figure 2 below for Zone A geology), hosted within a large granodiorite intrusion. Historic drilling at Zone A in the centre of the property returned copper grades of 2.4 to 3.4% over 14 to 20 m widths in drill core from higher-grade mineralized zones dominated by copper sulphide (chalcopyrite, bornite and lesser copper oxide) mineralization. Mineralization has been confirmed as deep as 380 m below surface. Surface grades from trenches and upper levels of drill holes range from 0.18% to 0.55% Cu over widths of up to 20.0 m. Shallower mineralization is dominated by copper oxides (malachite, tenorite and azurite) with the underlying sulfide mineralization typically returning higher grades.
Figure 2 - Zone A detail
Live Webinar - July 2, 2020
Granite Creek Copper will be hosting a live webinar on Thursday, July 2 to discuss the most recent developments with the Company and the 2020 exploration season. Click here to register or contact us at email@example.com.
Canadian Mining Symposium Replay
Granite Creek participated in the recent Canadian Mining Symposium hosted by The Northern Miner. An archived recording of our video presentation and follow-up Q&A with President & CEO, Tim Johnson, is available on the Metallic Group YouTube Channel.
About Granite Creek Copper
Granite Creek Copper is a Canadian exploration company focused on the advancement of its 100%-owned Stu Copper-Gold project located in the Yukon's Minto Copper District. This 115-square-kilometer property is on trend with Pembridge Resources' high-grade Minto Copper-Gold Mine to the north and the Carmacks Copper-Gold-Silver project to the south The Stu project has excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek and the Stu Copper-Gold Project can be viewed on the Company's website at www.gcxcopper.com.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry's highest-grade producers of platinum & palladium, silver and copper. Member companies include Granite Creek Copper in the Yukon's Minto copper district, Metallic Minerals in the Yukon's Keno Hill silver district and Group Ten Metals in the Stillwater PGM-Ni-Cu district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry's leading explorer/developers and major producers and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
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Quality Control and Quality Assurance
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Forward Looking Statements: This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Granite Creek Copper Ltd.
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