Coast Copper Provides Update on Scottie West property and Jeff Kyba Joins as Technical Advisor
VANCOUVER, BC, March 6, 2023 /CNW/ - Coast Copper Corp. ("Coast Copper" or the "Company") (TSXV: COCO) is pleased to provide an update on its 100% owned Scottie West property (the "Property") located in British Columbia's ("B.C.") Golden Triangle district approximately 35 kilometers ("km") northwest of Stewart, B.C. and immediately west of Scottie Resources Corp.'s Scottie Gold Mine project¹ (see Figure 1). The Company also wishes to announce that Jeff Kyba has joined as a technical advisor.
The Property was acquired by staking in May 2020 for $11,128 and optioned to EuroPacific Metals Inc. ("EuroPacific") (formerly known as Goldplay Mining Inc.) on November 23, 2020. As announced November 21, 2022, the Property was returned to the Company as a result of EuroPacific moving its exploration focus to projects in Portugal after spending more than $330,000 in exploration expenditures, making cash payments of $50,000 to Coast Copper and issuing $75,000 worth of shares to Coast Copper in regards to the Property option. EuroPacific completed surface exploration programs as well as completed a National Instrument 43-101 technical report. The conclusion of the 2021 report noted that the surface program identified numerous mineralized showings with at least 13 zones of gold-bearing quartz-carbonate sulphide (pyrite ± arsenopyrite ± pyrrhotite ± chalcopyrite ± galena ± sphalerite) veining occurring on the Property. These veins host sulphide-rich shoots with highly anomalous gold values and are hosted in a package of andesitic volcanics from the Unuk River Member of the Betty Creek Formation situated adjacent to the contact with the Summit Lake stock, part of the early Jurassic aged Texas Creek Plutonic Suite. This style of mineralization is characteristic of intrusion-related mesothermal veins. The Property occurs along the southwest extension of the apparent mineralized belt that includes Scottie Resources' Blueberry Zone, the Scottie Gold Mine and the recently discovered Domino Zone ¹. Highlights from EuroPacific's 2021 sampling include²:
- Rock sample assaying: 5.90 grams per tonne ("g/t") gold ("Au") and 155 g/t silver ("Ag") on the SE Exposure.
- Rock sample assaying: 5.29 g/t Au on the Leduc NE Ridge.
- Rock sample assaying: 2.19 g/t Au and 119 g/t Ag on the Leduc East Central Ridge.
- Rock sample assaying: 0.95 g/t Au, 91.87 g/t Ag, and 2.77% zinc on the East Border Nunatak.
Adam Travis, Coast Copper's CEO comments: "Upon receiving the property back from EuroPacific, we conducted a review of their work in the context of new discoveries and the work being completed on the adjacent Scottie Resources property. We were excited to see gold in rock samples up to 5.29 g/t which were reported from veins and structures. Some of these appear to be associated with structural and magnetic trends consistent with what has been observed on the Scottie Resources property. I've admired Jeff Kyba's work over the last decade, in both government role and industry, particularly in the Golden Triangle where 'Kyba's Red Line' has been an important exploration guide. Jeff joining Coast Copper as a technical advisor speaks volumes about the caliber of our projects and our team. Although Scottie West is not our principal project, and we remain focused on the Empire Mine property, we are very excited to get out on the ground with Jeff and make additional discoveries."
Mr. Kyba's experience spans grassroots exploration to deposit delineation for precious and base metals as well as five years of regional oversight of all exploration and mining projects in northwestern B.C. for the provincial government. During his 5+ year tenure as Regional Geologist, he completed extensive site visits and field work investigating the variety of mineral deposits throughout the region. This work resulted in several government publications and a map identifying favorable areas to explore for minerals, commonly known as the 'Kyba Red Line'; a stratigraphic unconformity located within 2 km of nearly all major deposits in the Stikine Terrane. His map remains in use today.
Jeff Kyba comments: "The Coast Copper team and projects are an inspiring combination. Scottie West is an exciting discovery in an area with a highly prospective geological address and long-lived exploration history. Adam and his team have yet again demonstrated there are more discoveries to be made and I'm looking forward to working with them."
Coast Copper has granted Mr. Kyba a total of 100,000 stock options of the Company pursuant to the Company's 20% fixed Long-Term Incentive Plan, subject to TSX Venture Exchange approval. Each stock option is exercisable into one common share of the Company, subject to certain vesting requirements at an exercise price of $0.07 per share with an expiry of March 3, 2028.
Qualified Persons
The technical information contained in this news release has been prepared, reviewed and approved by Wade Barnes, P.Geo. (BC), Coast Copper's geological consultant and a Qualified Person within the context of Canadian Securities Administrators' National Instrument 43-101; Standards of Disclosure for Mineral Projects.
Coast Copper's exploration focus is the optioned Empire Mine property, located on northern Vancouver Island, British Columbia, which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold and silver. Coast Copper's other properties include its 100% owned Knob Hill NW Property located on northern Vancouver Island, its Home Brew and Shovelnose South Properties in central B.C., and its Scottie West Property located in the "Golden Triangle" of northern B.C. Coast Copper's management team continues to review precious and base metals opportunities in western North America.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis, Chief Executive Officer and Director
- Adjacent Properties: This news release may contain information about adjacent properties on which Coast Copper Corp has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are no indicative of mineral deposits on the Company's properties.
- Theny, Lucia and Wilkins, Andrew L. (2021) Geological, Geophysical and Geochemical Assessment Report on the Scottie West Property in Northwestern British Columbia, British Columbia Assessment Report 39914
- Granduc Mine Production totals: https://news.metal.com/newscontent/100012360/Castle-Resources-to-Acquire-100-Interest-in-the-Granduc-Copper-Mine-Stewart-BC/
- Scottie Resources Ltd website: https://scottieresources.com/projects/scottie-gold-mine/geology/ , https://scottieresources.com/projects/scottie-gold-mine/the-domino-zone/ , https://scottieresources.com/projects/scottie-gold-mine/the-blueberry-zone/
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.
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 Coast Copper, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although Coast Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
SOURCE Coast Copper Corp.
Adam Travis, CEO, Coast Copper Corp., 409 Granville Street, Suite 904, Vancouver, B.C. V6C 1T2, Canada, P: 877-578-9563, E: [email protected], NR23-03
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