VANCOUVER, July 21 /CNW/ - On July 16, 2010 the TSX-V stock exchange advised Cobre Exploration Corp. that its Iron Lake mineral property has been reviewed by the exchange and accepted as a "Property of Merit" acceptable for graduating the company to Tier 2 status on the TSX-V exchange. The company is instructed to file the approved 43-101 report on Sedar and to proceed with additional statuary filings to effect this graduation.
The Iron lake Property, consisting of 15 mineral claims encompassing 7,116 hectares (17,582 acres), is located in the Clinton Mining Division approximately 45 kilometres northeast of the City of 100 Mile House in south-central British Columbia. The area of the property is typical of interior British Columbia and consists of Douglas fir, pine and spruce dominant forests occurring on a flat to undulating and moderately hilly landscape. Much of the area of the claims have been clearcut logged resulting in the establishment of excellent access.
The Iron Lake property is under option from Eastfield Resources Ltd. (ETF:TSX-V). Cobre Exploration Corp. can earn a 60% interest in the Iron Lake claims by completing $1,500,000 in exploration, making payments of $175,000, issuing 200,000 shares and making cash or equivalent share issuance payments of $130,000 before June 1, 2013. A $200,000 exploration expenditure is required by June 1, 2011.
The Iron Lake property covers a large mafic to ultramafic intrusive body in which pyroxenite, olivine pyroxenite, gabbro, sodic pegmatite and diorite occur in contact with a large dominantly granodiorite batholith. In 2000 significant copper, gold, palladium and platinum rich disseminated mineralization was discovered in several samples of olivine pyroxenite rubble (average; 7173 ppm Cu, 676 ppb Au, and 312 ppb Pd+Pt plus 402 ppm Ni from six samples). In 2004 the Iron Lake Property was flown by Fugro Airborne Surveys and a number of conductors were identified. The conductors were further defined by a 2006 UTEM ground survey. Targets from both surveys were drill tested in 2005-06 identifying intersections of significant thicknesses of pyrrhotite dominant massive sulphides. The most recent drill program completed at the Iron Lake property was in 2006. A 1,000 metre drill program (budget $200,000) targeting disseminated and massive sulphide styles of mineralization has been recommended in the approved 43-101 report. An exploration permit to conduct the program has also been approved.
J.W. Morton P.Geo a Qualified Person within the meaning of national instrument 43-101 has read and takes responsibility for this news release.
On behalf of the Board,
Allan W. Williams
President and Director
Neither 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 Calico Resources Corporation
For further information: For further information: Terri Anne Welyki - 604-681-6855