Coast Copper Expands Red Chris, Knob Hill and Empire Mine Properties via Staking and Provides Update
VANCOUVER, BC, Feb. 22, 2022 /CNW/ - Coast Copper Corp. ("Coast Copper" or the "Company") (TSXV: COCO) announces that it has expanded its 100% owned Red Chris, Knob Hill NW and its optioned Empire Mine properties by staking new claims. Furthermore, the Company would also like to provide an update regarding the remaining drill assay results from the December 2021 drill program on the Empire Mine property. The remaining drill holes yet to be announced include MW21-016 (partial hole), MW21-018 and MW21-019. The pending assay results were logged, cut, and sent to the lab in late January 2022. Assay results are anticipated before the end of Q1 and will be announced as soon as they have been received and validated through the Company's stringent QAQC procedure.
Adam Travis, Coast Copper's CEO commented, "While awaiting assay results for our recently completed Empire Mine property drill program, we were able to consolidate and expand three of our properties through staking when the Mineral Titles Online system opened in January. Acquiring these new claims through staking is a low-cost way of creating shareholder value by growing our current property base. We look forward to getting 'boots on the ground' in these new areas this year."
Red Chris Area Properties
Coast Copper expanded the 100% owned Gin property to include an area to the west, increasing the property size by 726.65 hectares ("ha"), to a total property size of 3,787 ha. These additional claims increase Coast Copper's land position in the area as well as its position west of the operating Red Chris Mine owned by Newcrest Mining Limited and Imperial Metals Corporation. See Figure 1 for the updated property tenure map location.
Empire Mine Property
Coast Copper strategically acquired an additional 206.32 ha adjacent to the Empire Mine property on northern Vancouver Island that was previously held by other owners. The total size of the Empire Mine property is now 19,377 ha. The new claims include the Bridge Zone minfile occurrence where historical work noted at least three separate areas of mineralization within this area. In 2005, three diamond drill holes (totaling 111.56 metres ("m")) were drilled, testing a gold-bearing shear/fault zone along a contact zone between an intrusive gabbro into limestone. It was noted that a gold-bearing and pyrite-rich zone was intersected in all three holes with mineralized widths over at least 5 m, with the zone open to depth and along strike in both directions. Highlights from the 2005 drill program include separate intersections of 1.76 m of 1.35 grams per ton ("g/t") gold ("Au") and 0.5 m of 14.55 g/t Au in Hole T-04 and 2.32 m of 3.82 g/t Au and 1.53 m of 6.11 g/t Au in Hole T-06 ² ³.
These newly acquired claims will form part of the Empire Mine property option agreement. Follow up exploration in this area will be completed by teams in the spring.
Knob Hill NW Property
An additional 654.68 ha claim was staked adjacent to the Knob Hill NW property on northern Vancouver Island. This new claim increases Coast Copper's property holding in the area to 4,639 ha. The Knob Hill NW property is located at the western end of a 50 kilometre ("km") prospective trend for porphyry Cu-Au deposits that originates at the past producing Island Copper Mine and passes through NorthIsle Copper & Gold Inc.'s project and onto Coast Copper's project.
Qualified Persons
The technical information contained in this news release has been prepared, reviewed and approved by Wade Barnes, P.Geo. (BC) of Tripoint Geological Services, 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.
About Coast Copper Corp.
Coast Copper's exploration focus is the optioned Empire Mine property, located on northern Vancouver Island, BC, 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 Eldorado, Gin and Bonanza properties located in BC's prolific Golden Triangle district which are adjacent to Newcrest Mining Limited's and Imperial Metals Corporation's Red Chris Mine, its Knob Hill NW property located on northern Vancouver Island and its 100% owned Sterling and Home Brew properties which are located in central BC. 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
Cautionary Notes Related to this News Release and/or maps
- 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.
- Diamond Drill Report on the Teihsum River Gold Property Vancouver Island for Red Lake Resources Inc. Written by James W. Liard, Greg Thomason and Dr. K. W. Geiger, July 2005. BC Assessment Report 27,80.
- Historical Information: Historical information provided on this webpage regarding the Company's projects or adjacent properties cannot be relied upon as the Company's QP as defined under NI-43-101 has not prepared nor verified the historical information. A Qualified Person has not done sufficient work to classify any historical mineral resource estimate(s) referenced herein as a current estimate and Coast Copper is not treating such as current mineral resource(s).
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
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], NR22-03
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