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VANCOUVER, British Columbia, July 29, 2022 (GLOBE NEWSWIRE) -- Canadian Copper Inc. (CSE:CCI), a copper and base metal focused junior exploration company, is one of the latest new listings on the Canadian Securities Exchange. In June 2021, the company signed an option to acquire a 100% interest in a portfolio of 5 mineral properties totaling more than 16,000 hectares in the prolific Bathurst Mining Camp of New Brunswick, Canada.
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This region of Canada is celebrated for its extensive history of large VMS deposits with more than forty-five discoveries to date and is also home to Glencore's Brunswick #12 mine, the largest deposit in the Bathurst area and one of the largest underground zinc mines in the world before closing in 2013, after 49 years of operation.
The flagship Chester copper deposit, first discovered in the 1950's, is a VMS deposit with resources contained in three zones, the Central and East Zones, both massive sulphides, and the West Zone, a copper Stringer, which are all located near surface. Two distinct exploration campaigns occurred on the property in the mid 1970's and early 2000's focusing on the high-grade copper resource.
On May 24th, the company filed a NI 43-101 Technical Report which included a historical copper mineral estimate for Chester, showing 1.4 million tonnes of 1.38% copper in the Measured and Indicated categories and 2 million tonnes of 1.26% copper in the Inferred category. No commercial mining has occurred on the property.
During 2021, the company and its predecessor owner Puma Exploration Inc. completed 33 holes for a total of 3,924 meters at the Chester Property. Phase one drilling, performed by Puma during February and March, consisted of 7 holes totaling 1,785 meters, targeted regional anomalies.
Phase two drilling, performed by Canadian Copper between November and December, consisted of 26 holes totaling 2,139 meters, targeted historical resource validation requirements, explored gaps within known resource zones, and tested for presence of gold and silver mineralization within mineralized areas.
The company is currently preparing for its next phase of drilling at the Chester Project.
Prospecting activities will commence this quarter across the portfolio of projects including Chester, Murray Brook West, and Turgeon properties and will continue throughout the year. Prospecting programs will consist of structural mapping, geochemical sampling and trenching to further refine regional exploration drill targets for 2022 and 2023.
Simon Quick, CEO, stated: "Today's announcement is a key milestone for Canadian Copper! We are grateful to each of our initial private investors for their support. This achievement required a collective effort from many key stakeholders and third-party professionals. Thank you! The Company is currently developing a new mineral resource estimate at the Chester Property. The MRE results are expected in the H2 of 2022."
The company is well financed with $1.4 million in cash at the end of June. The shares are trading at $0.14
For more information, please visit the company’s website www.CanadianCopper.com, contact Simon Quick, CEO, at 604-687-2038 or by email at [email protected].
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