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Vancouver, British Columbia--(Newsfile Corp. - October 7, 2021) - CAVU Mining Corp. (CSE: CAVU) (OTC Pink: CAVVF) (FSE: 8NQ) ("CAVU" or the "Company") is pleased to announce a new copper (+gold +silver +molybdenum) porphyry discovery with the drill results for drill hole HOP21-DDH-06 on the Hopper copper-gold project in Yukon Territory, located in the traditional territory of the Champagne and Aishihik First Nations.
Hole HOP21-DDH-06 Intersected 116.18 m of 0.209% Cu and 1.3 g/t Ag from surface
Including 90.22m at 0.244% Cu and 1.4 g/t Ag
Alteration and grade indicate HOP21-DDH-06 located on the margin of a large Cu-Mo porphyry
"This porphyry discovery is transformational for CAVU and the Hopper project," stated Jaap Verbaas, CEO of CAVU. "116.18m at 0.209% copper is an exciting interval for CAVU's first hole in area. It is the second diamond hole in the porphyry target and the first hole on the project to intersect primary porphyry mineralization. With hole 6 CAVU tested how three different datasets relate to potential porphyry mineralization to establish a targeting strategy. We ended up exceeding our own expectations with over 100m of mineralization from surface. We are proud to have substantially increased the potential of the Hopper Project and today's results give our technical team a clear path for follow up-diamond drilling in 2022. Guided by a strong technical team and robust geochemical and geophysical datasets we believe we will be able to vector to the core of the porphyry efficiently."
The alteration and grade intersected with hole HOP21-DDH-06 are consistent with the low-grade propylitic shell typically found around porphyry copper systems. The combined magnetic and soil anomalies which are interpreted to indicate shallow porphyry mineralization are over 1,000m in diameter. The hole was collared on the edge of these anomalies to also intersect a 3DIP anomaly from 170m onwards. HOP21-DDH-06 successfully tested all three datasets and how they relate to potential porphyry mineralization. There was no clear source for the 3DIP anomaly, which was intersected from 170m onwards.
Table 1. Drill results of HOP21-DDH-06.
1True width of drill intercepts unknown.
2Assumptions used in USD for the copper equivalent calculation were metal prices of $3.00/lb Copper, $1,300/oz Gold, $18/oz Silver and recovery is assumed to be 100% as only preliminary metallurgical test data is available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.6319) + (Silver (g/t) x 0.0087).
3Recalculated to account for a total of 0.7m recovery. The unrecovered interval was assumed to be unmineralized. The following formula was used: (recovered interval / unrecovered interval) * original value.
Table 2. Drill collars (UTM Zone 8N) as surveyed with dGPS.
Updated investor presentation
An updated investor presentation is available through the following link: CAVU Corporate presentation.
QAQC and Data Verification
The current drill samples have analyzed by MS Analytical Langley, an ISO 9001:2008 certified laboratory. Quality assurance and control (QAQC) is maintained at the lab through rigorous use of internal standards, blanks and duplicates. CAVU adds another 5% QAQC samples consisting of standards, blanks and field duplicates. The QAQC samples that return unacceptable values trigger investigations into the results and re-analysis of samples that were tested in the batch with the failed QAQC sample.
Roger Hulstein, P. Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within the news release.
About CAVU Mining Corp.
CAVU Mining Corp. is a mining company engaged in the acquisition, exploration and development of mineral projects containing metals used in green technologies and the renewable energy sector. The Company is currently focused on the exploration of its Hopper Copper-Gold Project in Yukon and continues to evaluate complimentary mineral projects in mining-friendly jurisdictions.
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Jaap Verbaas, P.Geo.
CEO and Director
CAVU Mining Corp.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission and the Ontario Securities Commission.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98803