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Vancouver, British Columbia--(Newsfile Corp. - April 9, 2021) - District Copper Corp. (TSXV: DCOP) ("District Copper" or the "Company") is pleased to provide this update on progress at the Company's Copper Keg project, located in the Kamloops Mining District, central BC. The acquisition reported by the Company on February 9, 2021 included 11 claims covering an area of 1329 hectares. The Company has since acquired, by staking, two additional claims bringing the total area of the property to 1759 ha.
The company is now moving ahead with plans for an initial exploration program. A geological crew will be mobilized to the property in early May to complete prospecting and mapping coverage of the entire claim block. This will be followed by a deep penetrating Induced Polarization (IP) survey. A Notice of Work for this survey has been filed with the BC Ministry of Energy, Mines and Petroleum Resources for the IP program.
District Copper President & CEO, Jevin Werbes comments, "Adding to our land package on this highly prospective property substantially improves our coverage of the target area. The upcoming field program is designed to expedite a thorough assessment the potential of the property."
About the Copper Keg Property:
District Copper can acquire a 100% right, title and interest in and to the Property for an aggregate payment of $105,000, the issuance of 7,500,000 fully paid and non-assessable shares and expenditures of no less than $200,000 on the property (see Company release dated February 9, 2021 for details). The agreement has been accepted for filing by the TSX Venture Exchange.
The property is underlain by Kamloops sediments, Nicola Group volcanics and intrusive phases of the Guichon Creek Batholith. These rocks have been intruded by several phases of late-stage quartz feldspar porphyry and mafic dikes. The Nicola Group volcanics are reported to be in fault contact with the Guichon Creek batholith, although there are indications from historic assessment reports that an intrusive contact is also a possibility.
The central portion of the Guichon Creek Batholith hosts the large porphyry copper deposit located in the Highland Valley currently being mined by Teck Resources Limited. This property is located at the northern boundary of the Guichon Creek batholith, and District intends to explore the property using the porphyry style copper deposits in the Highland Valley as its exploration model.
The property was explored intermittently between 1970 and 2012. The exploration work was mostly repetitive and sporadic in nature restricted to limited outcrop sampling, small scale soil sampling and geophysical surveys, mapping and prospecting focused mainly on two large zones of clay alteration. Several short diamond drill holes are reported to have been completed for which results are not available.
A preliminary interpretation of historic assessment data is indicative of the surface footprint of a buried porphyry copper system. The combination of Nicola Group volcanics and intrusive phases of the Guichon Creek Batholith intruded by late multi-phase dikes along with sporadic geochemical anomalies, hydrothermal clay alteration and primary and secondary copper mineralogy supports the interpretation of a leach cap resulting from the weathering/oxidization supergene enrichment process of primary copper sulphides. Limited rock and soil sampling has returned copper concentrations within the interpreted leach cap that range from 0.025 to 0.76%. The copper mineralogy, weakly anomalous copper-silver-molybdenum soil anomalies, alteration assemblage (ranges from argillic to potassic) and intense post intrusive hydrothermal clay alteration suggest a buried porphyry copper system at depth. The Nicola Group and Guichon Creek rocks exhibit intense hydrothermal clay alteration whereas the late-stage dikes appear to be relatively fresh; not affected by the hydrothermal clay alteration.
Chris Healey, P. Geo., a Director of District Copper, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information disclosed in this news release.
About District Copper:
District Copper is a Canadian company engaged in the exploration for porphyry-style copper deposits in British Columbia. The acquisition of the Copper Keg project allows the Company exposure to an early-stage copper exploration project with excellent infrastructure in central British Columbia.
For further information, please visit www.districtcoppercorp.com to view the Company's profile or contact Jevin Werbes at 604-620-7737.
Jevin Werbes, President & CEO
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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release is not for distribution in the United States or over United States newswires.
Cautionary Statement on Forward-Looking Statement
Certain information contained in this news release, including information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". Actual results may differ materially from those indicated by such statements. All statements, other than historical fact, included herein, including, without limitations statements regarding future production, 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.
Forward-looking information in this news release includes statements regarding gold mineralization being traced in outcrop over a horizontal distance of 6,000m, the areas of anomalous to low grade gold mineralization being outlined; comments related to sediment hosted intrusion related orogenic gold deposits and the approximate dimensions of the mineralized zones.
In connection with the forward-looking information contained in this news release, District Copper has made numerous assumptions regarding, among other things: the geological advice that District Copper has received is reliable and is based upon practices and methodologies which are consistent with industry standards and the reliability of historical reports. While District Copper considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause District Copper's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the dimensions and shape of the mineralized areas may not be as estimated; the mineralization may not represent sediment hosted intrusion related style gold mineralization; uncertainties relating to interpretation of the outcrop sampling results; the geology, continuity and concentration of the mineralization; the financial markets and the overall economy may deteriorate; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing District Copper is disclosed in District Copper's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and District Copper disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79869