VANCOUVER, British Columbia, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Granite Creek Copper Ltd. (GCX.V) (“Granite Creek” or the “Company”) is pleased to announce it has secured a substantial historic database detailing exploration work conducted on the area now covered by the Company’s Stu Copper-Gold-Silver Project (“Stu” or the “Project”) by United Keno Hill Mines Ltd. (“UKHM”). As a result of acquiring this comprehensive exploration data, Granite Creek is well positioned to rapidly advance its target development and refinement work for exploration in 2019 in the high-grade Carmacks Copper District. The information consists of complete drill data from a 4,504 metre, 28-hole program including logs, assay results and lithology, plus historical trenching and sampling results including detailed geological mapping and key information on geology, structure and possible mineral controls.
The following provides a concise history and summary of the exploration work now in the Company’s possession. UKHM staked the area and carried out prospecting and reconnaissance soil sampling in the summer of 1976 as well as magnetic and VLF-EM surveys over selected areas. The historic Stu claims were staked in January 1977 to cover areas reporting anomalous in copper as determined by this program. During the 1977 season, UKHM competed soil sampling, as well as additional magnetic and VLF geophysical surveys. An Induced Polarization survey was carried out over several anomalous zones in 1978 and, the following year, 16 bulldozer trenches were excavated across four separate geochemical anomalies.
Follow up work in 1980 included 28 diamond drill holes totaling 4,504 metres. The full results of the 1980 drill program were not reported publicly, except for selective results filed for assessment. Highlights of the 1980 drill program included 3.44% Cu, 1.87 g/t Au and 13.37 g/t Ag over 13.5m in DDH 80-09, 3.51% Cu, 2.49 g/t Au and 18.35 g/t Ag over 13.5 m in DDH 80-14 and 2.80% Cu, 4.04 g/t Au and 17.42 g/t Ag over 12.5 m in DDH 80-18.
Mr. Timothy Johnson, President and CEO, stated, "Acquiring this database has confirmed our belief in the potential of the Stu project and greatly accelerates the Company’s planning for the upcoming field season. Advances made on other deposits in the Carmacks Copper District in the years since UKHM completed this work have led to a greater understanding of mineralizing controls to these high-grade copper-gold-silver deposits. The Company is now positioned to apply this knowledge in combination with modern exploration techniques to rapidly advance the Project and reveal its potential for new high-grade copper-gold deposits in the mining-friendly Yukon Territory. Additional news releases will be forthcoming as we announce the results of our ongoing work including compilation and modeling results, and 2019 exploration plans.”
About Granite Creek Copper
Granite Creek Copper is a Canadian exploration company focused on the 100%-owned Stu Copper-Gold-Silver project located in the Yukon’s Carmacks Copper District, which covers 111 square kilometres adjacent to Capstone Mining’s high-grade Minto Cu-Au-Ag Mine and Copper North’s advanced-stage Carmacks Cu-Au-Ag project.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading exploration companies with a portfolio of large, brownfields assets in established mining districts, adjacent to some of the industry’s highest-grade producers. Member companies include Granite Creek Copper (GCX.V) in the Yukon’s Carmacks Copper District, Metallic Minerals (MMG.V) in the Yukon’s Keno Hill Silver District, and Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana. Highly experienced management and technical teams at the Metallic Group have expertise across the spectrum of resource exploration and project development from initial discoveries to advanced development, including a demonstrated commitment to community engagement and environmental best practices. Each Metallic Group company is undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
Quality Control and Quality Assurance
Drill results are considered historic and have not been independently verified by Granite Creek Copper. Ms. Debbie James, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and she has reviewed and approved the technical disclosure contained in this news release.
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
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