Lorraine Copper Update on Lustdust Gold-Silver-Copper Acquisition
TSX VENTURE: LLC
Mr. William Morton reports:
Vancouver, BC / TheNewswire / August 12, 2016 - Lorraine Copper Corp. (the "Company") (TSX-V: LLC) is very pleased to report that shareholders of ALQ Gold Corp. (TSX-V: ALQ) ("ALQ") have approved the transfer of the Lustdust gold-silver-copper project to Lorraine Copper.
Pursuant to the definitive agreement, Lorraine Copper will purchase a 100% interest in the Lustdust project by: (i) issuing to ALQ 5.5 million Lorraine Copper common shares on closing, (ii) paying ALQ $50,000 in cash on closing and (iii) incurring $100,000 in exploration expenditures on the Lustdust project on or before 12 months from closing. The agreement concerning the Lustdust acquisition is still subject to regulatory approval.
The Lustdust project encompasses 20 mineral claims totalling 9,583 hectares located 150 km north of Fort St. James, BC. It is host to at least one mineralized carbonate replacement system identified as the Canyon Creek gold-silver-copper deposit. Carbonate replacement deposits (CRDs), are epigenetic, intrusion related, high-temperature sulphide-dominant Pb-Zn-Ag-Cu-Au-rich deposits. Limestone, dolomite and dolomitized limestone are the major host rocks.
Lustdust contains an NI 43-101 compliant mineral resource, known as the Canyon Creek deposit, completed by GeoSim Services Inc. in 2010. It contains an indicated mineral resource of 1,253,000 tonnes grading 1.33% Cu, 1.43 g/t Au and 33.0 g/t Ag with a copper equivalent cut-off grade of 1.0%. An additional 3,124,000 tonnes grading 1.12% Cu, 1.366 g/t Au and 25.4 g/t Ag is classified as inferred. The presently defined mineral resource extends some 600 m along strike and down dip and remains open in all directions.
Lustdust has notable drill intercepts such as 15 metres grading 24.04 g/t gold and 2.2% copper (hole 02-09); 9.7 metres grading 36.7 g/t gold, 182.6 g/t silver and 2.89% copper (hole 02-03); 59 metres grading 0.67 g/t gold and 0.80% copper (hole 01-44); and 5.0 metres grading 13.3 g/t gold, 899 g/t silver and 6.8% combined lead-zinc (hole 03-09).
J.W. Morton, P.Geo., is the qualified person, as defined by NI 43-101, who has reviewed and takes responsibility for this news release.
J.W. (Bill) Morton
President and CEO
Lorraine Copper Corp.
About Lorraine Copper
Lorraine Copper holds a 49% interest in the district-scale Lorraine property in a joint venture with Teck Resources Limited and a 49% interest in the Okeover (OK) copper-molybdenum project. Lorraine Copper, pending regulatory approval, will be acquiring 100% of the Lustdust gold-silver-copper project. For more information please visit the Company's website at www.lorrainecopper.com.
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
Paul Way, Business Development Manager (604) 681-7913 or Toll Free: (888) 656-6611
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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