VANCOUVER, BC / ACCESSWIRE / August 14, 2017 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE: CBK) (OTC PINK: CPPKF) is pleased to announce that its technical team has completed a site visit to its 100% controlled Pyramid project. There are currently two diamond core drill rigs at the project completing the previously announced phase one Summer 2017 drilling program. After the site visit, it was determined that drilling should be expanded to include phase two proposed drill hole locations to assist in providing additional information. Subject to drilling results, the Company plans to update the historical maiden inferred mineral resource estimate from 2013. Consultants from SRK Consulting (Canada) Inc. ("SRK"), authors of the historical resource estimate, were also part of the recent site visit.
To facilitate the additional phase two drilling program, the Company announces a private placement financing of up to CDN $750,000 at 0.15 per share. Each common share will come with a full five-year warrant exercisable at 0.25 per share. If the common shares of the Company trade at 0.40 per share for twenty consecutive trading days, the Company can accelerate the conversion of these warrants.
Gianni Kovacevic, CopperBank Executive Chairman, comments, "The team's site visit was very informative. There were a number of professional geoscientists and engineers present to carefully consider the historical drilling results, the effectiveness of the current phase one drill program, and the rationale to expand and continue drilling."
The private placement is subject to the approval of the Canadian Securities Exchange and the securities will be subject to a four month and one day hold period under securities laws.
The Company intends to use the net proceeds from the private placement for the above-mentioned drilling program and for general working capital and corporate purposes.
The Pyramid deposit is a copper-molybdenum-gold exploration project where CopperBank has an option to earn a 100% interest. The project is located on private property with the subsurface controlled by The Aleut Corporation, an Alaska Native-owned corporation. Applying a 0.4% copper cut-off, Pyramid has a historic (SRK, June 2013) NI 43-101 resource estimate with inferred mineral resources of 122 million tonnes at 0.41% copper, 0.02% molybdenum, and 0.10 g/t gold. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources.
For more information on CopperBank Resources visit the website at www.copperbankcorp.com. Brigitte Dejou, P.Geo and Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this release.