VANCOUVER, BC / ACCESSWIRE / January 10, 2018 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE: CBK; OTC PINK: CPPKF; FRA: 9CP) is pleased to report that it has reached an agreement to extend the exploration agreements on its 100% controlled Pyramid and San Diego Bay Projects with the subsurface owners, the Aleut Corporation.
The original exploration agreement signed with the previous operators on June 30, 2010 is now satisfied. As per the terms of the original option agreement, this would enable the Company to enter into a mine lease, or leases, on areas of the project lands. As no exploration occurred on the exploration lands in 2013, 2014, 2015 and 2016, it has been decided to extend the exploration phase of the agreement based on the parameters set below. The amended exploration agreement also establishes a new exploration project and parameters for the San Diego Bay Project. Detailed maps of the boundaries for the exploration lands of each project can be found on the Company's website www.copperbankcorp.com.
Details of the amended exploration agreement for each project include:
- For the Pyramid Project, the exploration agreement is extended for calendar years 2018 and 2019. CopperBank will make a minimum exploration expenditure of USD $1,000,000 for each year. On or before January 1, 2020, CopperBank has the option to enter into a mine lease for portions of the Pyramid exploration lands on the same terms set out in the original option agreement signed June 30, 2010;
- For the San Diego Bay Project, a new exploration agreement specific to this project is part of the extension and will be in effect for the years 2018, 2019 and 2020. CopperBank will make a minimum exploration expenditure of USD $300,000 for 2018 and 2019, and $500,000 for 2020. On or before January 1, 2021, CopperBank has the option to enter into a mine lease for portions of the San Diego exploration lands on the same terms set out in the original option agreement signed June 30, 2010.
CopperBank Executive Chairman, Gianni Kovacevic, commented, "We are very pleased to continue our partnership with the Aleut Corporation. Our continued alignment in the responsible advancement of both projects is demonstrated in this extension of the exploration phase of the original agreement signed in 2010 with the previous operators. As no exploration occurred on the projects in 2013, 2014, 2015, and 2016, it was very important to continue advancing the project."
Mr. Kovacevic further stated, "It should also be noted that we have now successfully completed the separation of the two projects on this vast land package. Pyramid and San Diego Bay each require different skill sets for their respective next steps. While we can continue to cost-effectively address future work programs from shared logistics, equipment and camp facilities, this updated structure will enable CopperBank to explore all options to unlock shareholder value in each project collectively or independently."
The Pyramid project is located on private property with the subsurface controlled by the Aleut Corporation, an Alaska Native-owned Corporation. Pyramid is a porphyry copper deposit containing a historical inferred mineral resource estimate of 122 million tonnes at 0.41% copper, 0.02% molybdenum, and 0.10 g/t gold (SRK, 2013) applying a 0.4% copper equivalent cut-off, divided into three main recognized zones: Main, North, and West. The mineralization is related to a multi-phased calk-alkaline intrusion, intruding sediments of Tertiary Age. The porphyry system is of a minimal extent of 1.5 square kilometres, displays a leached cap, phyllic, propyllitic and potassic alteration analogous to the other copper deposits of the circum-Pacific Belt. The observed mineralization consists mainly in disseminations of chalcocite, chalcopyrite and local molybdenite and sulphide veinlets. Bornite, malachite and chrysocolla are also reported as accessory minerals.
About San Diego Bay
The San Diego Bay project is located on private property and covers an area of 170 square kilometers with the subsurface controlled by the Aleut Corporation, an Alaska Native-owned Corporation. The lithologies are dominated by Tertiary andesitic porphyritic lava flows and volcaniclastics, minor dacite and rhyolite overlying Tertiary sediments and intruded by several felsic porphyritic intrusions. Alteration composed of iron oxides is characterized by deep, orangey colours spreading over several tenth of square kilometers. Historically collected pan concentrate sediments returned several copper (up to 0.24% Cu) and gold (up to 10 g/t Au) anomalies. Minimal historical exploration brought to light mineralized quartz veins and areas of highly clay/sericite/silica altered andesites. Gold values in collected rock samples reported up to 4 g/t Au and copper values as high as 16% Cu. Epithermal gold and copper porphyry mineralization will be the target of the future exploration programs.
About CopperBank Resources Corp.
CopperBank is a Canadian exploration mining company focused on energy-related metal exploration in the United States of America. The Company trades on the Canadian Securities Exchange (CSE) under the symbol "CBK." For more information on CopperBank visit our website at www.copperbankcorp.com.