VANCOUVER, BC / ACCESSWIRE / June 28, 2017 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE: CBK) (OTC PINK: CPPKF) is pleased to announce that the Company aims to add a second diamond drill to the recently announced 1,500 meter July and August drilling program. The additional rig will enable the company to significantly increase the total meterage drilled this year and better define the geometry of the deposit.
As previously reported, the Company's objective for the Summer 2017 program is to drill step-out holes from the historical resource and to depth. Specifically, the program is designed to expand higher grade mineralization in the Main and North Zones. In the Main Zone, diamond drill hole PY11-16 returned 155 meters of 0.71% copper, 0.18 g/t gold, and 0.018% molybdenum starting at 94 metres, and bottoming in 34 meters of 0.844% copper. The bottom 10 meters of this hole, where 1% copper was intersected, is not in the historical resource model. There is not sufficient information available to determine the true width of this mineralized zone, so the additional drilling in this area will assist the company in better understanding the higher grade potential in the Main Zone. It is anticipated that drill holes REC-001, P-004 and P-007 will achieve a better understanding, and the depth of these holes will be determined as drilling occurs with visual inspection, however, it is envisaged that they will be at least 300 meters in depth. View drill maps on the company website and presentation located at www.copperbankcorp.com.
In the North Zone, the company will drill holes REC-002, P-005, and P-006, with the objective of further delineating near surface mineralization (near REC-002) and lateral extensions of the North Zone (P-005 and P-006) view maps. While total depth of these holes is estimated to be approximately 300 meters, visual inspection of the presence of copper mineralization will determine depth of drilling.
CopperBank Executive Chairman, Gianni Kovacevic, commented, "Having two drill rigs on site will enable our team to have a dedicated machine to each of the Main and North Zones. Our plan is to finance enough drilling to ensure the important holes in each zone are completed, then our team can assess results to determine where future meters should be focused. Subject to results, we believe an updated and more current mineral resource could be considered after this drilling season."
In conjunction with adding the second drill rig, the company proposes raising a minimum of $500,000 at 0.12 per share. It is anticipated that this placement should close in the near future.
About Pyramid
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, July 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 QP 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. Robert McLeod, P.Geo, and Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this release.
