Vancouver, British Columbia--(Newsfile Corp. - May 21, 2019) - Bell Copper Corporation (TSXV: BCU) ("Bell Copper" or the "Company") is pleased to provide an update from the Perseverance porphyry copper project, located in northwestern Arizona, USA.
- Assay results from drill hole K-20, drilled vertically to a depth of 1,319 metres, returned anomalous copper values averaging 415 ppm copper over 595 metres (using a 200 ppm copper cut-off grade), beginning at a depth of 683 metres (refer to Table 1). This long intercept of anomalous copper indicates that the hole intersected the peripheral part of a porphyry copper system.
- K-20 drilling in conjunction with the Magneto-telluric ("MT") data, collected by a previous Bell Copper joint venture partner, suggest that the centre of the porphyry copper system is located to the northeast of drill hole K-20, this is also verified by downhole acoustic televiewer ("ATV") measurements of fractures and vein-sets.
- An MT survey will be performed to close off the existing deep conductive anomaly prior to further drilling. Diamond drilling is expected to recommence shortly thereafter.
- Cordoba completes Phase 1 Earn In and has a 25% vested interest in the Perseverance project
K-20 Diamond Drill Hole
In January 2019, K-20 was halted at a depth of approximately 1,045 metres for further review of the geological and geophysical models (see Bell Copper January 21 2019 news release). In-depth discussions between Bell and geologists at Cordoba and HPX resulted in core drilling being recommenced at K-20 (see Bell Copper February 25 2019 news release) with the drill hole being advanced to a final depth of 1319 metres.
This second phase of K-20 drilling continued to encounter anomalous copper minerals comprising chalcopyrite, bornite, and chalcocite along with scattered molybdenite. Locally abundant milky quartz veins were seen, some carrying magnetite and virtually indistinguishable from quartz-magnetite veins in the footwall outcrops. An astonishing 30-centimeter-wide carbonatite dike, comprising calcite, apatite, biotite, and primary magnetite and carrying 0.3% of the combined rare earth elements cerium and lanthanum along with anomalous copper, was cut at a depth of 1108 metres. The carbonatite dike was haloed by fenite (K-feldspar) alteration resembling the K-feldspar envelopes surrounding chalcopyrite-pyrite veinlets elsewhere in K-20. Globally, carbonatites and porphyry copper deposits are not found together, so their occurrence together at Perseverance is enigmatic.
Figure 1 - Part of a 1.8 metre wide silica ledge carrying tennantite, sphalerite, galena, pyrite and chalcopyrite at a depth of 1276 metres.
**Mineralization in the photo is not necessarily indicative or representative of the mineralization hosted on the property**
In conjunction with the K-20 drilling, a downhole acoustic televiewer survey was performed. The resulting measurements of fractures and vein sets indicate the source of those veins is to the northeast of the K-20 drill hole.
K-20 is believed to be located on the periphery of a porphyry copper system, as indicated by a deep resistivity low located by a previous MT survey (see Figures 2 and 3). However, this survey, completed in 2017, did not close off this anomaly and did not extend as far to the northeast as the K-20 drill hole. Similar, large low resistivity anomalies are associated with major porphyry copper systems elsewhere.
The fact that all three drill holes with anomalous copper values (K11, K12A and K-20) show these values mid-way down hole suggests that the holes intersected either the distal edge of a copper shell or fault zones that channelled hydrothermal fluid away from the porphyry.
Figure 2: Plan map showing the location of drill hole K-20 relative to the MT anomaly.
Figure 3: View showing the location of drill hole K-20 relative to the MT anomaly that plunges gently to the NE. Noting that all previous drill holes were terminated before reaching the anomaly at depth.
Figure 4: Assay results from K-20 showing elevated copper values beginning at ~680 metres downhole depth.
A Magneto Telluric (MT) survey will be performed to close off the northeast end of the deep conductive anomaly originally identified in the previous MT survey performed in 2017. This area of the property has had no previous geophysical work. Core drilling will recommence shortly after analysis of the MT data.
Private Land Access Agreement & Purchase Option
As previously reported (see April 25 2018 news release). Bell Copper had entered into an access agreement and purchase option on private lands. Drill hole K-20 is situated on this land parcel. The Joint Venture has extended this access agreement and purchase option.
Joint Venture - Earn In
Bell Copper has received formal notification that Cordoba Minerals has exceeded the Phase 1 Earn in threshold of C$1,000,000. As a result, Cordoba Minerals now has a vested interest of 25% of the Perseverance project.
Never before has the Company had a clearer path toward discovering the concealed heart of the Perseverance porphyry copper system, nor has it had a partner more closely aligned with the Company's vision of what Perseverance represents. The K-20 core showed the most consistent copper mineralization and porphyry-style alteration yet found at Perseverance. The downhole televiewer data show that pyrite veins point northeast, and the previously disclosed kilometer-scale MT anomaly extends toward that area. The association of carbonatite and porphyry copper mineralization in K-20 may suggest that the Perseverance system tapped deeper into the Earth's mantle than average porphyry copper deposits.
Cordoba's pending MT survey is expected to identify both the place where that MT anomaly most closely approaches the surface and where it extends to depth. The follow-on drill program this summer is highly anticipated. - Dr. Tim Marsh, Bell Copper President & CEO
About Bell Copper
Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in a region responsible for 10% of the world's copper production: Arizona.
Perseverance Porphyry Copper Project
A primary focus for Bell Copper is the ongoing exploration and development at the Perseverance Porphyry Copper Project near Kingman, AZ, where we are pursuing the faulted-off top of a major porphyry copper system, the bottom of which is exposed in the foothills 8+ km west of the Company's property. The Perseverance project is under a Joint Venture - Earn In with Cordoba Minerals Corp..
The technical content of this release has been reviewed and approved by Timothy Marsh, PhD, PEng., the Company's CEO and President. No mineral resource has yet been identified on the Perseverance Project. There is no certainty that the present exploration effort will result in the identification of a mineral resource or that any mineral resource that might be discovered will prove to be economically recoverable.
On behalf of the Board of Directors of
Bell Copper Corporation
Timothy Marsh, President, CEO & Director
For further information please contact the Company
Tel: 1 800 418 8250
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Bell Copper operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.