District Copper Announces Prospecting and Sampling Results From Stony Lake Gold Project
TSX VENTURE: DCOP
VANCOUVER, British Columbia, Aug. 07, 2019 (GLOBE NEWSWIRE) -- District Copper Corp. (“District Copper”, “District”, or the “Company”) (TSX-Venture: DCOP) is pleased to announce analytical results from the recently completed prospecting and sampling on its 100% owned Stony Lake East gold project.
District’s Stoney Lake Project is located within the Cape Ray/Valentine Lake structural trend in Central Newfoundland - Canada’s newest emerging orogenic gold district. The Stony Lake project covers 27 kilometers of this favourable trend between Sokoman’s Moosehead discovery to the northeast and the Twilight zone to the southwest.
- Eight areas of highly anomalous to low grade gold mineralization have been identified.
- The gold mineralization is hosted in quartz feldspar porphyry, pyrite, and arsenopyrite bearing reduced sandstone, quartz stockwork, and quartz veins.
- The gold mineralization exhibits arsenic-antimony-molybdenum geochemical associations with a high gold to silver ratio.
- The gold mineralization is characterized by sericite, silica, ankerite, carbonate, and chlorite alteration typically as pervasive alteration and envelopes around quartz stockwork and quartz veins.
- Pyrite and arsenopyrite (1-3% total sulphide) are common to the gold mineralization in all samples containing greater than 50 parts per billion (“ppb”) gold.
Jevin Werbes, District Copper President & CEO, comments: “the analytical results and features common to the gold mineralization located to date suggest the potential for a number of different gold environments including a sediment-hosted, intrusion-related style orogenic gold environment. Sediment hosted intrusion related gold deposits are large tonnes, lower grade deposits such as Muruntau in Uzbekistan. We look forward to the next phase of the program which will be include compilation of the rock sampling results with the structural and alteration data from the airborne survey currently underway.”
The gold mineralization shows a crude correlation with pathfinder elements typical of orogenic gold deposits. The statistical data for gold and pathfinder elements for all samples collected are listed in the table below.
|MIN||< 5||1||< 0.1||< 0.1|
ppb=parts per billion, (ppm)=parts per million, detection limit for gold is 5 ppb. Numbers in the above table have been rounded.
The statistical analysis by lithology for samples containing greater than 50ppb gold are listed below.
QFP=Quartz Feldspar Porphyry, (ppb=parts per billion, (ppm)=parts per million. Numbers in the above table have been rounded.
Preliminary Interpretation of Sampling Results:
The property is covered by glacial overburden, swamp, and thick forest with outcrop and subcrop exposure estimated to be less than 1%.
The distribution of the zones of anomalous (greater than 50 ppb) to low grade gold mineralization suggest a northeast-southwest trending corridor located close to the western side of the property. Sampling to the west (Twin Pond area) and east (Moccasin Lake area) of the corridor returned low (less than 20 parts per billion (“ppb”) gold) concentrations of gold. A brief description of the zones is provided below.
In the northern portion of the corridor, three northeast-southwest trending parallel zones (approximately 400 m apart) of anomalous to low grade gold mineralization have been identified. The first zone (600 m by 200 m) is located on the recently acquired Duffitt claims and is open along strike to the northeast and southwest. The second zone (1,600 m by 600 m) located approximately 400 m west of the Duffitt zone is also open to the northeast and southwest. The third zone, located approximately 400 m west of the second zone, is a 6,000 m long, linear, northeast-southwest trend hosting five areas of anomalous to low grade gold mineralization. This zone appears to be associated with a prominent northeast-southwest trending topographic lineament - a possible fault zone. The northeast end of zone 3 is referred to as the Rabbit Tracks area. The gold mineralization in this area is open to the northeast.
To the southwest of Zone 3, the work completed around Frenchman’s Pond has located anomalous to low grade gold mineralization over an area of 1,400 m by 400 m and, in the area south of Tumbler Lake, over an area of 400 m by 200 m. Both zones remain open along strike to the northeast and southwest. Three other areas (2-3 samples) with anomalous gold values - Caters Pond (52-383 ppb gold), Island Pond (86-489 ppb gold), and Big Rocky Pond (801-4,026 ppb gold) have been identified that require additional prospecting and mapping. The south end of the property has not been prospected.
The geochemical signature accompanying the anomalous to low grade gold mineralization includes combinations of arsenic, antimony, tin, and molybdenum. The gold mineralization is hosted in quartz feldspar porphyry dikes/stocks, sheeted vein/stockwork veinlets, and reduced sandstones, all of which contain variable concentrations (1-3%) of disseminated pyrite and arsenopyrite. Stibnite and galena have been observed at several occurrences in the field.
Analytical and Sampling Procedures:
Outcrop sampling (286 samples), as well as mapping lithologies, alterations, and styles of mineralization was completed. Selected rock chip samples were collected from outcrop to characterize the precious and base metals and trace element geochemistry present in veins, other mineralized structures, and outcrops. Outcrop exposures within the areas sampled are estimated to be less than 1%. The samples were shipped to Bureau Veritas Mineral Laboratories in Vancouver, British Columbia.
Samples were prepared using Bureau Veritas’s code PRP70-250. Procedure Code FA430 was used to determine gold concentrations and Procedure Code AQ201 was used to determine base and other trace elements (36 elements).
Elmer B. Stewart, MSc. P. Geol., a Director of District Copper, is the Company’s non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information disclosed in this news release.
About District Copper
District Copper is a Canadian company engaged in the exploration for gold deposits in Newfoundland and Ontario and copper-gold deposits in northwestern British Columbia. The acquisition of the Stony Lake gold project establishes the company as a major land holder in one of North America’s most exciting new gold camps.
For further information, please visit www.districtcoppercorp.com to view the Company’s profile or contact Jevin Werbes at 604-620-7737.
Jevin Werbes, President & CEO
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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release is not for distribution in the United States or over United States newswires.
Cautionary Statement on Forward Looking Statement
Certain information contained in this news release, including information as to our strategy, projects, plans or future financial or operating performance and other statements that express management’s expectations or estimates of future performance, constitute “forward looking statements”. Actual results may differ materially from those indicated by such statements. All statements, other than historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. 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.
Forward-looking information in this news release includes statements regarding: gold mineralization being traced in outcrop over a horizontal distance of 6,000m, the areas of anomalous to low grade gold mineralization being outlined, comments related to sediment hosted intrusion related orogenic gold deposits, and the approximate dimensions of the mineralized zones.
In connection with the forward-looking information contained in this news release, District Copper has made numerous assumptions regarding, among other things: the geological advice that District Copper has received is reliable and is based upon practices and methodologies which are consistent with industry standards and the reliability of historical reports. While District Copper considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause District Copper’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the dimensions and shape of the mineralized areas may not be as estimated; the mineralization may not represent sediment hosted intrusion related style gold mineralization; uncertainties relating to interpretation of the outcrop sampling results; the geology, continuity, and concentration of the mineralization; the financial markets and the overall economy may deteriorate; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing District Copper is disclosed in District Copper's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and District Copper disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.