(TheNewswire)
September 6, 2018 / TheNewswire / Vancouver, B.C. – Lorraine Copper Corp. ("Lorraine Copper") (TSX VENTURE: LLC) (OTC: LRCPF) is pleased to outline an update on the company projects and activities. On August 28, 2018 Lorraine Copper Corp (“Lorraine Copper”) was approved for inclusion by Merchant Manuals and News Reports (formerly Moody’s). This event was the most recent action in a process designed to improve the ability of American residents to participate in the opportunities offered by Lorraine Copper. On July 24, 2018 the company was listed on the OTC-QB exchange under the symbol LRCPF and on August 20, 2018 its shares were accepted for DTC eligibility (Depository Trust & Clearing Corporation) for electronic clearing.
Lorraine Copper’s predominant focus is currently its 100% owned Stardust Project under option to Sun metals Corp (“Sun Metals”) where an extensive drilling program is underway. Stardust is a carbonate hosted replacement target type (CRD) that has been traced for at least 2,200 meters and which grades from high-grade gold silver veins in the valley through zinc and gold rich limestone hosted manto mineralization and then into copper–gold bearing skarn mineralization and finally porphyry copper-molybdenum-gold mineralization at higher elevation. The project, which encompasses 11,156 hectares (25,566 acres), is located in north central British Columbia approximately 250 kilometers northwest of the city of Prince George. The option agreement with Sun metals allows Sun metals to earn a 100% interest in Stardust (subject to a small royalty in favour of Lorraine) by spending $6 million and then issuing Lorraine 30% of its stock. A NI43-101 compliant resource calculation on a portion of the property including the Canyon Creek Skarn Zone was published in January 2018 as follows:
------------------------------------------------------ |Category |Cut off |Tonnes |Cu |Zn |Au |Ag | | | (% Cu) | |(%) |(%) |(g/t)|(g/t)| |----------------------------------------------------| |indicated|1.5 (eqiv)|985,000 |1.34|0.62|1.59 |36.8 | |----------------------------------------------------| |Inferred |1.5 (eqiv)|1,985,000|1.24|0.14|1.72 |30.5 | ------------------------------------------------------(1)The cut-off grade used in the resource estimate was 1.5% copper equivalent. Metal price assumptions for the copper equivalent calculation were $3.00/lb Cu, $1.25/lb Zn, $1,300/oz Au and $18/oz Ag. Adjustment factors to account for differences in relative metallurgical recoveries of the constituents will depend upon completion of definitive metallurgical testing. The following equation was used to calculate copper equivalence: Cu Eq = Cu + (Zn x 0.4167) + (Au x 0.6319) + (Ag x 0.0087). A cut-off grade of 1.5% Cu Equivalent represents an in-situ metal value of approximately $100/tonne which is believed to represent a reasonable break-even cost for underground mining and processing. These are not mineral reserves and no work has been completed that demonstrates economic viability at the Project.
Lorraine Copper Corp. began in 2008 when two 50% interests in the Lorraine Copper gold project then owned by Eastfield Resources Ltd and Lysander Minerals Corp. were merged into a new corporate spinco “Lorraine Copper Corp” to facilitate the consolidation of ownership in the project which was subject to an option agreement with Teck Resources Limited (“Teck”). In December, 2010 Teck completed a 51% interest earn-in in the Lorraine Project (located approximately 35 kilometers north of Stardust) having completed a required nine million dollar exploration expenditure. Teck continues to own a 51% interest and remains operator of the Lorraine project which encompasses approximately 39,046 ha (96,481 acres) and is host to several alkalic style porphyry copper-gold occurrences. A NI43-101 compliant resource calculation on a portion of the properly including the Upper and Lower Main Zones and Bishop Zone was published in May 2012 as follows:
-------------------------------------------------------------- |Category |Cut off|Tonnes |Cu |Au |Copper |Gold | | | (% | |(%) |(g/t)|(pounds) |(ounces)| | |Cu) | | | | | | |------------------------------------------------------------| |indicated|0.2 |6,419,000 |0.61|0.23 |86,031,000 |48,000 | |------------------------------------------------------------| |Inferred |0.2 |28,823,000|0.45|0.19 |286,029,000|181,000 | --------------------------------------------------------------A 0.20 % Cu cut-off is highlighted as a possible open pit cut-off, however, at this time no economic studies have been completed and an economic cut-off is unknown These are not mineral reserves and no work has been completed that demonstrates economic viability at the Project.
In addition to the Stardust and Lorraine projects Lorraine Copper owns a 100% interest in the Ok copper-molybdenum project located on the south British Columbia coast 20 kilometers north of the community of Powell River and encompassing an area of 6,313 hectares (15,259 acres). At Ok seven zones of porphyry copper-molybdenum mineralization have so far been identified along a six kilometer long corridor. A NI43-101 compliant resource for one of the zones (North Lake) was published on October 17, 2006. This resource is open in all directions and is as follows:
---------------------------------------- |Category|Cut off|Tonnes |Cu |Mos2 | | | (% Cu)| |(%) |(g/t)| |--------------------------------------| |Inferred|0.2 |86,800,000|0.31|0.014| ----------------------------------------A 0.20 % Cu cut-off is highlighted as a possible open pit cut-off, however, at this time no economic studies have been completed and an economic cut-off is unknown These are not mineral reserves and no work has been completed that demonstrates economic viability at the Project.
Lorraine remains financially stable with current assets including approximately $700,000 in cash.
Within the context of the requirement prescribed by NI 43-101 J.W.(Bill) Morton P.Geo and CEO Lorraine Copper Corp. takes responsibility for the content of this news release.
J.W.(Bill) Morton P.Geo., President
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
(604) 681-7913 or 1-(888) 656-6611 (Toll Free)
About Lorraine Copper: Lorraine Copper is a Canadian mineral exploration company that is acquiring and advancing copper, gold and molybdenum projects at intermediate to advanced stages that hold significant resources. Lorraine Copper currently owns three properties all of which have defined resources: Lorraine copper-gold (Joint Ventured with Teck Limited), OK copper-molybdenum and Stardust (under option to Sun Metals Corp.). For more information please visit the Company's website at www.lorrainecopper.com
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
Neither 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.
Copyright (c) 2018 TheNewswire - All rights reserved.