Jun 02, 2017
Copper Reef Reports Drill Results of New Discovery Gold Zone
Copper Reef Mining Corporation (CSE: CZC) (the "Company") is pleased to announce the drill results on the New Discovery Zone from this past winters small drill program. The drilling carried on the Company's 100% owned North Star- Gold Rock Property was designed to follow up sampling at surface carried out this past summer which returned high grade values similar to the Gold Rock Veins 300 m to the west and 200 m south on a separate structure. Five samples collected during the summer prospecting and mapping program assayed between 63 g/t (1.83 oz/ton) and 93.44 g/t (2.73 oz/ton) with other samples in the 0.25 to 4.5 g/t gold range. The gold is generally coarse and not evenly distributed throughout the vein resulting in a pronounced nugget effect giving hit and miss assaying values of low to very high values.
In the middle and northern portion of the New Discovery Vein, drilling encountered significant veining and gold mineralization. Drill results from this area are:
Two previous holes returned values from this same area of:
Drilling at the north end of the exposed New Vein, where samples at surface had returned assays over 80 g/t gold failed to intersect significant veining at depth, returning values less than 1 g/t gold over narrow widths of less than 0.5 meters, suggesting the system pinches out in this immediate area.
At the south extremity of the exposed vein at surface, an old trench was found approximately 2 m by 3 m and 2.5 m deep, that exposes a near vertical 1.7 m wide vein dipping to the south. There is no historic record of this vein or trench. An attempt was made to drill beneath this trench in this winter's drill program, but a break down with the drill and ensuing spring thaw resulted in only the casing being put down before the remaining drill program had to be abruptly cancelled. This untested wide portion of the New Discovery Vein contains the strongest alteration and is wide open to the south. The Company plans to test this target area with the next drill program.
All core samples from the drill program where sent to TSL Laboratories in Saskatoon where they were subjected to Screen Metallic Assaying for gold, a standard procedure when dealing with coarse gold bearing veins. The procedure is: one half of the core was sampled and pulverized entirely and screened using a plus 150 mesh screen. (Coarse gold does not crush well not allowing an even distribution of gold throughout the sample after crushing); assaying the plus 150 mesh size separately will capture any larger flecks of gold. The 150 mesh size is then assayed with four 2 assay ton charges. The assays of the plus 150 mesh containing most of the coarse gold are combined with the assays of the finer material on a weighted average basis to arrive at an accurate value for the gold in the sample. This method captures all the coarse gold in the sample which commonly is not distributed evenly in the rock and can result in non-representative results using normal assaying of the crushed sample.
Commercially prepared standards representing 3 ranges of gold grades are inserted at intervals of 1 in 10 samples. A blank rock is inserted every 20 samples. Stephen Masson M.Sc., P.Geo. is the qualified person and was involved in the: overseeing of the drill program; collection of the samples and the preparation for shipment to the TSL lab in Saskatoon.
Gold Rock high grade veins have to date a known 200-250 meter strike length, which are open to both the north and south and at depth. Over 125 drill holes have been drilled to date in the Gold Rock veins and a new 43-101 resource estimate must be calculated. Selected drill holes from Gold Rock include GR-08-06 which returned assays of 24.14 g/t gold over 3.9 meters (12.8 ft.); GR-08-31 returned 81 g/t gold over 1.6 m ( 5.3 ft.); GR-08-41 returned 27.85 g/t gold over 2.4 m (7.9 ft.); GR-08-50 returned 104.39 g/t gold over 3.4 m (11.2 ft.); GR-08-59 returned 30.61 g/t gold over 2.4 m ( 7.9 ft.), GR-09-91 returned 15.95 g/t gold over 2.9 m (9.5 ft.). The New Discovery Vein lies on a different structure 300 m to the east.
Upcoming Summer Program
Given the encouraging results from this past fall's mapping and prospecting (Press Release October 4, 2016), a similar program of intense prospecting along refurbished grid lines will be carried out over the Gold Rock and Shower Gold structures, to develop drill targets for this fall and winter's planned drill program. Prospecting is also planned south of the New Discovery in an area that is poorly explored. Funding for the follow up drill program will require additional funding or more likely an option agreement with a third party which the Company is currently considering.
This prospecting, sampling and mapping are a preliminary phase to envelope the project to produce a New 43-101 that will include all six drill programs to build a resource estimate for both the North Star and Gold rock structures as well as outline further drilling on these deposits including the New Discovery Vein.
Stephen Masson M.Sc., P.Geo. President of Copper Reef is the Qualified Person under the provisions of National Instrument 43-101 for the Company and has reviewed and approved the contents of this news release.
ABOUT COPPER REEF MINING CORPORATION
Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral properties in northwest Manitoba and northeast Saskatchewan, Canada. All of the Issuer's properties are currently at the exploration stage. Our business plan is to acquire key properties enhance them or make a discovery and then to seek JV partners to further advance the projects. The Issuer has no long-term debt and has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan.
On behalf of the Board of Directors of
Copper Reef Mining Corporation
Stephen L. Masson M.Sc. P.Geo.
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
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