universal intersects 257.61 m of 0.488% copper within 394.82 m at 0.413% copper at poplar property
- 0.413% Copper Mineralization over 394.82 metres
Vancouver, British Columbia, October 16, 2019 - Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA1) is pleased to release the results from Drill Hole (“19-PC-129”) from its 62,000 hectare Poplar copper property, southwest of Houston, British Columbia.
The purpose of 19-PC-129, drilled at an angle of -80o, was to test the main Poplar deposit to depth. The hole was successful with continuous copper mineralization from 48.8 metres through to a major shear zone fault at 538 metres.
The full interval averaged 0.362 % copper over 489.2 metres with a higher-grade interval of 0.488% copper between 230.36 metres and 487.97 metres within a larger interval of 0.413% copper between 143.18 and 538 metres. The hole was terminated at 551 metres on the other side of the shear zone fault. Further exploration needs to focus on locating the copper mineralization below the fault.
Table 1. 19-PC-129 Intersections
|
m from |
m to |
m interval |
% Cu |
% Mo |
g/t Au |
g/t Ag |
|
48.80 |
538.00 |
489.20 |
0.362 |
0.012 |
0.11 |
2.22 |
|
143.18 |
538.00 |
394.82 |
0.413 |
0.013 |
0.12 |
2.27 |
|
48.80 |
143.18 |
94.38 |
0.152 |
0.008 |
0.04 |
2.06 |
|
143.18 |
230.36 |
87.18 |
0.259 |
0.011 |
0.08 |
2.12 |
|
230.36 |
487.97 |
257.61 |
0.488 |
0.016 |
0.14 |
2.42 |
|
487.97 |
538.00 |
50.03 |
0.324 |
0.002 |
0.12 |
1.92 |
Clive Massey, Universal Copper’s CEO, stated: “We are ecstatic to have intersected strong consistent copper mineralization through the length of the drill hole until terminated by the newly discovered shear zone fault. As mineralization was consistent until just above the fault, we believe the copper mineralization was displaced below the fault and Universal will focus on locating the displaced block.”
Mineralization consists of pyrite, chalcopyrite and molybdenite, with pyrite being the dominant sulfide, though in places chalcopyrite content exceeds pyrite content. Pyrite and chalcopyrite occur as disseminations, stringers, veins and veinlets. Molybdenite, where observed is almost exclusively associated with quartz-sulphide veins, typically pyrite and chalcopyrite, but sphalerite was also present in several veins.
Table2. 19-PC-129 Statistics
|
% Cu |
% Mo |
g/t Au |
g/t Ag |
|
|
Max |
1.320 |
0.086 |
0.445 |
18.000 |
|
Min |
0.001 |
0.000 |
0.001 |
0.040 |
|
Median |
0.346 |
0.009 |
0.111 |
1.510 |
|
Mean |
0.347 |
0.012 |
0.106 |
2.228 |
The geochemical statistics for hole 19-PC-129 are shown in Table. 2. The hole was sampled continuously from the top of bedrock at 24 metres to the bottom at 551.38 metres resulting in 210 samples. Individual sample intervals ranging from 0.56 metres to 3.34 metres. Because of the disseminated nature of the mineralization at the Poplar Deposit, it is not possible to make a statement as to the true width for hole 19-PC-129.
About the Poplar
The Poplar copper deposit hosts an historical indicated mineral resource of 131 million tonnes grading 0.31 per cent copper, 0.009 per cent molybdenum, 0.09 gram per tonne gold and 2.39 grams per tonne silver, and a historical inferred mineral resource of 132 million tonnes grading 0.27 per cent Cu, 0.005 per cent Mo, 0.07 g/t Au and 3.75 g/t Ag has been identified through the drilling of 147 historical holes.
These historical indicated and inferred resources were disclosed by Lions Gate Metals Inc. in its technical report dated March 30, 2012, prepared by Gary Giroux, PEng.
To determine the historical resource, a 3-D solid was constructed to constrain the mineralized area, using a 0.1-per-cent-copper-grade shell as a guide. Large internal waste zones were modelled as were some larger-post mineral dikes. Of the total database, 129 drill holes totalling 37,205 metres were within the mineralized zone and were used to estimate the resource. Drill holes were compared with the mineralized solid, and assays were tagged if inside. Copper, molybdenum, gold and silver assays within the mineralized solid were capped at 1.4 per cent Cu, 0.14 per cent Mo, 0.34 g/t Au and 41 g/t Ag, respectively. Five-metre composites were formed and used for variography.
For this estimate and to aid with some preliminary planning, the blocks were reduced to five by five by 10 metres in dimension and were estimated for Cu, Mo, Au and Ag by ordinary kriging. The historical resource is classified as indicated and inferred based on each block's proximity to data and the grade continuity. The historical indicated and historical inferred resource uses the categories set out in Section 1.2 of National Instrument 43-101.
Universal will need to review and verify the historical drilling database and twin a number of the existing drill holes to bring the historical resources current. Investors are cautioned a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and therefore Universal is not treating the historical estimate as current mineral resources or mineral reserves.
QA/QC
The entire length of core for 19-PC-129 was sawn and sampled at continuous 3 metre or less intervals, with several samples taken at shorter or longer intervals based on apparent lithological, alteration or mineralization contact. The program was supervised by independent geologist Lorie Farrell, P.Geo. Half of the core was bagged, sealed and securely stored until shipment to the laboratory. The other half was retained in a secure storage location. Certified reference standards, dolomite blanks and sample duplicates were placed in the sample stream of each drill hole alternating at every 10th interval. The secured and sealed samples were packed into rice bags, sealed and securely stored until they were turned over to the local trucking company for transport to the ALS Minerals Laboratory ("ALS") prep lab in Terrace with the resulting pulps sent internally to the ALS Mineral Laboratory in North Vancouver, B.C. The Terrace prep lab and the North Vancouver lab hold an ISO/IEC 17025:2005 accreditation.
All core samples were analyzed utilizing ALS's MEICP-61 procedure, a four-acid digestion of a one-gram sample with an ICP finish. All core samples were also analyzed utilizing ALS’s Au-ICP21 procedure, a 30-gram gold fire assay with an ICP-AES finish.
In addition to Universal’s third-party standards, a routine quality assurance/quality control (QA/QC) procedure monitored the analytical quality at the lab. Certified reference materials (CRMs), pulp duplicates and blanks were inserted into each lab batch of samples. The Universal and ALS Lab QA/QC data showed no irregularities.
Qualified Person
R. Tim Henneberry, P.Geo. (BC) and Universal’s geologist, is the Qualified Person who has reviewed and approved the technical content of this news release.
For additional information, please visit the Company's website at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Clive Massey”
Clive H. Massey
President & CEO
For further information, please contact:
Investor Relations
Phone: (604) 341-6870
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.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Universal Copper Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.