Copperstone Resource AB (“Copperstone or “the Company”) now presents an operational update of on-going exploration work on the Copperstone project. During the last few weeks, the Copperstone project has progressed several steps in continuous investigation of a porphyry-style copper-gold mineralization system may underlay the Svartliden-Eva area.
The project team is currently evaluating significant and meaningful new geology / alteration data received from the first (1166m) and second (572m) inclined drill holes. The field activities are going well and the third drill hole has now commenced according to earlier communicated plans. Based on geological information there is conviction that a copper-gold-zinc porphyry-type system may lie somewhere in the central area between the two first drill holes. A summary of our progress to date is as follows:
The first deep drill hole was inclined at -70 degrees to the north-northeast and intersected the eastern extremity of an offshoot breccia-leakage zone at Svartliden. The drilled geology indicates a progressive outward zonation pattern ranging through the various complex hydrothermal alteration styles from phyllic to propyllitic. This drill hole was extended to 1166 m as zones of phyllic alteration, hydrothermal breccia and chalcopyrite-arsenopyrite veining were identified at 800m, and continued beyond as fine disseminations. The assay laboratory results from the first hole confirm a sporadic copper-gold zone intercepted from below 700m until just over 800m. This data ties in well with known hydrothermal breccia-hosted shallow copper-gold mineralization found previously around Svartliden. A select number of exploration data results from this drill hole COS 17353 are shown in the table attached. The best meters of cores at approx. 700-800 metres of length exhibits 0.72% Cu, 8 g/ton Ag and 0.1 g/ton Au (corresponding to 0.92 % Cueq at current spot prices **) and 0.63% Cu, 12 g/ton Ag and 0.2 g/t Au (corresponding to 0.98% Cueq**).
The second deep drill hole inclined at -70 degrees towards Eva to the south-southwest has intercepted various forms of phyllic-style alteration to approximately 380 m depth containing a few narrow zones of semi-massive pyrite veining. Towards the edge of the phyllic alteration zone the drill hole intercepted silica banding with adjacent hydrothermal breccia zones. From approximately 420-480 m zones of sphalerite and minor chalcopyrite mineralization associated with chlorite-epidote alteration and some hydrothermal breccia were found. Detailed analysis and testing of this second drill hole is now underway. Using knowledge from drill hole 1, the second drill hole was stopped at 572 meters as it appears to have been advancing outward away from the alteration center.
The third deep drill hole will focus on what is thought to be the central part of the hydrothermal-magmatic system. It has become clear that exploring through the thickest and most intense part of phyllic alteration may help locate a possible causative system at depth. The phyllic zone, and related breccia / intrusives, are interpreted at this stage to be a possible late stage effect that may connect downwards towards a causative intrusion. Such features are suggested to form late on in the life-span of a stock intrusion complex due to interaction with meteoric hydrothermal systems. It is envisaged that Svartliden may represent mineralization originating from deeper seated leakage around the margins of the phyllic mass, and the known gold-zinc mineralization at Eva may represent shallower mineralization resultant from meteoric fluid flows. With each new drill hole the potential genetic model for hydrothermal alteration and related substantial sulphide-based mineralization systems around Svartliden-Eva is evolving and constantly being refined and developed.
Continuous evaluation of the geological, alteration and chemical data sets at Svartliden-Eva is ongoing in order to develop a better understanding of the hydrothermal systems being investigated. All information, conclusions and recommendations will be published as a technical report once the three-hole drill campaign is complete and evaluated.
“We are very enthusiastic that we already in the first drill hole find evidence for a copper-gold mineralization at approximately 700-800 m core length at Svartliden. Attached assay data supports the model. We have received a large amount of new data from both the first two drill holes and the second hole could be terminated in a cost efficient way based on information from the first drill hole. It is with great expectations the Company now focus on the third drill hole which at present have reached approx. 300 m.” says Copperstone CEO Per Storm in a comment.
For further information, please contact Per Storm, Copperstone, +46 705 94 90 24, e-mail: per.storm@copperstone.se or refer to Copperstone Resources webpage: www.copperstone.se.
This press release contains insider information which Copperstone Resources AB is obliged to publish according to the EU market abuse regulation (MAR). The information was delivered by the above mentioned contact for publishing May 3rd 2017 at 07:30 CET.
Copperstone Resources AB (publ) is a mining exploration company focusing on the Copperstone project in the vicinity of the Skellefte field. This project has the potential to become one of the biggest base- and precious metal deposits in the Nordic Region.
Copperstone Resources has eight exploration tenements covering approx. 9260 acres and two mining concessions and one applied concession covering a total of 82 acres.
This press release have been revised and approved by the qualified person of the Company, Thomas Lindholm M Sc at GeoVista AB,
The share (COPP B) of the Company is traded on Nasdaq First North Stockholm with G&W Fondkommission as the Certified Adviser.
*) a glossary of geological term are found in the Copperstone Resource annual report of 2016 in Swedish.
**) In accordance with earlier communication, the Company has presented copper equivalents, i e metals converted into copper by using price assumptions; such a calculation is usually based on an underlying assumption of continuous mineralized zones, thus an assumption as such is not as representative for single deep drill holes and without other data points currently available. Reference numbers shall therefore be used with caution and rather as a guidance of potential contribution of the metals.
