VANCOUVER, British Columbia, March 28, 2019 (GLOBE NEWSWIRE) -- Deer Horn Capital Inc. (CSE: DHC, OTCBB: GODYF) (the “Company” or “Deer Horn”) has provided an update on its considerations for the 2019 exploration season at the Company’s Deer Horn Property in west-central British Columbia. The Deer Horn Property is located 36 kilometers south of the Huckleberry copper-molybdenum mine.
In addition to previously reported work towards pre-feasibility on Deer Horn’s silver-gold-tellurium resource, the Company is also examining options for exploring the property’s copper porphyry targets.
As part of this process, management is reviewing current and historic information including the Preliminary Economic Assessment (PEA) of May 2018 and an aeromagnetic survey flown by Precision Geosurveys in April 2012. Both reports concluded that key porphyry targets warranted further exploration.
“We’ve wanted to revisit our copper porphyry targets for some time,” said Deer Horn CEO Tyrone Docherty. “We know the world will need more and more copper, and the industry is hungry for large, porphyry-type deposits in stable political jurisdictions to meet those needs. Copper adheres to our vision of supplying metals for technology and a low-carbon economy, as it remains essential for electric vehicles, wind turbines, solar energy and virtually all electronics including smart phones and computers. We see no end in sight to the growing demand.”
Here are the two key copper targets at the Deer Horn property, as outlined in the May 2018 PEA.
Pond and H-Spot Copper Porphyry Targets
The 2018 PEA reported previously unknown copper and copper-gold porphyry targets at the head of the valley northwest of the silver-gold-tellurium resource area, noting: “…prospecting and surface sampling identified several porphyry-style showings...The Pond and H-Spot showings are discoveries of bulk tonnage, porphyry-style "copper+/-gold+/-silver mineralization and associated alteration.”
Grab and channel samples collected from the two showings graded from 18.5 to 4240 ppm Cu, from 0.06 to 6.6 ppm Ag and from <5 – 24 ppb Au. The full dimensions of the H-Spot showing are unknown because it has been covered by snow pack and glacial debris. Due to climate change, however, more of this zone is becoming accessible each year.
The PEA concluded: “These new showings, and their broad distribution, may be evidence of a largely hidden porphyry copper system.”
Kenney Lake Copper-Gold Porphyry Target
The other key porphyry target is located near Kenney Lake in the northeast area of the Deer Horn Property. This target was first discovered through the 2012 aeromagnetic survey. A subsequent interpretation report of the survey by E. Trent Pezzot, P.Geo. of Geosci Data Analysis noted:
“A strong magnetic anomaly located immediately southwest of Kenney Lake on the lower slopes of Lindquist Peak forms the best new exploration target in the survey area.”
The surface footprint of this anomaly stretches approximately 1.5 kilometers long with a width of at least 750 meters.
“This target,” adds the aeromagnetic interpretation report, “likely represents an intrusion and associated alteration zone. This geological environment could host several different types of mineral deposits, including large porphyries and/or more localized skarns, stockworks or vein systems.”
The 2018 PEA followed up on the Kenney Lake aeromagnetic data, noting: “This area is underlain by rocks mapped as part of the Telkwa Formation (Hazelton Group)…Select grab samples graded from 10 to 4540 ppm Cu, from 0.07 to 7.72 ppm Ag and from <5 to 262 ppb Au.”
Dependent on future funding, Deer Horn management is considering exploration options for the property’s porphyry targets in 2019 and beyond.
Mr. Bob Lane, P.Geo., a consultant to Deer Horn Capital and a qualified person within the context of National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the technical data in this document.
About Deer Horn Capital
Deer Horn Capital is committed to exploring for, and providing, strategic and critical metals vital to a low-carbon economy and for the advancement of technology. The Company’s leadership has a track record of project monetization with a board and advisory group that includes industry leaders in finance, mineral property development, geology, mineralogy, solar power, engineering, research and First Nations engagement and economic development.
| On behalf of the board of directors of Deer Horn Capital Inc. “Tyrone Docherty” Tyrone Docherty President and CEO | For further information please contact: Tyrone Docherty 604.789.5653 tyrone@deerhorncapital.ca |
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event