Hi Bill;
Here is Copperhill's latest press release...a very interesting acquisition in light of the latest information that is coming out of Central Newfoundland re Phelps Dodge drilling .
FOR FURTHER INFORMATION PLEASE CONTACT:
Copper Hill Corporation
(709) 739-4780
(709) 739-4785 (FAX)
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: COPPER HILL CORPORATION
SHARES OUTSTANDING:16,647,140 (FULLY DILUTED: 17,751,140)
CANADIAN DEALING NETWORK SYMBOL: CUHL
AUGUST 17, 1999
Copper Hill Corporation Aquisition Of Powderhorn Lake
Property: A Recently Discovered Nickel Environment
ST. JOHN'S, NEWFOUNDLAND--Copper Hill Corporation ("Copper Hill")
is pleased to report that it has concluded an arms-length
agreement to acquire the highly prospective Powderhorn Lake
("Powderhorn") property which was held by a group of prospectors.
The Property consists of 83 mineral claims totaling approximately
5146 acres and is situated in the Central Mineral Belt of
Newfoundland, 17 km west of the Central Newfoundland community of
Grand Falls-Windsor, adjacent to the Trans-Canada Highway.
Consideration for the purchase to earn a 100 percent interest
calls for Copper Hill to make cash payments to the vendors of
$32,500 over two years, from December 15, 1999, and the issuance
of 200,000 treasury shares upon approval, with an additional
100,000 shares to be issued to the vendors by December 15, 2000.
The vendors will retain a 3 percent net smelter royalty (NSR) and
be issued an additional 100,000 shares at the commencement of
commercial production on the property. Copper Hill is required to
cause $300,000 in exploration expenditures by December 15, 2002
and to have at least one diamond drill hole within six months. The
Agreement is subject to Regulatory approval which is anticipated
by September 15, 1999.
Surface prospecting, trenching and sampling have returned values
to 1.1 percent Ni, 0.65 percent Cu and 0.09 percent Co. Two
previously drilled short prospector diamond drill holes with 13.65
m of continuous sampling yielded a total of 4.6 m semi-massive
sulphides grading greater than 1 percent combined Ni, Cu and Co.
This initial nickel discovery was not the result of systematic and
exhaustive exploration.
The Powderhorn mafic (gabbro, diorite) "dykes" appear to represent
a composite emplacement, a more lateral facies of the north-south
trending Twin Lakes Complex. The elongated Paleozoic (early
Silurian to Late Devonian) mafic pluton appears to have been
emplaced along a tectonic suture within the Exploits Subzone of
the Dunnage Zone. The implied deep magma sourcing may, in part,
explain the relative abundance of inclusion charged breccias.
Copper Hill's optimism is, in large part, based on the following
six factors: (1). The suggested deep source and large size of the
intrusive system; (2). A greater basicity as indicated by whole
rock geochemistry (11 wt percent MgO, uncorrected for L.o.I), the
presence of olivine, and Ni:Cu ratios greater than 1:1 and
approaching 3:1; (3). The probable presence of free pentlandite as
suggested by a sample with low sulphides ( 4.12 percent total S)
but high Ni (1.02 percent). This sample yielded the highest Pt and
Pd (0.028 oz/ton, combined); (4) the presence of flow aligned
globules of composite sulphides; similar textures have been
reported at producing nickel mines at Duluth, Sudbury and
Nor'ilsk, to name a few; (5). The presence of hybridized and
contaminated variants of gabbro; and (6). The presence of country
rock sediments, possible facies of the Ordovician-Roberts Arm
Group, which are extensively mineralized
(pyrrhotite-pyrite-sphalerite-chalcopyrite); through the suggested
brecciation-hybridization process, the Powderhorn mafics have been
extensively silicified and probably sulphurized.
Copper Hill which trades on the CDN holds a number of mineral
exploration projects in Newfoundland and Labrador. For further
information, please call 709-739-4780; fax: 709-739-4785, or visit
our web site home page at copperhillcorp.com to view associated
maps and data.
On behalf of the Board of Directors,
Earl R. Benson, President.
-30- |
