Global Copper Group (ICU-V) Oct 11, '16 is pleased to announce the staking of an additional 5 mineral claims contiguous to, and surrounding, the patented mining claims recently acquired (see news releases dated September 6th and 13th, 2016). Cost of the transaction: $14,000.00 CDN (cost of staking) and 150,000 common shares.
The claims were staked during the visit to the Smith Cobalt and Proteus properties (see news release dated October 5, 2016). The properties: Kirk Lake, Smith Cobalt 2, and Smith Cobalt 3, are located southeast of Cobalt, Ontario, and cover approximately 1,240 acres (496 ha). This brings the total amount of property acquired in the Cobalt region to 712 ha (1,760 acres).
About the Properties
The Kirk Lake and Smith Cobalt extensions are located in the Cobalt, Ontario, region - an area with a long history of silver and associated cobalt production. The properties are underlain by a sequence of Archaean volcanics which are uncomformably overlain by Huronian sediments. These formations have been intruded by the Proterozoic-age Nipissing diabase sill. Faulting, on both a regional and local scale, has been found by surface mapping and in drill cores. Polymetallic veining, and especially pinkish-white carbonate veins, has also been reported. Thus, all the necessary geological components of accepted mineralization models for silver-cobalt have been identified on the properties.
In 2005, sampling by the Ontario Department of Mines found silver values ranging from 103 to 6,800 ppm on the Kirk Lake project. Additionally, historical data indicates that the property contains the southeasterly extension of the veins previously mined at the Deer Horn mine - reported to have produced approximately 11 million ounces of silver and 100,000 pounds of cobalt until 1966. Several of these silver and cobalt producing veins extend onto the properties.
"Global continues to build its portfolio in the Cobalt region by actively consolidating prospective claims in the area," states Dr. Andreas Rompel, President & CEO. "Geological and historical data indicates significant mineral potential on the newly acquired claims. As well, existing historic mining infrastructure on the ground will facilitate a rapid exploration program beginning in the next few weeks."
Jevin Werbes, Chairman of Global Copper Group, comments, "By utilizing contacts in Cobalt, Ontario, the company has significantly increased its project size. This is now one of the largest land packages among public companies that are entering the cobalt sector in the region. Global Copper is planning a name change to better reflect its direction into the exciting cobalt space."
Chris M. Healey, P.Geo., a Director of Global Copper Group, is the Qualified Person responsible for the technical content of this release and consents to its dissemination.
About Global Copper Group Inc.
Global Copper Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange (TSX VENTURE:ICU) focused on mineral exploration and development. The company plans to acquire, de-risk and advance assets in mining friendly jurisdictions prior to seeking joint venture partnerships.
On behalf of the Board of Directors
Dr. Andreas Rompel, President and CEO
Global Copper Group Inc.
www.globalcoppergroup.com
We seek safe harbor.
The company's profile may also be viewed on www.sedar.com.
Global Copper Group Inc.
Daniel Caamano
VP Corporate Communications
604.620.7737
Global Copper Group Inc.
Judy A. McCall
Corporate Secretary
604.620.7737
www.globalcoppergroup.com |
