Hi Bill;
Here is Copperhill's latest press release...looks very interesting...any comments on this?
Copper Hill Corporation
Mailing Address: 24 Vancouver St., St. John's, NF A1A 2R6
Office: Suite 303, 49-55 Elizabeth Ave., St. John's, NF A1A 1W8. 709-739-4780; 709-739-4785 (fax)
RELEASE 99-03
May 5, 1999
STOCK SYMBOL: CUHL (CDN)
SHARES OUTSTANDING:16,647,140
(FULLY DILUTED: 17,751,140):
FOR COPPER HILL CORPORATION
RE: EXPLORATION UPDATE: TIM'S COVE GOLD PROJECT
DISCOVERY OF POTENTIALLY LARGE SCALE EPIGENETIC GOLD SYSTEM
Copper Hill Corporation ("Copper Hill") is in receipt of the Second Year Mineral Assessment Report on its 100%-owned Tim's Cove Project. The Tim's Cove Property is located in north-central Newfoundland, approximately 50 km N of Gander and 15 km N of the community of Clarkes Head, Newfoundland. The Report was prepared by its Consultant Geologist, Dr. Derek Wilton, P.Geo. and its Project Geologist, Robert Taylor. As previously reported, the Tim's Cove property hosts an undeformed epigenetic quartz vein system with widths varying between 0.6 and 4.5 m over the 1 km long exposure. The vein is hosted by a plug of the Devonian Charles Cove granodiorite. Assays for representative grab samples from the vein system taken during the 1997 exploration program yielded values up to 14.56 g /t Au and 451 g/t Ag. Local sericitic alteration of the host granodiorite in proximity to the vein was also noted during the 1997 program.
The main focus of the 1998 exploration program was to further characterize the setting and hopefully expand the known area of mineralization. An exploration grid with a 1.4-km long north-south base-line was cut over the trace of the quartz vein, followed by a detailed mapping, prospecting, B-horizon soil geochemical survey, panned steam sediment sampling, and a Max-Min geophysical survey. Detailed mapping over the grid revealed that it was underlain dominantly by fine- to medium-grained granodiorite intrusive into thinly bedded argillites and siltstones. The contact between the two is frequently marked by an intrusive breccia zone and hornfels alteration is locally developed within the sedimentary rocks. The quartz vein has many offshoots that are subparallel to the main vain. The vein locally hosts up to 1 % arsenopyrite.
Prospecting along the grid led to the discovery of three new mineralized zones outside of the main vein. The "Gina" indication is a 50-75 cm wide offshoot vein from the main vein that is surrounded by 60 cm wide massive arsenopyrite selvages. These selvages assayed at 0.94 - 1.98 g/t Au. The "Berni" indication is an overburden-covered pod of massive arsenopyrite hosted by sheared and sericitized granodiorite. An assay of 2.3 g /t Au over 80 cm was derived for this pod. The "X-Zone" is an irregular (up to 75 m by 25 m) zone of bleached granodiorite with silicification, sericitization and up to 5% disseminated arsenopyrite. Anomalous Au values up to 0.12g/t were derived for grab samples from this zone. The discovery of these three zones indicates that auriferous mineralization on the property may be present in the host granodiorite external to the main quartz vein.
The B-horizon soil geochemical survey (72 samples collected) conducted over the 1.4 km exploration grid produced encouraging results, showing highly anomalous gold-in-soil values to 0.77 g/t Au and 0.8 g/t Ag. These values defined two zones each approximately 650 x 250 m in area which are separated by approximately 200 m of bedrock (see Tim's Cove maps on our website). Rock samples from this area yielded values of up to 2.36 g/t Au and 2.0 g/t Ag, and quartz veins from this exploration area, as previously reported, returned values of 7.15 to 14.56 g/t Au and 451 g/t Ag.
A panned stream sediment sample, one of seven collected from two small streams partially draining the property, produced Au assay of 1594 ppb. This particular sample was collected from a site 200 m south of the grid base-line suggesting a possible extension of the main vein zone.
The very encouraging results suggested by these new data which indicate the potential for economically exploitable gold-silver mineralization, have prompted Copper Hill to seek a joint-venture partner to assist in the further exploration of this large target area.
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.
Earl R. Benson, President |
