Copper Ridge Update - Up to seven projects to be drilled in 2008
Fri Apr 11, 12:03 PM
ca.news.finance.yahoo.com
VANCOUVER, April 11 /CNW/ - Copper Ridge Explorations Inc. (the "Company") is looking forward to an exciting field season. Preliminary figures show that up to $3.0 million will be spent on the Company's projects in 2008, of which up to $2.6 million will be spent by other companies, our project optionees. With up to seven projects due to be drilled, most funded by our project optionees, Copper Ridge will enjoy excellent exposure to multiple discovery opportunities for gold, copper and tungsten in 2008.
The Babine Copper-Gold Porphyry Project, B.C., includes the optioned Nak and Dorothy porphyry deposits, plus a number of claims staked by Copper Ridge. On the Nak property, historical drilling has included 107 core holes for a total of 15,629 m. Highlights from the most recent drilling (mid 1990's) include 70.7 m grading 0.248% Cu and 1.166 g/t Au in hole 96-55; 12.5 m grading 2.614% Cu and 0.143 g/t Au in hole 96-58; 18.0 m grading 1.318% Cu and 0.203 g/t Au in hole 96-65; and 21.3 m grading 0.295% Cu and 1.059 g/t Au in hole 96-70. The Company has digitized all of the available historical drill information and is in the process of having an independent NI 43-101 report completed. In 2007, crews established an 85 kilometer grid covering an area of 40 square kilometers over both the Nak and Dorothy deposits. An IP geophysical survey, started in late 2007, will be completed as soon as snow conditions permit. The results of the IP survey will be used to plan a major drill test in 2008.
Copper Ridge's most recent acquisition, the Clear Lake zinc-lead-silver massive sulphide deposit, Yukon, was first explored in 1965. Drill programs in the late 1970's, 1980's and the early 1990's have included a total of 18,219 m in 71 drill holes. The Yukon Geological Survey Minfile database reports a "geological reserve" of 5,570,114 tonnes with an average grade of 11.4% zinc, 2.0% lead and 38.01 gpt silver. This resource is quoted here for historical information and it is not being treated as a current reserve or resource by the Company. The term "geological reserve" is not compliant with current accepted reserve and resource classifications as set forth by the Canadian Institute of Mining and Metallurgy Definition Standards. The reader is cautioned that it does not conform to National Instrument 43-101 requirements for reporting reserves and resources. It has not been verified by the issuer's qualified person and should not be relied upon. The Company has acquired most of the past exploration data on the property and is now in the process of compiling a digital database of the historical drill information. This will be used for the estimation of a National Instrument 43-101 compliant mineral resource and for planning a 2008 exploration program. The Company believes that there is excellent potential for the discovery of additional resources within the Clear Lake property.
Vale Inco ("Vale", formerly CVRD Inco), is currently earning an interest in the Company's Ironman Iron Oxide Copper-Gold ("IOCG") Project, Yukon. Initial work at the Ironman project resulted in the discovery of six significant showings of copper and local gold mineralization associated with iron oxide breccias and gabbro stocks overlying a partially defined gravity anomaly. The now fully defined gravity anomaly is approximately 4 milligals in strength and measures approximately 1.5 by 2 km. across the core. An IP survey defined several high chargeability anomalies that may be caused by source areas of disseminated metallic mineralization. In 2007, Vale completed a geophysical survey over the main Ironman gravity anomaly that confirmed Copper Ridge's earlier results. Vale plans to mobilize a drill into the property in early June, 2008, to complete a 1,300 m drill program.
The Yukon Olympic IOCG Project, Yukon, is under option to Richmond Capital Corp. Prior to Richmond's involvement with the project, Copper Ridge had defined two large gravity anomalies. At the eastern gravity target, the Company has defined two strong IP chargeability anomalies that occur within the area of the gravity anomaly. Richmond is in the process of seeking a listing on the TSX Venture Exchange. Their 43-101 report on the property recommends a 1,000 m drill test of the eastern gravity-IP anomaly, work which is expected to be carried out early in the 2008 field season.
The target at the Scheelite Dome Gold Project, currently under option to Riverside Resources, is an intrusion-related gold deposit similar to Fort Knox and/or Dublin Gulch. The Scheelite Dome Property covers approximately 10,300 hectares and is recognized as one of the largest intrusion-related gold systems in the Yukon. Previous drill highlights at Scheelite Dome include 6.4 m @ 7.09 gpt gold; 1.7 m @ 24.4 gpt gold; 7.7 m @ 3.67 gpt gold; 4.6 m @ 3.66 gpt gold; 5.9 m @ 2.46 gpt gold. Grab samples in excess of 100 gpt gold have also been obtained from outcrops on the property. In 2007, Riverside completed a five-hole, 601.42 meter program focused on the Aorta structural corridor. Results include several ten meter intervals of potentially ore grade gold mineralization and one high-grade interval. Riverside has made the second payment of 50,000 shares to allow it to continue with the project and must spend $650,000 by February, 2009 to maintain the option.
The Company's 100% owned Kalzas Tungsten Project, Yukon, is under option to Prospector Consolidated Resources Inc. Prospector must spend $750,000 in 2008 to maintain its option and is preparing for a major drill test of the property. It is expected that this program will be targeted towards the definition of a near surface resource in the higher grade central core of the deposit. It may also test for possible higher grade extensions of the deposit at depth, adjacent to the projected intrusive contact.
The Willoughby Gold-Silver Project, B.C. is under option to Bonterra Resources Inc. In 2007, an airborne magnetic-electromagnetic survey was flown over the property. The survey outlined the areas of known mineralization and defined some discrete conductors that may represent extensions of the known high grade gold-silver zones. Bonterra is in the process of listing on the TSX Venture Exchange. Once it becomes listed, Bonterra intends to carry out a 750 m drill program on the property, budgeted at $400,000 and scheduled for the summer of 2008.
The Joss'alun Copper Project, B.C., is currently under option to Lomiko Resources Inc. Lomiko completed a surface mapping and sampling program in 2007. Planning for an airborne geophysical program is underway and this survey should be completed in the spring. Lomiko is preparing a 43-101 report and plans to drill the property in the summer of 2008. Lomiko has also optioned the adjacent Imperial Metals ground and put the two properties together in what is now known as the Big Nak project.
At the Borealis Uranium Project, Yukon, an 1108 km airborne radiometric and magnetic survey defined a number of strong target areas. Follow-up mapping and sampling were carried out over just a few of these targets. Preliminary grab sample results, previously announced and ranging from 0.01 to 2.1% uranium, confirm the results from historical sampling, while soil and silt sampling results suggest there is excellent potential for new discoveries on the property.
The Company is seeking partners for its Ogopogo Gold Project, located just 4 km from the Teck Cominco-Sumitomo Pogo gold mine in Alaska, the Lucky Joe Copper-Gold Project south of Dawson, Yukon and the Borealis Uranium Project, mentioned above. The Company continues to work towards the acquisition of the Quitovac Gold Deposit in Sonora State, Mexico. The final issues are nearly resolved whereby Copper Ridge will have the opportunity to earn a 100% interest in this heap leach gold property.
In addition to these existing projects, Copper Ridge is continuing to search for new acquisition opportunities. With the strength of the Canadian dollar, foreign exploration has become more attractive. The Company's focus remains copper and gold exploration targets in Canada, the US, particularly Alaska, and Mexico. For more detailed information on the Company's projects, please visit: www.copper-ridge.com
The Company also reports the granting of 970,000 stock options exercisable at a price of $0.12 per share for a five-year period to directors, officers and employees of the Company. The stock options are subject to vesting as to 25% upon issuance and 25% each six months thereafter.
By exploring a broad array of projects, focusing on the right commodities in areas of high mineral potential in mining-friendly jurisdictions and by sharing the risks on some projects with joint venturers, Copper Ridge is exposing its shareholders to a greater chance for discovery.
TSX Venture Exchange - KRX Pink Sheets - CRXOF Berlin - 502845
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy
of this news release.
Contacts
Contact: Gerald G. Carlson
President & CEO
Copper Ridge Explorations Inc.
Suite 500 - 625 Howe Street
Vancouver
B.C.
V6C 2T6
Phone: (604) 688-0833
1-888-278-2288
Fax: (604) 688-0835
info@copper-ridge.com |
