To: Cyber Rock who wrote (37 ) 9/20/1999 10:23:00 AM From: Cyber Rock Read Replies (1) | Respond to of 123
Cooper Hill's last Press Release warrants another look! Copper Hill Corp. CUHL CDN copperhillcorp.com September 17, 1999Earl R. Benson , President of 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 to be sought by September 27, 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 presence of Ni up to 1.095 percent with Pt and Pd (167 ppb, 0.167 g/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. TEL: (709) 739-4780 Copper Hill Corporation FAX: (709) 739-4785