Lorraine Copper Completes Acquisition of Lustdust Copper-Gold-Silver Property
22.09.2016 | Marketwire
Vancouver, September 22, 2016 – Lorraine Copper Corporation (TSX-V: LLC) (“Lorraine Copper”) announces that it has completed a purchase agreement with ALQ Gold Corporation (TSX-V: ALQ) (“ALQ”) concerning the Lustdust copper-gold-silver-lead-zinc project located in the Omineca region of BC. Lorraine Copper purchased a 100% interest in the Lustdust project by issuing 5.5 million shares to ALQ Gold and paying $50,000. Lustdust encompasses 20 mineral claims totalling 9,583 hectares located 150 kilometres north of the community of Fort St. James. It is host to at least one mineralized carbonate replacement system identified as the Canyon Creek copper-gold deposit. Carbonate replacement deposits (CRDs), are epigenetic, intrusion related, high-temperature sulfide-dominant lead-zinc-copper-silver-gold rich deposits often occurring as strataform “manto” bodies. Limestone, dolomite and dolomitized limestone are the major host rocks. Other styles of mineralization occurring on the Lustdust claims include porphyry-related copper-gold-silver skarn and quartz-sulfide veins containing appreciable values in silver and gold.
Notable drill intercepts at Lustdust include: hole 02-09 with 15.0 metres grading 24.04 g/t gold and 2.20% copper, hole 02-03 with 9.7 meters grading 36.70 g/t gold, 182.6 g/t silver and 2.89% copper, hole 01-44 with 59 meters grading 0.67 g/t gold and 0.80% copper and hole 03-09 with 5.0 meters grading 13.30 g/t gold, 899.0 g/t silver and 6.8% combined lead-zinc.
An NI 43-101 compliant mineral resource completed by GeoSim Services Inc. in 2010 and published on Sedar estimates that the Canyon Creek deposit contains an indicated mineral resource of 1,253,000 tonnes grading 1.33% Cu, 1.43 g/t Au and 33.0 g/t Ag with a copper equivalent cut-off grade of 1.0%. An additional 3,124,000 tonnes grading 1.12% Cu, 1.37 g/t Au and 25.4 g/t Ag is classified as inferred. The presently defined mineral zone extends some 600 m along strike and down dip and remains open in all directions.
The Lustdust claims are contiguous to the north and west of the Kwanika claims owned by Serengeti Resources Inc. (TSX-V: SIR) (“Serengeti”)
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Lorraine Copper
Lorraine Copper holds a 49% interest in the Lorraine copper-gold project in a joint venture with Teck Resources Limited and a 40% interest in the Okeover (OK) copper-molybdenum project, both of which have NI 43-101 compliant mineral resources. For more information please visit the Company's website at www.lorrainecopper.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
J.W. (Bill) Morton, P.Geo.
President and CEO, Lorraine Copper Corp.
Contact:
Lorraine Copper Corp.
Phone: (604) 681-7913, Toll Free: 888-656-6611
email: pway@eastfieldgroup.com