Lorraine Copper Reports an Intersect of 100m Grading 5.0% Copper Equivalent In A Drill Hole at the Stardust Project
14.11.2018 | The Newswire
Vancouver, Nov 14, 2018 - Lorraine Copper Corp. ("Lorraine Copper" or the "Company") (TSXV: LLC) (OTCQB: LRCPF) is pleased to advise that Sun Metals Corp. ("Sun Metals" or the "Company") (TSXV: SUNM), who have the Stardust Property under option, has announced that the full mineralized intersection from diamond drill hole DDH18-SD-421 at the Stardust project in north-central British Columbia has now been completely assayed and has returned a total 100-metre intersection grading 2.51% copper, 3.03 grams per tonne (g/t) gold, and 52.5 g/t silver for a 4.99% copper equivalent (CuEq).The completed results from DDH18-SD-421 reinforce that drilling has intersected consistently stronger and more pervasive mineralization than historically encountered at Stardust by previous operators. The results further validate the Company is successfully tracking a major mineralizing fluid pathway toward the heart of this high-grade system.
New results include 29.1 metres of mineralization, grading 3.35% copper, 4.29 g/t gold and 65.7 g/t silver (See Table 1 and Figure 2). This intersect is down-hole from Stardust's previously reported best ever intercept, (see press release dated October 29, 2018). The 100-metre intersect also includes 22.8 metres of mineralized skarn alteration in the hanging wall of the massive sulphide that averages more than 1% copper equivalent. The mineralized interval in drill hole DDH18-SD-421 is in a newly identified mineralized area, outside of the current 43-101 resource estimate. See detail on the resource estimate at the end of this news release. Mineralization in this Canyon Creek Skarn zone extension remains open in all directions (See Figure 3).
The Company believes this drilling has revealed the distinct pattern of encountering larger bodies of more persistent and higher-grade mineralization closer to the source of the mineralizing fluids that formed the skarn system.
Table 1. Tabulated results from DDH18-SD-421
| Hole | From | To | Length | Copper | Gold | Silver | Zinc | Copper Equivalent |
| DDH18-SD-421 | 517.00 | 617.00 | 100.00 | 2.51 | 3.03 | 52.5 | 0.41 | 4.99 |
| Incl. | 539.80 | 617.00 | 77.20 | 3.11 | 3.74 | 64.9 | 0.53 | 6.19 |
| Incl. (3) | 539.80 | 576.30 | 36.50 | 3.88 | 4.47 | 84.6 | 1.06 | 7.79 |
| Incl. | 587.90 | 617.00 | 29.10 | 3.35 | 4.29 | 65.7 | 0.06 | 6.58 |
(1) Assumptions used in USD for the copper equivalent calculation were metal prices of $2.80/lb Cu, $1,200/oz Au, $15/oz Ag, $1.20/lb Zn and recovery is assumed to be 100% as no metallurgical data is available. The following equation was used to calculate copper equivalence: Copper Equivalent = Cu (%) + (Au (g/t) x 0.6252) + (Ag (g/t) x 0.007815) + (Zn (%) x 0.4286).(2) True widths of the reported mineralized intervals are not known. (3) Previously Reported
Further results for an additional 14 drill holes from the 2018 program are pending and are expected to be available for release by year end.
Much of the text and information in this news release was supplied to Lorraine Copper by Sun Metals and all technical aspects of this news release have been reviewed and approved by Ian Neill P. Geo., Vice President Exploration of Sun Metals, who is a qualified person as defined by National Instrument 43-101. G. L. Garratt, P. Geo., is the qualified person, as defined by NI 43-101, who has reviewed and takes responsibility for this news release.
Glen Garratt, P. Geo., VP, Director
Lorraine Copper Corp.
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
Lorraine Copper Corp.
(604) 681-7913 or (888) 656-6611 (Toll Free) or go to our website: www.lorrainecopper.com
About Lorraine Copper:
Lorraine Copper is a Canadian mineral exploration company that is acquiring and advancing copper, gold and molybdenum projects at intermediate to advanced stages that hold significant resources. Lorraine Copper currently owns three properties all of which have defined resources: Lorraine copper-gold (Joint Ventured with Teck Limited), OK copper-molybdenum and Stardust (under option to Sun Metals Corp.). For more information please visit the Company's website at www.lorrainecopper.com.
The Option Agreement
Pursuant to the terms of the Option, Sun Metals has the right to earn a 100% ownership interest in the Project by making five staged annual instalments of 500,000 Sun Metals common shares, and annual cash payments of a total of $375,000. Sun Metals must also spend $6 million on the Project by December 31, 2021. Sun Metals is the operator of the Project during the Option and must spend $500,000 before the end of 2017 (incurred) and $1,000,000 annually thereafter until the earn-in is completed. Upon earn-in, Sun Metals will issue top-up Sun Metal shares, up to a maximum of 51,873,599 Sun Metals Shares, in order for Lorraine Copper to own a total 30% interest in Sun Metals. Lorraine Copper will also hold a 2% NSR on precious metals and a 1% NSR on base metals, each of which may be bought down by Sun Metals by one half, with payment of $1.5 million per royalty.
Neither 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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
The Stardust Resource
Stardust is a high grade polymetallic Carbonate Replacement Deposit with a rich history. The Canyon Creek copper-gold skarn zone at Stardust was the subject of a NI-43-101 compliant resource estimate published by the Company in January 2018. GeoSim Services Inc. provided the following estimate.
Stardust Project - Canyon Creek zone Mineral Resource Estimate(1):
| Resource Category | Tonnes | Copper % | Zinc % | Gold g/t | Silver g/t | % Cu Eq |
| Indicated | 985,000 | 1.34 | 0.62 | 1.59 | 36.8 | 2.92 |
| Inferred | 1,985,000 | 1.24 | 0.14 | 1.72 | 30.5 | 2.65 |
(1)The cut-off grade used in the resource estimate was 1.5% copper equivalent. Metal price assumptions for the copper equivalent calculation were $3.00/lb Cu, $1.25/lb Zn, $1,300/oz Au and $18/oz Ag. Adjustment factors to account for differences in relative metallurgical recoveries of the constituents will depend upon completion of definitive metallurgical testing. The following equation was used to calculate copper equivalence: Cu Eq = Cu + (Zn x 0.4167) + (Au x 0.6319) + (Ag x 0.0087). A cut-off grade of 1.5% Cu Equivalent represents an in-situ metal value of approximately $100/tonne which is believed to represent a reasonable break-even cost for underground mining and processing. These are not mineral reserves and no work has been completed that demonstrates economic viability at the Project.
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| Table 1: 2018 Stardust Diamond Drill Hole Results | ||||||||||
| Hole | From | To | Interval(2) | Copper (%) | Gold (g/t) | Silver (g/t) | Zinc (%) | Lead (%) | Copper Equivalent (1) | Zone |
| DDH18-SD-406 | No Significant Value | HW Skarn | ||||||||
| DDH18-SD-407 | No Significant Value | HW Skarn | ||||||||
| DDH18-SD-408 | No Significant Value | HW Skarn | ||||||||
| DDH18-SD-409 | No Significant Value | HW Skarn | ||||||||
| DDH18-SD-410 | No Significant Value | HW Skarn | ||||||||
| DDH18-SD-411 | 174.70 | 189.10 | 14.40 | 1.32 | 1.03 | 22.9 | 2.12 | - | 3.05 | Canyon Creek Skarn |
| incl | 178.20 | 183.90 | 5.70 | 1.57 | 1.38 | 33.1 | 5.20 | - | 4.92 | |
| DDH18-SD-411 | 226.75 | 228.90 | 2.15 | 3.81 | 0.75 | 498.4 | 23.31 | 3.71 | 19.35 | Canyon Creek Skarn |
| DDH18-SD-412 | 42.75 | 50.40 | 7.65 | 0.03 | 1.31 | 62.3 | 0.78 | 0.45 | 1.81 | GD/Anom-C |
| DDH18-SD-413 | Results Pending | Canyon Creek Skarn | ||||||||
| DDH18-SD-414 | Results Pending | GD/Anom-C | ||||||||
| DDH18-SD-415 | Results Pending | GD/Zone | ||||||||
| DDH18-SD-416 | Results Pending | No. 3 Lens | ||||||||
| DDH18-SD-417 | 35.70 | 39.00 | 3.30 | 0.01 | 0.21 | 3.9 | 1.35 | 0.04 | 0.76 | GD Zone |
| DDH18-SD-417 | 50.50 | 57.80 | 7.30 | 0.04 | 0.48 | 7.7 | 7.42 | 0.06 | 3.61 | GD Zone |
| DDH18-SD-418 | Results Pending | Anom A | ||||||||
| DDH18-SD-419 | Results Pending | Anom A | ||||||||
| DDH18-SD-420 | Results Pending | Westside | ||||||||
| DDH18-SD-421 | 517.00 | 617.00 | 100.00 | 2.51 | 3.03 | 52.5 | 0.41 | - | 4.99 | Canyon Creek Skarn |
| incl | 539.80 | 617.00 | 77.20 | 3.11 | 3.74 | 64.9 | 0.53 | - | 6.19 | |
| incl | 539.80 | 576.30 | 36.50 | 3.89 | 4.47 | 84.6 | 1.06 | - | 7.80 | |
| incl | 587.90 | 617.00 | 29.10 | 3.35 | 4.30 | 65.7 | 0.07 | - | 6.58 | |
| DDH18-SD-422 | Results Pending | No.5 Lens | ||||||||
| DDH18-SD-423 | Results Pending | No.5 Lens | ||||||||
| DDH18-SD-424 | Results Pending | No.5 Lens | ||||||||
| DDH18-SD-425 | Results Pending | Anom B | ||||||||
| DDH18-SD-426 | Results Pending | Anom B | ||||||||
| DDH18-SD-427 | Results Pending | No.5 Lens | ||||||||
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