Granite Creek Copper (GCX-V) has 100% ownership of a 176 square km copper/gold/silver property named the Carmacks project located in the Minto Copper Belt in the Yukon. The high-grade copper project is on trend with the Minto copper mine. We shall see why that is very important to the future of the company shortly.
The project had completed a 43-101 in 2018 showing an M&I resource of 23.76 MT of 0.85% Cu, 0.31 g/t Au and 3.41 g/t Ag. A 12,000-meter drill program has been completed in 2021 directed at expanding the resource and converting inferred sulphides material to M&I. An updated 43-101 is expected in early 2022 based on results from the 2021 program. In addition there will be an updated PEA in the first half of 2022 to include both oxide and sulphide material.
At today’s price of copper, that 43-101 resource is worth $104.26/tonne in the ground. Naturally copper going any higher will make this project far more desirable. As we see from the ongoing COP26 conference there seems to be a general agreement that the world needs to reduce its carbon footprint by using more “Green Energy.”
Well, Green Energy requires enormous quantities of copper, lithium and graphite, far more than today. The world is short of copper now and is going to run even shorter. Prices will have to go up. Granite Creek Copper is in the catbird’s seat ready to move to production.
As I mentioned above Minto Exploration is important to GCX for several reasons. Minto is about to build a mill and is in the process of going public imminently. Minto has only three years reserves at presently planned production. In their financing pitch deck they clearly refer to GCX with references to potential M&A activities within the Minto Copper Belt. Guess whom they are talking about?
A week ago Granite Creek released the final results from the Phase 1 of three different phases. The Phase 1 program was designed to add sulfide tonnage to the existing oxide resource. It consisted of 19 diamond core drill holes and totaled 6355 meters. Results from the Phase 2 and Phase 3 programs are still in the lab. Phase 2 did 20 RC holes and about 3000 meters in total. Phase 3 was using the diamond core rig again and did about 2700 meters.
Granite Creek is a really easy call. As of today the company has a $22 million market cap with $1 million in cash and $500,000 in callable warrants. In addition there are a bunch of $.15 warrants expiring in January 2022 so the company is well cashed up.
I’m not a big expert on copper but Granite Creek has to be one of the lowest market cap copper stories with a real asset. When Minto goes public and goes into production, I am certain they will pay attention.
Granite Creek is an advertiser. I have participated in the last private placement so naturally I am biased. Do your own due diligence.
Granite Creek Copper GCX-V $.18 (Nov 02, 2021) GCXXF-OTCQB 121 million shares Granite Creek website
VANCOUVER, BC / ACCESSWIRE / October 28, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the third and final tranche of assay results from Phase 1 of the Company’s three-phase 2021 drill program at the 100%-owned Carmacks project.
The Phase 1 campaign focused on expansion and upgrade of resources in zones 1, 2000S, and 13 by testing the sulfide potential of these priority areas. In addition to the Phase 1 program, the Company also completed Phase 2 RC drilling at early-stage targets, and a Phase 3 diamond drill program to follow up on the success of Phase 1. All activity has been completed at site for the 2021 field season with assays for Phases 2 and 3 pending.
Granite Creek President & CEO, Tim Johnson, commented, “We are extremely pleased with the results of our 2021 exploration program which achieved many of our objectives and exceeded our expectations in several important respects. We expanded sulfide mineralization in three of the main zones at Carmacks which will be reflected in an updated NI 43-101 resource estimate followed by a new mine plan which is being developed to incorporate both oxide and sulfide material. We anticipate the sulfide resources could make a significant difference to the mine life and economics of the Carmacks deposit and we look forward to further defining that potential.”
Highlights
In Zone 1, diamond drill hole CRM21-019 intersected 67.35m of 1.23% Copper Equivalent (“CuEq”) mineralization including 23.30m of 2.27 CuEq.
In Zone 1, diamond drill hole CRM21-013 intersected 67.90m of 0.90% CuEq including 22.88m of 1.14% CuEq and 12.91m of 1.73% CuEq.
In Zone 13, diamond drill hole CRM21-021 intersected 96.85m of 0.84% CuEq including 35.85m of 1.04 CuEq and 21.35m of 1.21 CuEq.
Granite Creek believes these intercepts, plus others listed in the table below, have the potential to increase the grade and confidence of the resource model in Zone 1 and increase the grade and total size of Zones 2000S and 13.
Updated resource model being developed.
Table 1 – Highlights from of 2021 Phase 1 Diamond Drill Assays at the Carmacks Project
Drillhole
From(m)
To(m)
Length*(m)
Cu(%)
Mo(%)
Au(g/t)
Ag(g/t)
CuEq** (%)
CRM21-012
400.65
415.75
15.10
0.34
0.006
0.11
2.13
0.47
Zone 1ThisRelease
Including
405.85
411.20
5.35
0.55
0.016
0.15
3.01
0.75
CRM21-013
311.00
378.90
67.90
0.73
0.005
0.18
2.69
0.90
Including
324.75
343.63
22.88
0.92
0.006
0.23
3.76
1.14
and including
355.09
368.00
12.91
1.39
0.006
0.37
5.29
1.73
CRM21-014
355.70
423.45
67.75
0.93
0.009
0.26
5.16
1.20
Including
398.00
423.45
24.45
1.53
0.009
0.41
6.21
1.91
CRM21-017
317.42
363.20
45.78
0.42
0.001
0.15
2.41
0.55
Including
323.50
335.85
12.35
0.67
0.002
0.28
3.90
0.92
CRM21-019
277.95
345.30
67.35
0.93
0.011
0.31
4.23
1.23
Including
322.00
345.30
23.30
1.7
0.016
0.57
7.51
2.27
CRM21-004
323.50
367.00
43.50
1.12
0.028
0.20
3.41
1.40
Zone 1PreviousRelease
Including
338.50
367.00
28.50
1.57
0.042
0.29
4.53
1.96
and including
352.00†
367.00
15.00
1.80
0.066
0.33
4.81
2.31
CRM21-007
222.52
226.60
4.08
0.91
0.006
0.19
6.32
1.13
CRM21-010
450.00
513.40
63.40
0.27
0.003
0.08
1.31
0.35
Including
450.00
482.25
32.25
0.30
0.004
0.08
1.41
0.39
Including
488.90
513.40
24.50
0.30
0.003
0.09
1.47
0.39
CRM21-018
92.40
110.40
18.00
0.91
0.008
0.17
6.79
1.12
Zone 2000SThisRelease
and
158.80
170.00
11.20
0.72
0.013
0.14
4.27
0.91
and
233.60
249.00
15.40
0.39
0.024
0.09
2.09
0.56
and
263
298.90
35.90
0.35
0.008
0.10
2.62
0.48
including
287.00
298.90
11.90
0.67
0.017
0.19
3.53
0.90
CRM21-003
146.35†
214.50
68.15
0.59
0.028
0.14
3.69
0.83
Zone 2000SPreviousRelease
Including
161.40
179.80
18.04
0.81
0.033
0.21
4.80
1.13
CRM21-005
137.05
179.80
43.24
0.74
0.047
0.16
3.82
1.06
Including
142.05
158.40
16.35
1.20
0.036
0.26
6.11
1.58
CRM21-006
194.40
278.20
83.80
0.64
0.012
0.13
3.23
0.81
Including
229.20
278.20
49.00
0.87
0.018
0.17
3.88
1.10
Including
248.76
266.20
17.44
1.21
0.033
0.22
5.11
1.53
CRM21-008
195.80
228.40
32.60
0.80
0.019
0.17
3.88
1.02
Including
201.55
215.55
14.00
1.10
0.023
0.24
4.86
1.40
CRM21-009
190.50
243.85
53.35
0.59
0.012
0.14
2.71
0.75
Including
191.30
201.70
10.40
0.87
0.004
0.25
3.70
1.09
and including
209.00
225.95
16.95
0.62
0.009
0.13
2.76
0.77
and including
229.90
235.25
5.35
1.21
0.064
0.28
4.88
1.68
CRM21-011
223.98
329.50
105.52
0.96
0.013
0.18
4.06
1.18
Including
223.98
245.20
21.22
2.17
0.010
0.36
9.13
2.56
and including
260.32
260.82
0.50
18.97
0.008
0.46
38.3
19.72
CRM21-015
36.69
49.38
12.69
0.23
0.003
0.04
0.96
0.27
Zone 13 ThisRelease
CRM21-016
91.30
238.50
147.20
0.38
0.025
0.10
2.28
0.56
CRM21-021
132.15
229.00
96.85
0.62
0.014
0.20
3.04
0.84
Including
132.15
168.00
35.85
0.82
0.013
0.20
3.80
1.04
and including
207.65
229.00
21.35
0.80
0.021`
0.43
3.51
1.21
** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-sections, are estimated to be typically 60-70% of the intersected widths.
† Part of zone has poor recovery
Figure 1 – Carmacks Copper Project Plan View
Zone 1
Eight holes were drilled in Zone 1 with the objective of increasing confidence in the inferred portion of the sulfide resource of this zone as well as evaluating the down-dip continuation of the inferred resource. Drilling was successful in achieving its objectives of delineating the depth extent of mineralization, expanding the mineralization below the current resource model, and confirming the grade and anticipated thickness in the inferred portion of the sulfide resource in this zone. Of the total reported meterage with significant mineralization, 67% returned mineralized intercepts grading greater than those reported in the inferred category of the resource estimate completed in 2017. While only preliminary, the Company feels that these intercepts have the potential to significantly increase the grade and the confidence in this area of the resource model.
While the Preliminary Economic Assessment (“PEA”) published in 2017(1,2) looked only at the oxide material in Zones 1,4, and 7, work being conducted by Sedgman and Mining Plus (see news release dated May 18, 2021) is looking at various scenarios to process the sulfide portion of Zone 1, and other sulfide zones of the deposit, to build a basis for an updated PEA that would include both oxide and sulfide ore.
Zone 2000S
Zone 2000S has the potential to add tonnage in the sulfide domain of resource category and in doing so could add significant value to an updated PEA that included sulfide resources. During Phase 1, six diamond drillholes were drilled in this zone to evaluate the continuation of bornite-chalcopyrite mineralization down dip, and two additional holes were drilled during Phase 2 with assays still pending. Drill hole CRM21-011, along with all other drillholes from the 2021 program (see release dated August 22, 2021) extended known mineralization in the zone from 30m to 100m below the current block model. CRM21-018, a technical hole drilled subparallel to the mineralization to evaluate the geological concept of a southern W-E striking fault, was successful in locating the fault and extends mineralization to depth beneath the current resource model
Zone 13
Three diamond drill holes were completed at Zone 13 in Phase 1, and an additional two holes were completed in Phase 3 with the intent of evaluating the northern continuity of sulfide mineralization, and infilling an open area of the block model. Building on success from the company’s inaugural drill program in 2020 which included 127 metres of continuous copper mineralization in drillhole CRM20-001, grading 0.85% CuEq and including 28.65m of 1.74% CuEq and 19.2m of 1.19% CuEq (see news release dated February 11,2021), all five diamond drill holes were successful in extending and infilling mineralization from Zone 13 in the Carmacks deposit including CRM21-021 which intercepted 96.85m grading 0.84% CuEq including 35.85m of 1.04% CuEq and 21.35m of 1.21% CuEq. Drill hole CRM21-020 drilled from the same pad as CRM21-021 deviated from planed direction and was not completed.
COVID-19 Protocols
Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.
[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.
[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President & CEO Telephone: 1 (604) 235-1982 Toll Free: 1 (888) 361-3494 E-mail: info@gcxcopper.com Website: www.gcxcopper.com
Qualified Person
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Quality Control and Quality Assurance
Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
VANCOUVER BC / ACCESSWIRE / October 14, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the receipt of positive results from metallurgy testing completed on sulfide mineralized core samples from the Company’s Carmacks project.
Testing was completed as part of trade-off studies now underway under the direction of Sedgman Canada and Mining Plus with the objective of developing the basis for an updated Preliminary Economic Assessment (“PEA”) on the project. Two representative samples of copper sulfide material and one sample of copper oxide material were delivered to Bureau Veritas Commodities, Metallurgy Division, for rougher flotation kinetic testing and open cleaner flotation testing. The purpose of the testing was to determine how amenable the sulfide mineralization present at the Carmacks deposit was to concentration by flotation, what recoveries could be expected, and to lay the groundwork for further testing. A preliminary copper flotation recovery model was generated at a fixed 25% copper concentrate grade with test results as summarized below:
Recoveries of greater than 95% for copper into a 25% copper concentrate are possible.
Copper sulfide minerals are well-liberated for rougher recovery via flotation at P80 of 150 µm.
A secondary regrind size at P80 of 25 µm can achieve 25% copper grade and high cleaner stage recovery.
Gold is associated primarily with copper sulfide minerals and minor pyrite. Flotation of gold with copper concentrate is likely the most economical way to recover gold.
High chalcopyrite content as the copper mineral and low pyrite content within the samples indicate a simple reagent scheme and relatively easy copper flotation upgrade.
The preliminary tests indicate that well-established flotation methods with known reagents will likely be the preferred processing method for sulfide material at Carmacks. The next stage of metallurgical test work will involve greater variability of samples to validate copper and gold recoveries as well as assessing potential levels of silver and molybdenum recoveries.https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html
Granite Creek President and CEO, Tim Johnson, commented, “These initial metallurgical results are very encouraging and are an important step in bringing the sulfide resources present at the Carmacks deposit into an updated mine plan and PEA. The Company’s belief in, and focus on, the copper sulfide potential at Carmacks and Carmacks North is being validated and advanced with every phase of work completed. We look forward to continuing to roll out the Carmacks story with substantive news flow throughout the remainder of the year and into 2022, including drill results from the recently completed, three-phase 2021 campaign.”
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176-square-kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Mr (Sam) Yoon Seong Cho, MASC P.Eng., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting timelines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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.
VANCOUVER, BC / ACCESSWIRE / September 15, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the successful completion of Phase 2 of its 2021 drilling program, consisting of 20 holes of reverse circulation (“RC”) drilling on Zones 2, 5 and 12 at the Carmacks deposit, as well as step-out drilling at Zone A in the Carmacks North target area. The Company has now launched the third and final phase of the 2021 drill campaign, returning to Zone 2000S at the Carmacks deposit to complete offsets of hole CRM21-011 where the Company intercepted a 105.52-meter interval of copper sulphide mineralization grading 1.18% CuEq (0.96% Cu, 0.01% Mo, 0.18 g/t Au, and 4.06 g/t Ag), including a high-grade intercept of 2.55% CuEq (2.17% Cu, 0.01% Mo, 0.36 g/t Au and 9.13 g/t Ag) over 21.22 meters (see news release dated August 24, 2021). The goal of Phase 3 is to continue to expand known resources and confirm the geometry in Zone 2000S to support the development of a mine plan for the sulphide portion of the deposit now underway by Sedgman and Mining Plus.
Granite Creek drilled 19 diamond core holes in the first phase of 2021 drilling, with assays from 9 holes released to date and results from the remaining 10 holes expected in the near term. Samples from the RC program have been sent for assay and will be announced over the next quarter as they become available.
Granite Creek President & CEO, Tim Johnson, commented, “We are very pleased with our 2021 exploration season to date and are excited to enter the final phase of drilling for the year. Given the very strong results we have seen from the first phase of diamond drilling and the positive implications we expect them to have for our resource expansion efforts, the Company adjusted the third phase to return to Zone 2000S where we see substantial opportunity to define additional new areas of mineralization outside the current resource model. Bringing this sulphide material into the model is expected to increase the current NI 43-101 mineral resource estimate in our planned update, with a view to a potentially significant extension of the projected mine life in an updated PEA for Q1 2022. We look forward to continued, substantive news flow throughout the remainder of the year and into 2022.”https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html
Figure 1 – First hole of Phase 3 drill program ready for logging at the Carmacks Project, September 2021
Live Webinar
Granite Creek Copper will be hosting a live webinar with Q&A on Tuesday, September 21 at 9 am Pacific Time. President & CEO, Tim Johnson, will provide a brief overview of the Carmacks Copper-Gold project, followed by an update on progress and discussion of the Company’s near and longer-term development plans. To register, please click here.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Qualified Person
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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.
Joining us for conversation is Tim Johnson, the CEO of Granite Creek Copper (TSX.V: GCX | OTCQB: GCXXF).
Tim Johnson:
Thank you, Maurice. It’s always a pleasure to be here.
Maurice:
What an exciting time to be speaking with you as Granite Creek Copper has just released some very exciting results to the market, which look to further extend the resource at the high-grade Carmacks copper-gold project. Before we begin, Mr. Johnson, please introduce us to Granite Creek Copper and the opportunity the company presents to shareholders.
Tim Johnson:
Granite Creek Copper is an exploration stage copper-focused company. We’re focusing on our Carmacks project in the center of Yukon, Canada, which is a great jurisdiction for development and we have excellent access to power and a highway. And just released some very exciting news of which we are very pleased and I appreciate this opportunity to discuss them and put them into context for readers.
Maurice:
Granite Creek Copper began its inaugural drill campaign back in November, which was quite successful, yielding 127 meters of 0.85% copper equivalent at Carmacks’s zone 13, and 4.6 meters of 7.5% copper equivalent at Carmacks north zone A, which was followed up in May with phase one of three drill programs slated for 2021.
In July, Granite Creek released the first string of asset results from phase one and the results were quite impressive. Just the other day, the company released a single hole, hole 11, which has some spectacular results. It would seem that there will be much more bluesky on the horizon on the Carmacks deposit. Mr. Johnson, I have table one from the press release before us. Please walk us through the asset results and in particular, hole 11.
Tim Johnson:
Hole 11 was a bit of an eye-opener for us. It was targeted in zone 2000 south. When we went into the campaign, we knew that there was some significant potential to grow the resources in 2000 South, and I must say Hole 11 delivered, along with a few other holes drilled in the 2000 south zone all intercepted mineralization well below the current resource model, so giving us the potential to significantly expand that resource. We’re pretty pleased. We think not only can we expand the resource, but if you notice that, looking at the resource table in the news release, that just about all the intercepts are of a higher grade than what’s in the table. That gives us the potential to not only grow the resource and as far as tonnage, but also potentially deliver a higher-grade resource on an updated resource estimate that we’re working on right now.
Tim Johnson:
Hole 11 intercepted 105 meters at 1.18% copper on an equivalent basis and above 0.97% copper on its own. Within that, there were 22 meters of over 2% copper. Those grades are pretty spectacular, and we think, again, that’s going to make a significant upgrade to the resource once we can complete a few more holes and model that. We don’t think this is a one-off hole. We think from the geophysics and what we’re seeing that we will be able to expand the resource in a much higher grade. Of course, we’ve got some more drilling to do to be able to deliver that, but we’re pretty bullish about that. We’ve refocused our phase three program, which we expect to start in a week or two, to target that area of 2000 south, and also to see if we can connect the 2000 south up to some of the other zones at Carmacks to make a more continuous ore body.
Maurice:
Now sticking with zone 2000 south, I have table two before us. What do these results seem to indicate?
Tim Johnson:
Table two is a resource calculation done by previous operators. This was published in 2017. You can see it’s quite a small resource, about 600,000 tons in the sulfide domain, which readers should know that the sulfide domain is what we’re targeting. The oxide, there is limited oxide in 2000 south. I think this is one of the reasons why this target is still here, because previous operators, again, we’re more focused on a small oxide operation. So they weren’t targeting the sulfide, but we see the real potential here to be the sulfide. This hole seems to verify that. Again, the grade on this hole is above what the grade of the resource, the current resource is. So good delivery on a couple of fronts, both potential tonnage increase, and potential grade increase.
Maurice:
And I do wish to highlight the geological acumen of Granite Creek Copper, as the Carmacks has had over 50,000 meters of exploration in the past and they were not able to locate the success you have in hole 11. What does that say about GCX and the success of the company moving forward?
Tim Johnson:
There’s a couple of reasons for that. The previous operators and there was nothing wrong with this, felt they had an economic resource in the oxide. The oxide is fairly near surface. Therefore, there was a lot of drilling done to prove up that resource, but there was very little drilling done to expand the resource into the sulfide material or to look for adjacent potential like we have at Carmacks North. Previous operators had quite a small land package for various reasons. They had to let some go in some of the tougher times in the industry, and we benefited from that, by having that land package available for us when we acquired it and then subsequently acquired coper north, of course, to consolidate the district.
Tim Johnson:
So yeah, you’re right. I mean 50,000 meters have been drilled, but a lot of it, as I said, was very near-surface, oxide focused, and left us the opportunity to come in and recognize the potential for significant expansion beneath the oxide into the sulfide, and really not that deep. The transition zone from oxide to sulfide occurs about 200 meters plus or minus below surface, so still well within an economic mining range, and really, a lot of bluesky left and a lot of discovery potential on the combined land package.
Maurice:
In previous interviews, we’ve discussed resource expansion. How does today’s press release increase the impact on the pending 43-101 mineral resource estimate?
Tim Johnson:
It significantly impacts mineral resource estimate. When consider where Hole 11 fits in relation to the current resource, and the entirety of the 105 meters of significant mineralization is below the current resource. So giving us up to 100, maybe 120 meters of down-dip extension on that resource. Now, we do need to infill around it. You can’t build a resource on a single hole, but some of the other holes that we’ve had that we released in July also support that down-dip extension of the resource. So we see significant growth potential here in this zone.
Tim Johnson:
We did drill again this year on Zone 13. We’re still waiting for those assays, but we see potential to grow in 13 as well. We also see potential to grow in the sulfide portion of Zone 1, which some of those assays were also released in our first release in July. So basically, three zones that we have resource growth potential, and we’re working on modeling those right now. We’re working with a third party to bring that resource into view, and we hope to be able to deliver that to the market in a fairly timely manner.
Maurice:
I referenced that Granite Creek will embark on three drill programs this year. When can shareholders expect the remaining results from phase one?
Tim Johnson:
That’s a really tough question to answer. As we move into the fall, the labs get busier and busier. So it’s really hard for me to nail down, but we would expect hopefully by late September to early October, we’d have final results on phase one. The phase two program we’re currently going on is an RC or a reverse circulation program. It’s targeting some of the earlier stage targets both at Carmacks north, which is a northern extension of our land package, and some of the earlier stage targets around the Carmacks deposit itself. Then the phase three program, which is now being re-imagined in and around 2000 south, will be starting in the coming weeks. Then that should give us fairly good assay flow and be able to continue to deliver results to the market as we move through the fall and into the winter months.
Maurice:
By the way, is phase three, is that an RC or is that diamond core, sir?
Tim Johnson:
Phase three is a diamond program. What we did this year, we budgeted for 10,000 meters. We completed 6,300 meters in the initial program, and we kept back some meterage to get the results in and to understand the geology of the orientation of the deposits. Now that those results are coming in as I said, we’re refocusing our efforts to build out where we have the best results and try to get … increase the tonnage and increase the grade in the zones that we think are going to make the most difference to the resource.
Maurice:
When we last spoke, Granite Creek Copper announced that it had entered into a contract with Sedgman and Mining Plus. What are the latest developments there?
Tim Johnson:
We working forward with Sedgman and Mining Plus. One of the big reasons we brought them in is two-fold. One of the reasons we brought them in was to optimize the process for both the oxide and sulfide processing that was initially developed in the 2017 PEA, and then also to develop a mine plan that would bring the sulfide in as well. The previous PEA only spoke to the oxide resource. It contemplated about a 7 mine life. We saw at least double that in the sulfide resource, but there was no mine plan for it. Sedgman and Mining Plus are working very hard to bring that into view. What’s going to happen, we’ll take that information and that will inform our next economic study to be done on the project. We will look at updating the preliminary economic assessment once we have all the results in both from the work that Sedgman and Mining Plus are doing, and of course, with an updated resource that is being currently worked on to bring both the tonnage and the mine plan and the processing plan all into one economic study.
Maurice:
Leaving the Carmacks project, sir, please provide us with an update on the capital structure for Granite Creek Copper.
Tim Johnson:
Granite Creek Copper has 127 million shares issued and outstanding. We’ve have warrants that are right at the strike price of the warrants, about $4.8 million in cash value of those warrants with the strike price at 20 cents. We see strength in the market moving into the fall, and we expect those warrants to assist the company in continuing on with our economic studies and upcoming programs. Meaning that we won’t be looking to conduct a dilutive financing in the near term. We expect strength in the copper market hopefully will allow us to delay any large financing for a while.
Maurice:
Before we close, Mr. Johnson, what would you like to say to shareholders?
Tim Johnson:
I think the copper space is an excellent space for speculative shareholders to be to be looking we think that the copper market is going to have strength moving through the remainder of this year and into next year. We’ve got an excellent project with excellent exposure to copper and to precious metals as well in a very good jurisdiction. I think it’s worth adding granite creek copper to your watch list and making sure you follow along with our story.
Maurice: Last question sir what did i forget to ask?
Tim Johnson:
Well as usual Maurice, you did an excellent job. I think the questions you asked are very good and I appreciate your time.
Maurice:
Thank you sir. Mr Johnson for someone that wants to get more information on granite creek copper please share the contact details.
Mr. Johnson is always a pleasure to speak with you wishing you and Granite Creek Copper the absolute best sir.
And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com. Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.
VANCOUVER, BC / ACCESSWIRE / August 24, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce results from diamond drill hole CRM21-011 which intersected copper sulfide mineralization grading 1.18% CuEq (0.96% Cu, 0.01% Mo, 0.18 g/t Au, and 4.06 g/t Ag) over a 105.52-meter interval. The long interval included a high-grade intercept of 2.55% CuEq (2.17% Cu, 0.01% Mo, 0.36 g/t Au and 9.13 g/t Ag) over 21.22 meters (See table 1 below). Also, within the 105m interval, grades reached an impressive 19.72 CuEq (18.97% Cu, 0.46 g/t Au and 38.3 g/t Ag) in 0.5 meters of semi-massive chalcopyrite (see Photo 1 below).
Drill hole CRM21-011, along with four other drillholes from the 2021 Phase 1 program (see release dated July 22, 2021) have extended known mineralization in Zone 2000S from 30m to 100m below the current block model. The Company believes these results will add significant additional tonnage to an updated NI 43-101 mineral resource estimate currently being developed. The entire mineralized section encountered in CRM21-011 is outside the current block model, providing a greater than 100-meter potential expansion below the current resource area (see Figures 1 and 2 below).
Table 1 – Highlights from Diamond Drill hole CRM 21-011 and previous results from Zone 2000S
Drillhole
From(m)
To(m)
Length*(m)
Cu(%)
Mo(%)
Au(g/t)
Ag(g/t)
CuEq** (%)
Results from this release
CRM21-011
223.98
329.50
105.52
0.96
0.01
0.18
4.06
1.18
Including
223.98
245.20
21.22
2.17
0.01
0.36
9.13
2.55
and including
260.32
260.82
0.5
18.97
0.01
0.46
38.3
19.72
Previously released results
CRM21-003
146.35†
214.50
68.15
0.59
0.03
0.14
3.69
0.83
Including
161.40
179.80
18.04
0.81
0.03
0.21
4.80
1.13
CRM21-005
137.05
179.80
43.24
0.74
0.05
0.16
3.82
1.06
Including
142.05
158.40
16.35
1.20
0.03
0.26
6.11
1.58
CRM21-006
194.40
278.20
83.80
0.64
0.01
0.13
3.23
0.81
Including
229.20
278.20
49
0.87
0.02
0.17
3.88
1.10
Including
248.76
266.20
17.44
1.21
0.03
0.22
5.11
1.53
CRM21-008
195.80
228.40
32.6
0.80
0.02
0.17
3.88
1.02
Including
201.55
215.55
14
1.10
0.02
0.24
4.86
1.40
CRM21-009
190.50
243.85
53.35
0.59
0.01
0.14
2.71
0.75
Including
191.30
201.70
10.4
0.87
BDL
0.25
3.70
1.09
and including
209.00
225.95
16.95
0.62
0.01
0.13
2.76
0.77
and Including
229.90
235.25
5.35
1.21
0.06
0.28
4.88
1.68
** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-section, are estimated to be 50-70% of the intersected width. † Zone has poor recovery
President & CEO, Tim Johnson, commented, “The extent of high-grade mineralization in this drill hole, coupled with the clear potential for further expansion of the zone, indicates that, despite over 50,000 meters of historical drilling completed to date, tremendous exploration potential remains on the Carmacks project. All core samples from the remaining nine holes of the Phase 1 diamond drill program are currently at the lab for assay. The Company looks forward to releasing these results over the coming weeks as well as those from the Phase 2 reverse circulation program currently underway, and also the upcoming Phase 3 diamond drill program, as they become available.”
Zone 2000S
Zone 2000S, originally discovered in 2006 following an IP geophysical survey, has the potential to add resource tonnage in the sulfide domain. Located approximately 300 meters south of zones 1,4 & 7 the zone is cut off by a fault on the southern end. The north end of the 2000S zone may be the fault offset continuation of zone 4 or zone 7 and this theory will be drill tested in phase 3 of the company’s drill campaign. The mineral resource on this zone (shown in table 2)is based on a 0.25% sulphide copper grade cut-off for the sulphide resource and 0.15% acid soluble Cu cut-off in the oxide resource. Using the same copper equivalent calculation that the company used to report CuEq in this news release the sulfide resources in Zone 2000S would be 0.85% CuEq in the measured and indicated category and 0.89% in the inferred. With a significant portion of the 2021 drill intercepts grading higher than the current resource an updated resource estimate not only has the potential to add tonnage in this zone but also in increase in grade. 1Six diamond drillholes were completed on this zone in the first phase of drilling with the intent of evaluating the continuation of bornite-chalcopyrite mineralization down dip. Results from five of the six holes have been released (July 22, 2021 news release) with all five holes intercepting mineralization below the current resource model.
Table 2 – Zone 2000S current mineral resources1
Category
Tonnes
Cu (%)
Acid soluble Cu (%)
Sulphide Cu (%)
Au (g/t)
Ag (g/t)
Measure & IndicatedOxide
899,000
0.55
0.40
0.15
0.18
2.67
Inferred Oxide
23,000
0.56
0.37
0.18
0.17
2.80
Measure & IndicatedSulfide
740,000
0.70
0.07
0.63
0.17
3.28
Inferred Sulfide
636,000
0.73
0.05
0.68
0.18
3.50
1Mineral resource prepared by Dr. Gilles Arseneau, P.Geo., reported in JDS Energy and Mining Inc 2017 Ni 43-101 [1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada., with updated resource for Zones 2000S, 12 and 13 as reported in April 9, 2018 by Copper North Mining.
Photo 1: CRM 21-011 260.32m to 260.82m over 18.97% Cu
Figure 1: Cross Section of CRM21-011
Figure 2: Long section of Zone 2000S
Photo 2: CRM 21-011 231.35 to 233.35
Upcoming Events
Granite Creek Copper will be participating in the 2021 Yukon Exploration Investment Summit on Tuesday, August 31, at 10am PT, a live panel session with Q&A, hosted by Invest Yukon and moderated by Trevor Hall. Click here to register.
COVID-19 Protocols
Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.
[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.
[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President & CEO Telephone: 1 (604) 235-1982 Toll Free: 1 (888) 361-3494 E-mail: info@gcxcopper.com Website: www.gcxcopper.com
Qualified Person
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Quality Control and Quality Assurance
Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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.
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VANCOUVER, BC / ACCESSWIRE / July 22, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the first tranche of assays from Phase 1 of the Company’s 2021 drilling program on its 100%-owned Carmacks project. This recently completed first phase consisted of nineteen diamond drill holes, totalling 6355 meters, focused on the existing resource area with the goals of strengthening confidence in the resource model, evaluating opportunities for resource expansion and/or upgrading the sulphide portion of Zones 1 and 2000S from an inferred to indicated resource, and evaluating continuity of mineralization in Zone 13 (Figure 1).
Granite Creek President & CEO, Tim Johnson, commented, “The Company is extremely pleased with the progress of 2021 exploration program at Carmacks. A Phase 3 drilling program is under development and projected to commence in mid-August of this year. The addition of this third stage would expand the overall 2021 campaign to include a total of 10,000 meters of diamond drilling as well as 3000m of reverse circulation drilling. We expect this program will significantly expand the total contained metal on the project, resulting in a substantially and form the basis for a new Preliminary Economic Assessment.”
Table 1 – Highlights from first tranche of 2021 Diamond Drill Assays at the Carmacks Project
** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-sections, are estimated to be typically 60-70% of the intersected widths. † Zone has poor recovery
Figure 1 – Carmacks Copper Project Plan View
Zone 1
Eight holes were drilled in Zone 1 with the objective of increasing confidence in the inferred portion of the sulfide resource of this zone as well as evaluating the southern down-dip continuation of the inferred resource (Figure 2). The drilling was successful in achieving its objectives of delineating the depth extent of mineralization, expanding the mineralization below the current resource model and confirming the grade and anticipated thickness in the inferred portion of the sulphide resource in this zone.
Table 2 – Zone 1 mineral resource[1]
Category
Tonnes (000’s)
Cu (%)
Acid soluble Cu (%)
Sulphide Cu (%)
Au (g/t)
Ag (g/t)
Measure & IndicatedOxide
11,980,000
1.07
0.86
0.21
0.46
4.58
Inferred Oxide
90,000
0.73
0.53
0.20
.13
1.81
Measure & IndicatedSulfide
4,340,000
0.75
0.03
0.72
0.22
2.33
Inferred Sulfide
4,031,000
0.71
0.01
0.70
.18
1.90
1 Mineral resource prepared by Dr. Gilles Arseneau, P.Geo., reported in JDS Energy and Mining Inc 2017 Ni 43-101 [1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada., with updated resource for Zones 2000S, 12 and 13 as reported in April 9, 2018 by Copper North Mining.
While the Preliminary Economic Assessment (“PEA”) published in 2017(1,2) only looked at the oxide material in Zones 1,4 & 7, work being conducted by Sedgman and Mining Plus (see news release dated May 18, 2021) is looking at various scenarios to process the sulfide portion of Zone 1 and other sulfide zones of the deposit building a basis for an updated PEA that would include both oxide and sulfide ore.
Figure 2– Long section of Zone 1 looking west
Zone 2000S
Zone 2000S, originally discovered in 2006 as the result of an IP survey, has the potential to add tonnage in the sulfide domain of resource category. The mineral resource on this zone is shown in Table 3, which was based on a 0.25% total copper grade cut-off.1 Six diamond drillholes were drilled in this zone are part of the first phase of drilling with the intent of evaluating the continuation of bornite-chalcopyrite mineralization down dip. The drilling was very successful in not only confirming the continuation of the high grade bornite-chalcopyrite mineralization but also extending mineralization well below the current block model as well as encountering significant molybdenite mineralization A technical hole (CRM21-018) was drilled subparallel to the mineralization to evaluate the geological concept of a southern W-E striking fault which post-dates and offsets mineralization.
Table 3 – Zone 2000S mineral resources1
Category
Tonnes (000’s)
Cu (%)
Acid soluble Cu (%)
Sulphide Cu (%)
Au (g/t)
Ag (g/t)
Measure & IndicatedOxide
410,878
0.64
0.49
0.14
0.23
3.15
Inferred Oxide
266,894
0.57
0.34
0.24
0.14
2.66
Measure & IndicatedSulfide
740,000
0.70
0.07
0.63
0.17
3.28
Inferred Sulfide
636,000
0.73
0.05
0.68
0.18
3.50
1Mineral resource prepared by Dr. Gilles Arseneau, P.Geo., reported in JDS Energy and Mining Inc 2017 Ni 43-101 [1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada., with updated resource for Zones 2000S, 12 and 13 as reported in April 9, 2018 by Copper North Mining.
Figure 3 – Long section of 2000S
Zone 13
Three diamond drill holes were completed in Zone 13 with the intent of evaluating the northern continuity of sulfide mineralization, along strike and to infill an open area of the block model. Within 1000m of Zone 1, Zone 13 has the potential to add both oxide and sulfide resources to an updated mine plan. The sulfide portion remains open along strike and at depth. All assay results from Zone 13 are pending.
COVID-19 Protocols
Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.
[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.
[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President & CEO Telephone: 1 (604) 235-1982 Toll Free: 1 (888) 361-3494 E-mail: info@gcxcopper.com Website: www.gcxcopper.com
Qualified Person
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Quality Control and Quality Assurance
Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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.
Vancouver, B.C., Granite Creek Copper Ltd. (TSX.V: GCX | OTCQB: GCXXF) (“Granite Creek” or the “Company”) is pleased to announce that Simcoe Geophysics has completed a 20.8 line kilometer (“km”) induced polarization (IP) survey on the Company’s Carmacks North target area. Preliminary results from the survey have identified several near surface chargeability anomalies that have been prioritized as trenching and reverse circulation (“RC”) drill targets for Phase 2 of the 2021 season.
Granite Creek further announces the completion of Phase 1 of its 2021 drilling program, which consisted of 19 holes totalling 6355 meters of diamond drilling on Zones 1, 2000S and 13 of the Carmacks deposit. The first tranche of assays from Phase 1 are expected very soon and will be released in batches as received and reviewed by the Company. With this initial stage of drilling completed, Vision Quest Exploration, based in Whitehorse, Yukon, has mobilized a reverse circulation (“RC”) drill rig to the property and commenced Phase 2 drilling which is expected to consist of approximately 3000 meters.
Given the early start to the 2021 field season and encouraging early indications of success, Granite Creek has made the decision to expand the previously defined 10,000-meter program by adding a third phase which is expected to add an additional 2700 meters of diamond drilling to the overall program. Launch date for Phase 3 is tentatively targeted for early September, with potential to bring that forward to late August. The Company will provide further guidance in this regard in the ensuing weeks.
Granite Creek President & CEO, Tim Johnson, commented, “We are extraordinarily pleased with the progress we have made to date in advancing the Carmacks project. It is a testament to the strength and dedication of our team that we have been able to maintain a very aggressive pace as we move towards an updated 43-101 resource estimate and subsequent economic assessment. This drill campaign has been a showcase of professionalism from our site teams and contractors, and we are very much looking forward to carrying that momentum ahead through Phase 2 and the newly announced Phase 3. In total, we are now expecting to complete over 13,000 meters of drilling, data from which will be incorporated into the new resource update being targeted for Q4.”
Carmacks North Target Area
The Carmacks North Target area is comprised of Zones A-D, as well as additional targets currently being developed. Prior to the Granite Creek’s inaugural drill program completed last fall (see news release dated Feb 11, 2021), little work had been completed on the area since 1980. Historical high-grade copper intercepts of up to 2.52% Cu, 1.64 g/t Au, 12.84 g/t Ag over 19.81 meters were successfully followed up with intercepts of 4.31% Cu, 3.41 g/t Au, 23.78 Ag over 4.36 meters and 0.97% Cu, 0.32 g/t Au, 2.84 g/t Ag over 25 meters. Recognizing the discovery potential in the target area the Company is pleased to deploy modern, advanced exploration tools such as the Alpha Induced Polarization survey employed by Simcoe Geophysics. Capable of measuring the chargeability and resistivity of the rock up to 1000m below the surface these types of surveys greatly improves the chance of success with drilling. The use of a rapidly deployable drill rig such as the RC rig being supplied by Vision Quest along with excavator trenching allows for testing of multiple high priority targets during a single field season.
OTCQB Metals and Mining Virtual Conference
Granite Creek Copper will be presenting at the upcoming Green Energy and Precious Metals Investor Conference hosted by OTC Markets on July 29 at 1:30pm ET. President & CEO, Tim Johnson, will provide a comprehensive overview of the Company, including an update on 2021 exploration activities to date and upcoming newsflow. To register, click here.
COVID-19 Protocols
Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and holds the health and safety of our workers, and the citizens of the communities in which we work, in the highest regard.
Figure 1: Oblique view of the UBC 2D DCIP inversion sections of the chargeability from 20.8 km of IP collected by Simcoe Geophysics over Carmacks North
Figure 2: 2D IP chargeability model of Line 3
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource esti-mates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more infor-mation on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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.
