Posts Tagged copper

LORRAINE COPPER ANNOUNCES CREW MOBILIZED TO THE LORRAINE COPPER GOLD PROJECT

Lorraine Copper Corp. has commenced the 2010 exploration program at the Lorraine project, which is being managed by Teck Resources Ltd. under a participation agreement with Lorraine Copper. The Lorraine property is located in the Quesnel terrane approximately 250 kilometres northwest of Prince George, B.C.

Teck has informed the company that it will be conducting a target generation program entailing the establishment of new soil geochemical surveys that will employ new techniques for seeing through overburden cover similar to what has been used successfully at the Kwanika Creek deposit to the south. It will also conduct a re-examination of existing drill core to apply newly developed alteration study parameters that have proven successful in other similar deposits to assist vectoring towards undiscovered mineralization.

Mineralization on the Lorraine property is related to alkalic intrusions and belongs to a deposit style that includes the Galore Creek project owned by Teck and NovaGold Resources Inc., the Imperial Metals Corp.-owned Mount Polley mine and the New Gold Inc.-owned New Afton project.

The Lorraine property is well served by resource infrastructure, including all-season roads, the Kemess power corridor to the northeast and the Canadian National Railway line to the southwest. The Lorraine project is located approximately 100 kilometres northwest of Terrane Metals Corp.’s Mt. Milligan project. A highlight from Teck’s most recent drill program in 2008 at Lorraine is drill hole L08-120, which intersected 159.2 metres grading 0.64 per cent copper and 0.30 gram per tonne gold in the Lower Main zone. The property consists of 119 claims totalling 30,659 hectares (75,759 acres).

Teck may earn a 51-per-cent interest in the Lorraine project by spending a total of $9.0-million by Dec. 31, 2010, and may increase its interest to 60 per cent by completing a feasibility study and to 65 per cent by arranging production financing. It is anticipated that Teck will earn the initial 51-per-cent interest after the completion of this year’s program.

On Sept. 11 of this year, Lorraine Copper staked an additional seven mineral claims (3,029 hectares) contiguous to the western side of the property.

G.L. Garratt, PGeo, is the qualified person who has reviewed and takes responsibility for this news release.

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Serengeti Expands Potential of South Zone at Kwanika

Serengeti Resources reports the additional results from this summer’s exploration program at the Company’s Kwanika property in British Columbia.

Two new mineralized intercepts from drilling on the South Zone indicate that the South Zone extends to considerably greater depth than has been previously noted. The drilling has also shown that the South Zone, which abuts against a fault on the west side, the “West Fault”, is open to the south and east as well as to depth. More drilling is underway to expand the South Zone.

The results include a deep intercept grading 0.43% copper, 0.02 g/t gold, 2.0 g/t silver and 0.049% molybdenum (0.80% copper equivalent) over 65.5 meters in hole K-136 and in hole K-124, 0.36% copper, 0.01 g/t gold, 1.4 g/t silver and 0.007% molybdenum (0.43% copper equivalent) over 58 meters. The intercept from hole K-124 is additional to the previously reported 242.5 metres of mineralization.

Drill Holes K-09-124, K-09-129 to K-09-137 Significant Analytical Results

Hole

From (m)

To (m)

Interval (m)

Copper %

Gold g/t

Silver g/t

Mo %

Copper Equiv. %*

Gold Equiv. g/t*

Zone

Orientation (dip/azimuth)

K-124

259.5

622.0

362.5

0.35

0.04

1.7

0.014

0.49

0.84

South

Vertical

Incl. 259.5**

502.0

242.5

0.41

0.05

2.1

0.018

0.58

1.00

And 564.0

622.0

58.0

0.36

0.01

1.4

0.007

0.43

0.73

K-136

412.0

440.0

28.0

0.09

0.00

0.6

0.008

0.15

0.26

South

-65º / 90º

502.0

677.5

175.5

0.26

0.01

1.1

0.024

0.44

0.76

Incl. 524.0

589.5

65.5

0.43

0.02

2.0

0.049

0.80

1.37

And Incl. 660.0

677.5

17.5

0.33

0.01

0.8

0.003

0.36

0.63

K-130

80.0

82.0

2.0

0.17

0.22

1.6

0.017

0.43

0.74

East

-60º / 270º

K-132

91.8

97.9

6.1

0.47

0.14

0.9

0.003

0.58

1.00

North

-65º / 90º

K-133

Incl. 140.3

249.1

108.8

0.04

0.01

0.1

0.000

0.05

0.08

North

Vertical

K-129, 131, 134, 135, 137 indicated NSV

*Copper and Gold Equivalent calculations use metal prices of US$1.75/lb for copper, US$12/lb for molybdenum, US$700/oz for gold and US$12.50/oz for silver and both assume metallurgical recoveries and net smelter returns of 100%. Copper (Cu) EQ = Cu% + (Mo% x 12/1.75) + (Au g/t x 12.86/22.06) + (Ag g/t x 0.23/22.06). Gold (Au) EQ = Au g/t + (Cu % x 38.60/22.5) + (Mo% x 264.72/22.5) + (Ag g/t x 12.50/700).
** Previously Reported.

“The drilling reported on here adds size and depth to the South Zone and clearly indicates major expansion potential to the south and east.” stated President and CEO David Moore. “Hole K-136 in particular has returned excellent grades adjacent to the West Fault on the South Zone. Recent geological and geophysical modeling has traced this newly identified fault six kilometers to the south, opening up a large area for future exploration. We are very encouraged by the newly demonstrated potential at depth in the South Zone as indicated by holes K-124 and K-136. We are currently drilling several additional holes testing this potential.” added Moore.

South Zone Drilling (K-124, and K-135 to 137): Shallow drilling prior to Serengeti’s exploration suggested a limited resource that required more testing. Serengeti’s recent work has indicated the potential for expansion is wide open. Vertical drill hole K-124, the upper portion of which was previously reported (see NR 2009-08 dated August 26, 2009) was deepened and as noted above an additional mineralized interval grading 0.36% copper, 0.01 g/t gold, 1.4 g/t silver, 0.007% molybdenum (0.43% copper equivalent) over 58.0 meters was intersected. The overall mineralized intercept in K-124 now grades 0.35% copper, 0.04 g/t gold, 1.7 g/t silver, 0.014% molybdenum (0.49% copper equivalent) over 362.5 meters. K-136, an angle hole drilled from the west, drilled though the West Fault and then encountered a 175.5 meter mineralized interval to the bottom of the hole at 677.5 meters, including an interval assaying 0.43% copper, 0.02 g/t gold, 2.0 g/t silver, 0.049% molybdenum (0.80% copper equivalent) over 65.5 meters. Due to orientation and deviation of the drill hole, the intercept in K-136 lies on the same section as K-124.

K-135 which was unmineralized was a west-directed angle hole drilled from the collar of K-124 and helped define the West Fault. K-137 was drilled off the north end of the South Zone and was not mineralized.

North Area Drilling (K-131 to 134): Hole K-131, 132, 133 were drilled in the vicinity of previously reported hole K-08-122 which intersected 0.42% copper, 0.06 g/t gold, over 76.2 meters, approximately one kilometer north of the Central Zone resource. These three recent holes demonstrate that the K-122 area is structurally complex, with the best interval, 0.47% copper, 0.14 g/t gold occurring over 6.1 meters in hole
K-132 and a broad zone of anomalous copper intersected in K-133. Hole K-134 which was drilled off the north east end of the Central Zone was unmineralized.

East Area Drilling (K-129 and K-130): Two holes were drilled in the north-east quadrant of the property, with K-130 encountering a narrow mineralized interval grading 0.17% copper, 0.22 g/t gold over 2 meters immediately below unexpectedly deep overburden. K-129, drilled 1.4 kilometers to the south did not intersect significant mineralization.

Drill Program Summary Drilling has now been completed on Serengeti’s Osilinka property and results will be released when available. Drilling has now resumed at the South Zone at Kwanika, after which the drill will be moved to test attractive targets on the Choo and Mil properties.

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Lorraine Copper does Private Placement

Lorraine Copper has received subscriptions for a non-brokered private placement agreement, subject to regulatory approval, for the sale of up to 2,000,000 units (each unit comprises one common share and one share purchase warrant) at a price of $0.05 per unit. Each warrant provides for the purchase of an additional common share at a price of $0.10 per share for five years from the date of regulatory approval. The shares issued pursuant to this private placement, and any warrants exercised therefrom, shall be subject to a four-month hold period.

Total gross proceeds of the offering will be $100,000. The proceeds of the offering shall be applied to general working capital.

The company shall pay no fees or commissions on behalf of the placement.

This offering is subject to approval of the TSX Venture Exchange.

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British Columbia Government Approves Mt. Milligan

Robert Pease, President and CEO of Terrane Metals Corp. is pleased to announce that the Company has received from the province of British Columbia an Environmental Assessment (“EA”) Certificate for its Mt. Milligan copper-gold Project 150 km northwest of Prince George. Receipt of the EA Certificate followed a comprehensive 180-day review led by the province’s Environmental Assessment Office.

President and CEO Robert Pease stated: “We are very pleased with the timely approval of our EA Certificate. This milestone approval is a testament to our environmentally responsible mine design. We look forward to successfully completing the federal EA process and building British Columbia’s next major metal mine.”

Mt. Milligan will be a conventional truck-shovel open pit mine with a 60,000 tpd copper flotation process plant. During the 30 month construction period an average of 370 jobs will be created; in commercial production there will be approximately 400 full time jobs. Average annual production of 265,100 oz gold and 97 million lb copper is forecast for the first six years of an initial 15-year mine life. Pending receipt of the balance of Project approvals and subject to financing, construction could commence in Q2 2010 with commercial production in Q4 2012.

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Serengeti Resource Estimate Confirms 1.6 Million Ounce Gold and 1.1 Billion Pound Copper Indicated Resource at Kwanika

Serengeti Resources  is pleased to announce the initial mineral resource estimate for the Central Zone at the Company’s 100% owned Kwanika copper-gold property in British Columbia.

The estimate for the Central Zone is based on 78 holes totaling 40,784 meters drilled between 2006 and 2008 which establish the volume, grade, and continuity of the mineralization. The mineral resources are reported within a defined volume and at various cut-off grades as presented below in the table of Kwanika Central Zone Mineral Resources.

At a 0.25% copper equivalent (Cu Eq)1 cut-off the Kwanika Central Zone Mineral Resources are:

  • 182.6 million tonnes of Indicated Mineral Resources grading 0.47% Cu Eq or 0.71 g/t Au Eq, containing 1.62 million ounces of gold and 1.15 billion pounds of copper; AND
  • 28.5 million tonnes of Inferred Mineral Resources grading 0.32% Cu Eq or 0.49 g/t Au Eq containing an additional 0.2 million ounces of gold and 120 million pounds of copper.

A higher grade core within the zone, at a 0.4% Cu Eq cut-off, yields:

  • 75.1 million tonnes of Indicated Mineral Resources grading 0.69% Cu Eq or 1.05 g/t Au Eq, containing 1.02 million ounces of gold and 680 million pounds of copper.

The estimate was prepared by independent geological and mining consultants, Scott Wilson Roscoe Postle Associate Inc., under the direction of David W. Rennie, P.Eng. an independent Qualified Person, as defined by the National Instrument 43-101. Mr. Rennie has reviewed and approved the contents of this release. A technical report providing details of the estimate will be filed on Sedar (www.sedar.com) within 45 days.

“We are extremely pleased to have achieved this important milestone at Kwanika.” stated Serengeti Resources President and CEO, David W. Moore. “This NI 43-101 compliant Indicated Resource containing 4.2 million ounces gold-equivalent is a very significant building block for the Company. In light of current market conditions, our efforts this year at Kwanika will focus on selectively testing targets in the vicinity of the resource area, including targets mentioned elsewhere in this release, to seek and expand additional high grade mineralized centers.” elaborated Moore.

Kwanika Central Zone Indicated Mineral Resources

CuEq
% Cut-off

Tonnage
 Mt

Au
g/t

Au
 M oz

Cu
%

Cu
M lb

    Cu
 Eq %

Au Eq
g/t

1.00

10.20

0.90

0.295

0.77

173.0

1.36

2.07

0.75

21.93

0.70

0.494

0.63

304.9

1.09

1.66

0.50

48.58

0.51

0.801

0.49

521.3

0.82

1.26

0.45

59.31

0.47

0.894

0.45

591.6

0.76

1.16

0.40

75.07

0.42

1.015

0.41

684.0

0.69

1.05

0.35

98.42

0.37

1.170

0.37

806.4

0.61

0.94

0.30

133.26

0.32

1.370

0.33

964.8

0.54

0.82

0.25

182.63

0.28

1.616

0.29

1,152.6

0.47

0.71

Inferred Mineral Resources

CuEq
% Cut-off

Tonnage
 Mt

Au
g/t

Au
 M oz

Cu
%

Cu
M lb

     Cu
     Eq %

Au Eq
g/t

1.00

0.01

0.83

0.000

0.61

0.1

1.16

1.77

0.75

0.22

0.52

0.004

0.51

2.4

0.86

1.31

0.50

1.15

0.40

0.015

0.39

9.7

0.65

0.99

0.45

1.59

0.37

0.019

0.36

12.5

0.60

0.91

0.40

2.99

0.31

0.030

0.31

20.6

0.52

0.79

0.35

6.20

0.27

0.053

0.27

36.4

0.44

0.67

0.30

14.47

0.23

0.106

0.22

71.4

0.37

0.57

0.25

28.54

0.20

0.181

0.20

122.5

0.32

0.49

Note 1: Copper and gold equivalent calculations use metal prices of US$2.00/lb for copper and US$900/oz for gold and do not include factors for metallurgical recoveries. Preliminary metallurgical testing on one composite sample from Kwanika has indicated 88.5% recovery for copper and 65.2% recovery for gold in a locked cycle test. Characterization work is underway on gold distribution and additional test work could result in improved gold recovery. Cu Eq = Cu % + [Au g/t x ( 900 / 31.1 / 2.00) / 22.06] Au Eq = Au g/t + [Cu % x ( 22.06 x 2.00) / ( 900 / 31.1)]

Note 2: CIM definitions were followed for mineral resource estimation and classification. By prescribed definition Mineral Resources do not have demonstrated economic viability and Indicated Resources have a higher degree of confidence than do Inferred Resources. The mineral resources fall within a volume or shell defined by long term metal price estimates of US $2.00/lb for copper and $900/oz for gold. A 0.25% Cu Eq cut-off is considered to be reasonable for a porphyry deposit open pit in this location.

Drilling elsewhere on the property has indicated three additional mineralized areas for which drilling density is not currently sufficient to estimate a resource (see table below). The South Zone, has approximate dimensions of 1000 meters by 300 meters; the South historical Zone, 600 meters by 300 meters; the North target is presently defined by one hole (see maps on www.serengetiresources.com). Importantly, all three areas remain open for expansion and additional targets also include a geochemically anomalous trend lying to the east of the Central Zone as well as a very attractive new target located 10 km to the south described in news release #2009-02 dated January 26, 2009. Drilling in any one of these areas could result in the discovery of additional high grade, near surface copper-gold mineralization.

Other Mineralized Zones

Zone

# of Holes Cu Eq
%Cut-off

Average Composite Intercept

(Length m) Cu% Au g/t Mo% Cu Eq%
South

14

0.25

82

0.36

0.13

0.013

0.53

South Historical

11

0.25

40

0.31

—-

0.008

0.37

North target

1

—-

76

0.42

0.06

trace

0.46

Note 3: Copper equivalent calculation uses metal prices of US$2.00 per pound for copper, US$900/oz for gold and US$15/lb for molybdenum with no provision for metallurgical recoveries. Cu Eq = Cu % + [(Mo % x 15/2.00) + (Au g/t x 900 / 31.1 / 2.00 / 22.06)]

Note 4: Gold data are not available for the South Zone historical drilling.

The Kwanika discovery has demonstrated that important tonnages of higher grade, supergene-enriched porphyry copper-gold mineralization can occur in the Quesnel Trough of B.C., where very favorable geology for hosting these deposits is blanketed by widespread overburden. Modern geophysical techniques are now able to penetrate this overburden cover and open up this very large under-explored area for exploration. Within this region, Serengeti has extensive holdings with many high quality exploration targets which remain to be tested.

About Serengeti
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is focused on the advancement of its Kwanika copper-gold project and on the discovery of gold and copper deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. Additional information on Serengeti’s projects can be found on the Company’s website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a working capital position of approximately $9.0 million.

Quality Assurance/Quality Control
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the Company’s qualified person David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc. Sample analysis for the Kwanika drilling was completed at Global Discovery Lab in Vancouver, BC. A comprehensive quality assurance/quality control program formed part of the sampling protocol in addition to the laboratory’s own quality assurance program.

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Lorraine-Jajay 2008 Drilling Results New Zone Discovered Under Main Zone

Lorraine Copper wishes to announce the results from the 2008 exploration program at the Lorraine project, which is being managed by Teck Cominco Limited under a Participation Agreement with Lorraine Copper. The Lorraine property is located in the Quesnel Terrane approximately 250 km northwest of the city of Prince George, British Columbia.

Lorraine 2008 Drill Map

Lorraine 2008 Drill Map

Teck has informed the company that it successfully drilled 6,935.5 m in 19 holes and tested eight target areas during the 2008 program. A number of significant new developments have resulted from this drilling, most notably, the discovery of another mineralized zone below the Lower Main Zone. Drill hole L08-120 first intersected 159.2 m grading 0.64% copper and 0.30 g/t gold representing the Lower Main Zone, then intersected 58.8 m grading 0.092% copper including 22.1 m grading 0.16% copper 95.3 m beneath the first interception.

Two holes were drilled to test for a northern extension to the Bishop Zone and also to determine if this zone is connected with the Main Zone. Holes L08-121 and 128 very successfully attained this objective, returning 123.3 m of 0.31% copper and 23.4 m of 0.49% copper, respectively. These holes indicate the potential for significantly increasing resources in this area.

New areas of mineralization were also discovered, including: west of the Boundary Zone in holes JTM08-16 and 17; the All Alone Dome target in hole L08-115; and the first significant intercepts of mineralization at the TooGood target in holes L08-116, 118 and 119 where notable mineralization was seen in a few holes that were cut off by post-mineralization dykes, indicating that mineralization in this large target is potentially very extensive.

Copper-gold mineralization on the Lorraine property is alkalic intrusion-related and is analogous to a deposit style that includes the Galore Creek deposit. Other significant alkalic deposits in British Columbia include the Mt. Polley, Afton and Copper Mountain mines. The Lorraine property is located in an area of active logging and is well served by resource infrastructure including all season roads, the Kemess power-line corridor to the northeast and the Canadian National Railway line to the southwest.

Teck is earning a 51% interest in the Lorraine-Jajay project by spending $9.0 million by 2011, and may earn up to a 65% interest by completing a feasibility study and arranging production financing.

2008 Lorraine-Jajay and Jan/Tam/Misty Properties Drilling Results Summary:

Hole No. Area

From (m)

To (m)

Core Length (m)

Cu ppm (ICPMS)

Assay Cu %

Au ppb  *

Assay Au g/t  ***

Ag ppm (ICPMS)

JTM08-16 Boundary

384.3

515

130.7

914

0.09

26

<1

  incl.

384.3

405

20.7

1492

0.15

45

1

  incl.

460

481

21

1906

0.18

40

0.066

1.3

JTM08-17 Boundary

36.7

55.3

18.6

1153

0.12

<10

1.1

JTM08-18 Target X

 

 

 

nsv

nsv

L08-114 AAD

 

 

 

nsv

nsv

L08-115 AAD

280.5

301.2

20.7

979

0.10

20

<1

L08-116 TooGood

262.2

308.8

46.6

1152

0.12

12

<1

L08-117 TooGood

285

294

9

nsv

238

1.6

L08-118 TooGood

174

186

12

1372

0.14

<10

<1

L08-119 TooGood

88.6

153

64.4

996

0.10

<10

<1

  incl.

126.2

153

26.8

1211

0.12

<10

<1

L08-120 Lower Main

8

167.2

159.2

6080

0.64

226

0.304

3.5

  2nd zone

262.5

321.3

58.8

915

24

<1

  2nd zone incl

262.5

284.6

22.1

1497

0.16

27

<1

  Both zones combined

8

284.6

276.6

3720

0.39

136

2.2

L08-121 Bishop Ext

89.8

326

236.2

1730

0.19

42

<1

  incl.

89.8

213.1

123.3

2751

0.31

57

<1

  incl.

158.3

213.1

54.8

5191

0.59

96

1.0

  incl.

158.3

182.3

24

9841

1.13

135

0.151

1.3

L08-122 New

144.8

149.3

4.5

1124

0.13

25

<1

   

201.1

203.1

2

4781

0.57

76

1.9

L08-123 New

59.4

59.9

0.5

5500

0.60

<10

2.4

L08-124 Page Bowl

43.5

50.4

6.9

1179

0.15

16

1.1

L08-125 New

 

 

 

nsv

L08-126 New

57

60.3

3.3

1057

15

<1

  New

174

183

9

937

<10

<1

L08-127 TooGood

 

 

 

nsv

L08-128 Bishop Ext

66

359

293

1050

68

<1

  incl.

184

207.4

23.4

4648

0.49

364

0.361

1.3

  incl.

281

301

20

2981

0.31

223

0.233

1.4

  incl.

335

359

24

1808

0.20

104

1.1

L08-129 AAD

 

 

 

nsv

* Au by Aqua regia decomposition / solvent extraction / AAS
*** Au by Fire assay – lead collection / AA finish / 1 A.T.

nsv = no significant values

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