Posts Tagged Lorraine 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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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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Lorraine Copper Update

A New Player in Central British Columbia

The prolific Quesnel Terrane, a geologic belt running the length of the province and hosting numerous copper-gold porphyry deposits, including our own Lorraine occurrences, has attracted a large new player to BC. South African based Gold Fields Limited has announced that it has taken an option to acquire a 51% interest in Cascadero Copper Corporation’s Toodoggone property (approx. 100 km north of Lorraine) by incurring expenditures of $5 million over a three year period and may acquire an additional 24% interest in the property by spending a further $15 million.

Gold Fields is one of the world’s largest gold producers with annual attributable production of approximately four million ounces from nine operating mines in Peru, Ghana, Australia and South Africa. In addition the company has an extensive exploration portfolio with highly prospective projects in all of the major gold provinces of the world. Despite being a “pure gold” company, one of the more recent projects developed by Gold Fields is the Cerro Corona Mine in Peru which came on line in 2008. The Cerro Corona Mine is an open pit copper-gold porphyry mine with an economic model type that has many similarities to Lorraine.

It has become very evident over the last few years that gold companies are including large copper-gold porphyry deposits on their target list for a source of gold as they find that large gold-only deposits are becoming harder and harder to find. You may see that in the future these deposit types get referred to as Gold-Copper deposits instead of Copper-Gold to protect the gold-only producers from being labeled as copper producers. The bonus for the gold companies is the added revenue from the copper side where we are seeing a nice recovery in the price of late (US$2.05/lb.; 4/9/09). Many analysts believe that copper price is the bellwether of the economy and is a leading indicator to a pending recovery as it is a metal critical to industrial and domestic use.

It is a strong statement of credibility for BC and the exploration potential of the Quesnel Terrane to see Gold Fields enter our territory to explore alongside us.

At Lorraine Copper we are looking forward to continuing to explore and develop the Lorraine Project. Teck Cominco Ltd., Lorraine Copper’s option partner, may earn an initial 51% interest in the Lorraine Project (including subsequent expansions) by spending $9 million by December 31, 2010. Upon earning a 51% interest, Teck Cominco has a right to earn an additional 9% interest by funding and completing a feasibility study and a further 5% interest by arranging financing on behalf of Lorraine Copper for its share of capital costs. As we are all aware, Teck Cominco, having spent approximately $8.4 million to date, has been seriously affected by the recent economic downturn. Teck has not yet advised the company of the ongoing exploration plans for Lorraine but we are confident that the project will continue to garner success for Lorraine Copper.

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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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