TORONTO, July 30, 2020 (GLOBE NEWSWIRE) -- Doré Copper Mining Corp. (the "Company" or "Doré Copper") (TSXV: DCMC) is pleased to announce that it has received the permit associated with the drilling of the Joe Mann property in Québec, Canada. The Joe Mann property is part of the option agreement announced by the Company on January 2, 2020. The Company has also advised local stakeholders of its drilling plans at Joe Mann. Drilling will commence in approximately two weeks once the current drilling program at Doré Copper’s Cedar Bay property is completed.
“We are excited to focus on our high priority exploration targets at this high-grade gold underground asset that remains open at depth and along strike, given market fundamentals that have strengthened gold prices to record-setting highs,” commented Ernest Mast, President and CEO of Doré Copper.
The two drill rigs will follow up on holes EE-188 and EE-189B that were drilled in 2008 after the mine had ceased operations. Hole EE-188 intersected 3.02 meters grading 30.3 grams per tonne (g/t) gold (Au) and 1.30% copper (Cu). Hole EE-189B intersected 1.88 meters grading 26.66 g/t Au and 0.40% Cu. The intersections are 150 meters apart and approximately 170 meters beneath the lowest mining level in the mine. No prior drilling has occurred to follow up on the high-grade extensions. A long section view of the area that will be drilled is shown below.
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c475aa1e-e1a8-438a-83c9-9870b256846d
The Joe Mann Gold Mine was one of the highest-grade gold mines in Canada and produced 1.17 million ounces of gold grading 8.26 g/t between 1956 and 2007. The mine is located approximately 60 kilometers from the Company’s Copper Rand mill, where ore from Joe Mann was processed from 2004 until its closure in 2007, and is accessible by all season roads.
Highlights of the Joe Mann Gold Mine:
- Production of 1.173 million ounces of gold at a grade of 8.26 g/t Au, 607,000 ounces of silver at 5 g/t Ag and 28.7 million pounds of copper at 0.25% Cu (Source: Technical Report on the Joe Mann Mining Property dated January 11, 2016, prepared by Geologica Inc.).
- Mineralization remains strong and persistent at depth with hole EE-189B intersecting 26.66 g/t Au over 1.8 meters and hole EE-188 intersecting 30.3 g/t Au and 1.3% Cu over 3.02 meters, extending the Main Zone 170 meters down dip.
- The more recently discovered West Zone, a potential structural off-set remains open and is a high priority future exploration target with historical intercepts including 2.44 meters at 24.62 g/t Au, 3.93 meters at 31.54 g/t Au, 2.62 meters at 24.28 g/t Au and 3.2 meters at 16.1 g/t Au.
- Exploration potential remains excellent including new parallel zones identified by recent surface prospecting work that lie just several hundred meters to the south of the main mine.
- Well-developed infrastructure in place including year-round road access, administration office, power and a shaft down to the 1,145-meter level.
The Company plans to drill two holes in close proximity to the historical holes, with a minimum of one wedge per hole. The drill collars will be located on the adjacent property, also named Joe Mann, a joint venture between Jessie Resources (65%) (optioned by Doré Copper) and SOQUEM (35%). The holes will cross an untested area of the Rohault Zone which is part of the 65/35 joint venture. The closest intersection to those planned on Rohault comes from hole H-156 which intersected 0.67 meters at 11.0 g/t Au. SOQUEM will contribute 35% of the field costs of the joint venture. A plan view of Joe Mann's planned drill holes and infrastructure is presented below.
Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bff4553a-9671-44a5-937d-9adf8bbfc57f
Andrey Rinta, P.Geo., the Exploration Manager of the Company and a "Qualified Person" within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Doré Copper Mining Corp.
Doré Copper is engaged in the acquisition, exploration and evaluation of mineral properties. Doré Copper completed a qualifying transaction on December 13, 2019, establishing itself as a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. Doré Copper, through its wholly owned subsidiary CBAY Minerals Inc., holds a 100% interest in the exploration-stage Corner Bay project and the exploration-stage Cedar Bay project, both located in the vicinity of Chibougamau, Québec, as well as the 2,700-tonne-per-day Copper Rand processing mill. Doré Copper has an option agreement to acquire 100% of the Joe Mann property (see press release dated January 2, 2020), whereby if certain payments and spending requirements are met over a three-year period, the Company will become the 100% owner of the 1,990-hectare property.
For further information, please contact:
President and Chief Executive Officer
Phone: (416) 792-2229
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Company to receive necessary regulatory approvals, and the plans, operations and prospects of the Company and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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