CALGARY, ALBERTA, September 2, 2024.Electrum Copper Corp. (“Electrum” or the “Company”) is pleased to announce that the final six holes in the resource definition drill program at its 100% owned Candela Mine in Coahuila State, Mexico have continued to demonstrate the robust nature of the copper- gold-molybdenum mineralization in the breccia pipe. Significantly, the deepest hole, BP-24-26, intersected four zones of copper mineralization, with the strongest averaging 1.6% over 29.90 metres to a vertical depth of 140.50 metres, lower than any previous drilling intercepts and at the level of the main adit.
These last six holes have also enlarged the gold zones beyond what was previously known, in particular with the gold-copper mineralization in hole BP-24-28. In addition, molybdenum mineralization in the drill holes is helping to define the continuity of these veins and the bonanza-grade intercept of 10.27% MoS2 in hole BP-24-26 is the highest grade to date. The results are now being compiled with previous holes from the resource drilling and an in-house Leapfrog model is being constructed to aid in the interpretation.
Highlights:
- 0.32g/t Au over 19.40m and 0.22% Cu over1 9.40m in hole BP-24-25
- 1.55 g/t Au over 12.05 m and 0.77% Cu over 69.20 m, including 0.95% Cu over 45.20 m, inhole BP-24-26
- 1.92% MoS2 over 5.35m, 0.71g/t Au over 20.45m, and 1.60% Cu over 29.90m, including 1.89% Cu over 19.90 m, also in BP-24-26
- 0.69% Cu over 35.60m in BP-24-27
- 1.25g/t Au and 4.15% Cu over 7.85m in hole BP-24-28
- 0.37% Cu over 15.45m in hole BP-24-29
- 0.94% Cu over 18.15m in hole BP-24-30
“We are very pleased with the results of the resource drilling,” stated Robert Archer, Electrum President & CEO. “In particular, the continuity and high grades of copper mineralization within and adjacent to the breccia pipe, the discovery of high-grade copper extending to depth, the extension of gold mineralization and the discovery of bonanza-grade molybdenum and even silver, will all have a significant impact on the resource estimate to be prepared by Stantec in the coming months.”
Holes reported herein include BP-24-25 to BP-24-30, inclusive, and all were drilled in the pit as part of the resource definition program. Figures 1 and 2 illustrate the Candela Mine property geology and in-pit drilling, respectively, and all significant intersections are listed in Table 1 below.
The 2024 resource definition drill program is now complete and comprised 1,510.6 metres in 18 holes. QA/QC work is being completed on the database and everything will be submitted to Stantec Consulting Services Inc., who has been commissioned to conduct a maiden S-K 1300 compliant resource estimate for the Candela Mine. It is anticipated that this should be complete by late October.
Hole BP-24-25 was drilled due east in the NE quadrant of the breccia pipe while hole BP-24-26 was drilled vertically in the SE quadrant. Holes BP-24-27, 28 and 29 were drilled to the north or NNW in the northwest quadrant and hole BP-24-30 was drilled due south in the SW quadrant (see Figure 2). Hole BP-24-26 is the only one in the program to exceed 100 metres vertical depth (to 199.65 metres) and the continued presence of copper mineralization will require follow up drilling.
Mining and resource definition activities at Candela are focused on a breccia pipe located just inside a granodiorite intrusive that forms part of the Monclova-Candela Intrusive Belt. The breccia pipe forms a vertical oval-shaped cylinder that, at the current pit floor, measures approximately 80 metres (N-S) by 65 metres (E-W) in diameter. The strongest mineralization in the pit forms a doughnut-shape following the perimeter of the breccia pipe around a variably mineralized core approximately 25 m in diameter.
Consequently, the majority of the resource drilling was conducted in a radial pattern, with holes collared near the centre of the pipe and drilling outward through the mineralized ‘ring’ (see Figure 2). Most holes were drilled to a vertical depth of less than 100 metres, some being stopped prematurely due to the intersection of historic underground workings. These intervals were assigned a zero grade in averaging mineralized intercepts.
Copper mineralization is strong throughout the ring except to the west and is most extensive to the east where it extends approximately 30 metres beyond the pipe into the ‘exotic’ copper zone reported in
Electrum news release dated June 4, 2024. As noted in previous news releases, gold and molybdenum tend to be somewhat more erratic than copper and may be confined to and/or controlled by later vein structures. While individual samples can return gold grades of several grams per tonne, the results received to date now indicate that the strongest gold zone wraps around the pipe from the northwest to the northeast and southeast. The molybdenum mineralization intercepted in these last six holes was variable in grade but included an intercept of 10.27% MoS2 over 0.8 metres in hole BP-24-26 that appears to be a different vein than those observed in the west wall of the pit.
QA/QC and Qualified Person
The Company follows strict sampling procedures for drill core and surface samples. Core is split with a saw and half retained in the core boxes for future reference. Half is bagged, labeled and sealed with zip ties and driven directly from site to the SGS Lab facility in Durango, Mexico. Surface samples are similarly bagged, labeled, secured and driven to SGS.
The SGS Durango facilities are ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and 33 other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Over limits for copper (>10,000 ppm) were re-assayed using a sodium peroxide fusion and ICP-AES finish. Control samples comprising certified reference material and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.
Robert A. Archer, President & CEO of Electrum Copper Corp. and a qualified person (“QP“) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Signed: “RobertA.Archer” President & CEO
Website: www.electrumcopper.com
CautionaryStatementRegardingForward-LookingStatements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipates,” “plans,” “estimates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions may be used to identify forward-looking statements. Forward- looking statements are not statements of historical fact and reflect Electrum’s current views about future events. Forward-looking statements may include, but are not limited to, statements relating to: the Company’s operational outlook; the Company’s ability to execute its business strategies; the volatility of realized copper, gold and molybdenum prices; the level of production on the Company’s properties; general economic or industry conditions; legislation or regulatory requirements; conditions of the securities markets; the Company’s ability to raise capital; changes in accounting principles, policies or guidelines; financial or political instability; acts of war or terrorism; title defects in the properties in which the Company invests; and other economic, competitive, governmental, regulatory or technical factors affecting properties, operations or prices. Although the Company believes expectations reflected in these and other forward-looking statements are reasonable, the Company can give no assurance such expectations will prove to be correct. Such forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements involve certain risks and uncertainties that could cause results to differ materially from those expected by the Company’s management.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
