VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 26, 2015) - Copper North Mining Corp. ("Copper North" or the "Company") (News - Market indicators) is pleased to inform investors of progress on the Thor property in Northwest British Columbia. The Thor property covers 13,000 hectares and is located 15 km south of the Kemess South mine and mill facility. The property is underlain by Takla Group volcanic rocks intruded by Lower Jurassic granitic intrusions that host porphyry copper-gold deposits in the Kemess District.
Copper North completed 39 kilometres of induced polarization in the fall of 2014. The survey was focused on the covered area in Moose Valley, south of previous survey work that identified an anomaly on the most southerly survey line. Compilation of the geophysical survey information and geological and geochemical information from the historic exploration in the 1980's and 1990's, has identified two large targets for porphyry copper-gold mineralization. The Thor East target is located in the east part of the property in more mountainous terrain, and Thor West target is situated to the west in Moose Valley and is covered by extensive overburden (a map is available on the Company's web site www.coppernorthmining.com).
The Thor East target was the focus of previous exploration. A patchwork of soil and rock geochemical data and induced polarization survey data has defined an area of 4km by 2km underlain by granodiorite and Takla volcanic rocks that host copper-gold mineralization in shear zones and gossan areas, commonly associated with the margins of porphyry deposits. Six drill holes, totaling 629 metres, were completed in 1998, with most holes focused on shear structures in the Takla volcanic rocks. One shallow hole in the contact area of intrusive and volcanic rocks, intersected 60 metres of porphyry style mineralization grading 0.11% copper and 0.04 g/t gold. A detailed evaluation of the target area is planned for 2015, focused on the covered areas on the flanks of the ridge of volcanic strata.
The Thor West target is located to the southwest of the Thor East target in Moose Valley, flanking the access road to Kemess. This area has not seen previous exploration as the area is almost entirely covered by overburden, although outcrops exposed in creek areas have copper mineralization within Takla volcanic rocks. Airborne geophysical surveys conducted in 1997 defined a large area of high magnetic susceptibility that is interpreted as a large buried intrusion. Locally within the intrusion is an area of lower magnetic response suggestive of magnetite destruction that may be caused by alteration associated with a porphyry deposit. The recently completed induced polarization survey identifies an area of high chargeability that corresponds to the low magnetic area. The target area is approximately 3km by 2km.
The Thor West target may represent a deeper erosional level of a porphyry system as compared to the Thor East target that appears to represent a higher level in a porphyry system, situated on the east side of the Moose Valley fault structure. Wide spaced reconnaissance drilling is proposed for the Thor West target area.
The Thor property represents an attractive exploration opportunity for discovery of a porphyry copper-gold deposit near the Kemess mine and mill facility. Exploration by Aurico and others is identifying new porphyry deposits in this district as a new generation of exploration and discoveries unfolds.
Copper North is in early discussions with several groups with regards to potential joint venture opportunities to finance the next steps of exploration at the Thor property.
On behalf of the Board of Directors:
Dr. Harlan Meade, President, CEO and Director
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Project located in the Yukon, the Redstone property located in the Northwest Territories, and the Thor property in British Columbia. Copper North trades on the TSX Venture Exchange under the symbol COL.
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the results from previous exploration activity; future exploration, development, engineering and permitting activities, and their timing; and potential joint venture financing. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of future exploration and development activities; exploration and development risks; metallurgical process design; market prices; exploitation and exploration results; availability of capital and financing; general economic, market or business conditions; uninsured risks; regulatory changes; defects in title; availability of personnel; materials and equipment, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the proposed exploration and development of the Thor property will proceed as planned; market fundamentals will result in sustained metals and mineral prices; and any additional financing needed will be available on reasonable terms. The Company expressly 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 otherwise required by applicable securities legislation.
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.
