Vancouver, BC, June 16, 2016 -- Lorraine Copper Corp. (TSX-V: LLC) ('Lorraine Copper') is pleased to announce that it has entered into a definitive agreement with ALQ Gold Corp. (TSX-V:
ALQ) ('ALQ') to acquire 100% of the Lustdust copper-gold-silver project located in the Omineca region of BC. Pursuant to the definitive agreement, Lorraine Copper will purchase a 100% interest in the Lustdust Property by issuing to ALQ 5.5 million Lorraine Copper common shares on closing, paying ALQ $50,000 in cash on closing and incurring $100,000 in exploration expenditures on the Lustdust Property on or before 12 months from closing.
Lustdust encompasses 20 mineral claims totalling 9,583 hectares located 150 kilometres north of the community of Fort St. James. It is host to at least one mineralized carbonate replacement system identified as the Canyon Creek copper-gold deposit. Carbonate replacement deposits (CRDs), are epigenetic, intrusion related, high-temperature sulphide-dominant Pb-Zn-Ag-Cu-Au-rich deposits. Limestone, dolomite and dolomitized limestone are the major host rocks.
An NI 43-101 compliant mineral resource completed by GeoSim Services Inc. in 2010 estimates that the Canyon Creek deposit contains an indicated mineral resource of 1,253,000 tonnes grading 1.33% Cu, 1.426 g/t Au and 33.0 g/t Ag with a copper equivalent cut-off grade of 1.0%. An additional 3,124,000 tonnes grading 1.12% Cu, 1.366 g/t Au and 25.4 g/t Ag is classified as inferred. The presently defined mineral zone extends some 600 m along strike and down dip and remains open in all directions.
Notable prior drill intercepts at Lustdust include: hole 02-09 with 15 metres grading 24.04 g/t gold and 2.2% copper, hole 02-03 with 9.7 meters grading 36.7 g/t gold, 182.6 g/t silver and 2.89% copper, hole 01-44 with 59 meters grading 0.67 g/t gold and 0.80% copper and hole 03-09 with 5.0 meters grading 13.3 g/t gold, 899 g/t silver and 6.8% combined lead-zinc.
The agreement concerning the Lustdust acquisition is subject to shareholder approval by ALQ and to regulatory approval as may be required.
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
J.W. (Bill) Morton, P.Geo.
President and CEO
Lorraine Copper Corp.
Contact:
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: [email protected]
About Lorraine Copper
Lorraine Copper holds a 49% interest in the Lorraine copper-gold project in a joint venture with Teck Resources Limited and a 40% interest in the Okeover (OK) copper-molybdenum project, both of which have NI 43-101 compliant mineral resources. For more information please visit the Company's website at www.lorrainecopper.com.
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.