LONGUEUIL, QUEBEC--(Marketwired - Apr 23, 2015) - Highland Copper Company Inc. (TSX VENTURE:HI) ("Highland" or the "Company") is pleased to report the results from its 2015 winter infill drilling program conducted on the White Pine North historical copper resource area.
During January and February 2015, Highland completed 27 diamond drill holes totaling 19,152 meters over an area of about eight square kilometers at White Pine North. Two holes were cased for re-entry during the summer of 2015 because of spring melting. Six holes are inclined to obtain structural data for geotechnical studies and were surveyed with televiewer technology. The program used HQ core size and recoveries averaged over 99 percent. Highland designed its 2015 winter drilling program primarily to (i) infill the historical drill grid to prepare an estimate of mineral resource and (ii) obtain information to guide mine planning. The program was successful and the results from this second phase infill drilling are consistent with results from Highland's 2014 drilling program (news release of July 3, 2014) and confirmed copper-silver mineralization from adjacent historical drill holes completed by the previous operator. Highland also completed seven wedges to obtain approximately 200 kg of mineralized samples for metallurgical testing.
Analytical results for the mineralized zones from the 2015 winter drilling program are summarized in Table 1 and location of drill holes are showed on Figure 2. (http://file.marketwire.com/release/003386et.pdf)
White Pine North is located in the western Upper Peninsula of Michigan on the south side of Lake Superior, an area which has historically been one of the most important copper producing region in the United States (Figure 2). In May 2014 Highland completed an interim closing of the acquisition of the White Pine copper project from Copper Range Company ("CRC"). The production at the former White Pine mine from 1952 to 1995 was 198,070,985 short tons averaging 1.14% copper, for approximately 4.5 billion pounds of copper. Mining ceased at White Pine in 1995 due largely to depressed copper prices, although significant amounts of mineralization remained, particularly to the north of the former mine ("White Pine North"). In 1995, CRC completed an estimate of resources at White Pine North based on a mine-wide database totaling 526 diamond drill holes. Highland's exploration efforts continue to focus on that area, with the objective of completing a National Instrument 43-101 compliant resource estimate in the second half of 2015. Highland expects to complete the final closing of the White Pine acquisition in the fall of 2015.
Highland has commenced a detailed review of the drill results and is planning a summer drilling program, subject to available funding. The objective of the program will be to drill the holes necessary to complete a resource estimate, focusing on the higher-grade portions of the deposit.
G Mining Services continues to carry out a number of technical studies including metallurgy, infrastructure, tailings disposal and mining methods as part of a prefeasibility study, which will include the White Pine North, Copperwood and Keweenaw projects and is anticipated to be completed by year end.
QA/QC
The Company maintains a rigorous QA/QC program with respect to the preparation, shipping, analysis and checking of all samples and data from the properties. Quality control for drill programs at the Company's projects covers the complete chain of custody of samples, including verification of drill hole locations, core handling procedures and analytical-related work, including duplicate sampling, check analyses at other laboratories and the insertion of standard and blank materials. The QA/QC program also includes data verification procedures. Activation Laboratories in Thunder Bay, Ontario, Canada (IOS 17025 accreditation) assayed all samples from the 2015 winter drilling program using an ICP method tailored for the project samples.
The technical information contained in this news release has been approved by Carlos H. Bertoni, P. Geo., Highland's Executive Vice President, Project Development. Mr. Bertoni is a qualified person as defined in NI 43-101.
Option Grants
The Company also announces that, subject to acceptance by the TSX Venture Exchange, it has granted an aggregate of 1,905,000 stock options to directors, officers, employees and consultants of the Company. The options are exercisable for a period of five years at an exercise price of $0.25 per share, subject to certain vesting conditions.
ABOUT HIGHLAND
Highland Copper Company Inc. is a Canadian exploration company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. For more information about the White Pine project refer to the "Technical Report on the White Pine Copper Property, White Pine, Michigan, USA" dated as of February 10, 2014 and filed on SEDAR (www.sedar.com) on April 3, 2014. Highland has approximately $3.3 million in cash at March 31, 2015 and has 127,377,491 issued and outstanding common shares listed on the TSXV under the symbol 'HI'. Additional information about Highland is available on the Company's website at www.highlandcopper.com and on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT
Certain statements contained in this press release constitute forward looking information under the provisions of Canadian securities laws. Such statements include without limitation: the Company's plans and objectives to complete a current mineral resource estimate at White Pine North; plans to complete the acquisition of White Pine; plans to conduct a summer drilling program; results of the drilling program; statements about completing studies for a prefeasibility studies; and other statements and information regarding anticipated results regarding the Company's operations and exploration. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Actual results may be materially different from those currently anticipated. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the Company being unable to satisfy the remaining conditions to complete the final closing of the White Pine acquisition; further drilling being required to complete a current mineral resource estimate, and there is no certainty that this can be accomplished; the non-availability of additional funds to complete the Company's planned exploration and development programs and studies; risks associated with governmental and environmental regulation including permitting for the development of the project; metal price volatility; and risks associated with global economic conditions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
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.