VANCOUVER, British Columbia, Feb. 19, 2019 (GLOBE NEWSWIRE) -- District Copper Corp. (“District Copper” or the “Company”) (TSX-Venture: DCOP) is pleased to announce commencing its 2019 exploration program on its 100% owned Stony Lake East gold project located in the emerging Cape Ray/Valentine Lake/Alder gold district in central Newfoundland. The program will follow the recommendations set out in the Stony Lake National Instrument 43-101 Technical Report dated September 18, 2018. The first phase of the exploration program consists of a high sensitivity airborne magnetometer and radiometric geophysical survey to map bedrock lithologies and areas of structurally controlled potassic alteration. The magnetic and radiometric data will guide the follow-up mapping and sampling of the project with priority emphasis on targets identified by the airborne survey. The survey is expected to begin in March, subject to snow cover and weather conditions.
Jevin Werbes, President & CEO, commented, “with the acquisition of Stony Lake, District is now a major land holder in one of North America’s most exciting new gold regions. The project covers 27 km of prospective strike length in this emerging gold district. It hosts a number of large gold targets that suggest potential for other styles of gold mineralization similar to the high-grade orogenic gold mineralization being reported by Sokoman on their contiguously-located Moosehead project. The airborne survey will aid mapping of the geology, structure, and alteration allowing our exploration team to assess the gold potential of those areas covered by overburden, swamps, and bogs.”
About the Stony Lake East Project
The Stony Lake East project is centrally located within the Cape Ray/Valentine Lake/Alder zone structural trend in central Newfoundland - Canada’s newest emerging orogenic gold district. This district hosts Sokoman Iron Corporation’s (“Sokoman”) Moosehead discovery, Marathon’s Valentine Lake gold deposit, and Antler Gold’s recently discovered high-grade Twilight zone. Stoney Lake covers approximately 27 km of strike length of this favourable trend between Sokoman’s Moosehead discovery to the northeast and the Twilight zone to the southwest.
The Stony Lake East project is contiguous to and covers the southwest extension of the package of Silurian age rocks that host Sokoman’s Moosehead high-grade gold discovery. Highlights of recent news releases from Sokoman’s Moosehead project include:
- drill hole MH-18-08 returned 1.05 m of 207.1 g/t gold from 8.50 to 9.55 m and 2.28 m of 42.36 g/t gold from 33.07 to 35.35 m (see Sokoman news release dated August 28, 2018)
- drill hole MH-18-17 returned 24.90 m core length grading 33.56 g/t Au (see Sokoman news release dated November 16, 2018)
- rig #2 cut gold bearing vein system 1 km north of the Eastern and Western Trend area (see Sokoman news release dated November 16, 2018).
Historical exploration on the project consisted of prospecting as well as rock and geochemical sampling. Six large exploration targets were identified exhibiting some, or all, of the following results:
- 18 gold occurrences with rock samples yielding up to 15.1 g/t gold
- large scale soil, till, and lake sediment gold geochemical anomalies
- extensive silicified zones with anomalous to low-grade gold mineralization
- areas of altered Silurian age sandstone containing 2-3% (est.) combined pyrite and arsenopyrite.
Elmer B. Stewart, MSc. P. Geol., a Director of District is the Company’s non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About District Copper
District Copper is a Canadian company engaged in the exploration for gold deposits in Newfoundland and Ontario and copper-gold deposits in northwestern British Columbia. The acquisition of the Stony Lake gold project establishes the company as a major land holder in one of North America’s most exciting new gold camps.
For further information, please visit www.districtcoppercorp.com to view the Company’s profile or contact Jevin Werbes at 604-620-7737.
Jevin Werbes, President & CEO
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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release is not for distribution in the United States or over United States newswires.
Cautionary Statement on Forward Looking Statement
Certain information contained in this news release, including information as to our strategy, projects, plans or future financial or operating performance and other statements that express management’s expectations or estimates of future performance, constitute “forward looking statements”. Actual results may differ materially from those indicated by such statements. All statements, other than historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
A more complete discussion of the risks and uncertainties facing District Copper is disclosed in District Copper's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and District Copper disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.