VANCOUVER, British Columbia, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA2) is pleased to report it has completed the 2021 Phase I drilling program at the Company’s flagship Poplar Copper Project ("Poplar"), located southwest of Houston, British Columbia.
Apex Diamond Drilling Ltd. completed 3,003 metres in six vertical holes across the deposit. The first two holes have been dispatched to the main ALS Minerals Lab (“ALS”) in North Vancouver, an ISO/IEC 17025:2017 accredited facility. The remaining four holes are currently being sawn top to bottom; each hole will be dispatched to ALS once sampling is completed.
The focus of the program was to expand the copper mineralization to depth and expand the limits of the higher-grade mineralization within the current mineral resource. The drill program was completed as anticipated.
The six holes will also provide material for metallurgical work, with the testing to include: sample preparation and characterization, mineralogy, comminution testing, flotation testing and product characterization. The Company is reviewing quotes from various firms with the expectation of shipping the metallurgical samples at the conclusion of the sampling. Metallurgical testing was one of the recommendations by the QP in recently announced Mineral Resource Estimate.
Clive Massey Universal Copper’s CEO and President commented, "We are very pleased our drill program was executed without a hitch and we eagerly await the assay results. As with our earlier drill programs, the Company anticipates further increases in tonnage and grade of the overall mineral resource from this program.”
He continued, "The Company views Poplar as an undervalued asset, with a continually strengthening copper market driven by the Green Revolution where New York COMEX copper forward delivery in December reached $4.8055 per pound ($10,572 per tonne), a record high."
About Poplar
The 61,600-hectare Poplar Project hosts a current undiluted indicated mineral resource of 152.3 million tonnes grading 0.32 per cent copper, 0.009 per cent molybdenum, 0.09 gram per tonne gold and 2.58 g/t silver and an undiluted inferred mineral resource of 139.3 million tonnes grading 0.29 per cent copper, 0.005 per cent molybdenum, 0.07 g/t gold and 4.95 g/t silver. The mineral resource estimate has a cut-off grade of 0.20% copper. Universal Copper cautions investors mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
Poplar lies in an historic mining region, located 35km from the Huckleberry Mine and 42km from Equity Silver Mine, where low snowfalls will allow year-round work. The road accessible property is bisected by a 138 Kva Hydroelectric line and lies 88km from Houston and 400km from the deep-water port at Prince Rupert by rail.
Qualified Person
The technical content of this New Release has been reviewed and approved by R. Tim Henneberry, P.Geo (BC) a member of the Company’s Advisory Board and a Qualified Person under National Instrument 43-101.
About Universal Copper
Universal Copper Ltd. is a Canadian-based copper exploration company focused on the acquisition and exploration of copper properties. The Company's management team has many years of experience in exploration, finance and efficient public company management. Universal's current focus is on advancing the Poplar Copper Project, one of the most advanced pre-production copper projects in British Columbia.
For additional information, please visit the Company's website at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Clive Massey”
Clive H. Massey
President & CEO
For further information, please contact:
Investor Relations
Phone: (604) 341-6870
Neither 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.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Universal Copper Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
