VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA1) is pleased to provide an update on the 2021 exploration season at the Company’s flagship Poplar Copper Project ("Poplar"), located 88 KM southwest of Houston, B.C.
Universal has been active at Poplar during 2021, completing a 6-hole 3,000 metre drill program and a mineral resource estimate update at the Poplar deposit, completing a thorough review of the historic exploration data outside of the Poplar deposit itself, and completing two acquisitions to bring the total size of the property to 61,600 hectares.
Clive Massey, Universal Copper’s CEO and President commented, “We completed a very busy and very successful year at Poplar, as we eagerly await assay results from the 2021 program. We increased the size of the Poplar mineral resource estimate and identified 9 high priority targets across the property. We envision an even busier 2022, where we plan to engage some porphyry expertise, plan to significantly expand the drill program, and plan to commence exploration of some of the priority targets throughout the property.”
“The global copper demand is expected to keep rising due to copper’s indispensable role in modern technologies, including electric vehicles, mobile phones, electronics, and computer hardware. This continually rising demand will continue to drive copper prices higher,” continued Mr. Massey.
Mineral Resource Estimate
Ashton and Robb completed an update of the 2011 Poplar Mineral Resource Estimate, incorporating the 2018 and 2019 drilling programs. The Poplar Deposit hosts an 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 technical report supporting the Mineral Resource Estimate can be found under the Universal Copper profile on SEDAR.
Peripheral Targets
Mercator Geological completed a compilation review of all historical data on the remainder of the Poplar property. They focused on 9 target areas, defined by historic exploration, largely surface geochemistry and mapping and some ground geophysics, a 2009 airborne magnetics and electro-magnetics survey and a 2017 Long Wave InfraRed (LWIR) survey. Higher priority targets include Copper Pond, Pumpernickel and Alder, with the six additional targets including Hemlock, Aspen, Lily, Birch, Spruce and Duck Lake. See Universal News Releases dated: 2021-Apr-04, 2021-Apr-27 and 2021-May-04.
Property Expansion
Universal completed two property acquisitions, adding 18,000 hectares to the south, east and west through the purchase of Poplar Copper Corp. and adding an addition 4,631 hectares to the southwest through the purchase of BA Copper Corp.
Engagement of Marketing Service Provider
The Company has entered into an advertising and promotional services agreement with Vastani GmbH ("Vastani") for a term of six weeks commencing November 9, 2021. Pursuant to the terms of the agreement, Vastani will provide content and branding services, advertisement creation services, management of advertising traffic and lead generation, Q&A article and podcast creation services, social media services, news release dissemination, and editorial services for which Vastani will be paid an aggregate cash amount of €110,000 Euros over the term of the agreement and will be issued 795,000 incentive stock options (exercisable at a price of $0.10) in accordance with the Company's stock option plan. Neither Vastani nor its affiliates currently own any securities of the Company. Vastani and the Company are unrelated and unaffiliated entities.
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 Hydro electric 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 with a historic 43-101 resource.
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.
