TORONTO, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Doré Copper Mining Corp. (the "Corporation" or "Doré Copper") (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce the approval of a fully funded 50,000 meter drilling program at the Corner Bay and Devlin projects that will mainly focus on resource category conversion and test a number of exploration targets on the property. The projects are located in the Chibougamau mining camp, less than 55 kilometers by road from the Corporation’s Copper Rand mill, near Chibougamau, Québec.
“We have started a 45,000 meter drilling program at our flagship Corner Bay project with two drills, both infilling the deposit at a 60 meter spacing. A third drill is expected to arrive in early February. In addition, there will be an infill drilling program of approximately 5,000 meters at the nearby Devlin project,” stated Ernest Mast, President and CEO of Doré Copper. “We expect to have an excellent resource conversion rate from the Inferred to Indicated category. Some holes will be twinned for metallurgical test work. The results of this drilling program will form the basis of a feasibility study to implement our hub-and-spoke operation model.”
2022 Drilling Program and Exploration Activities
The 2022 infill drilling program includes 45,000 meters at the high-grade Corner Bay copper-gold deposit and 5,000 meters at the Devlin copper deposit, located 10 kilometres west of Corner Bay.
The objective of this $7.0 million drilling program is to convert a significant proportion of the underground Inferred resources to the Indicated category. This program will enable the finalization of the underground engineering plans as part of the feasibility study that will start after the PEA is completed at the end of the first quarter of 2022. Drilling will also aim at extending some known copper mineralized zones at Corner Bay.
At Corner Bay, step out holes are planned to test a moderate to strong downhole geophysical target to the south of the East Vein, located 200 meters east of the Main Vein.
A ground geophysical EM survey is planned southwest of the Corner Bay deposit over a one kilometer square area with similar magnetic signature, structural setting and lithology to Corner Bay.
Doré Copper finished 2021 with approximately $14.1 million in working capital, of which approximately $5 million is flow-through funds.
Qualified Person
Andrey Rinta, P.Geo., the Exploration Manager of the Corporation and a "Qualified Person" within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
COVID-19 Precautions
Doré Copper has implemented precautions and procedures compliant with Québec’s health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential for community contact and spreading of the virus.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with a production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized 2,700 tonnes per day mill. The Corporation is expected to deliver a PEA at the end of the first quarter of 2022 and then initiate a feasibility study and permit applications.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
| Ernest Mast | Laurie Gaborit |
| President and Chief Executive Officer | Vice President, Investor Relations |
| Phone: (416) 792-2229 | Phone: (416) 219-2049 |
| Email: emast@Dorécopper.com | Email: lgaborit@Dorécopper.com |
For more information, please visit: www.dorecopper.com
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1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 - Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, a third drill expected to arrive in early February, having an excellent resource conversion rate from the Inferred to Indicated category, planning step out holes to test a geophysical target located to the south of the East Vein, planning a ground geophysical EM survey southwest of the Corner Bay deposit over a one kilometer square area, completing preliminary economic assessment (PEA) by the end of the first quarter of 2022, aiming to be the next copper producer in Québec with a production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model, and initiating a feasibility study and permit applications after the PEA.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
