TORONTO, July 03, 2024 (GLOBE NEWSWIRE) -- Doré Copper Mining Corp. (the "Company" or "Doré Copper") (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) is pleased to announce it has entered into an agreement with SOQUEM to acquire a 56.41% interest in a group of contiguous claims (the “Claim Group”) located immediately north and east of its flagship high-grade Corner Bay copper project in the Chibougamau mining camp, approximately 55 kilometers by road from Chibougamau, Québec.
The Claim Group totals 17 claims covering an area of 446 ha within Dore Copper’s 100% owned Corner Bay-Devlin Property (5,446 ha) (Figure 1). The Claim Group has seen historical exploration during the 1970's with 36 diamond drill holes totaling approximately 7,610 meters. Further exploration activities was carried out by SOQUEM between 1992 and 1998 with 28 diamond drill holes totaling 5,327 meters.
Several parallel shear zones trending northwest-southeast were identified over a strike length of 1.4 kilometers (A, B, C, and D in Figure 1). The mineralization is characterized by narrow quartz+calcite veins (generally <1 metre) which generally contain between 10% and 40% chalcopyrite and pyrite. The mineralized zones have been tested to a vertical depth of 400 meters.
Significant historical drill intercepts on the Claim Group include1:
- 13.15% Cu over 0.61 meters (R1-12)
- 5.45% Cu over 2.40 meters, including 13.9% Cu over 0.80 meters (4018-95-12)
- 8.92% Cu over 0.91 meters (R1-31)
- 12.45% Cu over 0.43 meters (R1-11)
- 15.26% Cu over 0.76 meter (R1-33A)
- 9.8% Cu over 1.25 meters (4018-95-21)
- 12.37% Cu over 0.91 meters (R1-10)
More importantly, the potential northern strike extension of the Corner Bay deposit has never been tested on the Claim Group. The current northern limit of the Corner Bay mineral resource is approximately 430 meters south of the property boundary. Access to the Claim Group would provide an additional 800 metres along strike to test the possibility of a northern extension. In addition, a target of interest is the area of intersection between the north-south Corner Bay shear zone and the northwest-southeast shear zones of the Claim Group. Further compilation of historical geophysical surveys will assist in refining these targets.
Ernest Mast, President and CEO of Doré Copper, commented, “The acquisition of SOQUEM’s Claim Group further consolidates the land position around our flagship Corner Bay copper deposit. High-grade copper shear zones, with similar mineralization to the Corner Bay deposit, have already been identified on the Claim Group. There are also indications that the Corner Bay deposit could extend northwards into the newly acquired claims. We plan to review and incorporate all the available data into our geological model to better define the areas which have not been adequately followed for future exploration plans.”
Terms of Agreement
Upon execution of the Agreement, SOQUEM is to receive (i) a cash payment of $20,000 and (ii) equivalent of $125,000 in common shares of the Company as consideration for the purchase of a 56.41% interest in the Claim Group. In addition, in the event that the Company completes a mineral resource estimate in accordance with NI 43-101 on the Claim Group, the Company will pay SOQUEM the sum of $100,000. On commencement of commercial production (defined as greater than 200 tonnes per day for a consecutive period of seven days), the Company will pay SOQUEM the sum of $250,000 and a 1% Net Smelter Return royalty (the "NSR") on the production of copper and gold. The Company will have the right, at any time prior to the commencement of commercial production, to purchase 50% of the NSR for $500,000 and the other 50% for $1,000,000. The closing of the Agreement is subject to the approval of the Company's filings with the TSX Venture Exchange.
Disclosure
Youssouf Ahmadou, M.Sc., P.Geo., Senior Exploration Geologist of the Company and a QP within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
The Qualified Person ("QP") for the Company has not verified the historical sample analytical data disclosed within this release. While the Company has obtained all historic records including analytical data from the previous owners of the Property and from various government databases, the Company has not independently verified the results of the historic sampling.
Figure 1. Corner Bay-Devlin Property showing the Claim Group acquired by Dore Copper
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial 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 Copper Rand mill.2 The Company has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Company has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold.3 The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company'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: ernest.mast@dorecopper.com | Email: laurie.gaborit@dorecopper.com |
Visit: www.dorecopper.com
Facebook: Doré Copper Mining
LinkedIn: Doré Copper Mining Corp.
Twitter: @DoreCopper
Instagram: @DoreCopperMining
- GM 56435 : Rapport annuel d'exploration 1998, propriete corner bay (4018 ).
- Technical report titled "Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada" dated June 15, 2022, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
- 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. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the timing and ability of the Company to receive necessary regulatory approvals, the Company's ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Company 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 Company with securities regulators. Although the Company 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 Company 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.
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6900fc90-7595-4fba-9e8f-bb5e70a215de
