VANCOUVER, British Columbia, May 17, 2022 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (“Alpha,” Alpha Copper,” or the “Company”) a resource sector enterprise founded to create value through mineral exploration, technical development, and asset acquisition is pleased to announce that it has filed and been granted a Permit Extension for its Okeover Copper-Molybdenum Project located in a highly accessible region of coastal British Columbia.
The Permit Extension allows the company to proceed with exploration actives on the Okeover Copper-Molybdenum Project through to March 5, 2024. The significance of having a fully permitted project is paramount in driving value to an already exciting project.
The Okeover (“Ok”) copper-molybdenum property encompasses 4,613 hectares (11,399 acres) is located 45 minutes by car immediately north of the coastal deep water port City of Powell River, British Columbia. The Okeover property shares several commonalities with deposits held by Island Copper located on Vancouver Island (BHP) and Quartz Hill Moly located on the Alaska Pan Handle (Cominco American Inc., now Teck Resources).
Alpha is currently planning for a fall work program at the Okeover property, which is strategically planned to build on the historic resource known as the North Lake Zone. This zone received a 2006 historic resource calculation with an inferred 87 million tonnes grading 0.31% copper and 0.014% MoS2, (Carter N., for Eastfield, filed on Sedar, Nov 17, 2006). Between 1966 and 2008 one hundred and sixteen drill holes (116) totaling 19,000 meters were completed. See Figure 1.
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/162856f5-80c1-4e35-bce9-2d7fc131304b
In July 2007 results were received for four drill holes of a seven-hole program completed at the Okeover copper-molybdenum property by Eastfield Resources Ltd. and Prophecy Development Corp. The drill holes were designed to expand the current resources of the North Lake Zone.
Hole OK-07-04, drilled near the western boundary of the North Lake Zone, intersected an aggregate intercept of 76 metres grading 0.34% copper and 0.020% MoS2, including an intercept of 19 metres grading 0.42% copper and 0.020% MoS2. Hole OK-07-04 was drilled adjacent to and beneath a hole completed in 1972 with much of the mineralized interval, including the higher-grade section, occurring beneath the 1972 hole, which bottomed at a depth of 97 metres.
Hole OK-07-02, drilled 350 metres to the east of the area corresponding to the North Lake resource, intersected 23 metres grading 0.24% copper and 0.031% MoS2 at the bottom of the hole, establishing that mineralization is very much open ended to the east and suggesting that the North Lake Zone may be considerably larger than the 2006 estimate. In addition, molybdenum grades appear to be increasing to the east.
Historically, copper and molybdenum mineralization was discovered in creek bottoms in the central part of the Okeover Property in 1965. Between 1966 and 1977, seven companies carried out several geological, geochemical, geophysical surveys, and mechanical trenching plus more than 14,000 metres of drilling. Companies working on the property included Noranda Exploration Company Ltd., Asarco Exploration Company of Canada Limited, Falconbridge Nickel Mines Ltd., Duval International Corporation, Granite Mountain Mines Ltd., Sierra Empire and Western Mines Ltd.
Drilling completed between 1966 and 1977 consisted of 13,831.5 metres of diamond drilling in 82 holes and 12 vertical percussion holes totaling 732 metres. Most of the diamond drill holes were inclined at - 45° or less and five were vertical holes. Average hole length was 169 metres and the deepest hole drilled was 363 metres in length. Average vertical depth tested was between 120 and 140 metres below surface. Vertical percussion holes were drilled to 61 metres depths. Readily available reports pertaining to drilling include only those of Western Mines Ltd. in 1974 and 1977. Original drill logs and analytical results for core and cuttings samples from all holes drilled between 1966 and 1977 were digitized in the late 1980s and the data was subsequently made available in late 2004.
Alpha Copper CEO, Mr. Darryl Jones notes, “I am advised by our exploration team that recent exploration at Okeover, starting in 2012, included more than 20-line kilometers of induced polarization surveying which centered on the North Lake Resource (historic) and extended approximately two kilometers to the north and two kilometers to the south. The geophysical signature of the resource area includes the eastern half of a chargeability anomaly and a 250-meter western continuation. This signature continues one and a half kilometers both northward and southward where only minimal drilling has occurred to-date. Given the global industrial supply chain demand for copper today, this project offers numerous attractive attributes that point towards commercial mining potential. We are excited to have the permitting in place to advance our understanding of the true scope of this ideally located and exciting copper prospect. The Ok Project is not a conceptual grass-roots project, it is an advanced project that has had a lot of early-stage exploration completed on it. Our team has looked through all the historical data and we have a strong belief in its unlocked potential. We will be implementing first-ever modern technology, techniques, and new thinking on this project as we head into our inaugural field season.”
Qualified Person
This news release has been reviewed and approved by Mr. J.W. Morton, P. Geo., who is the Qualified Person within the context of NI 43-101 and takes responsibility for its technical content.
On Behalf of the Board of Directors,
~Darryl Jones~
Darryl Jones
CEO, President & Director
Alpha Copper Corp.
Contact Alpha Copper
Invictus Investor Relations
+1 (604) 343.8661
walter@invictusir.com
About Alpha Copper Corp (CSE: ALCU) (OTC: ALCUF):
Alpha Copper is focused on contributing to the green economy by finding and developing copper resource assets in stable jurisdictions. The company is positioned to earn a 60% interest in the Indata copper-gold project located in north central British Columbia and a 100% interest in the Okeover copper-molybdenum project located near the coastal community of Powell River, British Columbia. For more information visit: https://alphacopper.com/.
Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve 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. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
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