Vancouver, British Columbia, March 30, 2022 (GLOBE NEWSWIRE) -- Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA2) is pleased to announce drill mobilization for the next phase of drilling at its flagship Poplar Copper Project, southwest of Houston, British Columbia. The Company is planning on following up on the results of the November 2021 program, including hole 21-PC-135, which bottomed in 129 metres of 0.685% CuEq* (see 2022-Mar-23 News Release).
The spring 2022 drill program will take place in two phases. The first phase will comprise four holes totaling 2,000 metres and will test the area down plunge from 21-PC-135 as well as test some of the initial concepts resulting from the Vector Geological Solutions Inc. targeted re-logging program (see 2022-Jan-20 News Release).
Vector Geological re-logged approximately 7,000 metres of drill core from a series of strategic cross sections and long sections across the deposit. Initial conclusions from the program indicate geological controls of mineralization were identified and a new structural framework for Poplar was established. 3D modeling for target generation for new mineralization and higher-grade areas within the existing resource is currently in progress.
Clive Massey, Universal Copper’s CEO and President stated, “The Company is eager to get back on the ground to follow up the excellent drill results from our November 2021 drill program which were released January 18, January 25 and March 23. We are very excited with the initial results emerging from Vector’s targeted relogging program and plan a quick follow up on their recommendations later in the spring. Our compilation work in the southeastern corridor has advanced our permitting and timetable and we are working towards drilling late summer / early fall. All in all, we believe 2022 will be a banner year for Universal shareholders.”
Exploration Permitting
While Universal Copper continues its 2022 Poplar deposit exploration under its current permit, the Company submitted an application to amend the existing permit to include an additional 80 drill sites. This application was submitted in November 2021 and is progressing.
Concurrent with the historical data compilation for additional targets within the 61,600 hectare property, the Company earlier this month filed an additional new permit application for Induced Polarization geophysics and 80 additional drill sites within the historically explored southeastern corridor. Drilling from the 1970’s through to the 1990’s tested several IP targets, producing several significant copper intervals that were never followed up. This application was submitted earlier this month.
*CuEq – copper equivalents is based on the following: copper (US$9,972.10 per tonne), gold (US$1,816.60 per ounce), silver (US$22.90 per ounce) and molybdenum (US$41,836.39 per tonne),
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 a 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.
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.
Qualified Person
The technical content of this News 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.
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.
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