Vancouver, British Columbia, May 31, 2022 (GLOBE NEWSWIRE) -- Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA2) is pleased to report drill results from the first three of five holes of the Spring 2022 diamond drilling program at the Company’s flagship Poplar Copper Deposit (“Poplar”), located southwest of Houston, British Columbia (Table 1). All drill targets in the Poplar copper-gold exploration district are shallow and road accessible, within 88 km of rail infrastructure.
Highlights:
Hole 22-PC-137 – 0.535% copper equivalent (CuEq)– 0.353% copper, 0.14 g/t gold and 5.91 g/t silver over the last 216 metres of the hole,
- including 24 metres at 0.692% CuEq – 0.402% copper, 0.15 g/t gold and 8.86 g/t silver
- including 87 metres at 0.783% CuEq – 0.531% copper, 0.36 g/t gold and 20.67 g/t silver
- and including the bottom 42 metres at 0.512% CuEq – 0.411% copper, 0.15 g/t gold and 8.61 g/t silver
- Hole 22-PC-130B – 0.468% copper equivalent (CuEq) - 0.316% copper, 0.019% molybdenum, 0.08 g/t gold and 3.34 g/t silver over 153 metres
Clive Massey, Universal Copper’s CEO, stated: “A second, significant open-ended, copper intercept in the bottom 216 metres of drill hole 137, one hundred and twenty-five metres NE of drill hole 135 further supports our new interpretation that the system is tilted and that the high-grade zone plunges eastward. Today’s results represent the newest of four H1 2022 releases to-date reporting robust copper grades, as we continued to push the copper mineralization both outward and to depth from the known core mineralized zone. The strong mineralization in Hole 137 follows up on the January 18th, 2022, January 25th, 2022, and March 23, 2022 reported intersections. Universal Copper is focused on leveraging our new exploration model and building the Poplar Project into a premier deposit in a metal endowed, road/rail accessible emerging exploration district in a top-tier jurisdiction”.
Table 1. 22-PC-130, 22-PC-130B and 22-PC-137 intersections.
| HOLE | FROM | TO | LENGTH | Cu | Mo | Au | Ag | CuEQ* |
| ID | (m) | (m) | (m) | (%) | (%) | (g/t) | (g/t) | (%) |
| 22-PC-137 | 165 | 219 | 54 | 0.423 | 0.000 | 0.17 | 4.85 | 0.560 |
| 22-PC-137 | 309 | 525 | 216 | 0.353 | 0.002 | 0.14 | 5.91 | 0.535 |
| 22-PC-137 | 309 | 333 | 24 | 0.402 | 0.002 | 0.15 | 8.86 | 0.692 |
| 22-PC-137 | 351 | 438 | 87 | 0.531 | 0.003 | 0.36 | 20.67 | 0.783 |
| 22-PC-137 | 483 | 525 | 42 | 0.411 | 0.003 | 0.15 | 8.61 | 0.512 |
| 22-PC-130 | 24 | 111 | 87 | 0.309 | 0.013 | 0.087 | 2.68 | 0.432 |
| 22-PC-130B | 27 | 180 | 153 | 0.316 | 0.019 | 0.087 | 3.34 | 0.468 |
| 22-PC-130B | 27 | 381 | 354 | 0.292 | 0.019 | 0.077 | 2.62 | 0.435 |
| 22-PC-130B | 27 | 510 | 483 | 0.262 | 0.017 | 0.073 | 2.30 | 0.391 |
* Copper equivalents based on the following: copper US$9,972.10 per tonne, gold US$1,816.60 per ounce, silver US$22.90 and molybdenum US$41,836.39 per tonne.
Because of the disseminated nature of the mineralization at the Poplar Deposit, it is not possible to make a statement as to the true width for holes 22-PC-130, 22-PC-130B and 22-PC-137.
Figure 1. Drill Hole Locations.
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The 2022 Poplar drill holes were designed to: a) follow-up on the 0.546% copper over 129 metres discovered in the bottom of 21-PC-135; b) expand the higher-grade portion of the known mineralization to the northwest and c) test the first of the Vector Geological Solutions targets identified from their early 2022 targeted core logging initiative announced on January 13th, 2022.
Hole 22-PC-137 successfully extended mineralization encountered in 21-PC-135 over 125 metres toward to the northeast and mineralization in these two holes remains open at depth (Fig.1; Fig. 2). It is encouraging that copper grades in PC-68 and PC-42 increase over their lower portions as shown in Figure 2 – Section 5987075N, where they cut the top of a northeast plunging zone of mineralization.
Recent geological modeling by Universal Copper’s technical team demonstrates that portions of the Poplar Deposit are rotated significantly, and the company intends to extend historic drill holes such as PC-67 and PC-42 to intercept these newly recognized low angle mineralized geometries.
Figure 2. Section 5987075N
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Mineralization and alteration at Poplar is associated with intensely altered porphyry intrusions and consists of pyrite, chalcopyrite and molybdenite and trace bornite. Pyrite and chalcopyrite form disseminations, fracture fillings, stringers, veins, and veinlets in domains of dense quartz vein stockwork and dikes. Molybdenite, where observed is associated with quartz-sulphide veins, and is typically associated with pyrite and chalcopyrite.
Potassic alteration (biotite and K-feldspar) of varying intensity and silicification were noted throughout 22-PC-137, with sodic-calcic and sericite alteration increasing with depth. There is a considerable volume of post mineralization dikes in hole 22-PC-137, which was also noted in the earlier 2021 drilling within the East Zone, with roughly 25% of the hole intersected late dykes of various widths and compositions.
Figure 3. Section 5987000N
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Hole 22-PC-130 was drilled vertically to test the northeast section on the Main Zone. The hole caved at 111 metres and was abandoned. Drill hole 22-PC-130B was collared one metre behind 22-PC-130 and reached planned depth (Fig. 1; Fig. 3).
The top 180 metres of 22-PC-130B carried good copper mineralization mostly above 0.3% Cu. Copper grades drop below 0.3% below 180 metres, and multiple shorter (<10 metre) sections of 0.3% to 0.65% were noted to 380 metres. A significant fault is observed at 401m.
Mineralization in hole 22-PC-130 consists of disseminated pyrite and chalcopyrite, quartz veinlet pyrite, chalcopyrite and local molybdenite. Alteration consists of moderate to intense potassic, silicification and sericite throughout the hole.
The ongoing data compilation and targeting programs continue to leverage decades of work in the district. These programs are nearing their conclusion and progress report is anticipated early Q3.
Table 2. Drill Hole Data
| 22-PC-137 Statistics | 22-PC-130B Statistics | ||||||||
| ppm Cu | ppm Mo | g/t Au | g/t Ag | ppm Cu | ppm Mo | g/t Au | g/t Ag | ||
| Max | 7970 | 255 | 3.230 | 175.00 | 6330 | 1220 | 0.364 | 21.50 | |
| Min | 3 | 1 | 0.001 | 0.14 | 677 | 24 | 0.014 | 0.26 | |
| Median | 2610 | 6 | 0.073 | 2.43 | 2570 | 134 | 0.070 | 1.16 | |
| Mean | 1051 | 7 | 0.048 | 2.21 | 2477 | 134 | 0.067 | 1.43 | |
QA/QC
The entire length of core for 22-PC-130, 22-PC-130B, 22-PC-137 was sawn and sampled at continuous 3 metre or less intervals, with a few samples taken at shorter or longer intervals based on apparent lithological, alteration or mineralization contacts. The program was supervised by independent geologist Ray Wladichuk, P.Geo. Half of the core was bagged, sealed and securely stored until shipment to the laboratory. The other half was retained in a secure storage location. Certified reference standards, a certified reference blank, and sample duplicates were placed in the sample stream of each drill hole alternating at every 10th to 18th interval. The secured and sealed samples were packed into rice bags, sealed and securely stored until they were turned over to the local trucking company for transport to the ALS prep lab in Kamloops, B.C. with the prepared pulps subsequently sent to the ALS Mineral Laboratory ("ALS") in North Vancouver, B.C. The North Vancouver lab holds an ISO/IEC 17025:2005 accreditation.
All core samples were analyzed utilizing ALS's MEICP-61 procedure, a four-acid digestion of a one-gram sample with an ICP finish. All core samples were also analyzed utilizing ALS’s Au-ICP21 procedure, a 30-gram gold fire assay with an ICP-AES finish. Over limits were re-analyzed utilizing ALS’s OG-62 procedure, an ICP-AES 4 acid procedure.
In addition to Universal’s third-party standards, a routine quality assurance/quality control (QA/QC) procedure monitored the analytical quality at the lab. Certified reference materials (CRMs), pulp duplicates and blanks were inserted into each lab batch of samples. The Universal and ALS Lab QA/QC data showed no irregularities.
About Poplar
The 61,566-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 the rail head at 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.
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