Continental Announces Second Hole DOK Drilling Program Update
September 17, 2014 (Source: Marketwired) — THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
Continental Precious Minerals Inc. (TSX:CZQ) (the “Company“, or “Continental“) is pleased to provide an update on the second diamond drill hole completed on the DOK copper-gold-molybdenum-silver project located in northwest BC. Pursuant to an option agreement with Boxxer Gold Corp. (TSX VENTURE:BXX)(PINKSHEETS:BXXRF), Continental has the right to earn up to a 75% interest in the DOK Property if certain conditions are met (see Press Release on April 14, 2014). The 2014 diamond drilling program consisting of 2 holes totalling 834.9m has been completed. Highlights of the second diamond drill hole (DDH) DOK-2014-02 are set out below:
- Diamond drill hole (DDH) DOK-2104-02, with a core length of 424.9m, intersected visible occurrences of chalcopyrite mineralization from a core depth of 36.6m to 389.5m.
- Trace bornite was noted to occur in the core from 57.3m to 110.3m and from 389.5m to 424.9m (end of hole).
- The mineralization observed in DDH DOK-2014-02 is hosted in alternating strongly potassic and phyllic altered volcanics of the Stuhini Group and multiple quartz monzonite intrusives.
- Hydrothermal biotite and gypsum veining as well as disseminated and fracture controlled pyrite and magnetite occur in variable concentration throughout the core, and
- Assays for the drill core from holes DDH DOK-2014-01 and -02 are expected to be received within the next few weeks.
Drill hole DDH DOK-2014-02 was designed to test a >10 mRad portion of a chargeability signature outlined by a Quantec Titan-24 DCIP-MT geophysical survey completed in 2012. DDH DOK-2014-01 tested the >20 mRad portion of the same chargeability signature approximately 400m along strike.
DDH DOK-2014-02 was an inclined, HQ diameter hole completed to a core length of 424.9m, and intersected variable concentrations of visible chalcopyrite (and malachite) with two intervals containing trace bornite mineralization. The copper mineralization occurs as disseminations and in thin veinlets in variably potassic and phyllic altered volcanic rocks and quartz monzonite intrusives. Abundant gypsum as well as hydrothermal biotite veining and matrix-replacement occurs in several sections of the core. Variable concentrations of pyrite and magnetite were also noted throughout the drill hole. Several late dioritic dykes and a thin hydrothermal breccia were intersected by the drill hole.
The assays for the core samples from the two drill holes will be required before any assessment of the significance of the reported mineralization in both drill holes can be completed.
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The reader is cautioned that visible chalcopyrite and bornite mineralization does not necessarily equate to significant concentrations of copper and there is no assurance that the assay results of the samples from this drill hole will yield significant copper grades.
Mr. Vig, CEO of Continental states that “We are encouraged by the fact that visible chalcopyrite and bornite, in association with strong potassic and phyllic alteration, has been reported from drill hole DDH DOK-2014-02 in that it suggests continuity to the mineralization and alteration observed in hole DDH DOK-2014-01, located 400m to the north (see Press Release on August 18, 2014). The location of the DOK property between a cluster of large copper deposits to the south and several active exploration projects to the north of the Stikine River, combined with the large dimensions of the porphyry-style surface mineralization, alteration, geochemistry and geophysical signatures found on the property, supports the presence of a porphyry copper system on the DOK project.”
Phil van Angeren, P.Geol., a qualified person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed, verified and approved the technical information disclosed in this news release.
Cautionary Statement Regarding Forward-Looking Statements
Forward-Looking Statements: This news release contains certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with exploration, development, production, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, the Company will derive there from.
Readers are cautioned that the foregoing list of factors is not exhaustive. Actual results and developments may differ materially from those contemplated by these statements. Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
Forward-looking statements in this news release are made as of the date of this release, and are made based on management’s beliefs, estimates and opinions and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The forward looking statements or information contained in this press release are expressly qualified by this cautionary statement.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>