Vancouver, British Columbia–(Newsfile Corp. – March 2, 2021) – World Copper Ltd. (TSXV: WCU) (“World Copper“) announces an exploration update of its Chilean exploration activities on the Escalones property (“Escalones”) and an update on the focus of the Company moving forward into 2021.
Company Focus for 2021
Recent studies indicate that the shallow copper-oxide mineralization at Escalones could be amenable to heap leach processing, which would result in lower operating costs as well as significantly lower capital costs. The sulphide copper mineralization (see NR 21-04 for resource estimate details) at Escalones is partially to completely replaced and enriched from surface to depths of approximately 300m from surface by secondary copper oxides, sulphates and carbonates, resulting in higher grades at shallower depths. The evaluation of soluble copper potential is based on a database review of core photos, assays and core logs, and supported by almost 1200 sequential copper leach tests, representing 2040 metres of core, or roughly 16% of all oxidized intervals. Bottle roll leach tests will be undertaken to confirm the preliminary findings.
Roughly two-thirds of the pit-constrained estimated resource is within the oxidized enrichment zone. Once the metallurgical tests are complete, an estimate of soluble copper resources will be carried out.
The unexplored Mancha Amarilla lithocap (“Mancha Amarilla”) extends one kilometre south from the main Escalones deposit. Evidence indicates this southern half of the Escalones alteration system is also deeply oxidized and could contain significant soluble copper mineralization.
The focus of the Company during 2021 will be to further examine this new opportunity by surface sampling and mapping of the Mancha Amarilla target, followed by drill testing later this year.
The Northern Escalones Porphyry Copper Targets
The Company also reports that, despite the challenges of COVID-19 protocols in Chile, a geochemical sampling and mapping crew has been mobilized to evaluate the cluster of three distal porphyry copper targets (“Northern Targets”), located eight to ten kilometres to the north of Escalones and within the 162 km2 Escalones land package. These Northern Targets suggest significant potential, with surface alteration zones on the same scale as that of Escalones. The ongoing focus of this exploration will be to sample, map and conduct geophysics on the three anomalies in order to optimize drill targets. Preliminary results from initial efforts at the Rio Negro target indicate widespread porphyry-copper style alteration and mineralization.
Results of this current exploration program will be released as information becomes available.
Clockwise from top: Panoramic view to the south over the three northern targets, Rio Negro subcrop with chrysocolla and tenorite, Rio Negro copper oxide mineralization in dacite with quartz vein stockwork.
The Company continues to evaluate its Cristal porphyry copper project (“Cristal”) located in the north of the country near the Peruvian border. Cristal is covered by younger post-mineral volcanics and occurs along the West Fissure fault system where the structure changes direction from N-S to NW-SE as it continues into southern Peru. The West Fissure or Domeyko fault system contains the majority of Chile’s mega-copper mines including Escondida and Chuquicamata, among others. Geophysics over the buried Cristal target has indicated the presence of an anomalous magnetic low ‘donut’ and a strong magnetic inversion anomaly, characteristics of many of the world’s largest porphyries. It is noteworthy to mention that Cristal is surrounded by most of the major international copper mining companies, including BHP, RTZ, Anglo American and AMSA (Antofagasta Minerals).
“Cristal is one of the most promising as-yet undrilled porphyry copper targets in the country.” stated Patrick Burns, President of World Copper.
In summary, World Copper now controls five significant porphyry copper targets in Chile, including Escalones with its historic resource base and newly identified soluble copper potential. The recent increase in the copper price could be a potential game changer for World Copper.
“This is our first operations press release since going public and we have hit the ground running. Our team is currently on-site expanding our knowledge of the Escalones asset in preparation for drilling later this year. Copper as an asset class has a significant tailwind as investors are increasingly aware of the looming global supply deficits. As the world ramps up from the COVID-19 situation of last year, demand for copper is set to hit new heights. On the capital markets, our Company has got off to a great start, with over one million shares on average trading per day. This liquidity shows the investor interest in World Copper and the opportunity our Company represents.” stated Henk van Alphen, CEO of World Copper.
Red Cloud Pre-PDAC Presentation
Additionally, the Company announces that it will be participating at the Red Cloud Pre-PDAC Mining Showcase. World Copper CEO Henk van Alphen will be presenting on Wednesday, March 3rd 2021 at 10am PST / 1pm EST. An overview of the focus for 2021 and additional updates on the progress of the Company will be reviewed, with time for a Q&A at the end.
Interested parties and shareholders of the Company are encouraged to sign up for the presentation here: Presentation Registration.
Additional and more detailed information is available on the Company’s website and social media pages listed below.
John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Drobe is not independent of the Company as he is a consultant of World Copper.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused the exploration and development of its two primary copper porphyry projects, Escalones and Cristal, both located in Chile. World Copper has laid claim to five copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.
The Escalones porphyry-skarn copper-gold project has estimated resources of 185 million tonnes of 0.33% copper (0.37% CuEq) Indicated and 254 million tonnes of 0.39% copper (0.43% CuEq) Inferred, based on nearly 25,000m of drill core from 53 holes. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.
Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.
The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.
The Company recently applied for its common shares to trade on the OTCQB® Venture Market (“OTCQB”), a US trading platform operated by the OTC Markets Group in New York. The Company will provide further information once its common shares commence trading.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
“Hendrik van Alphen”
Hendrik van Alphen
Chief Executive Officer
For further information, please contact:
Henk van Alphen or Michael Pound
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation,, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of World Copper’s Chilean projects in a timely manner, including the Escalones Project and the Cristal Project, the availability of financing on suitable terms for the development, construction and continued operation of World Copper’s projects and its ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones Project and the Cristal Project, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper’s interests in the Cristal Project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper’s continuous disclosure documents. All of World Copper’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the Escalones Technical Report and the technical report on the Cristal Project, when filed.
Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.