Oxide copper confirmed at Carmack's Zone 13
Last updated 10/4/2015 at Noon
Copper North Mining Corp. Sept. 23 reported results from drilling at Zone 13 of the Carmacks copper-gold-silver project in the Yukon Territory.
Results from 13 holes have confirmed a near-surface zone of oxide copper, as well as a transition zone with native and sulphide copper mineralization that remains open along strike and to depth.
Highlights from this drilling include 31.3 meters of 0.8 percent copper, 01.8 grams per metric ton gold and 2.57 g/t silver in hole CN15-13; 102.1 meters of 0.37 percent copper, 0.09 g/t gold and 1.21 g/t silver in hole CN15-19; 82.6 meters of 0.52 percent copper, 0.14 g/t gold and 1.85 g/t silver in hole CN15-20; and 119.6 meters of 0.35 percent copper, 0.08 g/t gold and 0.98 percent silver in hole CN15 -21 119.6.
All mineralized intercepts from the 13 holes are within 120 meters of surface.
The drill-delineated area of Zone 13 is located roughly 700 meters southeast of the edge of a proposed open-pit at Carmacks.
Copper North believes that it has completed sufficient definition drilling in Zone 13 to prepare a resource estimate in the drill area, potentially increasing the resources and the life of the proposed mine.
Copper North Mining Sept. 25 announced that it has completed a C$300,000 tranche of a previously announced C$800,000 non-brokered private placement.
The initial portion of the financing involved the issuance of 6 million units at C5 cents per unit.
Each unit consists of one Copper North common share of and a non-transferable warrant that entitles the holder to purchase an additional share for C5 cents until Sept. 24, 2020.
The company intends to use the proceeds from this portion of the private placement for working capital and general corporate purposes.
Copper North also said it is considering the resumption of definition drilling at Carmacks.