VANCOUVER, British Columbia, July 15, 2019 (GLOBE NEWSWIRE) -- Granite Creek Copper Ltd. (TSX.V: GCX) (“Granite Creek” or the “Company”) is pleased to provide an update on progress on its 2019 data compilation work at the Stu Copper-Gold Project in the Minto Copper District of Canada’s Yukon Territory. Compilation and initial field work have resulted in the identification four multi-kilometer target areas including the newly identified “East Target” as defined by soil geochemistry.
The Company initiated compilation work in May, following an examination of the extensive, privately held exploration database acquired in February (see news release dated February 19, 2019) and a comprehensive review of public archives. Results from the compilation work have identified several high-priority targets, including a newly identified 2km x 4km copper-in-soil anomaly along the northeast side of the project (East Target in Figure 1 below). Field work was initiated at the site in June including ground truthing of the identified targets, collecting surface samples, and staking claims. Initial rock and soil samples have been sent for assay and results are expected in mid-summer 2019. The Company has, thus far in 2019, staked an additional 21 claims expanding the land package to 115 km2.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4753db0e-d885-44de-a765-90ab91b3988f
Granite Creek President & CEO, Tim Johnson, commented: “We are very encouraged with the results from our first pass compilation and initial field work that has identified four multi-kilometer-scale exploration targets that show the potential for rapid advancement to drill testing. These results are a testament to the under-explored potential of this part of the high-grade Minto Copper District. Our experienced exploration team will continue to employ a systematic approach to exploration as we move into the second phase of the 2019 field season, which will include geological mapping, multi-element soil and rock sampling and possible additional geophysical surveys.”
About Granite Creek Copper
Granite Creek is a Canadian exploration company focused on the 100%-owned Stu Copper-Gold project located in the Yukon’s Minto Copper District. This 115 square kilometer property is adjacent to Pembridge Resources’ high-grade Minto Copper-Gold Mine and Copper North’s advanced stage Carmacks Copper-Gold-Silver project. The project has excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek and the Stu Copper-Gold Project can be viewed on the Company’s website at www.gcxcopper.com.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of platinum & palladium, silver and copper. Member companies include Granite Creek Copper in the Yukon’s Minto copper district, Metallic Minerals in the Yukon’s Keno Hill silver district and Group Ten Metals in the Stillwater PGM-Ni-Cu district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges. Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101 has reviewed and approved the technical disclosure contained in this news release.
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Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper 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 or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the 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.Figure 1 – Stu Project Soil Geochemistry and Zone Delineation Figure 1 – Stu Project Soil Geochemistry and Zone Delineation