TORONTO, March 16, 2018 (GLOBE NEWSWIRE) -- CR Capital Corp. (TSX-V:CIT) ("CR Capital" or the "Company") announces that a 43-101 Technical Report was filed under the Company's SEDAR profile at www.sedar.com on the 100% owned claims acquired from Superior Copper Corporation on March 5, 2018 and is situated in Kinkaid, Ryan and Palmer townships in the Province of Ontario.
The claim holdings, named the Coppercorp Property ("Property"), consists of 132 unpatented mining claims ("Claims") totalling 17,856 hectares and is situated on the eastern edge of the Midcontinental Rift, most of which lies beneath Lake Superior. Numerous past-producing and present deposits have been discovered and mined around Lake Superior associated with the rift, including the prolific native copper deposits of the Keweenawan Peninsula, Michigan for which over six million tonnes of copper were recovered between 1845 - 1972. The Property straddles the NNW trending unconformity between the Proterozoic Keweenawan Group rocks to the west and the Batchawana Greenstone Belt of the Archean Superior Province to the east. Multiple Keweenawan felsic intrusions and breccia bodies hosting copper, silver and gold mineralization intrude the Archean Metavolcanic rocks throughout the Property and in the vicinity of the unconformity.
Research of previous exploration on the Property supported by recent evaluation sample analyses, obtained from outcrop on the Property, have found significant cobalt values associated with the copper and precious metal mineralization in mineral occurrences.
During the 2017 property site visit, at the Roadside Breccia copper occurrence, located one kilometre south of the Kincaid Breccia mineralized zone, a grab sample returned significant cobalt grades. This is supported from reported sampling results in 2012 from 4 one metre channel samples across the contact between Metavolcanic and polymetallic breccia rocks associated with the Proterozoic Keweenawan unconformable contact over the Archean Batchawana Greenstone Belt. In the Goldrock gold area at the STP showing at the southeast part of the Property, within a historic trench, a grab sample obtained during the same property visit also returned notable cobalt values supported by historic results. Review of historic drilling of the area has found core samples were not analyzed for cobalt.
The comparative results are tabulated below:
|2017 Assays 1|
|Glenrock area, STP showing||CC-17-13, grab from trench||0.245||0.244||3.1||0.273|
|Kincaid area, Roadside showing||CC-19-17, grab from stripped outcrop||2.180||0.242||2.3||0.108|
|1: The tabulated results are reported as ppm in analytical certificates with the exception of the copper value for sample CC-19-17.|
|Historical Samples 2|
|Glenrock area, STP showing||0.64||0.16||6.6||1.44|
|Kincaid area, Roadside showing||Avg|
|2: The discussed and tabulated historical sample values have not been verified by the Qualified Person and are not 43-101 compliant.|
Nearby the STP showing, a quartz-feldspar porphyry dike intruding fractured basalt at the named historic "Bjornaa Vein" reported bulk sampling grades in 1951 of up to 6.19% Co, 0.17% Ni, 0.36oz/ton Au and 2.6oz/ton Ag. Although not sampled during this visit, two grab samples of the showing obtained by Hudson River Resources in 2010 reported 58.5g/t and 6.6g/t Au, both containing over-limit (>1%) Co.
The results of the technical review has revealed the significant cobalt potential on the Property in association with copper, gold and silver which requires an expedited follow-up work program in the spring.
The collected rock samples for the site visit pertaining to the Technical Report were delivered directly by the Qualified Person to the AGAT Laboratories facility in Mississauga, Ontario. The Qualified Person submitted two blind Cu-Ag-Au multi-element standards, and one blank into the submitted batch. The submitted samples were prepared by crush to 90% passing 2mm, split to 250 gm and pulverize to 85% passing 75um (Method Code 200-002).
The samples were analyzed for gold at the AGAT Laboratories facility at Mississauga by Au by fire assay, ICP-OES Finish, 50g with a range 0.001 – 10 ppm (Method Code 202-552, gravimetric assay for over-limit samples) and for multi-element metals analysis by 4-Acid Digestion and ICP-OAS method finish with re-assay for over-limit Cu and Ag. The AGAT Mining Geochemistry Laboratory is accredited to ISO 17025 by the Standards Council of Canada (SCC).
The information in this press release has been reviewed and approved by Trevor Boyd, P. Geo., and a Qualified Person for the technical information under NI 43‐101 standards.
For further information, please contact:
Mr. Brian Howlett, CPA, CMA
President & CEO
CR Capital Corp.
About CR Capital Corp.
CR Capital Corp. is engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals.
Caution Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of CR Capital. Forward-looking statements include estimates and statements that describe CR Capital’s future plans, objectives or goals, including words to the effect that CR Capital or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to CR Capital, CR Capital provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, CR Capital’s objectives, goals or future plans, statements, details of the exploration results, potential mineralization, CR Capital’s portfolio, treasury, management team and enhanced capital markets profile, the timing of the Transaction, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Transaction on the terms as announced or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in CR Capital’s public documents filed on SEDAR. Although CR Capital believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. CR Capital disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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Source: CR Capital Corp.