TSX. V: COCO
B3 Showing (New gold and tellurium discovery)
A total of 67 soil samples were taken around the B3 showing with 2 rock and 4 chip samples taken from the B3 outcrop itself. Soil sampling around the B3 showing has outlined an area roughly 100 m by 150 m with gold-in-soil values of >80 parts per billion ("ppb"). Additional highlights of soil sampling taken around the B3 area include 3,931 ppb Au and 1,410 ppb tellurium ("Te") in sample MWS2023-018 and 2,518 ppb gold ("Au") and 740 ppb Te in sample MWS2023-094. Highlights of soil samples taken between the Bluebird 2 showing and the new B3 discovery include 2,194 ppb Au and 1,340 ppb Te in sample MWS2023-042. These samples warrant further follow-up.
Rock sampling at the B3 outcrop has returned results up to 51.60 grams per tonne ("g/t") Au, 30.66 g/t Te, 0.25 percent ("%") cobalt ("Co") and 50.52 g/t silver ("Ag"). The B3 showing confirms that despite the history of iron ore exploration and mining along the Merry Widow trend, limited exploration has been given to areas outside of obvious massive iron and copper sulphides, which
See Figures 1 and 2 for sample locations and Table 1 for rock sample assay results.
Please visit the Company's YouTube account for videos taken while at the B3 showing or click the link https://youtu.be/-ee7ZHzfarY
Table 1: B3 Showing Geochemical Rock Sample Results | ||||||
Sample ID | Sample Type | Au (g/t) | Te (g/t) | Co (%) | Cu (%) | Ag (g/t) |
MWR2023-001 | Rock | 13.22 | 10.67 | 0.12 | 0.14 | 8.75 |
MWR2023-002 | Rock | 51.60 | 27.27 | 0.16 | 0.12 | 21.71 |
MWR2023-006* | Chip from 0 to 0.15m | 43.70 | 30.66 | 0.25 | 0.28 | 33.06 |
MWR2023-007* | Chip from 0.15 to 0.60m | 17.64 | 10.35 | 0.09 | 0.09 | 14.17 |
Weighted Average of MWR2023-006 and 007 | 22.85 | 14.41 | 0.12 | 0.13 | 17.95 | |
MWR2023-008* | Chip from 0 to 0.60m | 3.28 | 0.93 | 0.01 | 0.20 | 6.63 |
MWR2023-009* | Chip from 0 to 0.90m | 31.60 | 15.97 | 0.11 | 0.002 | 26.94 |
* Vertical chip samples were collected across the B3 outcrop exposure over the intervals specified in Table 1. Sample material collected by hammer and pick. |
Additional Discoveries Meriting Follow-up
In addition to the sampling completed around the B3 showing, a total of 42 soil and 10 rock samples were taken while prospecting areas of interest from the Whiskey Jack showing to the
A follow-up sample from a mineralized dike near the Bluebird 1 occurrence returned values of 7.1 g/t Au and 6.5% Cu, confirming presence of high-grade mineralized intrusive structures in the vicinity of known mineral occurrences.
Ground conditions on site can be very challenging, where places of thick underbrush and dense organic layers appear to have inhibited the collection of good soil samples by previous operators. As evidenced by our more diligent soil sampling of proper soil horizons, we are seeing significantly higher metal values in many places.
Further work will include following up on a 350 m by 550 m long gold-in-soil anomaly along the northerly trending contact of the Merry Widow pluton with
Merry Widow Historical Waste Dump Sampling
Several waste dumps have previously been identified across the Merry Widow mine area with a total material volume estimated at 2.8 million tonnes. One of the historical dumps (containing an estimated 550 kiloton of material) was initially sampled during the program by collecting talus fines from 8 locations on the dump (see Figure 1). Assay results for these samples returned grades ranging from 0.05 to 0.71 g/t Au, 0.04 to 0.28 % Cu and 15.2 to 35.8 % iron ("Fe"). The average grade for the 8 dump samples was 0.23 g/t Au, 0.14% Cu and 22.3% Fe. See Table 2 for sample assay results.
Although preliminary, these results are encouraging given the high iron (magnetite), gold and copper results for material designated as waste during the 1957 to 1967 mining operations. To properly characterize the material in these dumps and to help determine the potential economic significance, additional and more substantial sampling programs will need to be carried out. Preliminary waste dump sampling was initiated to begin characterization of the waste dump material, composition and grade for future consideration as a potential processable resource.
Table 2: Waste Dump Geochemical Sample Assay Results | ||||
Sample ID | Location | Au (g/t) | Cu (%) | Fe (%) |
MWND2023-001 | North Waste Dump | 0.05 | 0.04 | 32.63 |
MWND2023-002 | North Waste Dump | 0.09 | 0.05 | 35.77 |
MWND2023-003 | North Waste Dump | 0.26 | 0.11 | 21.42 |
MWND2023-004 | North Waste Dump | 0.08 | 0.06 | 19.96 |
MWND2023-005 | North Waste Dump | 0.30 | 0.22 | 16.33 |
MWND2023-006 | North Waste Dump | 0.71 | 0.28 | 15.22 |
MWND2023-007 | North Waste Dump | 0.12 | 0.10 | 16.17 |
MWND2023-008 | North Waste Dump | 0.25 | 0.20 | 20.82 |
Average Grade for all 8 dump samples | 0.23 | 0.14 | 22.29 |
*Waste dump samples were hand collected from subsurficial excavations along transects of the accessible upper reaches of the dump at approximately 20 m |
Government Collaboration / Critical Minerals Study
During the summer program,
Quality Assurance/Quality Control ("QA/QC") Procedures
Soil samples were taken at 25 m spacings when possible and by up to 50 m spacings in areas of interest. All samples were taken from the B horizon soil profile.
Sampling completed on the project in 2023 was supervised by on–site
Qualified Persons
The technical information contained in this news release has been prepared, reviewed, and approved by
On Behalf of the Board of Directors:
"Adam Travis"
Notes Related to this news release and/or maps
- Historical information, maps or figures contained in this release regarding
Coast Copper's Empire Mine Property or adjacent properties cannot be relied upon as the Company's QP, as defined under NI-43-101 has not prepared nor verified the historical information. - The 2023 Mineral Resource Estimate was prepared by Sue Bird, P.Eng., an independent Qualified Person. The effective date of the mineral resource estimate is
April 26, 2023 . Mineral Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by NI43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that any Mineral Resources will be converted into Mineral Reserves. These Mineral Resource estimates include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued exploration. The Mineral Resource Estimate has been confined by a "reasonable prospects of eventual economic extraction" pit using the following assumptions, Prices are based on 3 year trailing averages, recoveries are based on preliminary metallurgical studies, and smelter terms and costs are based on comparables. - Au price of
USD$1,800 /oz and Cu price ofUS$ 3.50 /lb at an exchange rate of0.75 US$ per CAD$; - 77% Cu metallurgical recovery, 29% Cu concentrate grade, 100$USD/tonne concentrate transport, 100 $USD/tonne concentrate treatment, 1% unit concentrate grade deduction, and 0.1 $USD/lb Cu refining cost
- 60% Au metallurgical recovery, 99% payable Au, and
8 USD$ /oz Au refining cost. - Mining costs of
CAD$15 /tonne; - Processing + G/A costs of
CAD$25 /tonne; - Pit slopes of 50 degrees;
The resulting NSR equation is: NSR (CDN$) = (Cu%/100) x 3.96 x 2204.6 x 0.77 + Au x 76.05 x 0.6. The bulk density of the deposit is interpolated from sample data. The average value specific gravity used for the Mineral Resource Estimate is 3.45 at the base case cutoff.
Copper and Gold Equivalents were calculated as: CuEq=NSR/67.22 and AuEq=NSR/45.63 Cominco Resources , Drill Section Maps "Plan ofCominco's Benson Lake Operations on Empire Claims Showing Ore Reserves & Proposed Exploration Program", 1970, Private Files. WhileCoast Copper notes thatCominco's historical results are not NI 43-101 compliant and have not been verified by the Company's QP, these combined historical resources total nearly 3.154 million tonnes and will help guideCoast Copper's exploration programsBenson Lake Mine historical reserves recorded by Cominco Resources (1972) report a non NI 43-101 resource of 454,000 tonnes grading 0.59 g/t Au and 1.3% Cu and Inferred resource of 2.7 million tonnes of 1.7% Cu with no Au grade calculated.
Neither the
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