Lorraine Copper Forms Joint Venture on the Lorraine/Jan Tam Misty Property, BC
18 January 2014 - 5:48AM
Access Wire
January 17, 2014, Vancouver, BC - Lorraine
Copper Corp. ("Lorraine
Copper" or "the Company") (TSX-V: LLC) provides an update on
the status of the Company and on the Lorraine copper-gold
project ("Lorraine" or "the
project"). Teck Resources Limited's ("Teck") (TSX: TCK.A,
TCK.B; NYSE: TCK) right to earn a further
interest in Lorraine has terminated. The project is located in the
Quesnel Terrane approximately 250 km northwest of Prince George,
BC. Teck and Lorraine Copper will form a 51%/49% Joint Venture,
respectively, on the property and Teck will be the
operator.
Teck optioned the
project in June 2005 and incurred expenditures of $9.0 million to
earn a 51% interest in the project as of December 31, 2010. Teck
also completed an earn-in for 100% of the vendor's interest (90%
interest) in the adjoining Jan-Tam-Misty property at the same time
and these claims constitute part of Lorraine Joint Venture. The
Jan-Tam-Misty property is subject to certain royalty rights. The
combined property covers an area of approximately 39,046 ha (96,481
acres).
Lorraine is located
in north central British Columbia approximately 170 kilometres to
the northwest of the regional centre of Fort
St. James. The project is accessed by logging haul roads that
connect to the communities of MacKenzie and Fort St. James and lies
approximately 40 km from the Kemess power line.
Mineralization at
Lorraine is copper and gold-rich and has many attributes common to
other alkalic porphyries in British Columbia including Mount Polley
and Galore Creek. Drilling at Lorraine, up to and including that
completed by Teck in 2008, totals 223 holes (38,016 metres). A NI
43-101 resource calculation, based on historic drill results, was
completed on the Main Zone-Bishop Zone area by Giroux Consultants
of Vancouver, BC (see news release of May 30, 2012). The resource
estimates are:
-
- Indicated resource of 6.42 million tonnes grading 0.61% copper
and 0.23 g/t gold and an
- Inferred resource of 28.82 million tonnes grading 0.45% copper
and 0.19 g/t gold (at a cutoff grade of 0.20% Cu).
An example of the
robust nature of mineralization is provided by hole 08-120 drilled
in the Lower Main Zone in 2008 which returned an intercept grading
0.64% copper and 0.30 g/t gold over 159 metres (mineralization
starting from 8 metres depth).
Teck and Lorraine
Copper have held discussions concerning the future of the
project and are entertaining a number of
options for advancing the project.
G.L. Garratt, P.Geo.,
is the qualified person, as defined by NI 43-101, who has reviewed
and takes responsibility for this news release.
G.L.Garratt,
P.Geo.
G.L. Garratt, P.Geo.,
Director
Lorraine Copper
Corp.
About Lorraine Copper Lorraine Copper
holds a 49% interest and Teck Resources Limited holds a 51%
interest in the Lorraine/Jan Tam Misty property. For more
information please visit the Company's website at
www.lorrainecopper.com.
FOR
FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE
CONTACT:
Paul Way, Business Development
Manager
(604) 681-7913 or Toll Free: (888) 656-6611
The TSX - Venture
Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
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