Lorraine Copper Completes Private Placement
Total gross proceeds of the offering will be $108,250. The proceeds of the offering shall be applied to general working capital.
The company shall pay no fees or commissions on behalf of the placement.
This offering is subject to approval of the TSX Venture Exchange.
Lorraine Copper Corp. Announces Private Placement
Total gross proceeds of the offering will be $100,000. The proceeds of the offering shall be applied to general working capital.
The company shall pay no fees or commissions on behalf of the placement.
This offering is subject to approval of the TSX Venture Exchange.
Lorraine Copper Update
The prolific Quesnel Terrane, a geologic belt running the length of the province and hosting numerous copper-gold porphyry deposits, including our own Lorraine occurrences, has attracted a large new player to BC. South African based Gold Fields Limited has announced that it has taken an option to acquire a 51% interest in Cascadero Copper Corporation's Toodoggone property (approx. 100 km north of Lorraine) by incurring expenditures of $5 million over a three year period and may acquire an additional 24% interest in the property by spending a further $15 million.
Gold Fields is one of the world's largest gold producers with annual attributable production of approximately four million ounces from nine operating mines in Peru, Ghana, Australia and South Africa. In addition the company has an extensive exploration portfolio with highly prospective projects in all of the major gold provinces of the world. Despite being a "pure gold" company, one of the more recent projects developed by Gold Fields is the Cerro Corona Mine in Peru which came on line in 2008. The Cerro Corona Mine is an open pit copper-gold porphyry mine with an economic model type that has many similarities to Lorraine.
It has become very evident over the last few years that gold companies are including large copper-gold porphyry deposits on their target list for a source of gold as they find that large gold-only deposits are becoming harder and harder to find. You may see that in the future these deposit types get referred to as Gold-Copper deposits instead of Copper-Gold to protect the gold-only producers from being labeled as copper producers. The bonus for the gold companies is the added revenue from the copper side where we are seeing a nice recovery in the price of late (US$2.05/lb.; 4/9/09). Many analysts believe that copper price is the bellwether of the economy and is a leading indicator to a pending recovery as it is a metal critical to industrial and domestic use.
It is a strong statement of credibility for BC and the exploration potential of the Quesnel Terrane to see Gold Fields enter our territory to explore alongside us.
At Lorraine Copper we are looking forward to continuing to explore and develop the Lorraine Project. Teck Cominco Ltd., Lorraine Copper's option partner, may earn an initial 51% interest in the Lorraine Project (including subsequent expansions) by spending $9 million by December 31, 2010. Upon earning a 51% interest, Teck Cominco has a right to earn an additional 9% interest by funding and completing a feasibility study and a further 5% interest by arranging financing on behalf of Lorraine Copper for its share of capital costs. As we are all aware, Teck Cominco, having spent approximately $8.4 million to date, has been seriously affected by the recent economic downturn. Teck has not yet advised the company of the ongoing exploration plans for Lorraine but we are confident that the project will continue to garner success for Lorraine Copper.
Lorraine-Jajay 2008 Drilling Results New Zone Discovered Under Main Zone
Teck has informed the company that it successfully drilled 6,935.5 m in 19 holes and tested eight target areas during the 2008 program. A number of significant new developments have resulted from this drilling, most notably, the discovery of another mineralized zone below the Lower Main Zone. Drill hole L08-120 first intersected 159.2 m grading 0.64% copper and 0.30 g/t gold representing the Lower Main Zone, then intersected 58.8 m grading 0.092% copper including 22.1 m grading 0.16% copper 95.3 m beneath the first interception.
Two holes were drilled to test for a northern extension to the Bishop Zone and also to determine if this zone is connected with the Main Zone. Holes L08-121 and 128 very successfully attained this objective, returning 123.3 m of 0.31% copper and 23.4 m of 0.49% copper, respectively. These holes indicate the potential for significantly increasing resources in this area.
New areas of mineralization were also discovered, including: west of the Boundary Zone in holes JTM08-16 and 17; the All Alone Dome target in hole L08-115; and the first significant intercepts of mineralization at the TooGood target in holes L08-116, 118 and 119 where notable mineralization was seen in a few holes that were cut off by post-mineralization dykes, indicating that mineralization in this large target is potentially very extensive.
Copper-gold mineralization on the Lorraine property is alkalic intrusion-related and is analogous to a deposit style that includes the Galore Creek deposit. Other significant alkalic deposits in British Columbia include the Mt. Polley, Afton and Copper Mountain mines. The Lorraine property is located in an area of active logging and is well served by resource infrastructure including all season roads, the Kemess power-line corridor to the northeast and the Canadian National Railway line to the southwest.
Teck is earning a 51% interest in the Lorraine-Jajay project by spending $9.0 million by 2011, and may earn up to a 65% interest by completing a feasibility study and arranging production financing.
G.L. Garratt, P.Geo., is the qualified person 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 the 30,658 hectare Lorraine property, which is optioned to Teck Cominco. 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.
2008 Lorraine-Jajay and Jan/Tam/Misty Properties Drilling Results Summary:
Hole No. |
Area |
From (m) |
To (m) |
Core Length (m) |
Cu ppm (ICPMS) |
Assay Cu % |
Au ppb * |
Assay Au g/t *** |
Ag ppm (ICPMS) |
JTM08-16 |
Boundary |
384.3 |
515 |
130.7 |
914 |
0.09 |
26 |
- |
<1 |
|
incl. |
384.3 |
405 |
20.7 |
1492 |
0.15 |
45 |
- |
1 |
|
incl. |
460 |
481 |
21 |
1906 |
0.18 |
40 |
0.066 |
1.3 |
JTM08-17 |
Boundary |
36.7 |
55.3 |
18.6 |
1153 |
0.12 |
<10 |
- |
1.1 |
JTM08-18 |
Target X |
|
|
|
nsv |
- |
nsv |
- |
- |
L08-114 |
AAD |
|
|
|
nsv |
- |
nsv |
- |
- |
L08-115 |
AAD |
280.5 |
301.2 |
20.7 |
979 |
0.10 |
20 |
- |
<1 |
L08-116 |
TooGood |
262.2 |
308.8 |
46.6 |
1152 |
0.12 |
12 |
- |
<1 |
L08-117 |
TooGood |
285 |
294 |
9 |
nsv |
- |
238 |
- |
1.6 |
L08-118 |
TooGood |
174 |
186 |
12 |
1372 |
0.14 |
<10 |
- |
<1 |
L08-119 |
TooGood |
88.6 |
153 |
64.4 |
996 |
0.10 |
<10 |
- |
<1 |
|
incl. |
126.2 |
153 |
26.8 |
1211 |
0.12 |
<10 |
- |
<1 |
L08-120 |
Lower Main |
8 |
167.2 |
159.2 |
6080 |
0.64 |
226 |
0.304 |
3.5 |
|
2nd zone |
262.5 |
321.3 |
58.8 |
915 |
- |
24 |
- |
<1 |
|
2nd zone incl |
262.5 |
284.6 |
22.1 |
1497 |
0.16 |
27 |
- |
<1 |
|
Both zones combined |
8 |
284.6 |
276.6 |
3720 |
0.39 |
136 |
- |
2.2 |
L08-121 |
Bishop Ext |
89.8 |
326 |
236.2 |
1730 |
0.19 |
42 |
- |
<1 |
|
incl. |
89.8 |
213.1 |
123.3 |
2751 |
0.31 |
57 |
- |
<1 |
|
incl. |
158.3 |
213.1 |
54.8 |
5191 |
0.59 |
96 |
- |
1.0 |
|
incl. |
158.3 |
182.3 |
24 |
9841 |
1.13 |
135 |
0.151 |
1.3 |
L08-122 |
New |
144.8 |
149.3 |
4.5 |
1124 |
0.13 |
25 |
- |
<1 |
|
|
201.1 |
203.1 |
2 |
4781 |
0.57 |
76 |
- |
1.9 |
L08-123 |
New |
59.4 |
59.9 |
0.5 |
5500 |
0.60 |
<10 |
- |
2.4 |
L08-124 |
Page Bowl |
43.5 |
50.4 |
6.9 |
1179 |
0.15 |
16 |
- |
1.1 |
L08-125 |
New |
|
|
|
nsv |
- |
- |
- |
- |
L08-126 |
New |
57 |
60.3 |
3.3 |
1057 |
- |
15 |
- |
<1 |
|
New |
174 |
183 |
9 |
937 |
- |
<10 |
- |
<1 |
L08-127 |
TooGood |
|
|
|
nsv |
- |
- |
- |
- |
L08-128 |
Bishop Ext |
66 |
359 |
293 |
1050 |
- |
68 |
- |
<1 |
|
incl. |
184 |
207.4 |
23.4 |
4648 |
0.49 |
364 |
0.361 |
1.3 |
|
incl. |
281 |
301 |
20 |
2981 |
0.31 |
223 |
0.233 |
1.4 |
|
incl. |
335 |
359 |
24 |
1808 |
0.20 |
104 |
- |
1.1 |
L08-129 |
AAD |
|
|
|
nsv |
- |
- |
- |
- |
* Au by Aqua regia decomposition / solvent extraction / AAS
*** Au by Fire assay - lead collection / AA finish / 1 A.T.
nsv = no significant values
Drill Hole Locations: shown on IP chargeability
Drilling Concluded at Lorraine, Assays Pending
Teck has informed the company that it has successfully drilled 6,935.5 m in 19 holes and tested 8 target areas that were outlined in last year's geological, geochemical and Induced Polarization (IP) geophysical survey. The camp has been shut down for the remainder of the year and assays are pending.
Mineralization on the Lorraine property is alkalic intrusion related and belongs to a deposit style that includes the Galore Creek deposit of Teck and NovaGold Resources (TSX: NG). Other significant alkalic deposits in British Columbia include the Mt. Polley, Afton and Copper Mountain Mines. The Lorraine property is located in an area of active logging and is well served by resource infrastructure including all season roads, the Kemess power corridor to the northeast and the Canadian National Railway line to the southwest.
Teck is earning a 51% interest in the Jajay-Lorraine project by spending $9 million by 2011, and may earn up to a 65% interest by completing a feasibility study and arranging production financing.
G.L. Garratt, P.Geo., is the qualified person 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 the 30,658 hectare Lorraine property, which is optioned to Teck Cominco. 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. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
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