Toronto, Ontario (February 23, 2022) – C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) (“C3 Metals” or the “Company”) is pleased to provide an update on its drilling programs at the Jasperoide copper-gold skarn/porphyry project in southern Peru. Results received for five of the ten outstanding drill holes included some of the highest copper grades reported on the project to date.
High grade oxide copper-gold mineralization was intersected in two holes drilled to test the up dip and lateral continuity of the enrichment zone defined at eastern Montaña de Cobre Zone. Results include:
- 32.4m @ 3.75% Cu, 0.80 g/t Au from 84.0m
including 20.1m @ 5.83% Cu, 0.87 g/t Au from 96.3m
including 4.9m @ 16.5% Cu from 111.5m
- 15.1m @ 2.02% Cu and 0.37 g/t Au from 89.3m
Including 2.8m @ 10.29% Cu from 100.1m
The Company is also pleased to report that the recently arrived larger rig is currently drilling the first of several deeper holes targeting potential stacked skarns and underlying porphyry copper-gold deposits at the Montaña de Cobre Zone.
Montaña de Cobre Copper-Gold Skarn Highlights
- Oxide domain defined by a total of 98 historic and recent drill holes
- Mineralized strike length is approximately 450m with a lateral extent up to 650m
- High-grade copper-gold mineralization over true thickness ranges of typically 75m to 150m
- A copper-rich enrichment blanket is well developed proximal to the marble front
- Strong epithermal gold overprint
Kevin Tomlinson, President & CEO of C3 Metals commented,
“These most recent results from shallow drilling at the Montaña de Cobre Zone are impressive by any measure. To see such high copper grades over wide intervals so close to surface on the first of multiple targets to be evaluated, highlights the potential of the Jasperoide project. Our Phase 1 program successfully demonstrated that the copper-gold oxide mineralization has both the scale and grade to represent a potential stand-alone development opportunity. The Montaña de Cobre Zone remains open down dip to the west on some sections and further drilling will be required to fully define the mineralization in this area. The results of our current deeper drilling and surface work currently underway on several new targets will in part set priorities and timing for this additional drilling. Samples of the various types of mineralization present are currently being analysed and results will be used to evaluate mining and processing options for Montaña de Cobre.”
An initial 5,000 meters of drilling is in progress to assess the potential for stacked skarns and porphyries at deeper levels of the mineralized systems at the Montaña de Cobre and Cresta Verde Zones. Drill hole targeting is based in part on data collected from a Hybrid-CSAMT geophysical survey that identified two sub-vertical resistive features which are interpreted to be coincident with the district-scale Constancia and Benoni Faults. The Hybrid-CSAMT model indicates that feeder structures to the Montaña de Cobre Zone copper-gold mineralization are connected to a large resistive feature/body at depth, interpreted as a concealed porphyry. Figure 3 below shows the position of three planned drill holes relative to the Montaña de Cobre Zone deposit and airborne magnetic data.
Kevin Tomlinson, President & CEO of C3 Metals further commented,
“Jasperoide is located in a district of large scale mineralized systems where numerous major and mid-tier companies are actively mining, exploring and acquiring new ground. Our initial drilling has been limited to the permitted area inherited when the Project was acquired. Since acquisition, we have identified several outstanding additional targets, and applications to drill beyond the current permit boundaries are in process. Furthermore, the Company has been expanding its property footprint and an update on this activity will be provided in due course. We are in the early stages of exploration on an extensively mineralized system, in a highly prospective area surrounded by two of the world’s largest copper deposits. The discovery process at Jasperoide, especially the deeper drilling now in progress, will continue to evolve in the coming months.”
Montaña de Cobre Zone Drilling Details
Recent drilling at the Montaña de Cobre Zone continues to define a shallow dipping, oxide copper-gold domain that is laterally extensive for up to 650 metres and has a strike length of more than 450 metres. The mineralized skarn system at the Montaña de Cobre Zone remains open to the north, west and down-dip, with significant potential for stacked skarns and porphyry style mineralization at depth and along strike.
Assays for drill holes JAS2700-09, 10 and 11 intersected thick zones (50m to +100m) of skarn altered carbonate rocks of the Ferrobamba Formation with secondary copper species (chrysocolla, malachite, azurite) and locally primary sulphides (pyrite ± chalcopyrite). Drill hole JAS2700-09 successfully confirmed extensions to the bonaza grade copper mineralization intersected 60m to the west in JAS2700-07, which intersected 43.45m @ 2.21% Cu and 0.49 g/t Au from 85.85m and included 15.0m @ 5.44% Cu and 0.39 g/t Au from 113.5m (Press release dated September 8, 2021). Drill hole JAS2700-09 continued to define a well developed enrichment zone proximal to the marble front (Figure 4). JAS2700-09 returned 20.1m @ 5.83% Cu and 0.87 g/t Au from 96.3m including 4.9m @ 16.5% from 111.5m.
Two holes were completed at southern Montaña de Cobre Zone on section line JAS2500, collared 100m southeast of section line JAS2600. JAS2500-01 and 02 intersected narrow widths of strongly oxidized garnet-diopside and magnetite skarn that returned low grade copper-gold mineralization (Table 1). Exploration data for the Montaña de Cobre Zone is being evaluated in order to define targets for additional drilling.
Table 1. Significant drilled intercepts at the Montaña de Cobre Zone
- Significant intercepts reported as length-weighted averages exceeding 0.15% Cu and 0.10g/t Au, with <5m of consecutive internal dilution.
- Copper is uncut.
- True width of down-hole intersections reported are estimated to be approximately 60-90% of the down-hole lengths.
For additional information, contact:
President & CEO
Vice President, Investor Relations
+1 416 572 2512
ABOUT C3 METALS INC.
C3 Metals Inc. is a junior minerals exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits. The Company’s flagship project is the 57km2 Jasperoide high-grade copper-gold skarn and porphyry system located in the prolific Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru. Mineralization at Jasperoide is hosted in a similar geological setting to the nearby major mining operations at Las Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore). C3 Metals also holds a 100% interest in five licenses covering 207km2 of highly prospective copper-gold terrain in Jamaica and a 2% royalty in Tocvan’s Rogers Creek project.
Related Link: www.c3metals.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.
Stephen Hughes, P.Geo. is Vice President Exploration and a Director for C3 Metals and is a Qualified Person as defined by National Instrument 43-101. Mr. Hughes has reviewed the technical information in this news release and approves the written disclosure contained herein.
C3 Metals adheres to a strict QA/QC protocol for core handling, sampling, sample transportation and analyses. Chain-of-custody protocols are designed to ensure security of samples until their delivery at the laboratory.
Half core samples are analysed by 4-Acid digest ICP-MS finish for 60 elements, including pathfinder REE elements with pulps from samples reporting greater than 1.0% copper being re-assayed by the ore grade method. Gold is analysed by 30g Fire Assay AAS finish, with pulps from samples reporting greater than 5ppm re-assayed by 1kg Screen Fire Assay. The Company inserts blanks and certified reference standards in the sample sequence for quality control.
The Company continues to implement its COVID-19 safety protocols at site to ensure the safety of employees and the communities surrounding the Jasperoide project area.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the exploration operations of the Company and the timing which could be affected by the current global COVID-19 pandemic. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company’s management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions and the COVID-19 pandemic, access and supply risks, reliance on key personnel, operational risks, and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.