1844 Resources Gives Update of Their 2 Copper Projects
SASKATOON, April 22, 2021 - 1844 RESOURCES LTD. (TSX-V:EFF) (the "Company" or "1844") is pleased to update its shareholders on the current status and future activities on the Vortex Copper and the Native Copper Projects, both located on the Gaspe Peninsula. With global copper demand forecast to significantly outstrip supply, finding economic projects in the near term is of paramount importance to maintain the course of economic recovery and the ongoing shift into greener technologies. The properties of 1844 are well positioned in this capacity.
Mr. Sylvain Laberge, President and CEO of 1844, remarks "We are great believers of the Gasp? Peninsula and pleased that we have kept our primary focus on our Copper Projects. The movement towards energy metals has been focused primarily on graphite, lithium, cobalt and rare earths. Copper acts as a conductor for all of these metals in their eventual end use, and the critical nature of copper in the energy metals sector has been largely overlooked until recently."
The Vortex property is comprised of 40 mineral claims (22.6 sq. kms) and is comprised of both the Sullipek Deposit and Sullipek East project. In 2017 a NI 43-101 Resource Estimation was issued on the 1844 portion Sullipek Deposit for 2,2 million t @ 1.06% Cu. The deposit is shared with Glencore/Soquem and counts for a total of 5,5 million t @0.88% Cu, following our planification some exploratory and definition work will be executed during Q3 of 2021.
The Sullipek East portion located at approximately 4 kilometres East of Sullipek Deposit and 25 kilometres West of Murdochville where Noranda Gasp? Copper Mine was in production for 45 years for a total of 141million t @ 0.85% Cu. In August 2012, 1844 Resources at the time Gespeg Copper Resources Inc. announced a first discovery of 29m @ 0.94% Cu at 5.20m depth.
Located within a large hydrothermal system, the discovery hole includes limestone horizons favoring the introduction of "skarn" type copper mineralization or copper replacement mineralization on periphery of porphyry felsic intrusions from the Sullipek region. Recent geophysical data (airborne EM survey) reveals the presence of large EM conductive anomaly superimposed on favorable limestone horizons (Map 1). In addition, historical drilling has allowed some stratigraphic levels showing significant copper values.
Drill hole with significant copper values
|Drill hole||From(m)||To(m)||Length(m) *||Cu %||Ag g/t||Type of mineralization|
|Formation de Forillon ||11-V-01||7||28||21||0.13||2.14||Type 1|
|11-V-04||5.2||35||29.8||0.94||3.91||Type 1 and 2 superimposed|
|L89-1||13||16.3||3.3||0.60||12.12||Type 1 and 2 superimposed|
|L89-1||19||22||3||0.18||3.40||Type 1 and 2 superimposed|
|Formation Indian Point Carbonat? ||11-V-04||293||300||7||0.12||2.45||Type 1|
|09-K-03||175.55||200.20||24.65||0.21||1.4||Type 1 and 2 superimposed|
|Horizon IP1 ||11-V-04||615||638.6||23.6||0.25||0.88||Type 1 and 2 superimposed|
|* Intervals represent core length, not true width|
|Type 1 :||PORCELLANITES AND SKARNS and disseminated PO-CP-PY mineralization|
|Type 2 :||CALCITE-CHLORITE VEINS, BRECCIAS and containing PY-CP-MO|
The combination of the previous drill results, combined with the completed geophysics has led the company to apply for drilling and exploration permits to revisit the property during the summer exploration season, with a view to completing a drilling program in the fall. The drilling program is anticipated to include inclined and stratigraphic drilling aimed at modeling the different lithologies, hydrothermal alterations and mineralized zones.
The Native Copper Project is 1844's most recent copper project and is comprised of 156 claims ( 86,7 sq. kms ) on a known Green Stone Belt. The project is part of the Mont Alexandre syncline, associated to an important metallotect volcanic horizon part of the Lake McKay Member, which lies within the greenstone belt present in the Gaspe Peninsula. The property has showed values from 0.15% Cu in drilling to up to 5.38% Cu in trenching over the years, it appears that the obvious model for these types of mineralization is the Keweenaw Peninsula native copper model. The Company continues to review all technical data with a view to designing a maiden drilling program on the property.
About 1844 Resources Inc.: 1844 is an exploration company with a focus in strategic and energy metals and underexplored regions "Gasp?, Chibougamau Qu?bec". With a dedicated management team, the Company's goal is to create shareholder value through the discovery of new deposits.
Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, is a qualified person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical disclosure contained in this news release.
(signed) "Sylvain Laberge"
President and CEO
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/315c1258-6d72-4383-afad-d52941ffc0cb