In a news release, Vancouver-based Granite Creek Copper Ltd. (GCX:TSX.V; GCXXF:OTC) provided an update on the status of the company's autumn drill program. The company noted that it recently combined the Carmacks and Stu projects. The firm advised that as it previously announced on November 27, 2020, the Stu project has been renamed Carmacks North upon closing of the Copper North acquisition.
Granite Creek stated that it is announcing "a new corporate presentation referencing the combined projects and the company's vision for growth of resources." The company advised that the NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project in the Yukon that was issued on February 9, 2017, estimated the resource at 23.76 million tonnes grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag (containing 446 Mlbs Cu, 237 Koz Au and 2.4 Moz Ag).
The firm stated that it is now in the process of developing plans for resource expansion and assessing targets for identifying potential new discoveries. Over the coming weeks it will update and refine the information posted on its website to take into account the potential of the Carmacks and Carmacks North projects located in the southern portion of the Minto Copper Belt.
The company advised that during its fall drill program it completed a total of 1,067 meters of drilling in five holes within the Carmacks and Carmacks North projects. The firm stated that the program's primary objectives were to help delineate the resource at the Carmacks North Zone A (f/k/a Stu Zone A) and to test for potential sulphide mineralization expansion at Carmacks in Zone 13.
Granite Creek stated that it believes this work was successful and the results showed that significant copper mineralization was encountered in all five holes. The firm noted that that the results from the assays have not yet been received and are still pending.
The firm advised that in Zone A, diamond drill holes STU20-001 and STU20-002 targeted higher-grade mineralization and that "both holes intersected several sections of oxide and sulphide mineralization with geologists observing chalcopyrite, bornite, malachite, and azurite in the core." The company added that drill hole STU20-003 intersected sulphide mineralization at several different depths.
The firm reported that two vertical holes were drilled at the Carmacks deposit on Zone 13 targeting an area where previous drill holes had intersected significant widths of sulphide mineralization. The company advised that the assay results have not yet been received back from the lab, but that bornite, chalcopyrite along with rare molybdenite were observed in the core samples.
Granite Creek announced that on Thursday, December 3 at 11:00 a.m. EST Granite Creek Copper's President and CEO Tim Johnson will host a webinar to discuss recent developments at the company and the firm's plans going forward.
[NLINSERT]Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Granite Creek Copper. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Granite Creek Copper, a company mentioned in this article.
