|By Marketwired .||
|July 3, 2014 09:01 AM EDT||
LONGUEUIL, QUEBEC -- (Marketwired) -- 07/03/14 -- Highland Copper Company Inc. (TSX VENTURE:HI) ("Highland" or the "Company") is pleased to report the results from an initial exploration program conducted at the White Pine North Project located in the Upper Peninsula of Michigan, an area which has historically been one of the most important copper producing regions in the United States. Figure 1 shows the projects in which Highland has an interest.
Highland has recently completed the interim closing of the acquisition of the White Pine copper project from Copper Range Company ("CRC"). The production at the former White Pine mine from 1952 to 1995 was 198,070,985 short tons averaging 1.14% copper, for approximately 4.5 billion pounds of copper. Mining ceased at White Pine in 1995 due largely to depressed copper prices, although significant amounts of mineralization remained, particularly to the north of the former mine ("White Pine North"). In 1995, CRC completed an estimate of resources at White Pine North based on 526 diamond drill holes. Highland's exploration efforts are focused on that area, with the objective of completing a National Instrument 43-101 compliant resource estimate in 2014.
White Pine North: Results from the 2014 Phase 1 In-Fill Drilling Program
During March and April 2014, Highland completed nine diamond drill holes totaling 8,853 meters using HQ core size at White Pine North (Figure 2). Three holes were cased for re-entry during the winter of 2015 because of spring melting. Highland also completed eleven wedges from eight holes to obtain approximately 435 kg of mineralized samples for metallurgical testing. Nine of the 12 holes were drilled vertically and core recoveries averaged over 99 percent. Highland had designed its 2014 winter drilling program both to in-fill the historical drill grid and to expand the historical mineral resource area. The results from this first phase in-fill drilling program are consistent with results from previous CRC drill programs and confirmed copper- silver mineralization from adjacent historical drill holes.
Analytical results for the mineralized zones from the 2014 drilling program are summarized in Table 1.
Table 1. Drill hole intersections from the White Pine North Project
True Mineralized From To Length Thickness Cu Ag Hole# Unit (m) (m) (m) (m) % ppm WP528 Upper Shale 603.125 604.940 1.82 1.82 1.01 5.7 Parting Shale 607.405 609.690 2.29 2.29 1.31 30.1 WP531 Upper Shale 547.033 548.895 1.86 1.86 1.18 7.2 Parting Shale 550.516 552.370 1.85 1.85 1.22 72.3 WP532 Upper Shale 866.085 868.385 2.30 2.30 1.05 5.9 Parting Shale 870.445 872.235 1.79 1.79 0.88 10.0 WP533 Upper Shale 901.015 902.980 1.97 1.97 1.04 7.3 Parting Shale 905.137 906.950 1.81 1.81 1.37 17.9 WP534 Upper Shale 791.560 793.975 2.42 2.09 1.30 8.12 Parting Shale 796.660 799.420 2.76 2.39 0.99 7.67 WP535 Upper Shale 179.565 180.875 1.31 1.31 1.11 8.5 Parting Shale 183.595 185.540 1.94 1.94 1.17 34.5 WP536 Upper Shale 928.370 929.705 1.34 1.34 0.88 3.90 Parting Shale 931.840 934.475 2.63 2.63 1.03 13.31 WP537 Upper Shale 328.640 329.690 1.05 1.05 0.90 6.1 Parting Shale 333.035 335.080 2.04 2.04 0.89 7.8 WP538 Upper Shale 813.010 814.776 1.77 1.77 0.68 4.34 Parting Shale 817.770 819.585 1.82 1.82 1.10 2.20 WP539 Upper Shale 991.485 993.655 2.17 2.06 0.23 3.65 Parting Shale 996.035 999.380 3.35 3.18 1.21 13.16 WP540 Upper Shale 886.897 888.365 1.47 1.46 1.31 9.68 Parting Shale 890.620 892.488 1.87 1.85 1.10 25.71 WP541 Upper Shale 876.330 877.770 1.44 1.43 1.16 9.09 Parting Shale 880.345 882.195 1.85 1.84 1.14 29.07
"Parting Shale" is an assemblage of five mineralized stratigraphic units at the base of the Nonesuch Formation. The Upper Shale consists of a similar assemblage of four mineralized units about 1.2 meters above the Parting Shale.
Activation Laboratories in Thunder Bay, Ontario, Canada (IOS 17025 accreditation), assayed all samples using an ICP method tailored for the project samples, followed by a metallic procedure for samples containing at least 0.1% Cu. Highland applied industry standard QA/QC protocols to all steps of the drilling program.
White Pine North: Validation of Historical Drilling Data
In January 2014, Highland initiated an analytical program to validate historical assay results from 51 diamond drill holes completed by CRC in the White Pine North deposit. Thirty-six of these holes were drilled between 1958 and 1980 with both BQ and AQ core, while the other 15 holes were drilled in 1994 and 1995 with NQ core.
Highland's validation program used a 1/4 cut of the original whole core from 883 historic sample intervals. This resampling duplicated the exact interval previously sampled and assayed in the historical programs. The remaining 1/4 of the original core was retained as reference material. The validation analytical technique used both a screen metallic assay method and a 2.5-gram digestion ICP assay method to determine total copper and results from both methods were in good agreement. The location of the validated historical drill holes is shown on Figure 2.
The results from this validation program are shown graphically on Figure 3. Highland considers the correlation between the historical and validation assays to be excellent, showing no bias between the two groups of assays. Highland plans to use the sample values from the original program for a future resource estimate at White Pine North.
Plans Going Forward
Highland plans to complete a second phase drilling program by boring ten drill holes totaling approximately 6,100 m, during the summer and fall of 2014. These drill holes will focus on the higher-grade central portion of the deposit.
Highland has retained G Mining Services Inc. to carry out a number of technical studies including metallurgy, infrastructure requirements and mining methods that are intended to be used in a future prefeasibility study. The Company has also retained the services of Golder Associates to initiate hydrological studies of the area overlaying the White Pine North deposit.
The technical information contained in this news release has been approved by Carlos Bertoni, P.Geo. Highland's Project Manager. Mr. Bertoni is a qualified person as defined in NI 43-101.
Highland Copper Company Inc. is a Canadian exploration company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. For more information about the White Pine project refer to the "Technical Report on the White Pine Copper Property, White Pine, Michigan, USA" dated as of February 10, 2014 and filed on SEDAR (www.sedar.com) on April 3, 2014. Highland has approximately $3.2 million in cash at June 30, 2014 and has 96,966,745 issued and outstanding common shares listed on the TSXV under the symbol 'HI'. Additional information about Highland is available on the Company's website at www.highlandcopper.com and on SEDAR at www.sedar.com.
Certain statements contained in this press release constitute forward looking information under the provisions of Canadian securities laws. Such statements include without limitation: the Company's plans and objectives to complete a current mineral resource and expand the historical estimate at White Pine North; statements about completing studies for a prefeasibility studies; the long-term potential of Highland's project; and other statements and information regarding anticipated results regarding the Company's operations and exploration. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Actual results may be materially different from those currently anticipated. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the Company being unable to satisfy the remaining conditions to complete the final closing of the White Pine acquisition; further drilling will be required to confirm and expand the historical estimate as a current mineral resource, and there is no certainty that this can be accomplished; the availability of additional funds to complete the Company's planned exploration and development programs; mining risks; risks associated with governmental and environmental regulation and obtaining all the necessary permits for the development of the project; and risks associated with global economic growth. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
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.
Figure 1, Figure 2 and Figure 3 are available at this address : http://media3.marketwire.com/docs/955650e_Figures.pdf