VANCOUVER, BC / ACCESSWIRE / November 23, 2020 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK) is pleased to report ongoing progress in generating future exploration targets at its 100% owned Copper Ridge Prospect, located approximately one mile (1.6 km) southwest of its 100% owned pre-feasibility level Contact Copper Project. These projects encompass a contiguous 5,935 acres of private property and Bureau of Land Management holdings located in northeast Elko County, Nevada.
History of the Copper Ridge Prospect Area
The Copper Ridge prospect area was acquired by the previous operator, Enexco International (Enexco), in a September 26, 2011 land acquisition deal from Allied Nevada Gold Corp. Before the land acquisition, no field work was performed by Enexco in the Copper Ridge Prospect area. During the summer of 2012 Enexco collected a total of 28 samples over an area of approximately 1,000 acres (400 hectares) from outcrops with copper oxide showings. Copper oxides chrysocolla, cuprite, and tenorite were found in most locations sampled along with mineral textures indicative of hydrothermal alteration. On August 27, 2012, Enexco reported significant copper assays from the 28 samples, returning copper grades up to 12.4 percent. These results can be viewed in the news section of the Company website, with a reference date of June 7, 2016.
CopperBank CEO comments: "The Copper Ridge area continues to be an impressive exploration project that could unlock significant shareholder value. Our team's long history in the Contact area, combined with Elko County's vast exploration and mining culture, enable us to form various scenarios towards important next steps for the Copper Ridge inclusive of further optimizations at the Contact project area. With improving investor sentiment towards copper, and especially exploration, we want to highlight the various blue sky exploration opportunities that complement our later-stage development projects."
Next Steps And Options For Advancing The Copper Ridge Prospect
The positive results from the historical surface sampling supports further investigation towards future exploration drilling programs at the Copper Ridge and adjacent prospects. Due to the depressed copper pricing environment since the 2011 land acquisition and 2012 sampling program, the Copper Ridge Prospect area has not been drilled tested by the Company and historic activity is limited to small prospect pits and mine workings. The targets at the Copper Ridge Prospect are similar to the tabular sheeted vein systems encountered at the Contact Copper Project's historical reserve area. Exploration success in this area could provide additional copper oxide material for the Contact Copper Project, which has potential to produce 49 million pounds per year of electrolytic copper cathode as outlined in the historical 2013 Pre-feasibility Study. This study can be found on the CopperBank website in the Contact Project area.
Enexco's samples from the Copper Ridge Area surface sampling program were prepared and analyzed by SGS Minerals Services in Vancouver, Canada, an ISO/IEC 17025 certified laboratory under supervision by Enexco's Qualified Person, William Willoughby, PhD, PE. Dr. Willoughby is a Qualified Person under National Instrument 43-101 and has approved the technical portions of this press release.
CopperBank is a Canadian exploration mining company focused on energy related metal exploration in The United States of America. The Company trades on the Canadian Securities Exchange - CSE- under the symbol "CBK".
On behalf of CopperBank Resources Corp.
Advisory Regarding Forward-Looking Statements
Certain information in this release constitutes forward looking statements or information ("forward-looking statements") under applicable securities laws and necessarily involves risks and uncertainties. Forward-looking statements included herein are made as of the date of this news release and, except as required by applicable law, CopperBank does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Forward-looking statements relate to future events or future performance and reflect management of CopperBank's expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as "plans", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Examples of forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's ongoing review of its existing portfolio, the involvement of CopperBank in any potential divestiture, spin-out, partnership or other transactions involving the Company's portfolio assets, and the ability of the Company to complete any such transactions, the ability of CopperBank to enter into transactions that will ultimately enhance shareholder value, and potential future work or activities in respect of the Pyramid project or the Contact project. Although CopperBank believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to CopperBank. Forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to, the Company's ability to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. By their very nature, forward-looking statements involve 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 forward-looking statements. Such factors include, but are not limited to, the risk that the Company will not be able to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. Although CopperBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. For more information on CopperBank and the risks and challenges of its businesses, investors should review the continuous disclosure filings that are available under CopperBank's profile at www.sedar.com.
SOURCE: CopperBank Resources Corp.
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