(MENAFN- Investor Ideas)
C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) ('C3 Metals' or the 'Company') is pleased to announce it has intersected multiple zones of high-level porphyry and epithermal style copper-gold-silver mineralization at its 100% owned Bellas Gate Project in Jamaica. Two holes were drilled to test a large coincident magnetic and IP chargeability anomaly at the Camel Hill target that is contiguous with the Connors Porphyry target, where the Company recently reported intersecting 309.0m at 0.44% copper and 0.33g/t gold (see press release dated September 12, 2022).
Both drill holes at Camel Hill intersected copper-gold-silver porphyry mineralization within 10.0 and 6.0 metres from surface, respectively. Intense biotite and magnetite alteration, as well as a large magnetic and chargeability anomaly, suggest significant depth potential. The mineralization tested to date is predominantly hosted by volcanics and is interpreted to be high in the porphyry system.
Dan Symons, President & CEO, stated, 'We have now intersected broad widths of near-surface porphyry mineralization at both the Camel Hill and Connors targets on our Bellas Gate Project. Wherever we have drilled a coincident magnetic and chargeability geophysical anomaly, we have intersected porphyry mineralization. A significant, untested geophysical anomaly sitting at depth between Camel Hill and Connors is interpreted to be the heart of the porphyry system. However, our current drill rig does not have the capacity to test the deeper target. We plan to secure a drill rig capable of reaching target depths of this geophysical anomaly. In the meantime, the existing drill rig on-site will be utilized for a maiden 5,000 metre drill program targeting the extensive, at-surface epithermal vein swarm recently discovered on our Arthurs Seat Project.'
Bellas Gate Drill Highlights:
Multiple, broad intercepts of copper-gold-silver porphyry mineralization intersected at both the Connors (see September 12, 2022 press release) and Camel Hill targets; Geophysics have proven to be a successful targeting tool for porphyry mineralization; Pyrite - chalcopyrite mineralization occurs as disseminations and in veins; Intense biotite and magnetite alteration in volcanic host rocks, as well as geophysical anomalies, suggest significant depth potential; Drilling has intersected the pyrite-rich shell of the porphyry as well as intermediate-sulphidation epithermal veins; and Bornite mineralization has not been intersected to date and is interpreted to occur deeper in the system.
Figure 1: Map showing Bellas Gate Magnetic MVI Image. Depth slice at -800 meters showing multiple large-scale magnetic anomalies. Dashed polygon shows outline of coincident IP chargeability anomaly at the deepest slice -400 meters.
Figure 2: Cross section through Geo Hill - Epidote Ridge - Connors showing coincident magnetic (Top) and IP chargeability anomalies (Bottom) at Bellas Gate. The interpreted porphyry center has not been drill tested due to the limited depth capacity of the on-site drill rig. Once C3 Metals sources and mobilizes a larger drill rig, it intends to drill test this target.
Plus Minerals (Imants Kavalieris and Khashgeral Bat-Erdene), a consulting company with extensive experience evaluating some of the world's largest porphyry copper-gold systems, has completed an ASD spectrometer alteration study on the Camel Hill and Connors drill core. The independent study concluded:
Early potassic alteration overprinted by late stage tremolite-actinolite-chlorite-magnetite veins; A and B porphyry style quartz veins associated with gold-rich chalcopyrite-pyrite mineralization; Unusually intense biotite-magnetite alteration in andesitic wall rocks that broadens at depth; Porphyry intrusions at Connors and Camel Hill are inferred to have stalled in andesitic wall rocks and appear to widen at depth; and High-grade intermediate sulfidation Au-Ag-base metal-carbonate veins are potentially an extension of the Stamford Hill vein to the southeast.
Figure 3: Cross section through drill holes CMH8400-001 & 002 showing assays and interpreted geology.
As the current drill rig does not have the capacity to reach beyond 700 metres depth, the Company is planning a remapping program over the Bellas Gate Project area before continuing to drill test the porphyry systems. C3 Metals intends to continue drill testing the porphyry targets once a larger drill rig is sourced and mobilized to site. The current drill rig has now been re-directed to undertake a maiden drilling program at the Arthurs Seat Project where epithermal gold-copper quartz veins that have been mapped over widths to 40m. The Company anticipates drilling at Arthurs Seat will commence before the end of 2022.
About Arthurs Seat
The Arthurs Seat mineral tenement adjoins the Bellas Gate mineral tenement to the northwest. Arthurs Seat is a 6,000-hectare area in which C3 Metals has made a grassroots copper-gold-silver discovery with an 8.0 km by 4.5 km copper-gold-silver footprint. Within this larger system, a high-density, low-intermediate sulphidation epithermal vein swarm has been discovered over a 5.0 km by 3.0 km area. Of the 1,775 rock-chip samples assayed to date, 161 rock chip samples have assayed greater than 1% copper and 41 rock chip samples have assayed greater than 1.0 g/t gold at Arthurs Seat (see press releases dated September 13, 2022, October 11, 2022, and November 7, 2022).
Figure 4: Geology map showing 8.0 km by 4.5 km footprint of copper-gold-silver mineralization. Location of the most recent high-grade copper in rock chip samples are highlighted in dashed outlines. All rock chip samples assaying greater than 1% copper are shown as magenta triangles.
Figure 5: Map showing 5.0 km by 3.0 km area of high-density, low-intermediate sulphidation epithermal vein swarm. Location of the most recent vein discoveries are highlighted in dashed yellow. Rock chip samples assaying greater than 2.0 g/t gold are shown as magenta triangles.
For additional information, contact:
President and CEO
+1 416 716 6466
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 holds the Jasperoide project is located in the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru and covers 26,800 hectares. 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 20,700 hectares of highly prospective copper-gold terrain within the Crawle River-Rio Minho Fault Porphyry and Epithermal District in Jamaica, where mining history dates to the 1500s and 1800s when Spanish and British mining companies targeted high grade copper in veins. The Company also holds a 2% royalty in Tocvan's Rogers Creek project.
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 handling, sampling, sample transportation and analyses. Chain-of-custody protocols are designed to ensure security of samples until their delivery at the laboratory.
Samples are analysed by 4-Acid digest ICP-MS finish for 63 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.
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.