Vancouver, British Columbia--(Newsfile Corp. - April 3, 2024) - Copper Standard Resources Inc. (CSE: CSR) ("Copper Standard" or the "Company") announces the commencement of drilling at its flagship Colpayoc Project in the Yanacocha Mining District in Cajamarca, Peru.
The Company has started Phase I of a two-phase drill program. Phase I is expected to include approximately 16,400 feet (5,000 meters) of drilling over 18 drill holes to test the potential large copper/gold porphyry and expand the existing resource. The Company anticipates completion of the Phase I drill program by mid-2024. Phase II to be based upon Phase I results. The Company's proposed drill program stems from the expansion of geologic knowledge and understanding of the deposit attained through the relogging of historical drill core and complementary detailed fieldwork.
During detailed geologic reviews, the Company identified a potential porphyry copper/gold target underlying the previously drilled oxide gold cap. The gold cap contains over 300,000 ounces of an inferred gold resource and remains open both laterally and at depth. Average drill hole depth will be approximately 655 feet (200 meters) where drilling is designed to confirm and expand the current oxide gold resource. At least two drill holes are expected to reach depths of approximately 1,300 feet (400 meters) to test for the enriched copper and copper-gold primary grades in the untested porphyry system underlying the Daylight oxide gold resource.
These programs are fully funded for 2024 with the completion of the Company's recently over-subscribed $5 million private placement.
Andy Swarthout, Chairman, commented "2024 represents a significant opportunity for Copper Standard, and we look forward to expanding our gold resource as we test the extent of the underlying porphyry system. Previous drilling ended in phyllic alteration with anomalous gold and copper, indicating potential proximity to a porphyry copper/gold system. Phase I drilling will not only establish the potential of the oxide gold mineralization at depth but will provide important guidance for expanded exploration of the underlying porphyry system in Phase II drilling."
The National Instrument 43-101 Technical Report on the Colpayoc Project, can be found on the Copper Standard website at https://copperstandard.com or on Sedar+ at www.sedarplus.com.
Qualified Person
Andy Swarthout, Chairman, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical content in this news release.
About Copper Standard Resources Inc.
Copper Standard is a resource-stage mining company with a focus on copper and gold, with an option to acquire 100% of the Colpayoc Project in Peru. Colpayoc has significant, untested potential for supergene and porphyry copper - gold mineralization at depth, beneath drill holes bottoming in oxide gold-copper mineralization. The Colpayoc Project is largely untested with limited drilling and is similar to many of the world class porphyry copper-gold deposits within the prolific Yanacocha District. Copper Standard continues to evaluate opportunities in the mineral sector on an ongoing basis.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the meters of drilling and number of drill holes for Phase I drilling at the Colpayoc Project; completion of the Phase I drill program by mid-2024; identification of a potential porphyry copper/gold target; additional exploration potential of the Colpayoc Project in general; potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, and the Company's exploration and development plans in Peru. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, delays in or failure to receive access agreements or amended permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company's objectives and strategies, including costs and expenses, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its information circular dated December 20, 2021, available on www.sedarplus.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
