Appointment of Dr. Nathan Chutas to the Board of Directors
Dr. Chutas' extensive copper exploration experience aligns with the Company's re-focus on copper
Appointment of Scott Davis as Chief Financial Officer
Company recently added to its copper-focused portfolio with option agreement on British Columbia copper/silver property
Toronto, Ontario--(Newsfile Corp. - October 7, 2024) - Global Copper Corp. (TSXV: CUCU) (FSE: WD9) ("Global Copper" or the "Company") is pleased to announce that its Board of Directors has appointed Dr. Nathan Chutas to its Board of Directors and Scott Davis as Chief Financial Officer. Dr. Chutas is a professional geologist with over 20 years of experience with a variety of exploration and mining companies, including Teck Cominco, NovaGold, Sandfire Resources America, Freeport Resources and Era Resources. He has served in a spectrum of roles, including senior positions in management and technical roles focused on exploration of greenfield, brownfield, near-mine resources, and project evaluation. Dr. Chutas has experience on projects throughout North America, South Africa, Mexico, and most recently spent seven years in Papua New Guinea. Nathan holds PhD in Geological Sciences from the University of Washington and is a Certified Professional Geologist with the American Institute of Professional Geologists.
Mr. Davis is a partner of Cross Davis & Company LLP Chartered Professional Accountants, a firm focused on providing accounting and management services for publicly-listed companies. His experience includes CFO positions of several companies listed on the TSX Venture Exchange. His past experience consists of senior management positions, including four years at Appleby as an Assistant Financial Controller, two years at Davidson & Company LLP Chartered Professional Accountants as an Auditor and five years with Pacific Opportunity Capital Ltd. as an Accounting Manager.
Coincident with the appointments of Dr. Chutas and Mr. Davis, Jim Fairbairn will resign as a director and Chief Financial Officer.
Stephen Dunn, President and Chief Executive Officer of Global Copper, commented: "The appointment of Dr. Chutas to the Board is aligned with the Company's new focus on copper and expanding portfolio of high impact copper projects, including the Company's recently announced acquisition of the Silver Vista Copper-Silver project located in British Columbia. Dr. Chutas' appointment greatly strengthens the Company's in-house technical expertise for project selection and development. We see the energy transition to a net-zero carbon world as opportunity for mineral explorers to focus on the growth anticipated in demand for copper."
Stephen Dunn continued: "I want to thank, on behalf of the Board, Jim Fairbairn for his past service as a Director of the Company and wish him the best in his future endeavors."
Nevada - Northern Lights Copper Project
The Company's flagship 100%-owned Northern Lights Copper Project is located in the central portion of Nevada's well known Walker Lane Trend about 25 kilometers (15 air miles) southeast of Yerington, Nevada (See Figure 2 below). The property consists of 58 lode mining claims covering 1200 acres (485 hectares) and is in close proximity to Nevada Copper Corporation's producing Pumpkin Hollow copper mine which has total resources in excess of 6.5 million lbs of copper equivalent. There are also several active copper exploration projects underway in close proximity to the property.
The Pumpkin Hollow ore deposit is characterized by an intense magnetic high as shown in Figure 3, which uses the same base map as Figure 2. The Northern Lights project is located between two magnetic highs in the eastern portion of the map (see Figure 3 below).
Mineralization observed on the property consists of: 1) massive magnetite, goethite, hematite, chalcopyrite replacement zones in the Triassic limestone and siltstone; 2) smaller, fracture- controlled zones of magnetite, goethite, hematite with copper oxide; and 3) disseminated pyrite, chalcopyrite, and copper oxides in sedimentary rocks as well as altered dacite porphyry. Visible copper oxide mineralization occurs in a northwest-trending zone approximately 1,500 meters long and 100 meters wide (5,000ft x 330ft). This replacement-skarn style of mineralization (deposit type) is similar to the nearby copper deposit at Pumpkin Hollow, currently in production by Nevada Copper Corporation.
Detailed geologic mapping by the Company and surface rock geochemical results confirm that Northern Lights has copper mineralization (1% to 19% Cu) over widths up to 4 meters at the surface. Review of historic reports dating back to the 1910 to 1920 era suggests that copper mineralization grading 3% to 12% Cu at an average width of 1 to 2 meters (2 to 6 feet) extends to a depth of 100 meters (325 feet). Underground workings are not accessible, and these grades cannot be confirmed without drilling.
The objective of the Company is to confirm the deposit model with additional surface exploration work following by drilling to define a mineable high-grade copper deposit. The project is currently in the early exploration phase but planned drilling will confirm the grade, thickness and downdip extent of the mineralization confirmed at the surface.
Technical information Quality Assurance and Quality Control of Global Copper's programs are under the control of the Company's geological employees and are consistent with industry best practices.
Qualified Person Nathan Chutas is the non-independent qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release. Mr. Chutas has reviewed and approved the technical disclosure contained in this news release. Also, mineralization hosted on adjacent and/or nearby properties, particularly with respect to neighbouring mineral resources, is not necessarily indicative of mineralization hosted on the Company's Project.
About Global Copper Corp. Global Copper Corp is focused on its 100% owned Northern Lights Copper Project in Nevada. The Northern Lights Copper Project is located in the central portion of Nevada's well-known Walker Lane Trend about 25 km southeast of Yerington, Nevada. The property covers 1,200 acres (485 hectares) and is in close proximity to Nevada Copper Corporation's producing Pumpkin Hollow copper mine. There are also several active copper exploration projects underway in close proximity to the property. Global Copper Corp plans to confirm the deposit model with additional surface exploration work following by drilling to define a mineable high-grade copper deposit.
Contact Information: Global Copper Corp. Stephen Dunn, CEO and Director Tel: 416-361-2827 Email: [email protected]
CAUTIONARY STATEMENT: Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
