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Vancouver, British Columbia--(Newsfile Corp. - March 17, 2022) - Bell Copper Corporation (TSXV: BCU) (OTCQB: BCUFF) ("Bell Copper" or the "Company") reports that Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (Cordoba) has provided an update on drilling at the Perseverance Project and informed the Company that they have expended enough via exploration activities to earn 51% of the project. Bell's Perseverance Project is located in northwestern Arizona, USA and is under a Joint Venture - Earn-In.
Drillhole K-21, an angle hole which also targeted the northern of the two prominent magneto-telluric (MT) anomalies on the property, encountered caving ground that prevented its completion through covering gravel. Drillhole K-22 was drilled vertically early in 2022 from a site located directly above the center of the prominent north-trending 1 kilometer by 2 kilometer electrical conductor, located 1.3 kilometers north of K-20. The covering gravel, totaling 192 meters in thickness, was drilled and cased off by a dual rotary drill using a downhole hammer. A diamond core drill completed K-22 to a depth of 1262 meters, cutting clay-altered, sericitized, and propylitically altered Precambrian host rocks and Laramide-age porphyry dikes. Short intervals of the hole were characterized by potassic alteration, including both K-feldspar and shreddy biotite, accompanied by disseminated chalcopyrite (copper sulfide) mineralization. Assays of the hole are expected in about two months. The cause of the prominent MT anomaly is believed to be abundant clay alteration in strongly broken, water-rich basement rocks.
Before any drilling on the prominent eastern MT anomaly is done, Cordoba will run a radial version of the proprietary Typhoon IP survey, using an electrode set deep in K-22 as the current injection point. Surface receivers will extend 1.0 to 1.5 kilometers in several directions radially outward from K-22. This survey is expected to highlight volumes of rock containing more abundant disseminated sulfide minerals that might better indicate porphyry copper mineralization.
Cordoba Minerals, through their recent drilling and geophysical survey programs on the Perseverance Project, have expended $3 million prior to the April 24, 2022 earn-in deadline for Phase II of the Joint Venture and Earn-In Agreement with Bell. Achievement of this Phase II milestone earns Cordoba control of 51% of the Project, with Bell's ownership reduced to 49%. With further expenditures on the Project of $3 million before April 24, 2024, Cordoba can earn a total 70% interest in the Project, and with yet another $10 million in expenditures before April 24, 2026, a total 80% interest.
Bell Copper President & CEO Dr. Tim Marsh stated, "K-22 was drilled 1300 meters north of K-20, the last Perseverance hole to peer beneath cover. Aside from the more pervasive clay alteration at K-22, both K-20 and K-22 cut multiple porphyry dikes, local polymetallic base metal veins (Zn-Cu-Pb), long intervals of propylitic alteration, and early chalcopyrite-bearing veinlets sporting K-feldspar jackets. Cordoba saw enough heat in K-22 to wrap up the Phase II earn in and plan future work. Cordoba's next step is running a radial version of their proprietary Typhoon IP survey which is expected to highlight volumes of rock more likely to carry copper sulfide minerals. Meanwhile, Bell Copper will keep advancing our porphyry copper discovery at Big Sandy."
Qualified Person The technical content of this release has been reviewed and approved by Timothy Marsh, PhD, PEng., the Company's CEO and President and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
About Bell Copper Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. Bell Copper is exploring its 100% owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Venture - Earn In.
On behalf of the Board of Directors of Bell Copper Corporation
Timothy Marsh, President, CEO & Director
For further information please contact the Company Tel: 1 800 418 8250 Email: info@bellcopper.net
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.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation, including, but not limited to, the ability of Bell to identify a mineral resource at the Perseverance or Big Sandy Projects. There is no certainty that the present exploration effort will result in the identification of a mineral resource or that any mineral resource that might be discovered will prove to be economically recoverable. All statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Bell Copper operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116721
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