VANCOUVER, March 28 /PRNewswire-FirstCall/ - Copper Ridge Explorations Inc. (TSXV:KRX) (the "Company") is pleased to announce that it has entered into agreements with Strategic Metals Ltd. (TSXV: SMD) ("Strategic") whereby it can earn 100% interests in the Bolt and Four Corners properties located in the Finlayson mining district, Yukon. The Company is also pleased to announce it recently completed staking an additional 129 quartz mining claims to cover untested geophysical targets to the southwest of the original Bolt claim group and has recently acquired, by staking, 100% interests in the Francis Lake, AWB and REC claim groups.
"The new acquisitions are part of the plan to focus Copper Ridge on base metal properties with precious metal credits in the Yukon," said Chairman William M. Sheriff. "Bolt has one of the strongest soil copper anomalies identified to date in the Finlayson area and offers an excellent initial target for the 2011 season."
The Company plans to complete a program of detailed mapping and further geochemical surveying on the Bolt and Four Corners properties in order to select specific targets to be tested for drilling later the 2011 season or early in the 2012 season. The Company is currently compiling all of the historic data on the newly staked properties in order to plan exploration programs for the 2011 season. Based on the results of these programs, the Company anticipates drilling at least one of the new properties late in the 2011 season or early in the 2012 season.
The Bolt property consists of 69 quartz mining claims located 140 km southeast of Ross River and 10 km northeast of the Wolverine Mine. The property is situated in rolling terrain 5 km south of the Robert Campbell Highway. Based on the lithologies mapped in the area, the Bolt property has potential to host a Cyprus-type Volcanic Massive Sulphide (VMS) deposit, similar to the Ice deposit located 82 km to the northwest which contains a resource of 4,561,863 tonnes grading 1.48% copper (the Company cautions that the Ice deposit has a historical resource and should not be relied upon).
Work on the Bolt property by Cominco Ltd. in the mid 1990's and by Strategic in 2009 and 2010 focused on a strong copper soil anomaly associated with an iron-rich "kill zone" (a kill zone can occur when natural ground water flow leaches enough metals from the underlying rock to kill the surrounding vegetation). The copper anomaly covers a 1,000 by 500 m area that trends approximately north-northwest sub-parallel to stratigraphy. Anomalous, values within the anomaly range from 500 to 10,605 ppm copper, 50 to 401 ppm cobalt and 100 to 667 ppm zinc. One of two drill holes completed by Cominco in 1998 returned 3.1% copper over 3.0 m from a fault zone within strongly altered volcanic rocks. Strategic drilled 5 short holes to test the volcanic stratigraphy down-dip from the soil anomaly in 2010. All of the holes intersected significantly altered volcanic rocks, but none intersected primary or secondary copper mineralization sufficient to explain the magnitude of the copper soil anomaly.
Four Corners Property
The Four Corners Property consists of 141 contiguous quartz mining claims located 115 km northwest of Watson Lake. The claims cover volcanic stratigraphy that is permissive for both Kuroko and Besshi style copper VMS mineralization. Recent soil sampling by Strategic has defined a discontinuous 2,500 by 300 m copper anomaly in the central and eastern parts of the property. A VTEM airborne geophysical survey commissioned by Strategic in 2005 identified a strong conductor down-dip from the highest copper values contained within the soil anomaly. This anomaly is under cover and has not yet been tested by drilling.
As consideration for the grant of the Bolt option, the Company is paying $15,000 and issuing 50,000 common shares. To exercise the Bolt option and earn a 100% interest in the Bolt property, the Company will pay an additional $440,000 and issue up to an additional 950,000 common shares, in stages over a 6 year period, with value caps of $2.00 and $2.50 per share, respectively, on the third and fourth year share issuances of 150,000 shares each. Of the payments and issuances required to exercise the Bolt option, $15,000 and 100,000 shares are firm commitments.
As consideration for the grant of the Four Corners option, the Company is paying $15,000 and issuing 50,000 common shares. To exercise the Four Corners option and earn a 100% interest in the Four Corners property, the Company will pay an additional $305,000 and issue up to an additional 750,000 common shares, in stages over a 6 year period, with value caps of $2.00 and $2.50 per share, respectively, on the third and fourth year share issuances of 150,000 shares each. Of the payments and issuances required to exercise the Four Corners option, $15,000 and 100,000 shares are firm commitments.
Both the Bolt and the Four Corners properties will be subject to a 2% NSR royalty in favour of Strategic. The agreements are subject to several conditions precedent, including regulatory approval.
Francis Lake, AWB and REC Claim Groups
The Francis Lake claim group consists of two non-contiguous claim groups located 155 km north of Watson Lake. The larger claim group covers the historic Matt Berry lead-zinc-silver VMS deposit, which Yukon Minfile Report 105H 021 states to host a mineralized area containing 533,434 tonnes grading 6.1% lead, 4.6% zinc and 102.86 g/t silver (the Company cautions that this is a historic estimate and should not be relied upon). Geophysical and geochemical work by previous operators has demonstrated that potential exists to discover additional zones of VMS mineralization along strike within the same sedimentary and volcanic rocks that host the Matt Berry deposit.
The AWB claim group, located 44 km northeast of Faro, Yukon consists of 116 quartz mining claims staked to cover anomalous regional silt geochemistry results and known skarn style mineralization at the historic Union mineral occurrence. Grab sampling from the occurrence by previous operators returned values ranging from 0.02 to 3.5 % copper, from 0.09 to 5.5 % zinc and from less than detection to 149 g/t silver.
The REC claim group, 65 km east of Pelly Crossing, consists of 320 quartz mining claims staked to cover 3 separate Yukon Minfile showings of zinc, lead and silver mineralization which collectively made up the historic Dromedary property. Work on the Dromedary property in the 1980's and 1990's included mapping, geochemical surveys, geophysical surveys and diamond drilling and was successful in discovering several zones of significant zinc-lead-silver mineralization over a 7.5 km trend of sedimentary rocks. No work is recorded to have been completed on the property since 1998.
In order to focus efforts on the newly acquired Yukon properties, the Company has terminated its option on the Duke Island project acquired from Quaterra Resources Inc.
The technical content of this news release has been reviewed and approved by J. Greg Dawson, P.Geo., the Company's President and a Qualified Person as defined by National Instrument 43-101.
About Copper Ridge Explorations Inc.
Copper Ridge specializes in identifying, acquiring and developing quality precious metal enriched copper, lead and zinc mineral deposits in Yukon, Canada. Copper Ridge has a committed management team with extensive experience in the Yukon and a proven track record of building shareholder value in the junior equity market.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Copper Ridge's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Copper Ridge assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Copper Ridge Explorations Inc.