Quetzal Copper Corp. (TSXV: Q) (‘Quetzal’ or the ‘Company’) is pleased to announce that it has mobilized its team to begin work at the Company’s Princeton Copper Project in British Columbia, Canada. The Princeton Project is an 11,500 hectare property located between the Hudbay Minerals and Mitsubishi owned Copper Mountain Mine and the town of Princeton, British Columbia.
Figure 1: Location of Princeton Project Claims and Targets
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CEO Matt Badiali said, ‘We are thrilled to get started on this drill program. Princeton boasts several exciting copper targets from open intercepts at Bud South to new geophysical targets. It has excellent qualities that reduce our risk and increase our potential for success. It’s next to an operating mine, has coincident soil and geophysical anomalies, and structures known for hosting large copper deposits in the region. The targets are shallow, and several have never been drilled before. This program is what drew many shareholders to us – the chance to make a major copper discovery in British Columbia.‘
Princeton Copper Project
The Princeton Copper project is a large land package consolidating several formerly disjointed claims. The technical team compiled historical surface geological and geochemical data and reprocessed geophysical data. The new perspective gleaned from this work generated four strong targets for the first drill program:
- Bud South – The only locality with a drill hole among the four targets. It contained 10.7 meters of rock with 0.18% copper and 0.30 grams per ton gold. But it only cut the edge of the target. Historic trenching at the target showed disseminated copper mineralization in intensely faulted and intruded Nicola Group volcanic rocks.
- Knob Hill – An overburden-covered chargeability anomaly adjacent to copper-gold in quartz veins exposed in nearby trenches
- Aura – A 1.5km wide horseshoe-shaped magnetic high surrounding a reverse-polarity magnetic feature. This may represent an intrusive body and its alteration halo.
- Contact – A chargeability high completely hidden under till cover along trend from and with the same signature as the Knob Hill target.
Figure 2: Ground Magnetic Map Showing Priority Princeton Targets
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Bud South
Bud South is a 300m by 400 m geophysical anomaly with significant copper in soils footprint over a strong magnetic high. Historic surface trenches exposed porphyry intrusions and alteration. Our interpretation, supported by recent 3D inversions of magnetic data, is that DD87-3 did not test the core of the target.
Figure 3: Bud South Target
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Knob Hill
The Knob Hill target is a chargeability high anomaly 300 to 600m in diameter under thin cover. It occurs downhill of historic trenching which exposed chalcopyrite bearing quartz veins. Grab samples from trenches ran 0.6% to 1.2% copper and from 0.55 g/t to 0.99 g/t gold. This target has never been drilled.
Figure 4: Knob Hill Target
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Aura and Contact
The Aura and Contact targets are the least explored being defined in newly collected geophysical data. Both are hidden under shallow, but variable amounts of till cover.
Aura appears as an intense apparent magnetic low (possibly reversed polarity) surrounded by an apparent magnetic-high halo 1.5km in diameter. Where covered by the recent IP survey, the halo is a chargeability high. The geophysical signature may be interpreted as a sulfide-bearing alteration zone adjacent to an intrusion.
Contact is located south of the Knob Hill target, where till cover is thicker, and outcrop is absent. It consists of a chargeability high associated with a magnetic signature analogous to that at Knob Hill.
Options Grant
The Company also announces the grant of incentive stock options to various directors, officers, senior employees and advisors of the Company to purchase 1,500,000 common shares at an exercise price of $0.16 per share, exercisable for a period of 5 years. The stock options are subject to the terms and conditions of the Company’s stock option plan and the policies of the TSX Venture Exchange.
QP Statement
Dr. Roy Greig, P.Geo., a Qualified Person as defined under National Instrument 43-101, has reviewed, and approved the technical content in this release.
First Nations Acknowledgement
Quetzal recognizes that the Princeton Copper Project is part of the traditional unceded territory of the Smelqmix People. We are committed to respect for the land and for the people who reside there.
About Quetzal Copper
Quetzal is engaged in the acquisition, exploration, and development of mineral properties in British Columbia and Mexico. Quetzal currently has a portfolio of three properties located in British Columbia, Canada and one in Mexico. The Company’s principal project, Princeton Copper, is located adjacent to Hudbay’s Copper Mountain mine in southern British Columbia.
Quetzal Copper Limited
Matthew Badiali, CEO
Phone: (888) 227-6821
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.
FORWARD LOOKING STATEMENTS
The information contained herein contains ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. ‘Forward-looking information’ includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’ or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’ or ‘be achieved’ or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to exploration and development of the Company’s properties.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated, accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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