ESGold Corp. press release
Copper Reef Commences Drilling on its Hanson Lake Properties
CSE - Canadian National Stock Exchange · Gold · Silver · Mica · Canada
Feb. 19, 2010 (TheNewswire.ca) --
Toronto, Ontario, February 19, 2010…Copper Reef Mining Corporation (CNQ:CZC) ("Company")(CZC.CNSX) is pleased to announce the commencement of a 1500 m drilling program on its 100% owned Hanson Lake Properties in the Saskatchewan portion of the Flin Flon Greenstone Belt, 60km west of Flin Flon. The main property contains the Hanson Lake Mine which produced 162,000 tons of 10% zinc, 5.8% lead, 0.5% copper , and 180 gm Ag per ton. The North Hanson property 4 km to the north along the same mineralized horizon as the past producer. The claim units comprising the Hanson Lake Properties are not subjected to any royalties, back-in rights or payments. The Hanson Lake Property lies on strike to the north of the large McIlvenna Deposit on where a RPA Technical Report (43-101) by Scott Wilson out lined a deposit with an Indicated resources totalling 6,671,000 tonnes at a grade of 0.87% Cu, 6.51% Zn and 26.0 grams per tonne Ag. and Inferred resources total 6,000,000 tonnes at a grade of 0.83% Cu, 5.89% Zn and 24.8 g/t Ag. Copper Reef holds a 25% interest in the McIlvenna deposit and property.
In 2008 a new Airborne Electromagnetic System (VTEM) was flown over Copper Reef's 100% owned Hanson Lake properties, which outlined a number of new untested anomalies and extensions of known key mineralized horizons.
On the former Hanson Lake Mine Property, drilling will focus on three horizons. The South Bay Horizon near the western boundary: the South Extension to the Hanson Lake Deposit, and a strong electromagnetic conductor towards the eastern boundary of the property. All target horizons roughly trend north-south.
Two drill holes are targeted on the South Bay Horizon which previous drilling by Cameco just north of the Company's claim boundary intersected 0.6 m massive pyrite-sphalerite that assayed 2.1% zinc. Just above this intersection was a narrow copper-stringer zone that assayed 1.97% copper over 2.3 m. Copper Reef's first drill hole 300 m south of this drilling intersected this past week over 3 m of copper stringer mineralization. The second drill hole 600 m south further south on this horizon is targeting a cluster of undrilled Airborne Electromagnetic anomalies.
The second target Horizon is 300 m south of the former Hanson Lake Mine. Deep penetrating VTEM shows a conductor at depth in this area which according to historical records has not been drilled. A hole at the north end of the target intercepted 1.2 m of massive sulphide which assayed 21.9%Zn, 1.6%Cu, 10.1 % Pb, 28 oz/t Ag, and 0.89 oz/t Au in chlorite sericite altered rhyolite flows and tuffs. At the south end of this 500 m long VTEM anomaly, copper stringer mineralization was intersected by Share Mines and Oil over less than 2 m widths in a number of holes in what is referred to as the south Zone.
The third Target horizon is a series of Airborne VTEM anomalies that occur in the eastern portion of the property. Two holes are targeted for this horizon, one near the south boundary of the property and one central, which we will be extended and drill the main horizon beneath the former Hanson Lake mine at depth, hitting two targets with one hole.
On the North Hanson Property some 4 km further north along the Hanson Lake Mine trend we have two drill holes planned to intersect VTEM Airborne electromagnetic anomalies in an the area of known zinc mineralization in trenches.
On Behalf of the Board of Directors
"signed"
Stephen L. Masson
President
No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are or may be considered forward-looking statements, such as estimates and statements that describe Copper Reef's future plans, objectives or goals, including words to the effect that Copper Reef or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. We seek safe harbour.
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