Tiger Gold Corp press release
COPPER REEF OUTLINES ITS 5 NEW PROPERTIES FROM THE FORAN AGREEMENT
TSXV - TSX Venture Exchange · Canada
Nov. 15, 2010 (TheNewswire.ca) --
November 15, 2010 Copper Reef Mining Corporation (CNQ:CZC) (CNSX: CZC)("Copper Reef" or the "Company") is pleased to provide an outline of the five new properties it received as part of the Asset Exchange Agreement with Foran Mining Corporation (OOTC:ACKO) (TSXV:FOM) ("Foran")(TXS-V: FOM), previously announced on November 3, 2010. In this exchange Copper Reef received: $1,000,000 in cash; 4,000,000 fully paid and non-assessable shares of Foran and a Net Tonnage Royalty equal to 75¢ for each tonne of ore drawn from the former Hanson Lake Joint Venture Properties In addition, Copper Reef received the five properties described below.
SMELTER CLAIMS
Location Flin Flon, main mine area (276 Ha)
These claims lie approximately 200 m north of the Callinan orebody and I km north of the Triple Seven orebody which are presently being mined. The property contains the same geological units as the mine stratigraphy. Copper Reef is planning deep penetrating geophysical surveys to be followed immediately by drilling this fall and winter. Only one hole has ever been drilled into the property and that hole was shut down prior to intersecting the key mine unit. This property is considered by Copper Reef's management and colleagues in the area as the most exciting exploration target in the region. Please see the attached detail map (Figure 1) showing the Smelter Claim area, or view the map on our website at www.copperreef.com, courtesy of Interra Resource Intelligence.
SHERLYNN
Location Lynn Lake Belt, near airport (1371 Ha)
The property, consisting of 22 Leased claims, is located 4 km north of the city of Lynn Lake at Beige Lake.
The Goodenough copper deposit was drilled by Sherritt Gordon in the 1950's. They outlined 165,000 tons (historic and none 43-101 compliant) of 2.63% Copper, 1.21% Zn and 2.06 g/t of gold. Granges in the late 1970's upped the historic resource (also not 43-101 compliant) to 330,000 tonnes of 2.48 % copper, 0.62% zinc, 24.88 /t silver and 1.49 g /t gold. The drilling outlined the mineralization down to 325 m vertically; it has a strike length of 500 m at surface with an average width of 2-3 m.
The Barbara Zinc zone is located 400 m south of the Goodenough copper zone and is a poorly defined zone of semi massive sulphides of pyrite, sphalerite and chalcopyrite. It has a strike length of 500 m, with the deepest intersection down to 325 m., Soil enzyme leach anomalies and TEM magnetic anomalies suggest an addition to the zone may extend 400m south of any drilling to date. Deeper drilling was recommended by Aur Resources. Some of the better historic intersections are:
0.42% Copper, 2.77% Zinc, 17.8 g/t Silver and 0.6 g/t gold over 6.1 m ( true width)
-0.21% copper, 2.84% Zinc, 4.98g/t Silver and 0.20 g/t gold over 4.1 m ( true width)
420 g/t Silver, and 12.69 g/t gold over 0.8 m (in a black argillite unit)
COUNSELL LAKE PROPERTY
This property is located 20 km south west of Lynn Lake where the Hudson Bay rail line runs through the property. The property consists of 16 claims (2586 Ha). 20 drill holes into the property have outlined 4 poorly defined mineralized zones.
Boiley Lake Zone 3.6% copper, 1.0 g/t gold over 3 m (2.9 true width)
3.4% copper, 1.1g/t gold over 2.1 m (1.8 m true width)
3.3% copper, 2.0g/t gold over 1.8 m (1.8 m true width)
Down hole pulse data suggest a 2-3 times stronger conductive body at depth which is undrilled.
Sell 6 Zone best intersection was 0.8% copper over 3.6 m (2.6 m true width)
Counsel Lake Zone best intersection 3.7% copper, 0.8 g/t gold over 5 m (2.9 m true width)
Sell 12 Zone best intersection 1.1% copper over 5.9 m (4.2 m true width)
RADAR PROPERTY
This property is located 70 km west of Flin Flon and consists of three claims (576 Ha). One additional claim, previously acquired by staking by Copper Reef, is contiguous to the Radar Property to the north.
The property hosts 2 poorly defined copper zones.
North Zone best intersection 2.72% copper, 5.9g/t silver, 0.31g/t gold over 3.4 m
South Zone best intersection 1.46% copper, 5.4 g/t silver, 0.9 g/t gold over 3.7 m
Down hole pulse Electromagnetic data suggest that stronger conductors lie to the south at depth.
COOK LAKE
This property is located 15 km west of Snow Lake, Manitoba and consists of two separate non- contiguous claims.
Cook Lake Property This claim is located 2 km west of the large new Lalor deposit presently being developed by Hudson Bay. It is thought that this claim may contain the down plunge extension of the Pen 2 zone (owned by Hudbay Minerals (NYSE:HBM) (TSX:HBM) ) which hosts approximately 665,000 tonnes of 8.3% Zinc only 200 m to the south west of the Cook Lake property.
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Irene Claim This claim is located just a few hundred meters north of Copper Reef's 100% wholly owned Woosey Lake Property, where Copper Reef is planning to drill two new VTEM anomalies this winter. The mineralization on the Irene claims appear to
be separate anomalies from the targets on the Woosey claims. The Irene claims contain two poorly defined areas of mineralization.
Irene Lake Zone 4.58% copper, 3.82% Zinc, 38.8 g/t Silver, 1.5 g/t Au over 0.5 m
SCC Zone - a 5.1 m thick unit of low grade (<1%) copper and zinc massive sulphide.
In management's judgment, these five properties and the Smelter claims, in particular, represent a significant portion of the consideration Copper Reef received from Foran Mining Corporation asset exchange.
ABOUT COPPER REEF MINING CORPORATION
Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Company's properties are currently at the exploration stage. The Company has no long-term debt and has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the both Manitoba and Saskatchewan.
Copper Reef Mining Corporation
Stephen L. Masson M.Sc. P.Geo.
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or 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.
Figure 1 Showing The New Smelter Claims in red, and Callinan/Hudbay holdings
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