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Cullinan Metals to Acquire Past Producing Copper Mines
Vancouver, B.C. - TheNewswire - June 13th, 2022 – Cullinan Metals Corp. (CSE:CMT) (CNSX:CMT.CN) (“Cullinan” or the “Company”) is pleased to announce that it has
About this update from Cullinan Metals Corp
[{"type":"text","content":"Vancouver, B.C. - TheNewswire - June 13th, 2022 – Cullinan Metals Corp. (CSE:CMT) (CNSX:CMT.CN) (“Cullinan” or the “Company”) is pleased to announce that it has signed a letter of intent to assume the obligations of PanAm Copper and the right to acquire a 100% interest in the Borba 2 property comprising three copper projects and one gold project from GoldPlay Mining (“GoldPlay” )(TSXV: AUC). The Borba 2 permit covers an area of 328.5 square km in the Ossa Morena of Central Southern Portugal. There are three past-producing copper mines within the project and several well-developed copper-gold prospects. The four projects are located 160 km east of Lisbon and approximately 70 km east of Evora, the district capital. The four projects encompass the past producing Miguel Vacas Copper Mine, the Bugalho Copper Mine, Amagreira Gold prospect, and the Mostardeira Copper-Gold Mine. These projects are recognized to host precious metal and base metal mineralization in shear zones and epithermal systems associated with intra-Ordovician volcanism. Portugal is known to be one of the safest jurisdictions in the European Union. The country remains among the largest European producers of copper, tungsten, and tin concentrates. Highlights: Miguel Vacas Copper Mine is hosted by Silurian sediments, close to a contact with a lenticular belt of Ordovician rocks including shale, quartzite, and limestone. The mine was closed in 1986, having produced 464,100 tonnes of ore at an average grade of 2.1% copper. The opportunity exists to extend mineralization at depth and along strike for up to 2.2 km. Mostardeira Copper Gold MineThe vein system at Mostardeira is hosted by Silurian and Devonian metasediments. The mine operation was focused on a wide (up to 10 meters thick) anastomosing WSW-ESE trending vein system, developed over 700 m long and is open in both directions along strike and at depth. The shear zone was historically mined for Cu, with most of the mining focused on at least two high-grade veins (approx. 2m) with grades of up to 5% Cu. Reliable records on gold production are not available. Channel sampling by Rio Narcea Gold Mines returned values of 18.6 meters grading 0.8 g/t Au, 0.3% Cu, and 20 g/t Ag, including 4.9 meters grading 2.1 g/t Au, 0.76% Cu, and 64 g/t Ag. Bugalho Copper-Gold Mine is host...