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Copper Ridge options Joss'alun copper property to Lomiko Resources
Copper Ridge options Joss'alun copper property to Lomiko Resources.
About this update from Imperial Metals Corporation
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Oct. 16 /CNW/ - Copper Ridge Explorations Inc. (\"Copper Ridge\"\nor the \"Company\") announces that it has entered into a property option\nagreement with Lomiko Resources Inc. (\"Lomiko\") whereby Lomiko may acquire up\nto a 60% interest in the Company's 100% owned Joss'alun copper property (the\n\"Property\"), located 75 km southeast of Atlin, British Columbia. Lomiko may\nacquire an initial 51% interest in the Property by issuing 440,000 common\nshares to the Company, paying $10,000 cash and incurring $2,500,000 in\nexploration expenditures over a four year period. Lomiko may then acquire an\nadditional 9% interest in the Property (for a total of 60%) by issuing an\nadditional 200,000 common shares and by incurring an additional $1,500,000 in\nexploration expenditures over the fifth and sixth year period. A portion of\nthe Joss'alun Property is subject to a 1% NSR.\nJoss'alun is a recent, high-grade copper massive sulphide discovery made\nby the BC Geological Survey and acquired by Copper Ridge in 2002. The\nmineralization consists of a series of lenses of semi-massive chalcopyrite\nwith pyrite, with initial grab samples assaying 3.35% to 10.15% copper, within\noceanic basalt volcanic rocks, in a geological environment that appears to be\nfavorable for Besshi-style volcanogenic massive sulphide mineralization, the\nmost famous British Columbia example being Windy Craggy (143 Million tonnes of\n1.7% copper).\nImperial Metals (TSX: III) drilled nine holes in September 2003. Holes\nNAK-03-03 through NAK-03-07 intersected widespread copper mineralization on\nthe Joss'alun Property. Copper occurs as stringers, disseminations and pods of\nmainly chalcopyrite. Highlights include hole NAK-03-05 with 17.75 and 6.92\nmetres of 0.94% and 1.15% copper respectively, hole NAK-0307 with 53.45 and\n33.62 metres of 0.34% and 0.41% per cent copper respectively and NAK-0309 with\n3.15 metres of 1.06% copper. These results confirm that the volcanic\nstratigraphy at Nak hosts considerable copper mineralization over a large area\nand is open along strike in both directions and to depth.\nJ. Greg Dawson M.Sc. P. Geo, V.P. Exploration for Copper Ridge, is the\nQualified Person for the Joss'alun project.\n\nCopper Ridge's exploration philosophy focuses on maximizing the potential\nfor success in a high-risk business. With grass r...