Copper Reef Begins Summer Program south of New Discovery Gold Zone
August 10, 2017
Copper Reef Mining Corporation (CSE: CZC) (the "Company") is pleased to announce that its summer program on its 100% owned Gold Rock and North Star Claims in the Snow Lake-Reed Lake area of the Flin Flon Greenstone Belt of Manitoba has begun. Prospecting detailed sampling and mapping has commenced upon receipt of exploration permits. Approximately 1 square km of grid (cut in 2003) from Line 60 N to Line 70 N at 50 m intervals is being refurbished. The grid is being re-established with NTS co-ordinates to provide an accurate plan map to position drill holes for this coming winter's drill program. The next drill program will require additional raising of funds or more likely an option agreement with a third party which the Company is currently considering.This past winter's drill program returned values up to 14.41 g/t gold over 3.3 m.
The summer- fall program will focus on following up possible extensions of the new discovery vein in the area stretching over 2 km to the south that has seen limited exploration or prospecting. The Discovery of this new structure opens up an area of potential new mineralization on the property which the Company is now exploring intently. No previous drilling is reported from the area south of the New Discovery, although favourable host rocks are abundant. The structure is parallel to the north trending North Star-Gold Rock Structure but 400 m to the west. Surface sampling carried out last summer returned high grade values similar to the Gold Rock Veins 400 m to the west and 200 m south on a separate structure. Five samples collected during last summer's prospecting and mapping program assayed between 63 g/t (1.83 oz/ton) and 93.44 g/t (2.73 oz/ton). The gold is generally coarse and not evenly distributed throughout the vein resulting in a pronounced nugget effect giving hit and miss assaying values of low to very high values.
Additional prospecting and very detailed mapping will be carried out on the Gold Rock structure to extend the known strike of the veins and better plan future drilling. Gold Rock high grade veins have to date a known 200-250 meter strike length, which are open to both the north and south and at depth. Over 125 drill holes have been drilled to date in the Gold Rock veins and a new 43-101 resource estimate must be calculated. Selected drill holes from Gold Rock include GR-08-06 which returned assays of 24.14 g/t gold over 3.9 meters (12.8 ft.); GR-08-31 returned 81 g/t gold over 1.6 m ( 5.3 ft.); GR-08-41 returned 27.85 g/t gold over 2.4 m (7.9 ft.); GR-08-50 returned 104.39 g/t gold over 3.4 m (11.2 ft.); GR-08-59 returned 30.61 g/t gold over 2.4 m ( 7.9 ft.), GR-09-91 returned 15.95 g/t gold over 2.9 m (9.5 ft.). The New Discovery Vein lies on a different structure 400 m to the east.
The prospecting, sampling and detailed mapping are a preliminary phase to increase the body of information on the project that will include all six drill programs done to date to build a 43-101 compliant comprehensive resource estimate for both the North Star and Gold rock structures as well as outline further potential drilling for these deposits which will include the New Discovery Vein.
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 Issuer's properties are currently at the exploration stage. Our business plan is to acquire key properties enhance them or make a discovery and then to seek JV partners or funding to further advance the projects. The Issuer has no long-term debt and has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan.
On behalf of the Board of Directors of
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 Issuer's future plans, objectives or goals, including words to the effect that the Issuer 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.