Copper Reef Rates Foran's New Anomaly as Best in the Camp
November 8, 2013
Copper Reef Mining Corporation is pleased to bring to the attention of its shareholders the ongoing exploration success being achieved at Foran Mining Corporation's Hanson Lake Property. Foran's recent announcement (2013-10-31) of the discovery of a large new deep DEEP-EM geophysical target (Anomaly A) just east of its large McIlvenna deposit is excellent news about what could be one of the best untested geophysical anomalies waiting to be drilled in the Flin Flon Camp. This exceptional exploration target is believed to possess a similar orientation and character to Foran's McIlvenna Volcanogenic Massive Sulphide ("VMS") deposit that is located a mere 1.5 km southeast along strike. This is a rather large anomaly (1.6 km long) as VMS targets go but similar in many ways to the anomaly associated with the McIlvenna deposit.
Copper Reef holds a royalty interest on the large McIlvenna deposit of $0.75/tonne and on any other deposit found within its former JV property of Foran's Hanson Lake Property. Our company currently also holds 4,000,000 shares of Foran Mining Corporation. Copper Reef's management is also very knowledgeable about the McIlvenna deposit and the stratigraphic horizon it lies within. The writer was the manager of the project when over 60 drill holes were put into this deposit. Anomaly A appears to lie precisely along the same stratigraphic horizon of the McIlvenna deposit between a package of highly altered foot wall rocks and the overlying cover rocks which contains a marker oxide iron formation which forms a magnetic layer that is easily traced geophysically. The target representing Anomaly A is located precisely where it should be in the regional volcanic stratigraphy.
The anomaly, originally found by Cameco, was considered too weak to be a viable target. With full credit to Foran, they used a system that could see very deep and was able to see this large strong target at depth. A similar system and the same consulting group (Koop Geophysical) were used to discover the Hudbay Minerals Inc. owned and operated large and deep Lalor Lake VMS deposit in the Snow Lake region of Manitoba.
Copper Reef is also excited about Foran's new anomaly (Target B) on its Balsam Property, on which Copper Reef holds a 2% NSR. For this anomaly, Copper Reef's Management's only comment is that geophysically the anomaly is significant and may be part of a series of massive sulphide lenses analogous with the Balsam zone. The reported intersection by Foran of 4.1% copper over 3.7 m confirms that the anomalies are likely related to VMS style massive sulphide polymetallic basemetal deposits. Anomaly B, as well as the Balsam deposit, also lie along the same VMS horizon as the McIlvenna deposit.
Copper Reef also holds a 100% interest in its Hanson Lake Property which forms a donut hole in Foran's large McIlvenna Deposit area land package. The Copper Reef property also contains the former Hanson Lake Mine which produced 147,000 tons of 10% Zn, 5.8% Pb, 0.5% Cu and 137.0 g/t Ag. No deep drilling or geophysical surveys have explored the Hanson Lake Mine Area at depth. The Property also includes the South Bay zone and its associated 1100 metres long geophysical anomaly. Drilling along this horizon has consistently outlined base-metal mineralization, with its first hole intersecting 2.01% copper over 3.26 m. The best geophysical targets remain at depth where wide zones of VMS style alternation have been encountered with disseminated copper mineralization. Down-hole geophysical surveys, by Koop Geophysical Services on Copper Reef's behalf, have outlined two targets which we intend to drill in 2014.
Copper Reef's management is very encouraged by these recent developments and considers Foran's Anomaly A as one of the most exciting new exploration targets in the Flin Flon Greenstone Belt. Copper Reef will continue to explore its own 100% own property located a kilometre along strike to the north of the McIlvenna Deposit with on-going geophysics and drilling.
We seek Safe Harbor.
Copper Reef Mining Corporation
Stephen L. Masson M.Sc. P.Geo.
President & CEO
ABOUT COPPER REEF MINING CORPORATION
The Corporation 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 does not have any long-term debt, has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan
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.