Copper Reef Reports High Grade Gold-Silver Tellurides East of Alberts
October 3, 2018
Copper Reef Mining Corporation (CSE: CZC) (the "Company") is pleased to announce several trenches with mineralized quartz veins flanking the Alberts Lake gold shear zone to the east have returned high grade gold values. The samples were taken immediately east of the Alberts Gold Deposit within quartz veins cutting felsic volcanic rocks. Most of the north-north-east trending Alberts Gold Deposit lies within the contact zone of gabbro and felsic porphyries.
Gold values from eight samples of the vein ranged from 5.66 g/t gold to 48.11 g/t gold with 7 assaying over 13.5 g/t gold and 4 of them over 21 g/t gold. Silver values of the eight samples ranged from 6.7 to 62.4 g/t Ag including 3 above 53 g/t Ag. Elevated values in lead, tellurium, bismuth and copper were associated with the high gold-silver assays.Bismuth ranged from 1.5 to 16.1 g/t. Minerals associated within the veins werepyrite and minor galena (lead) with visible tellurides observed in the higher grade samples above 20 g/t gold. These samples were taken from old trenches along a 70 m strike length.
Three new veins, on three separate structures, were discovered south of the Alberts Lake Deposit, south of the area of the southern-most drill holes.Two of the veins contained associated galena, commonly associated with higher gold and silver values and one vein located on the eastern baseline on the most southerly line at 4 south, contained both galena and tellurides. Samples from these three veins are out for analysis. Given the new vein discoveries, the grid at 25 m spacing's will be extended south an additional 200 meters with detailed mapping and prospecting to follow.
Stephen Masson P.Geo. M.Sc., the qualified person, personally took the samples and supervised custody and shipment of the samples to TSL Laboratories in Saskatoon.
Highlights from recent drilling from Foran's large zinc-copper-silver-gold deposit in Saskatchewan, returned values of 11.3 %Zn over 8.19 meters (News Release 2018-09-27) and 9.4% Zn over 6.1meters (News Release 2018-09-11). Copper Reef retains a $0.75/tonne royalty on the ore produced from this property and a 2% NSR on Foran's other properties in Saskatchewan. More results are expected.
Copper Reef has received $23,419.13 from a Manitoba Mineral Exploration Assistance Program (MEAP) for expenditures on Copper Reef's Gold Rock Property for 2017. Copper Reef also received adjustments of the MEAP grant for 2016 of $6,678.26 and an additional $2,848.89 in favour of Copper Reef for expenditures on North Star for a total grant of $87,193.64 for the 2016 program.
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.The Issuer has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan.
Copper Reef Mining Corporation
Stephen L. Masson M.Sc. P.Geo.
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.