Drill Results Reveal Discovery of a Strong Copper-Gold Mineralized Deposit
Vancouver, Jan 21, 2014 AEST (ABN Newswire) - Doubleview Capital Corp. ("Doubleview") ("the Company") (TSX-V: DBV) (
CVE:DBV) announces preliminary assay results from the recently completed program of diamond drilling on the 3561 hectare Hat Property located near Sheslay in the Stikine Mining District of northwest British Columbia. Of particular significance are assays from drill hole H-8: 287.13 metres (942.02 ft) with 0.29% CuEq ("equivalent"), including 37.25 metres with 0.53% CuEq, 15.8 metres with 0.97% CuEq and 79.83 metres with 0.44% CuEq and all of drill hole H-11 that starting from surface returned 313.11 metres (1027.3 ft) with 0.32% CuEq, including 61.08 metres with 0.52% CuEq (including 21.34 metres of 1.05 % CuEq), and 51.82 metres with 0.62% CuEq. Drill Holes H-8 and H-11 ended in Copper Mineralization and on the basis of geological characteristics, mineralization and size potential, Doubleview believes that the Hat property qualifies as a "copper-gold alkalic porphyry"-type deposit.
Doubleview holds an option to acquire a 100% interest in the Hat Project, subject to a 2% net smelter return royalty.
The Hat property is an early-stage exploration project located in the emerging Stikine mining district that includes the Red Chris operating copper-gold-silver mine and the Copper Fox (Schaft Creek), Novagold (Galore Creek), and Capstone (Kutcho) deposits. Other world-class mineral deposits in northwest British Columbia include those of Pretium Resources Inc. and Seabridge Gold Inc. The Northwest Transmission Line and Forrest Kerr hydroelectric developments, both of which are currently under construction, are bringing much needed infrastructure and robust economic opportunities to that part of the province.
Drill hole details are included in the following tabulation:
---------------------------------------------------------------------Drill Easting Northing Direction Dip Length # of Hole (m)NAD83 (m)NAD83 Samples---------------------------------------------------------------------H-7 348105 6454195 Due South (180deg az.) -50deg 230.7 m 77H-8 348104 6454196 Westerly (260deg az.) -55deg 404.4 m 150H-9 348104 6454196 Easterly (088deg az.) -60deg 300.8 m 47H-10* 348104 6454196 Easterly (088deg az.) -50deg 21.6 m 7H-11 347850 6454300 Due South (180deg az.) -55deg 319.1 m 108--------------------------------------------------------------------- 1276.6 m 389---------------------------------------------------------------------* H-10 - short hole to sample very broken ground in topmost part of H-9.Significant drill hole intercepts are presented in the following tabulation:---------------------------------------------------------------------DH-ID From (m) To (m) Length*(m) Cu(%) Au(g/t) Ag(g/t) CuEq**(%)---------------------------------------------------------------------HAT-07 72.13 75.13 3.00 0.02 0.77 0.00 0.44HAT-07 209.00 213.00 4.00 0.27 0.16 0.35 0.36HAT-08 113.57 400.70 287.13 0.18 0.21 0.42 0.30 Incl. 113.57 193.40 79.83 0.22 0.39 0.59 0.44 177.60 193.40 15.80 0.50 0.86 0.88 0.98 325.75 400.70 74.95 0.31 0.22 0.91 0.44 389.00 404.40 15.40 0.41 0.31 0.81 0.59HAT-09 5.18 17.37 12.19*** 1.41 2.96 12.93 3.14 17.37 78.33 60.96 0.03 0.10 0.18 0.09HAT-11 6.00 319.11 313.11 0.22 0.18 0.85 0.32 Incl. 50.78 111.86 61.08 0.37 0.24 1.63 0.52 90.52 111.86 21.34 0.78 0.43 3.43 1.05 181.96 319.11 137.15 0.25 0.26 0.85 0.40 200.24 299.08 98.84 0.28 0.30 0.82 0.45 258.15 309.97 51.82 0.42 0.34 1.56 0.62---------------------------------------------------------------------* Lengths as shown do not necessarily represent true thicknesses. Insufficient work has been completed to enable determination of true thicknesses.** The % copper equivalent estimate was based on copper, gold and silver values and metal prices and does not make any provision for metallurgical recoveries for the metals. The formula used to calculate copper equivalent values is: %CuEq = [Cu% + (Au g/t*0.5452) + (Ag g/t*0.0088]: using metal prices as of 17/01/2014. Silver values are only included for samples analysed by four-acid digestion/ICP-ES preparation method with detection limit of 0.5 ppm Ag: aqua regia digestion/ICP-MS method has 2 g/tonne silver detection limit.*** These values are suspect due to poor core recovery and should not be relied upon in any evaluation of the Hat property; they may represent surface enrichment or contamination by materials transported downslope from some part of Anomaly E where geochemical soil samples have strongly elevated copper and gold in soil values.
Drill Plans are posted on the website of the Company at:
http://www.doubleview.ca/hat-project-discovery-maps
Discussion:
The Company's geological consultant advises that the recently completed drilling program successfully demonstrated the continuity of copper-gold mineralization related to Anomaly B, with mineralization present in multiple zones and has not shown any limits of mineralization but there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in definition of a mineral resource. The vertical extent of the mineralization is unknown but drill hole H-8 ended in strong copper-gold mineralization at more than 330 metres below surface and drill hole H-11 was completed in similar mineralization at more than 260 metres below surface. The horizontal distance from mineral zones in drill hole H-6 to drill hole H-8 is almost one kilometre. Speculatively, if the newly discovered mineral zone is, as appears likely, continuous with the historic Hoey copper-gold zone that lies 2 kilometres south of the drill hole H-8 and has closely similar geologic and mineralogic characteristics, the horizontal extent may be in excess of three kilometres.
Sulphide mineralization in the form of pyrite and chalcopyrite was encountered in all Hat property drill holes. Pyrite may occur alone but also is closely associated with chalcopyrite. Significant gold values accompany copper-rich sections and also occur in sections without significant copper values. Magnetite appears to be developed as part of a regional alteration event and by itself is not a reliable guide to copper and gold mineralization.
All Hat property drill holes passed through Late Triassic age Stuhini formation andesitic flows and tuffs and coeval iron-rich gabbroic intrusive rocks and all rocks, with the exception of a few apparently much younger dykes, are variably altered with development of chlorite, magnetite and, less frequently, biotite. The Stuhini formation is host to several important mineral deposits in the Stikine District.
The May and June, 2013 initial six drill hole, 1380 metre (4528 feet), diamond drilling program on the Hat Property validated historic property data, including geochemical and geophysical surveys, and confirmed the presence of important copper-gold mineralization related to strong induced polarization (IP) chargeability anomalies. Drill hole H-6 of that program intersected 110.1 metres with 0.21% copper and 0.15 grams per tonne gold (see News Release dated July 11, 2013). A second phase of drilling commenced in mid-October immediately after completion of a 15 line-km induced polarization (IP) geophysical survey that provided additional chargeability and resistivity data in the area of previously identified geophysical anomalies. Those data were reviewed by the Company's management and consultants who then recommended follow-up investigation by drilling of several areas with strongly anomalous chargeability readings. Areas were prioritized with emphasis on those that have anomalous geophysical data coincident with strongly anomalous geochemical soil survey data.
The second phase of diamond drilling comprised five drill holes with total length 1276.6 metres (4188.5 ft). All drill holes were directed to central and eastern parts of "Anomaly B", a large (1390 m by 520 m) geophysical anomaly the western part of which was also investigated by drill hole H-6 (see above). Work continued until the end of November when severe winter conditions forced closure of operations.
Four other areas with similarly strong geophysical and geochemical characteristics, including two areas with copper mineralization and gold values in surface outcrops, have not been tested by drilling (see News Release dated October 17, 2013). Company personnel have recently discovered strong Copper-Gold mineralization in outcrops that are coincident with the strongest chargeability (IP) readings from the 2013 geophysical survey. A grab sample assayed 0.421% Cu and 0.418ppm Au. The area, designated "Anomaly C", has not been tested by drilling and there is no assurance that the area is host to mineralization similar to that present in the "Anomaly B" area.
Doubleview Capital's management and consultants currently are planning the early 2014 program of work for the Hat property. Further exploration will be directed to the above-referenced 'Anomaly B' mineral zone, Anomaly C, and to other similar targeted areas.
Quality Control:
Cores were examined by the Company's consulting geologist who recorded details of rock types, alteration and mineralization and then supervised preparation of samples. Sample intervals were determined by variations in alteration and mineralization, with almost all samples having sample lengths of three metres (9.84 feet) or less. Drill intersections are reported as drilled thicknesses and true thicknesses cannot be determined from available data. Core samples were conveyed securely by Company personnel to an independent ISO 9001:2008 accredited analytical laboratory where samples were processed by industry standard procedures. Samples were crushed and split and a 250 gram portion was then pulverized to 85% passing a 200 mesh screen. A 0.5 gram portion was digested in hot aqua regia followed by determination of 24 elements by induced coupled plasma ignition and emission spectrometry (ICP-ES). Gold values were obtained from 30 gram portions by fire assay methods with atomic absorption finish. Certain core samples were also processed by four-acid digestion followed by ICP-ES determination of 35 elements. Further QA/QC procedures were observed, with insertion of standard samples in the batches of core samples and the laboratory provided data from replicate pulp and reject samples and its own internal standard samples. In addition, certain sample pulps were delivered to a second independent accredited analytical laboratory where they were analysed by similar industry-standard methods. The Company believes that the analytical data provided by the laboratories are acceptable for purposes of evaluating the Hat property.
Farshad Shirvani, President and CEO of Doubleview, advises that commencing in early 2014 the Company intends to aggressively explore the Hat property with the objective of further defining the newly discovered mineral zone and initiating work on other exploration targets identified by geochemical and geophysical surveys. Details of the 2014 program of work are being finalized and financing options are being considered.
Disclosure
Erik A. Ostensoe, P. Geo, a consulting geologist and Doubleview's Qualified Person within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects with respect to the Hat Project, has reviewed and approved the technical disclosure of this news release. Mr. Ostensoe is not independent of Doubleview as he is a shareholder and is a co-optionor of the Hat Project.
Forward-looking Information
All statements in this news release, other than statements of historical fact, are 'forward-looking' with respect to Doubleview Capital Corp. within the meaning of applicable securities laws. Forward-looking information is not a guarantee of future performance and may be based on assumptions, factors and events that are independent of Doubleview and there is no assurance that any or all of the planned activities of the Company will be realized.
On behalf of the Board of Directors,
Farshad Shirvani, President & Chief Executive Officer
Contact
Doubleview Capital Corp.
Suite 310, 675 West Hastings Street
Vancouver, BC V6B 1N2
Farshad Shirvani
President & CEO
T: (604) 678-9587
E: corporate@doubleview.ca
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