Results Highlights:
- HM27 : 0.48% CuEq over 14 metres from surface
- HM28 : 0.61% CuEq over 64 metres, including 16 metres at 0.79% CuEq and 14 metres at 0.71% CuEq
- HM29 : 0.56% CuEq over 18 metres
- HM30 : 0.37% CuEq over 50 metres, including 4 metres @ 1.09% Cu Eq
- HM31 : 0.40% CuEq over 10 metres
- HM31R : 0.53% CuEq over 12 metres, and 0.45% CuEq over 22 metres
Pierre Léveillé, President & CEO of Deep-South stated that: "We are extremely enthusiastic by the results from the drill program. Previous drilling programmes point to the presence of higher copper grade zones, probably associated with near vertical structures (shears and faults) within the broader mineralised areas of the project. The use of vertical drilling in the past potentially missed those structures resulting in an underestimation of the overall grade. Our drilling program is focussing to redress this through the use of inclined holes to identify and delineate these structures and test the association with higher Cu grade zones. These results seem to support this updated interpretation, showing substantial intersections at Cu grades considered high for Haib. Additionally the presence of molydenum has been confirmed with high Mo grades obtained in association with structures and alterations.”
The 6 holes for which assay results are reported here cover some 1,193.59 metres and cover all 4 of the target areas.
All holes were positioned to better delineate the previously identified higher grade portions of the
Significant Cu Intersections
Hole# | Zone | From | To | Width | CuEq | Cu | Mo |
(m) | (m) | (m)1 | (%)2 | (%) | (%) | ||
HM27 | Main | 0.00 | 14.00 | 14.00 | 0.48 | 0.47 | 0.002 |
Main | 176.00 | 180.00 | 4.00 | 0.57 | 0.22 | 0.156 | |
HM28 | Main | 26.00 | 90.00 | 64.00 | 0.61 | 0.60 | 0.005 |
Including | 48.00 | 64.00 | 16.00 | 0.79 | 0.77 | 0.005 | |
Including | 74.00 | 84.00 | 10.00 | 0.74 | 0.71 | 0.008 | |
HM29 | Main | 4.00 | 18.00 | 14.00 | 0.48 | 0.47 | 0.002 |
Main | 48.00 | 58.00 | 10.00 | 0.51 | 0.51 | 0.001 | |
Main | 100.00 | 106.00 | 6.00 | 0.59 | 0.58 | 0.004 | |
Main | 130.00 | 136.00 | 6.00 | 0.49 | 0.48 | 0.001 | |
Main | 186.00 | 192.00 | 6.00 | 0.48 | 0.46 | 0.005 | |
Main | 212.00 | 230.00 | 18.00 | 0.56 | 0.55 | 0.008 | |
HM30 | Main | 66.00 | 116.00 | 50.00 | 0.37 | 0.33 | 0.013 |
Including | 66.00 | 70.00 | 4.00 | 1.09 | 1.03 | 0.021 | |
HM31 | Main | 24.00 | 34.00 | 10.00 | 0.40 | 0.37 | 0.007 |
HM31R | Main | 22.00 | 30.00 | 8.00 | 0.42 | 0.38 | 0.013 |
Main | 76.00 | 88.00 | 12.00 | 0.53 | 0.37 | 0.047 | |
Main | 112.00 | 134.00 | 22.00 | 0.45 | 0.44 | 0.004 | |
Main | 150.00 | 156.00 | 6.00 | 0.63 | 0.47 | 0.048 |
- Width refers to intersection width; true widths have not been determined.
- CuEq (copper equivalent) has been used to express the combined value of copper and molybdenum and is provided for illustrative purposes only. No allowances have been made of recovery losses that may occur should mining eventually result. Calculations use metal prices of
US$3.00 /lb copper,US$10 /lb molybdenum using the formula: CuEq% = Cu% + (Mo% [$10 /$3 ])
Borehole Locations (Figure 1)
HM27 was drilled northwards from the river in the Pit 4 target area, to identify the northward limit of the surface mineralization present here (Figure 1).
HM28 was drilled towards the southwest in the Pit 3 target area to determine the western limit of the high-grade mineralization present here.
HM29 was positioned between the Pit 1 and Pit 2 target areas and drilled approximately eastwards to test the extension of >0.3% Cu mineralisation between the Pit 1 and Pit 2 target areas.
HM30 and HM31/HM31R were drilled for the same reasons as well as to provide limits to the 0.3% Cu contour in the east of the Pit 2 target. HM31 had to be abandoned at 104.54m and was redrilled with HM31R, following a 1m shift in the collar position.
Figure 1:
Discussion of Pertinent Results
HM27
This shows relatively high-grade mineralisation (0.47% Cu) from surface to about 14m down-the-hole, correlating with significant malachite staining seen on a small hillock to the north of the borehole. These combined with results previously reported for HM02 and HM03 located east of HM27, point to higher grade mineralisation being associated with at least 2 near vertical structures with widths >40m.
HM28
This hole was drilled through the high-grade mineralisation in the Pit 3 area returning 64m at 0.61% CuEq (0.60% Cu) including 16m at 0.79% CuEq. This high-grade mineralisation was shown to be some 40m closer to surface than expected.
HM29
This had been placed to test the extension of mineralisation between the Pit 1 and Pit 2 target areas. Cu grades in HM29 are maintained at over 0.3% from surface for approximately 100m below topography demonstrating that the >0.3% mineralisation extends over 150m between Pit 1 and Pit 2.
HM30
Grades returned for HM30 were lower than expected. This resulted in the interpreted position of the 0.3% Cu contour being shifted laterally westwards by some 40m with an associated drop in the tonnage of material above this grade.
HM31R
The results show that not only was this hole drilled wholly within the 0.3% Cu contour as expected, but that the existing 0.4% Cu contour extends laterally for some 50m more than expected.
Drilling Program Update
Twenty-two holes were completed in 2021 and by the time the licence renewal was declined in
The specific focus of this drilling campaign is to further delineate and grow the higher-grade area(s) of the Haib deposit uncovered by Deep-South in 2019 and 2020 with the ultimate goal of establishing a measured resource over that higher-grade section of the deposit.
Quality Control
All drill cores were logged, photographed, and cut in half with a diamond saw. Half of the cores were bagged and sent to
About the
The Haib Copper Deposit is a large copper/molybdenum deposit situated 40 kilometers from the southern boundary of
Please note that: Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates are based on Indicated Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. However, there is no certainty that these indicated mineral resources will be converted to measured categories through further drilling, or into mineral reserves, once economic considerations are applied. There is no certainty that the preliminary economic assessment will be realized.
Qualified Person
Mr. Dean Richards Pr.Sci.Nat. , MGSSA – BSc. (Hons.) Geology, is the Qualified Person for the
About
Neither the
This press release contains certain "forward-looking statements," as identified in Deep- South’s periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties.
There can be no assurance that such statements prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
This News Release contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. All statements included herein, other than statements of historical fact, are forward looking statements, including but not limited to the Company’s plans regarding the Haib Copper project. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown and bad weather. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.
More information is available by contacting Pierre Léveillé, President & CEO at
+1-819-340-0140 or at: info@deepsouthresources.com or
Paradox Public Relations at +1-514-341-0408.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ced0c37-7ec3-48d0-aa8b-7d99ec4c55ba
Figure 1
Planview showing the positions of the boreholes being reported here.
2023 GlobeNewswire, Inc., source