$0.23
News Releases
News
| June 29, 2009 Copper Ridge Farms Out Its Lucky Joe Copper-Gold Project, Yukon | ||||
| Vancouver, BC, June 29, 2009 - Copper Ridge Explorations Inc. ("Copper Ridge" or the "Company") announces that it has reached an agreement with Taipan Capital Corp. ("Taipan"), a capital pool company, whereby Taipan will have an option to earn up to an undivided 65% interest in the Company's Lucky Joe copper-gold project, Yukon (the "Property"). Taipan intends that this transaction will constitute its qualifying transaction under the policies of the TSX Venture Exchange. According to the terms of the agreement, Taipan can earn a 51% interest in the Property by making payments of $155,000 and issuing 500,000 shares to Copper Ridge and completing $2,000,000 in exploration over four years. Taipan will then have the option of increasing its interest in the Property by an additional 14% interest by issuing an additional 500,000 shares to Copper Ridge and completing an additional $2,500,000 in exploration on the Property over the next two years. The Lucky Joe Copper-Gold Property is located in the Yukon approximately 40 kilometres northeast of Underworld Resources Inc.'s recent gold discovery. The Property consists of 548 claims with a total area of approximately 11,000 hectares. The Property is located 50 kilometres south of Dawson City, with access by helicopter. The Property hosts a unique style of copper-gold mineralization that has similarities to Capstone Resources' Minto mine, approximately 150 km to the southeast. Total recent exploration expenditures on the Property are approximately $2.9 million, of which over $1.5 million was spent by Kennecott. In the late 1970's, drilling of a small part on the fringe of this potentially mineralized area by Riocanex gave values of 0.3% copper to 0.6% copper over thicknesses of 20 to 30 m, with values up to 0.95% Cu over 5.2 m. Gold was shown to have close to a 1:1 correlation with copper. When copper assays are in the 0.9% range, gold values are in the .8 to .9 gm gold/tonne range. Drilling in 2005 and 2006 encountered a broad area in the core of the 13 km long Bear Cub soil anomaly with low grade, porphyry style copper-gold alteration and mineralization to depths of in excess of 300 m. Late in 2006, Copper Ridge drilled a hole (LJ06-09) at the south end of the 7 km long Ryan's Creek trend, on a coincident IP chargeability and soil copper-gold anomaly. A mineralized zone consisting of trace to 2% chalcopyrite and trace to 2% pyrite was encountered between 48 and 91 m. Within this zone, copper assayed 0.75 % over 3.0 m and gold assayed 3.0 g/t over 2.4 m. Additional drilling in 2007, 2,000 to 3,500 m north of the initial intersection, encountered 7.3m at 0.905% Cu and .5 g/t gold in hole LJ07-19, 26.6m at 0.152% Cu in hole LJ07-18 and 15.3m at 0.176%Cu in hole LJ07-22. Mr. J. Greg Dawson, P.Geo., Vice President of Exploration for Copper Ridge, is the Qualified Person for the Lucky Joe project and is responsible for the technical content of this news release. Further information on Copper Ridge's exploration portfolio can be found at www.copper-ridge.com Copper Ridge's exploration philosophy focuses on maximizing the potential for success in a high-risk business. With grass roots mineral exploration, where the entry cost is low but the potential reward can be very high, success will be contingent on exploration skill and on carefully managed risk. Our management team brings tenacity, technical skill and experience, all crucial ingredients for discovery. By exploring a broad array of projects, focusing on the right commodities, in areas of high mineral potential and in mining-friendly jurisdictions and by sharing the risks on some projects with joint venture partners, the Company is exposing its shareholders to a greater chance for discovery. Contact: Gerald G. Carlson, President & CEO Copper Ridge Explorations Inc. Suite 500 - 625 Howe Street Vancouver, B.C. V6C 2T6 Phone: 604-688-0833; 1-888-278-2288 info@copper-ridge.com
This release was prepared by management of the Company who takes full responsibility for its contents. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. | ||||
You can view the Next News Releases item: Thu Jul 9, 2009, Copper Ridge Options Scheelite Dome Property to Golden Predator You can view the Previous News Releases item: Fri Jun 5, 2009, Copper Ridge to Sell Interest in Four Gold Projects to Golden Predator You can return to the main News Releases page, or press the Back button on your browser. |