Celeste Copper Announces Additional Drill Results Including 5m at 0.89%, 8m at 0.51%, and 14.86m at
July 05, 2012 at 10:00 AM EDT
Celeste Copper Announces Additional Drill Results Including 5m at 0.89%, 8m at 0.51%, and 14.86m at 0.51% Tin Equivalent
Calgary, Alberta CANADA, July 05, 2012 /FSC/ - Celeste Copper Corporation (C - TSX Venture), announces additional drill results from its ongoing underground drill program, being carried out by Cornish Minerals Ltd (CML), in the Dolcoath section of the South Crofty project. Celeste Copper Corporation (Celeste) has an earn in agreement to acquire 100% of Cornish Minerals Ltd.
In 2011, 44 diamond drill holes were completed by Cornish Minerals Ltd. Results for 6 drill holes completed in the latter part of 2011 are presented here. Significant results for the first three drill holes of the 2012 programme are also presented.
The holes are drilled from a decline and associated development driven to the west of the South Crofty mine, situated between the upper levels of mineralized structures that originally formed part of the Dolcoath Mine (closed 1922) and separated from South Crofty (closed 1998) by a major fault (Figure 1).
Highlights of the recent drill results include 5m @ 0.89% Sn Eq, 8m @ 0.51% Sn Eq, 14.86m @ 0.51% Sn Eq and 5.78m @ 0.61% Sn Eq.
In July 2011 the Company filed an NI 43-101 compliant Technical Report that defined a maiden inferred resource for the upper Dolcoath area of approximately 1.3Mt @ 0.44% Sn, 1.08% Cu and 0.66% Zn, using a 0.3% Sn equivalent economic cutoff.
Drilling has continued since, testing both to the north and to the south of the development and these results constitute infill and extensional drilling that will be used in an update of that resource due for release in mid-2012. To date, drilling has identified 8 discrete main structures within the upper Dolcoath deposit area, along with a number of subordinate mineralized intercepts in between.
The following significant intercepts from the new 2011 and 2012 drill holes are as follows:
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Hole ID X Y Z EOH Dip Azimuth From To Width
(m) (m) (m) (m)
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DD1127 165892 40497 2006 110.4 2 194 79.50 82.22 2.72
DD1127 109.06 110.41 1.35
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DD1128 165892 40497 2006 111 -5 194 93.08 94.16 1.08
DD1128 98.88 101.63 2.75
DD1128 102.41 103.41 1.00
DD1128 106.90 108.66 1.76
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DD1129 165891 40497 2007 100.8 5 194 66.45 68.48 2.03
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DD1132 165973 40546 2008 338.4 -65 322 241.95 246.95 5.00
DD1132 254.00 255.00 1.00
DD1132 257.60 265.60 8.00
DD1132 278.00 280.00 2.00
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DD1135 165974 40546 2008 376.5 -62 354 234.00 237.00 3.00
DD1135 316.56 319.44 2.88
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DD1140 165975 40540 2009 210.9 -1 150 42.50 44.15 1.65
DD1140 45.78 48.78 3.00
DD1140 75.25 76.25 1.00
DD1140 95.91 96.91 1.00
DD1140 108.91 109.91 1.00
DD1140 121.80 126.59 4.79
DD1140 136.15 138.09 1.94
DD1140 157.44 162.84 5.40
DD1140 191.93 195.11 3.18
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DD1201 165975 40540 2010 176 14 150 33.40 37.40 4.00
DD1201 44.38 48.28 3.90
DD1201 85.82 88.17 2.35
DD1201 130.80 135.75 4.95
DD1201 165.86 169.44 3.58
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DD1202 165974 40540 2010 176.2 12 169 43.00 47.00 4.00
DD1202 92.00 97.02 5.02
DD1202 132.10 137.10 5.00
DD1202 155.10 169.96 14.86
DD1202 172.13 174.83 2.70
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DD1204 165974 40540 2009 182.3 -15 169 40.00 43.52 3.52
DD1204 48.00 49.20 1.20
DD1204 49.47 50.47 1.00
DD1204 65.40 69.13 3.73
DD1204 70.81 72.81 2.00
DD1204 174.34 177.80 3.46
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Hole ID Cu Sn Zn In W Sn
(%) (%) (%) (ppm) (ppm) Eq(%)
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DD1127 0.063 0.197 0.395 3 12 0.26
DD1127 0.005 0.166 0.421 1 60 0.21
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DD1128 0.045 0.042 1.790 12 96 0.22
DD1128 0.047 0.174 0.321 2 185 0.22
DD1128 0.023 0.100 1.070 5 259 0.21
DD1128 0.288 0.043 0.561 3 118 0.20
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DD1129 0.155 0.063 1.444 9 353 0.25
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DD1132 0.513 0.700 0.037 5 11 0.89
DD1132 0.078 0.231 0.054 1 10 0.27
DD1132 0.132 0.460 0.058 2 15 0.51
DD1132 0.040 0.217 0.015 1 9 0.23
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DD1135 1.662 0.247 0.008 30 6 0.86
DD1135 0.283 0.792 0.010 6 6 0.90
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DD1140 0.105 0.038 1.388 2 34 0.21
DD1140 0.019 0.810 0.077 1 52 0.83
DD1140 0.350 0.070 0.017 11 28 0.20
DD1140 0.304 0.099 0.053 7 31 0.22
DD1140 0.033 0.191 0.088 1 88 0.21
DD1140 0.193 0.098 0.480 11 49 0.22
DD1140 0.237 0.027 1.032 1 127 0.22
DD1140 0.144 0.216 1.558 7 31 0.42
DD1140 0.014 0.088 1.224 8 70 0.21
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DD1201 0.072 0.058 1.264 3 145 0.21
DD1201 0.131 0.292 0.420 3 79 0.38
DD1201 0.095 0.550 0.121 4 148 0.60
DD1201 0.045 0.365 0.104 2 171 0.39
DD1201 0.160 0.131 0.664 2 9 0.26
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DD1202 0.136 0.103 0.965 1 94 0.25
DD1202 0.121 0.184 0.627 4 152 0.29
DD1202 0.476 0.117 0.272 11 147 0.32
DD1202 0.487 0.318 0.152 3 210 0.51
DD1202 0.240 0.172 2.530 12 4 0.51
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DD1204 0.093 0.106 1.461 7 107 0.28
DD1204 0.185 0.055 1.100 10 128 0.23
DD1204 0.072 0.084 1.100 3 413 0.22
DD1204 0.347 0.060 0.227 13 58 0.21
DD1204 0.214 0.164 0.155 5 37 0.26
DD1204 0.313 0.149 0.420 12 21 0.31
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Table 1. Intercepts from new 2011 and 2012 drill holes.
1Weighted average grade composites calculated using 0.2% Sn equivalent trigger value, 0.2% minimum overall grade, 1m minimum width, maximum 1m internal consecutive waste and maximum 1m waste above and below.
2Sn equivalent calculated using inputs from Sn, Cu and Zn metal values from LME 3 year trailing average settlement price of US$21,521/t, US$7,889/t, and US$2,107/t respectively. Sn equivalent calculation = Sn grade + (Cu grade*0.367) + (Zn grade*0.0979). 100% metallurgical recovery of all metals is assumed.
3Intercepts reported are from average 1m length half NGM, NQ and BQ drill core sample intervals, collected using best practice methodologies.
4Samples are analysed for Cu, Zn, In and W using ICP/ICP-MS after 4 acid digestion and for Sn and over range elements by ICP/ICP-MS after peroxide fusion by AGAT Laboratories, Mississauga, Ontario, Canada. AGAT is independent of Celeste Copper Corp.
In addition to the return of significant intercepts from new 2011 and 2012 drill holes, intercepts for holes DD1142 to DD1144, which were previously partially reported are also presented below. These results are in addition to intercepts reported from part of these holes in the Company's press release dated March 19th, 2012
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Hole ID X Y Z EOH Dip Azimuth From To Width
(m) (m) (m) (m)
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DD1142 165975 40541 2008 284.7 -41 150 84.22 90.00 5.78
DD1142 92.00 97.00 5.00
DD1142 104.00 107.00 3.00
DD1142 108.41 112.00 3.59
DD1142 113.00 114.00 1.00
DD1142 124.00 125.00 1.00
DD1142 147.52 148.52 1.00
DD1142 153.52 155.52 2.00
DD1142 158.52 159.52 1.00
DD1142 191.00 192.00 1.00
DD1142 253.77 256.77 3.00
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DD1143 165975 40541 2008 213.1 -30 150 81.94 94.94 13.00
DD1143 103.00 104.00 1.00
DD1143 168.81 169.81 1.00
DD1143 174.81 177.81 3.00
DD1143 180.81 181.81 1.00
DD1143 190.81 191.81 1.00
DD1143 192.81 195.81 3.00
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DD1144 165975 40541 2009 202 -16 150 55.14 58.14 3.00
DD1144 91.54 94.38 2.84
DD1144 107.13 108.13 1.00
DD1144 116.45 119.45 3.00
DD1144 120.32 122.65 2.33
DD1144 139.65 143.65 4.00
DD1144 146.60 147.73 1.13
DD1144 173.93 177.54 3.61
DD1144 188.42 191.42 3.00
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Hole ID Cu Sn Zn In W Sn
(%) (%) (%) (ppm) (ppm) Eq(%)
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DD1142 0.118 0.562 0.075 4 14 0.61
DD1142 0.486 0.068 0.018 12 8 0.25
DD1142 0.401 0.056 0.010 10 6 0.20
DD1142 0.679 0.062 0.295 11 6 0.34
DD1142 0.346 0.074 0.011 10 8 0.20
DD1142 0.001 0.336 0.008 0 6 0.34
DD1142 0.015 0.339 0.012 1 5 0.35
DD1142 0.140 0.205 0.106 6 6 0.27
DD1142 0.012 0.252 0.005 1 7 0.26
DD1142 0.072 0.179 0.008 3 8 0.21
DD1142 0.033 0.271 0.011 2 9 0.28
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DD1143 0.214 0.389 0.350 6 21 0.50
DD1143 0.504 0.051 0.030 14 17 0.24
DD1143 0.521 0.035 0.060 15 6 0.23
DD1143 0.123 0.745 0.008 3 6 0.79
DD1143 0.558 0.026 0.010 17 6 0.23
DD1143 0.135 0.237 0.009 5 7 0.29
DD1143 0.363 0.077 0.013 10 9 0.21
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DD1144 0.078 0.076 1.124 5 74 0.22
DD1144 0.282 0.083 0.229 5 149 0.21
DD1144 0.098 0.241 0.272 4 20 0.30
DD1144 0.334 0.242 0.054 9 12 0.37
DD1144 0.138 0.188 0.021 4 10 0.24
DD1144 0.377 0.232 0.029 9 10 0.37
DD1144 0.455 0.132 0.014 21 7 0.30
DD1144 0.471 0.148 1.387 25 293 0.42
DD1144 0.608 0.081 0.875 21 18 0.38
----------------------------------------------
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Table 2. New intercepts from previous part reported 2011 drill holes.
1Weighted average grade composites calculated using 0.2% Sn equivalent trigger value, 0.2% minimum overall grade, 1m minimum width, maximum 1m internal consecutive waste and maximum 1m waste above and below.
2Sn equivalent calculated using inputs from Sn, Cu and Zn metal values from LME 3 year trailing average settlement price of US$21,521/t, US$7,889/t, and US$2,107/t respectively. Sn equivalent calculation = Sn grade + (Cu grade*0.367) + (Zn grade*0.0979). 100% metallurgical recovery of all metals is assumed.
3Intercepts reported are from average 1m length half NGM, NQ and BQ drill core sample intervals, collected using best practice methodologies.
4Samples are analysed for Cu, Zn, In and W using ICP/ICP-MS after 4 acid digestion and for Sn and over range elements by ICP/ICP-MS after peroxide fusion by AGAT Laboratories, Mississauga, Ontario, Canada. AGAT is independent of Celeste Copper Corp.
For completeness and context, intervals for previously part reported drill holes DD1142 to DD1144 are presented below.
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Hole ID X Y Z EOH Dip Azimuth From To Width
(m) (m) (m) (m)
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DD1142 165975 40541 2008 285 -41 150 262.8 265.76 3
DD1142 266.8 269.76 3
DD1142 270.8 276.76 6
DD1142 277.8 283.76 6
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DD1143 165975 40540 2008 213.05 -30 150 128 131 3
DD1143 198 209.6 11.58
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DD1144 165975 40541 2009 202 -16 150 61.06 73.06 12
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Hole ID Cu Sn Zn In W Sn
(%) (%) (%) (ppm) (ppm) Eq(%)
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DD1142 0.023 0.438 0.045 1.763 12.5 0.45
DD1142 0.027 0.474 0.010 2.114 6.1 0.49
DD1142 0.551 1.451 0.014 14.92 14.5 1.65
DD1142 0.070 0.355 0.031 2.927 68.5 0.38
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DD1143 0.878 0.083 0.022 25.48 8.7 0.41
DD1143 0.899 0.343 0.033 26.73 8.7 0.68
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DD1144 0.774 0.272 1.978 15.3 30.2 0.75
------------------------------------------------
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Table 3. Previously reported intercepts from DD1142, DD1143 and DD1144.
1Weighted average grade composites calculated using 0.2% Sn equivalent trigger value, 0.2% minimum overall grade, 1m minimum width, maximum 1m internal consecutive waste and maximum 1m waste above and below.
2Sn equivalent calculated using inputs from Sn, Cu and Zn metal values from LME 3 year trailing average settlement price of US$21,521/t, US$7,889/t, and US$2,107/t respectively. Sn equivalent calculation = Sn grade + (Cu grade*0.367) + (Zn grade*0.0979). 100% metallurgical recovery of all metals is assumed.
3Intercepts reported are from average 1m length half NGM, NQ and BQ drill core sample intervals, collected using best practice methodologies.
4Samples are analysed for Cu, Zn, In and W using ICP/ICP-MS after 4 acid digestion and for Sn and over range elements by ICP/ICP-MS after peroxide fusion by AGAT Laboratories, Mississauga, Ontario, Canada. AGAT is independent of Celeste Copper Corp.
5Intercepts were previously reported using a 0.2% Sn equivalent trigger value, 0.5% overall grade, 1m minimum width and up to 3m consecutive internal waste.
Highlights from the previously reported intervals include 6m at 1.65% Sn equivalent, 11.58m at 0.68% Sn equivalent and 12m at 0.75% Sn equivalent.
Part of the 13m at 0.5% Sn equivalent intercept in DD1143 was previously reported as a 2m intercept at 0.66% Sn equivalent from 83.94m. The intercept has been extended on receipt of further assay results.
Celeste CEO Alan Shoesmith said: "Drill results in this area continue to be very encouraging, and shows a continuity of mineralization in clearly defined structures. Of great interest is the intercept of 5 m of 0.89% tin equivalent in hole DD1132. This intercept is within the zone of Dolcoath South Lode which was worked previously at depth by the South Crofty Mine. The intercept consists of several mineralized quartz veins with disseminated mineralisation in the chlorite and tourmaline altered wall rock. The drilling has shown the granite hosted lode appears to continue up dip from the original workings and contains both tin and copper mineralisation. The intercept of 14.86 m at 0.51% tin equivalent in hole DD1202 is also significant in showing continuity in the wide footwall mineralization associated with the previously mined Dolcoath main lode".
Significant intercepts returned from holes DD1140 to DD1144; and DD1201, DD1202 and DD1204 drilled towards the south east to test the strike extensions of the Dolcoath South South Branch lodes, indicate the continuation of this mineralized zone to the south west. At depth to the south east these holes tested the previously mined steep south east dipping Dolcoath Main lode, returning significant intercepts from the footwall immediately adjacent to the mined lode. Significant intercepts are interpreted to form a coherent mineralized zone across several drill holes in section and plan" (Figures 2 and 3).
Drillholes DD1132 and DD1135 served to successfully infill mineralized positions within the Dolcoath South lode.
Updated geological interpretation and 3d geological model generation is currently underway incorporating the new drill results.
Figure 1. Plan showing location of drillholes and intercepts announced in this release in relation to underground development. Grid squares are 50m by 50m.
To view Figure 1, click onto the link below or cut and paste into your browser:
www.usetdas.com/maps/celeste/cjuly5003.jpg
Figure 2. Plan showing location of drillholes and intercepts in relation to the NI43-101 mineralisation models from July 2011. Green represents Dolcoath South Lode zone, blue the Dolcoath flat zone and red the South Entral Lode zone. Grid squares are 50m by 50m.
To view Figure 2, click onto the link below or cut and paste into your browser:
www.usetdas.com/maps/celeste/cjuly5004.jpg
Figure 3. Cross section looking ENE showing holes DD1140 through to DD1201 with location of intercepts. Grid squares are 50m by 50m.
To view Figure 3, click onto the link below or cut and paste into your browser:
www.usetdas.com/maps/celeste/cjuly5005.jpg
The core drilled is brought up daily to the company's secure core logging facility at South Crofty where it is logged by the company geologists. The core selected for assaying by the company geologists is marked in intervals up to 1m in length and cut in half by diamond saw on site. The sampled core is then sent in batches of 40 samples by registered courier to the AGAT Laboratories sample preparation facility at Mississauga. The cut core is then logged by AGAT staff and then prepared using their 200001 preparation package. This involves drying, weighing and crushing the sample to 75% passing 2mm, it is then split and 250g is pulverised to 85% passing 75um. The samples are then assayed using method 201071 which involves a 4 acid digestion followed by ICP-OES and ICP-MS for Cu, Zn, In and W along with 42 other elements. The samples are also assayed by method 201079 which involves Sodium Peroxide Fusion followed by ICP-OES for Sn and over range Cu, Zn, and W. AGAT inserts its own blanks, standards and repeats in to the sample stream for quality checks. The company also inserts its own blanks, standards and duplicates in to the batches as a check on the preparation and assay results.
AGAT Laboratories is accredited to ISO 9001:2008 and ISO/IEC 17025:2005.
Mr. J.N. Hogg, MSc., MAIG, Senior Geologist and Qualified Person with Micromine Consulting Services (MCS), has reviewed and approve the technical information contained in this news release.
ABOUT CELESTE
Celeste is a Canadian corporation currently focused on the acquisition of an interest in Cornish Minerals Limited which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty Mine as announced in a news release dated May 25, 2011. In addition, Celeste continues to assess other tin, copper and copper-gold properties for exploration and development opportunities.
Celeste shares trades on the TSX Venture Exchange under the symbol C. Celeste's website can be accessed at www.celestecopper.com. For further information, please contact:
Investor Cubed Inc. David B. McQuaig
Neil Simon Chief Financial Officer
647-258-3311 403-265-1109
nsimon@investor3.ca davidmcquaig@shaw.ca
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.
Caution Concerning Forward-Looking Information
This news release contains forward-looking statements and information within the meaning of applicable U.S. and Canadian securities laws including with respect to closing of the transaction and the timing of receiving results from Celeste's ground exploration and field program in Chile. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management of Celeste in light of its experience, current conditions and its expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: the conditional nature of the transaction, including the requirement for approval of the transaction by the TSX Venture Exchange; uncertainties relating to the availability and costs of financing needed to complete the transaction; exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which Celeste has an interest; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; success of future exploration and development initiatives; competition; inability to obtain, or delays in obtaining, necessary permits and approvals from government authorities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in Celeste's annual and quarterly Management's Discussion and Analysis and other filings made by Celeste with Canadian securities regulatory authorities and available at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, Celeste disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Celeste believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Celeste Copper Corporation,
Suite 497, 1811 4th St SW,
Calgary, Alberta, T2S-1W2
To view this press release as a web page, click onto the link below:
www.usetdas.com/PR/celeste05072012.htm
Source: Celeste Copper Corporation (TSX-V: C) http://www.celestecopper.com
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