Carube Copper Corp. (TSXV:CUC) announced today that it will initiate an exploration program to advance its Fiedmont Platinum-Palladium Project (Fiedmont) in Quebec with funds provided through an equity placement with SIDEX, Limited Partnership (SIDEX), a Quebec fund that invests in prospective early stage exploration projects under its Field Action 2017 program.
Jeff Ackert, Carube Copper’s President and CEO noted: “The funding by SIDEX will help us develop drill targets on this highly prospective palladium and platinum- project. The drill target potential is extremely favourable as historic channel sampling at Fiedmont has yielded up to 6.8g Pt+Pd/t over 1m and drilling has intersected up to 1.5g Pt+Pd/t over 5m. Although not a core asset of the company, we believe that this exploration program, with the price of palladium soaring to more than US$940 an ounce since last September, will no doubt attract some third party interest.”
The $100,000 private placement in Carube Copper by SIDEX consists of 1,250,000 units @$0.08 per unit. Each unit is comprised of one common share in the capital of the company and one half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.13 for a period of two years from the closing date. SIDEX will have the right for a period of 18 months to invest in any future financings in order to maintain its proportional interest in Carube.
The proceeds are to be used exclusively for the continuing exploration of the Fiedmont Platinum Palladium Project, which consists of 54 claims covering 23 square kilometres, accessible via paved roads, 30 kilometres from Val d’Or, a major mining and service centre.
The Fiedmont Project:
Exploration at has identified three large differentiated intrusions where prospecting trenching and drilling has identified palladium (Pd) and platinum (Pt) zones in association with nickel (Ni) plus numerous other potential Pd + Pt prospective areas with humus sampling at Fiedmont. The nature of the Platinum group elements (PGE) mineralization and its potential size is similar to Canada’s only successful primary PGE mine, the Lac des Iles mining complex in northwestern Ontario. The property also has lithium potential with mapped pegmatites and Li-Bi-Be-Mo metal associations similar to the Pressiac mine, located some km northwest of Fiedmont. The present program will focus on identifying the nature of the Pd, Pt and Li mineralization and the lithological and structural relationships of this mineralization.
QP Statement: This press release has been reviewed and approved by Dr. Vern Rampton, P. Eng. in his capacity as a qualified person as defined under NI 43-101.
Jeff Ackert, President and CEO • 1-613-839-3258 • [email protected]
Vern Rampton, Executive VP of Corporate Development • 1-613-839-3258 • [email protected]
Alar Soever, Chairman • 1-705-682-9297 • [email protected]
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Wholly Owned Projects
Carube is focused on the exploration and development of copper and gold projects in Jamaica and Canada. In Jamaica, Carube Copper holds a 100% interest in 11 licenses, totalling 535 square kilometres. In Canada, it holds a 100% interest in three porphyry copper-gold-molybdenum properties, totalling 492 square kilometres within the Tertiary-aged Cascade Magmatic Arc in southwestern British Columbia. It is also advancing its promising Fiedmont PGE Project in Quebec. Carube is currently drilling on its Bellas Gate Project in Jamaica where it has recently intersected over 340m of continuous copper and gold mineralization at the Provost Prospect.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements”.
IMPORTANT NOTICE: Carube Copper hereby incorporates the entire disclaimer set forth on its website at http://www.carubecopper.com/uploads/1/6/5/2/16521880/disclaimers-and-forward-statements.pdf