Announcement • Jul 02
Gold Hart Copper Announces Results From Drill Hole DDHTOL01 At Tolita Asset And Provides Updates On Drilling And Geochemical Surveys
Gold Hart Copper Corp. intercepted its longest interval ever, with 738m of mineralization. The Company provides an update on the comprehensive geochemical survey just completed at the Nessa Complex properties, as well as on the recently filed application for an exploration mining concession on the Copioso Asset, a historic gold-copper-silver asset and former mine, to expand its portfolio of prime properties in Chile. The Company will be releasing results from the following diamond drill hole in addition to 7 shallower RC drill holes at Tolita's highest-grade trench, as the results come in over the summer. The Company recently completed 2 diamond drill holes at the Tolita Gold-Copper-Silver-Molybdenum Asset in the Vicuña District of Chile. Specifically, DDHTOL01 was drilled down to 1,053m and DDHTOL04 drilled down to 551m. Drill results published represent DDHTOL01 with results expected from DDHTOL04 in the coming weeks. Unlike prior diamond drill holes, the mineralization was continuous for over 730m with no barren intervals intersected. Instead, continuous metal anomalies can be identified throughout most of the hole. When integrated with the results from previously drilled holes located several hundred metres apart, these anomalies suggest that the Tolita mineralized system has a substantial footprint. The system remains open to the north and south along strike, providing compelling targets for future exploration. The Company awaits results from the additional diamond drill hole plus the seven RC holes drilled into the high grade trench. Results from these 8 holes should arrive over the summer and will be announced as HART receives them. Every single hole drilled has intercepted gold & copper porphyry-style mineralization. In addition to Gold Hart's primary diamond drilling at its Tolita project, the Company added a reverse circulation drill rig in order to target certain higher grade opportunities closer to surface at Tolita. Specifically, Gold Hart is targeting its highest grade trench, which grades 8.61g/t gold equivalent over 10m, including 2m at 10.40g/t gold, 20g/t silver, and 2.88% copper, and including grabs of 45.75g/t gold, 28g/t silver, and 3.99% copper (approximately 52g/t gold equivalent). Gold Hart recently opened up this high-grade trench with a bulldozer and exposed visible green and turquoise staining typical of copper minerals malachite and chrysocolla. The larger geophysical anomaly at Tolita appears to reach surface at or near this high-grade trench. Gold Hart recently completed 7 RC drill holes at this high-grade trench, the first holes ever drilled into this trench. Results are expected over the course of the next month. The Company has published a video from a recent site visit explaining the potential significance of this high-grade trench and associated rationale for the RC drilling. Gold Hart is also pleased to announce that the Company has completed its prior announced first-ever comprehensive geochemical survey at the Nessa Complex just west of Kinross' LaCoipa Gold Mine. This survey followed upon the success of the prior announced preliminary geochemical survey, wherein several samples returned high grades of gold and copper. Specifically, 7 samples graded 1.25% to 4.73% copper, including 4 samples exceeding 2.40% copper. 12 Samples graded above 1g/t gold, with 6 samples grading between 4.10g/t to 9.74g/t gold. The Gold Hart team collected approximately 750 samples. Results are expected shortly and the Company hopes to be in a position to provide an update in this regard in the near future. Gold Hart reported that the Company filed an application for an exploration mining concession referred to as the Copioso Asset, to expand its portfolio of prime properties in Chile. By way of update, the Company has advanced the process with a recent payment made to the government, and has been able to partially confirm its preferences on certain of the claims. The Company awaits confirmations on the remainder of the property and hopes to be in a position to report further on this matter in the very near future. The Application for the Copioso Asset covers an area of interest in a historic mining district, which was mined intermittently in the past, and certain historical technical records reviewed by the Company reference multiple legacy mineral inventory interpretations prepared by prior operator(s) which are non-compliant within the standards of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The Property was mined more than a decade ago, and Gold Hart is aware of the presence of multiple historical underground workings, including adits/tunnels. Gold Hart has reviewed certain historical records that appear to have been prepared contemporaneously with, or shortly following, the period of mining activity, which suggest that the Historic Mineral Resource estimates may have been derived from grades observed and/or sampled within these mined areas. Gold Hart has not yet obtained all historical documentation relating to the Property and will continue efforts to identify, compile, and review additional available information as it becomes accessible. A "pedimento" is the initial filing in a court-supervised process that, if completed successfully, results in the constitution of an exploration mining concession. Under the Chilean Mining Code, a "pedimento" that is duly filed and prosecuted in compliance with applicable legal requirements generally affords its holder priority to pursue the constitution of an exploration mining concession over the area covered, subject to no overlapping prior filings and successful completion of the judicial constitution process before the competent Chilean mining court. One Historic Mineral Resource estimated between 40,000,000 - 50,000,000 tonnes at 1.0% - 1.2% copper and gold grades between 0.5 - 1.0g/t. Another Historic Mineral Resource estimated approximately double the tonnage at similar gold and copper grades, in addition to silver of approximately 10g/t. Utilizing current metal prices, the breakdown of the larger Historic Mineral Resource on the Property would be approximately 44% gold, 43% copper, and 12% silver, totalling over 4,000,000 ounces of gold equivalent or over 1,500,000 tonnes of copper equivalent, assuming broadly comparable metallurgical recoveries. A Qualified Person has not done sufficient work to classify the Historical Mineral Resource as current mineral resources or mineral reserves, and the Company has thus far been unable to verify the reliability of either Historic Mineral Resource. The Company is not treating either Historical Mineral Resources as current mineral resources or mineral reserves, and they are non-verified historical estimates prepared prior to the Company's interest in the Property. Gold Hart has not conducted its own analysis and intends to allocate a team of geologists in order to undertake a thorough review of the area covered by the Application.
