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The mining newspaper for Alaska and Canada's North
Finalizes Copper North acquisition; Minto Belt consolidation North of 60 Mining News – December 4, 2020
Copper mineralization in core from 1980s drilling at Carmacks North Zone A.
Malachite and azurite copper mineralization encountered in hole STU20-003, a hole Granite Creek drilled at Carmacks North Zone A in October.
With the acquisition of Copper North Mining Corp., Granite Creek Copper Ltd. now owns the advanced staged Carmacks copper-gold project and a roughly 20-kilometer- (12.5 miles) stretch of the highly prospective Minto Copper Belt in Canada's Yukon.
Over the past two years, Granite Creek has been exploring Stu, a 111-square-kilometer (42.9 square miles) early stage gold-copper project.
In a deal that closed on Nov. 27, Copper North has expanded its land position within the Minto Copper Belt to 176 square kilometers (68 square miles). This merged land package includes the Carmacks deposit, which hosts 23.76 million metric tons of resources averaging 0.85% (446 million pounds) copper, 0.31 grams per metric ton (237,000 ounces) gold, and 3.14 g/t (2.4 million oz) silver.
Granite Creek issued 24.89 million shares to acquire full ownership of Copper North and its Carmacks property.
"This is a major milestone for the company, and we look forward to unlocking the potential of the southern half of the high-grade Minto Copper Belt," said Granite Creek Copper CEO Tim Johnson.
Copper North said the combination of defined resource at Carmacks with the blue-sky potential at Stu, which has been renamed Carmacks North, benefits both properties and companies.
"Granite Creek management strongly believes that the value of the combined project is significantly greater than the sum of the parts, especially in terms of the potential for expansion of existing high-grade copper-gold resources in this productive yet underexplored district," Johnson said. "At Carmacks many zones remain open along trend and at depth especially in the sulfide domain and the work done at Carmacks North has laid the groundwork for resource development."
The Carmacks North groundwork included three holes drilled this fall at Carmacks North Zone A, known as Stu Zone A before the acquisition.
Three holes drilled at Carmacks North Zone A in 1980 encountered strong copper-gold mineralization. Highlights from this historical drilling include:
• 19.8 meters averaging 2.52% copper, 1.64 g/t gold, and 12.8 g/t silver in hole DDH 80-09.
• 21.1 meters averaging 2.39% copper, 2 g/t gold, and 13.3 g/t silver in DDH 80-14.
• 25.9 meters averaging 1.65% copper, 2.36 g/t gold, and 12.1 g/t silver in DDH 80-18.
While assays are pending from the three holes drilled by Granite Creek, the company reports that copper minerals – chalcopyrite, bornite, malachite, and azurite – were observed in the core over intercept lengths comparable to the 1980 drilling.
Granite Creek also drilled two holes to test for potential sulfide mineralization expansion in Zone 13 at the Carmacks deposit, both of which encountered significant copper mineralization. Assays are pending.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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