Universal Copper (TSXV:UNV) Reports Drill Results From the Poplar Copper Deposit in British Columbia

Universal Copper (TSXV:UNV) has reported new results from the first three of its five holes for its Spring 2022 diamond drilling program. The program is being done at the Poplar Copper Deposit, located southwest of the town of Houston, in British Columbia. The Poplar Copper Deposit is the company’s flagship deposit, with every drill target in the copper-gold exploration district being shallow and easily accessible. Additionally, drilling is aided by the deposit by the district being located within just 88 kilometres of rail infrastructure for easier access.

Clive Massey, Universal Copper’s CEO, commented in a press release: “A second, significant open-ended, copper intercept in the bottom 216 metres of drill hole 137, one hundred and twenty-five metres NE of drill hole 135 further supports our new interpretation that the system is tilted and that the high-grade zone plunges eastward. Today’s results represent the newest of four H1 2022 releases to-date reporting robust copper grades, as we continued to push the copper mineralization both outward and to depth from the known core mineralized zone. The strong mineralization in Hole 137 follows up on the January 18th, 2022, January 25th, 2022, and March 23, 2022 reported intersections.   Universal Copper is focused on leveraging our new exploration model and building the Poplar Project into a premier deposit in a metal endowed, road/rail accessible emerging exploration district in a top-tier jurisdiction”.

Highlights from the results are as follows:

Hole 22-PC-137 – 0.535% copper equivalent (CuEq)– 0.353% copper, 0.14 g/t gold and 5.91 g/t silver over the last 216 metres of the hole,

  • including 24 metres at 0.692% CuEq – 0.402% copper, 0.15 g/t gold and 8.86 g/t silver
  • including 87 metres at 0.783% CuEq – 0.531% copper, 0.36 g/t gold and 20.67 g/t silver
  • and including the bottom 42 metres at 0.512% CuEq – 0.411% copper, 0.15 g/t gold and 8.61 g/t silver
  • Hole 22-PC-130B – 0.468% copper equivalent (CuEq) – 0.316% copper, 0.019% molybdenum, 0.08 g/t gold and 3.34 g/t silver over 153 metres

Table 1. 22-PC-130, 22-PC-130B and 22-PC-137 intersections.

HOLE FROM TO LENGTH Cu Mo Au Ag CuEQ*
ID (m) (m) (m) (%) (%) (g/t) (g/t) (%)
22-PC-137 165 219 54 0.423 0.000 0.17 4.85 0.560
22-PC-137 309 525 216 0.353 0.002 0.14 5.91 0.535
22-PC-137 309 333 24 0.402 0.002 0.15 8.86 0.692
22-PC-137 351 438 87 0.531 0.003 0.36 20.67 0.783
22-PC-137 483 525 42 0.411 0.003 0.15 8.61 0.512
22-PC-130 24 111 87 0.309 0.013 0.087 2.68 0.432
22-PC-130B 27 180 153 0.316 0.019 0.087 3.34 0.468
22-PC-130B 27 381 354 0.292 0.019 0.077 2.62 0.435
22-PC-130B 27 510 483 0.262 0.017 0.073 2.30 0.391

* Copper equivalents based on the following: copper US$9,972.10 per tonne, gold US$1,816.60 per ounce, silver US$22.90 and molybdenum US$41,836.39 per tonne.

Because of the disseminated nature of the mineralization at the Poplar Deposit, it is not possible to make a statement as to the true width for holes 22-PC-130, 22-PC-130B and 22-PC-137.

Figure 1. Drill Hole Locations

Source: Universal Copper Ltd.

The 2022 Poplar drill holes were designed to: a) follow-up on the 0.546% copper over 129 metres discovered in the bottom of 21-PC-135; b) expand the higher-grade portion of the known mineralization to the northwest and c) test the first of the Vector Geological Solutions targets identified from their early 2022 targeted core logging initiative announced on January 13th, 2022.

Hole 22-PC-137 successfully extended mineralization encountered in 21-PC-135 over 125 metres toward to the northeast and mineralization in these two holes remains open at depth (Fig.1; Fig. 2). It is encouraging that copper grades in PC-68 and PC-42 increase over their lower portions as shown in Figure 2 – Section 5987075N, where they cut the top of a northeast plunging zone of mineralization.

Recent geological modeling by Universal Copper’s technical team demonstrates that portions of the Poplar Deposit are rotated significantly, and the company intends to extend historic drill holes such as PC-67 and PC-42 to intercept these newly recognized low angle mineralized geometries.

Figure 2. Section 5987075N

Source: Universal Copper Ltd.

Mineralization and alteration at Poplar is associated with intensely altered porphyry intrusions and consists of pyrite, chalcopyrite and molybdenite and trace bornite. Pyrite and chalcopyrite form disseminations, fracture fillings, stringers, veins, and veinlets in domains of dense quartz vein stockwork and dikes. Molybdenite, where observed is associated with quartz-sulphide veins, and is typically associated with pyrite and chalcopyrite.

Potassic alteration (biotite and K-feldspar) of varying intensity and silicification were noted throughout 22-PC-137, with sodic-calcic and sericite alteration increasing with depth. There is a considerable volume of post mineralization dikes in hole 22-PC-137, which was also noted in the earlier 2021 drilling within the East Zone, with roughly 25% of the hole intersected late dykes of various widths and compositions.

Figure 3. Section 5987000N

Source: Universal Copper Ltd.

Hole 22-PC-130 was drilled vertically to test the northeast section on the Main Zone. The hole caved at 111 metres and was abandoned. Drill hole 22-PC-130B was collared one metre behind 22-PC-130 and reached planned depth (Fig. 1; Fig. 3).

The top 180 metres of 22-PC-130B carried good copper mineralization mostly above 0.3% Cu. Copper grades drop below 0.3% below 180 metres, and multiple shorter (<10 metre) sections of 0.3% to 0.65% were noted to 380 metres. A significant fault is observed at 401m.

Mineralization in hole 22-PC-130 consists of disseminated pyrite and chalcopyrite, quartz veinlet pyrite, chalcopyrite and local molybdenite. Alteration consists of moderate to intense potassic, silicification and sericite throughout the hole.

The ongoing data compilation and targeting programs continue to leverage decades of work in the district. These programs are nearing their conclusion and progress report is anticipated early Q3.

Table 2. Drill Hole Data

  22-PC-137 Statistics   22-PC-130B Statistics
  ppm Cu ppm Mo g/t Au g/t Ag   ppm Cu ppm Mo g/t Au g/t Ag
Max 7970 255 3.230 175.00   6330 1220 0.364 21.50
Min 3 1 0.001 0.14   677 24 0.014 0.26
Median 2610 6 0.073 2.43   2570 134 0.070 1.16
Mean 1051 7 0.048 2.21   2477 134 0.067 1.43

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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