CopAur Minerals Inc. (the "Company") is pleased to announce a non-brokered private placement and planned drill program at the Company's flagship Kinsley Mountain Gold Project (the "Kinsley Mountain Project" or "Kinsley Mountain") in Elko County, Nevada.
The Company announces a non-brokered private placement offering of up to 4,000,000 units ("Units") at a price of $0.50 per Unit to raise gross proceeds of $2,000,000. Each Unit is comprised of one common share and one-half of one transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire an additional common share of the Company at an exercise price of $0.75 per share for a period of two years from the closing date of the private placement.
In conjunction with this financing, the Company may pay a finder's fee to eligible persons in compliance with applicable securities laws and exchange policies. This financing is subject to TSX Venture Exchange approval. Proceeds will be used for general working capital and a planned initial drill program for the Kinsley Gold property, Elko Nevada.
"We are excited to be moving forward with plans to drill Kinsley with the help of our expanded technical teams input, as we continue to unlock the full potential of this advanced project in Nevada. I am confident in our team's abilities and in the targets that we have set for a significant resource expansion," states Jeremy Yaseniuk, CopAur's CEO.
The Kinsley Mountain Project was a historical past producer that yielded 138,000 ounces of near surface open pit oxide gold between 1995-1999. Kinsley contains current mineral resources comprising the high-grade Western Flank Zone and near surface oxide of 418,000 indicated ounces gold at 2.63 grams-per-tonne (g/t) gold, and 117,000 inferred ounces gold at 1.51 g/t gold (Figure 1).
Kinsley has significant resource expansion potential through continued near mine exploration and potential greenfield discoveries. Near resource areas drilled during the highly successful 49 hole, 18,000 metre 2020 drill campaign demonstrate significant resource expansion potential remains at Western Flank, Main Pit Oxide, and Secret Spot targets with highlights including:
Western Flank resource expansion drilling
- 10.22 g/t gold over 6.1 metres within a broader zone grading 2.63 g/t gold (sulphide) over 38.10 metres in KMR20-017
- 15.1 g/t gold (sulphide) over 7.6 metres, including 24.1 g/t gold (sulphide) over 4.6 metres lower zone, 9.08 g/t gold (sulphide) over 6.1 metres upper zone in KMR20-026
Main Pit North Oxide Target yields high-grade intercepts 75 m outside the current pit shell
- 9.83 g/t gold over 7.6 metres high-grade shallow oxide
New surface oxide Discovery at the Secret Spot, including
- 1.77 g/t gold over 25.3 metres in new surface oxide discovery in KMD20-007B
The Western Flank Zone has yielded numerous outstanding high-grade gold drill intercepts including: PK137C that returned 21.3 g/t gold over 29 metres2. See Table 1 below for selected Secret Canyon Shale drill intercepts.
Initial metallurgical testing of Secret Canyon Shale sulphide mineralization yielded 89-95% recoveries via combined flotation and tails cyanidation1.
During 2022, IP/resistivity geophysical surveys defined 8 new high-priority targets within a 20 km2 underexplored area north of the high-grade Western Flank gold deposit (the "Kinsley North Range"). The anomalies occur in association with prospective Pogonip Group and upper Notch Peak Formation carbonate rocks that are known to host significant gold mineralization at the Long Canyon Mine located 90 km north of Kinsley5.
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC), Principal and Consultant, and Christopher W. Livingstone, P.Geo. (BC), Senior Geologist, both of APEX Geoscience Ltd. of Edmonton, AB, and "Qualified Persons" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Raffle and Mr. Livingstone have verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein.