Universal Submits Gachala 43-101 Technical Report
Tuesday, June 4, 2019 8:00 AM
VANCOUVER, BC / ACCESSWIRE / June 4, 2019 / Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA1) is pleased to announce it has filed the 43-101 Technical Report for the 13,280 Ha North Block Gachala Copper project, located 60 kilometres east of Bogota, Colombia.
The 43-101 report recommends a prospecting program comprised of rock, soil sampling and hand trenching to follow up on the Long Wave InfraRed Imaging Survey, that identified copper anomalies associated with the 40-line kilometres of prospective unconformity between Devonian and Cretaceous sediments. (See May 8, 2019 News Release).
"Universal is anxiously awaiting the approval of the technical report and closure of the transaction to allow commencement of the highly anticipated work program at North Block Gachala." stated Universal CEO Clive Massey. "We are very bullish on the Gachala area for sedimentary copper deposits, similar to those elsewhere in the world." he continued.
The seven North Block mineral license applications form part of the 53,538-hectare Gachala sedimentary copper project. The Gachala project lies within a northeast trending 250km-by-120km belt of Devonian-through-Cretaceous-age rocks in a geological setting conducive to hosting sedimentary copper deposits.
Two of the seven mineral license applications comprising the 13,280-hectare North Block cover the western limb of the Anticlinal Montecristo in the area contiguous to and immediately north of the Sinai property where Rio Tinto Mining and Exploration Ltd. completed stream sediment and limited rock sampling in 1999. Rio Tinto took a total of 47 rock samples with 12 returning values in excess of 1 per cent copper, ranging from 1.6 per cent to 7.82 per cent (source: E.E. Vargas Ruiz, 1999; Exploracion Geoquimica Chivor Colombia Rio Tinto Mining and Exploration Ltd.). Another two of the license applications cover a 4-kilometre-long cobalt anomaly identified by the Colombian Geological Survey. This metal is of extreme interest to the Company as cobalt is one of the key accessory metals associated with sedimentary copper deposits. Universal Copper has yet to verify the historical data. Universal Copper cautions investors that mineralization on the Sinai property is not necessarily indicative of similar mineralization on its licence applications.
Universal has entered into an asset purchase agreement (See April 24, 2019 News Release) with Max Resource Corp. pursuant to which the Company will acquire a 100 % interest in the seven mineral licence applications comprising the Gachala Copper Project North block.
About Universal Copper
Universal Copper Ltd. (UNV: TSX-V; FWB: 3TA1) is a Canadian-based mineral exploration company focused on the acquisition, exploration and development of mineral properties. Our objective is to build shareholder value through exploration and potential development or acquisition of existing projects with significant up-side.
R. Tim Henneberry, P.Geo. (BC) and Universal's geologist, is the Qualified Person who has reviewed and approved the technical content of this news release.
For additional information, please visit the Company's website at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
Phone: (604) 341-6870
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This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Universal Copper Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Universal Copper Ltd.