January 17, 2014, Vancouver, BC - Lorraine Copper Corp. ("Lorraine Copper" or "the Company") (TSX-V: LLC) provides an update on the status of the Company and on the Lorraine copper-gold project ("Lorraine" or "the project"). Teck Resources Limited's ("Teck") (TSX: TCK.A, TCK.B; NYSE: TCK) right to earn a further interest in Lorraine has terminated. The project is located in the Quesnel Terrane approximately 250 km northwest of Prince George, BC. Teck and Lorraine Copper will form a 51%/49% Joint Venture, respectively, on the property and Teck will be the operator.
Teck optioned the project in June 2005 and incurred expenditures of $9.0 million to earn a 51% interest in the project as of December 31, 2010. Teck also completed an earn-in for 100% of the vendor's interest (90% interest) in the adjoining Jan-Tam-Misty property at the same time and these claims constitute part of Lorraine Joint Venture. The Jan-Tam-Misty property is subject to certain royalty rights. The combined property covers an area of approximately 39,046 ha (96,481 acres).
Lorraine is located in north central British Columbia approximately 170 kilometres to the northwest of the regional centre of Fort St. James. The project is accessed by logging haul roads that connect to the communities of MacKenzie and Fort St. James and lies approximately 40 km from the Kemess power line.
Mineralization at Lorraine is copper and gold-rich and has many attributes common to other alkalic porphyries in British Columbia including Mount Polley and Galore Creek. Drilling at Lorraine, up to and including that completed by Teck in 2008, totals 223 holes (38,016 metres). A NI 43-101 resource calculation, based on historic drill results, was completed on the Main Zone-Bishop Zone area by Giroux Consultants of Vancouver, BC (see news release of May 30, 2012). The resource estimates are:
- Indicated resource of 6.42 million tonnes grading 0.61% copper and 0.23 g/t gold and an
- Inferred resource of 28.82 million tonnes grading 0.45% copper and 0.19 g/t gold (at a cutoff grade of 0.20% Cu).
An example of the robust nature of mineralization is provided by hole 08-120 drilled in the Lower Main Zone in 2008 which returned an intercept grading 0.64% copper and 0.30 g/t gold over 159 metres (mineralization starting from 8 metres depth).
Teck and Lorraine Copper have held discussions concerning the future of the project and are entertaining a number of options for advancing the project.
G.L. Garratt, P.Geo., is the qualified person, as defined by NI 43-101, who has reviewed and takes responsibility for this news release.
G.L. Garratt, P.Geo., Director
Lorraine Copper Corp.
About Lorraine Copper Lorraine Copper holds a 49% interest and Teck Resources Limited holds a 51% interest in the Lorraine/Jan Tam Misty property. For more information please visit the Company's website at www.lorrainecopper.com.
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: (888) 656-6611
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.