C3 Metals drilling Bellas Gate copper-gold project, Jamaica
C3 Metals Inc. [CCCM-TSXV; CUAUF-OTCQB] reported that two drill rigs have been mobilized to Jamaica to commence follow up drilling at the prospective Bellas Gate copper-gold project in Jamaica.
C3 Metals holds a 100% interest in the Bellas Gate, Arthurs Seat and Main Ridge licences that cover an extensively mineralized porphyry/epithermal copper-gold district along the Crawle River-Rio Minho fault zone (CRFZ).
BC Diamond Drilling (BCDD) has been contracted for a minimum of 6,000 metres of diamond drilling using a drill rig with a depth capacity of greater than 1,000 metres, and C3 Metals has purchased a man-portable rig to drill an initial 2,500 metres testing near-surface porphyry and epithermal prospects to a nominal vertical depth of approximately 400 metres.
Dan Symons, president and CEO, commented: “The average depth of all previous drilling is less than 225 metres, and over 40% of all drill holes ended in strong copper-gold mineralization. Airbourne magnetic and IP [induced polarization] geophysics data indicate that multiple near-surface porphyries may converge at depth into a very large system. Based on historical drilling, our 2022 drill program and an extensive remapping campaign, we have identified multiple high-level copper-gold porphyries clustered along two discrete northwest-trending belts at Bellas Gate.
“We are pleased to announce that two drill rigs have been mobilized to Jamaica: a large rig capable of testing the depth extent of our highest-priority porphyry targets, and a company-owned, man-portable rig that will cost-effectively test the near-surface strike extent of these porphyry and epithermal systems. The objective of this drilling program is to determine both the extent of the near-surface porphyry copper-gold mineralization intersected to date and to test the deeper parts of these systems for a high-grade core. With 16 porphyry and 40 epithermal targets identified over a 30-kilometre strike extent, there is no shortage of drill-ready targets. With both rigs now mobilized to Jamaica, we are pleased to announce that the drill program is commencing.”
Program highlights: CRFZ is an emerging, new porphyry and epithermal district that extends for over 30km with 16 porphyry and 40 epithermal prospects identified to date from Bellas Gate to Main Ridge. The Bellas Gate project is transected by two district-scale structural features, referred to as the Camel and Connors Belts.
Previous drilling by C3 Metals and others has confirmed near surface copper-gold mineralization at multiple porphyry centres along these belts, including Connors 309.0m at 0.44% Cu, 0.33g/t Au (from 15m) in hole CON9325-001.
Camel Hill 178.5m at 0.37% Cu, 0.16g/t Au (from 10m) in hole CMH8400-001. Provost 292.0m at 0.30% Cu, 0.14g/t Au (from 29m) in hole PVT-16-0021. Geo Hill 158.2m at 0.32% Cu, 0.15g/t Au (from 3m) in hole GE092-011.
Historical drilling is shallow, with an average hole depth of less than 225 metres for porphyry prospects and less than 200 metres for epithermal prospects.
The BCDD rig enables C3 Metals to evaluate the depth and grade potential of multiple porphyries where over 40% of previous drilling terminated in strong copper-gold mineralization.
Historical drilling at Bellas Gate is generally shallow, with an average hole depth of less than 225 metres for porphyry prospects and less 200 metres for epithermal vein prospects.
Over the past six months the company’s exploration team undertook detailed mapping across the entire Bellas Gate project. Clusters of high-level, copper-gold porphyries occur along each belt, with widespread intermediate-sulfidation epithermal vein style copper, gold and silver mineralization distal to the porphyries.
Previous drilling confirms copper-gold mineralization is open at depth and along strike. The current drill program will target higher-grade, bornite-rich mineralization that is typically associated with the core of these systems.
An initial 6,000-metres of deeper drilling (6-8 holes X 700m-1100m in depth) and 2,500-metres of shallow drilling (10 holes X 100m-500m in depth) is planned at Bellas Gate.
The objective of planned drilling is two-fold: Demonstrate continuity of copper-gold mineralization below 400 metres vertical depth at multiple porphyry prospects and test for increased copper-gold grades in the bornite-rich potassic altered cores typical of porphyry systems as well as to evaluate and expand the strike extent of the known near-surface porphyry mineralization and test new priority porphyry and epithermal-vein prospects.
Under the company’s stock option plan the Board of Directors granted 16,200,000 stock options to directors, officers, employees, and consultants. A total of 6,250,000 options will vest immediately, while 9,950,000 options will vest over 12 months, subject to regulatory acceptance. After vesting, each incentive stock option will allow the holder to purchase one common share in the company at a price of CAD $0.05. The incentive stock options have a term of five years, expiring on August 8, 2028 or following departure of the option-holder. Following this stock option grant, the company will have 51,160,000 stock options outstanding, representing approximately 7.42% of the outstanding common shares of the company.
C3 Metals holds the 24,000-hectare Jasperoide project in the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru. C3 Metals also holds a 100% interest in five licenses covering 20,700 hectares of highly prospective copper-gold terrain of Jamaica. The company also holds a 2% royalty in Tocvan’s Rogers Creek project.