Newport Exploration releases updated Chu Chua resources, BC
Newport Exploration Ltd. [NWX-TSXV] provides the summary results of an updated NI 43-101 Technical Report and an updated mineral resource estimate for the Chu Chua massive sulphide deposit located near Barriere, British Columbia, as estimated by APEX Geoscience Ltd. of Vancouver, BC. Newport has a 100% interest in Chu Chua, subject to two separate 1% Net Smelter Return royalties.
An updated pit constrained mineral resource estimate for Chu Chua comprises an Inferred Mineral Resource of 2.29 million tonnes averaging 2.11% copper, 0.3% zinc, 9.99 g/t silver and 0.5 g/t gold, at a copper block cut-off grade of 1.0%.
The report has been prepared for Newport for the purpose of a valuation for Chu Chua and for planning future technical work on the project in 2022.
Chu Chua consists of two mineral claims totaling 282.5 hectares located 24 km northeast of Barriere and is host to the Chu Chua deposit; a Cyprus-type volcanogenic massive sulphide body first discovered in 1978. Chu Chua comprises several mineralized lenses oriented along a north-south trend and dipping from vertical to very steeply to the west.
A total of 99 diamond drill holes, totaling 19,707m were completed to delineate the Chu Chua deposit between 1978 and 1982 by Craigmont Mines Ltd. and between 1988 and 1991 by Minnova Inc.
Within the current boundaries of Chu Chua, 89 drill holes totalling 17,782.51m have been drilled for mineral exploration. The drilling defined two areas of relatively thick, high grade sulphide mineralization occurring within 100 m of the surface.
Additional drilling to test the grade, thickness, lateral and depth extent, and continuity of the deposit was completed by Minnova Inc. (Minnova) between 1988 and 1991. Minnova drilled a total of 46 holes (8,887 m) during the period. Selected significant drilling at Chu Chua included the following inercepts.
Drill hole CCF-37 yielded 10.04% copper, 46.3 g/t silver, and 3.44 g/t gold over 1 metres. Hole CCF-33 returned 10.37% copper, 27.1 g/t silver and 1.23 g/t gold over 3.4 metres. Hole CC-17 returned 14.54% copper, 9.3 g/t silver and 1.03 g/t gold over 4.2 metres. Hole CC-31 returned 8.62% copper, 62.0 g/t silver and 0.69 g/t gold over 1.6 metres. Hole CCF-19 returned 4.53% copper, 13.9 g/t silver and 0.36 g/t gold over 25.0 metres. Hole CCF-22 returned 3.89% copper, 16.35 g/t silver and 1.2 g/t gold over 28.5 metres.
To date, mineralization has been modeled over a 450M strike length and to a depth of 180M from surface. Additional drilling is warranted to define the extent of near surface mineralization at the north end of the deposit at depth within and beneath the currently modelled Main Lens, and to the south of the property where limited deep drilling encountered sulphide intercepts. Drilling will be aimed at converting some of the resource into an indicated category and to test the lateral and depth extent of known sulphide mineralization.
At this time 12 holes are recommended for a total of 3,000 metres with an estimated cost of approximately Cdn$1,050,000.
The company has 105,579,874 common shares issued and outstanding and $3.9 million in the treasury and no debt.