Highlights
- Production of 1.173 million ounces of gold at a grade of 8.26 g/t Au, 607,000 ounces of silver at 5 g/t Ag and 28.7 million pounds of copper at 0.25% Cu (Source: Technical Report on the Joe Mann Mining Property dated
January 11, 2016 , prepared byGeologica Inc. ). - Mineralization remains strong and persistent at depth with Hole EE-189B intersecting 26.66 g/t Au over 1.8 m and Hole EE-188 intersecting 30.3 g/t Au and 1.3% Cu over 3.02 m extending the
Main Zone 170 meters down dip. - The more recently discovered
West Zone , a potential structural off-set that allows much thicker, higher-grade veins to form, remains open and is a high priority exploration target with historic intercepts including 2.44 m @ 24.62 g/t Au, 3.93 m @ 31.54 g/t Au, 2.62 m @ 24.28 g/t Au and 3.2 m @ 16.1 g/t Au. - Exploration potential remains excellent including new parallel zones identified by recent surface prospecting work that lie just several hundred meters to the south of the main mine.
- Significant infrastructure in place including power and a shaft down to the 1,145-meter level.
Joe Mann Property
Substantial infrastructure remains at Joe Mann with the shaft down to the 3,775-foot level (1,145 meters). Significant potential remains at Joe Mann to extend the mineralization at depth and along strike, including the
The plunge of the mineralized body is to the east, with the
New parallel zones have been identified by recent surface prospecting work that lie just several hundred meters to the south of the main mine.
A high-grade core was identified from the 2750 level down to the 3450 level including 18.4 g/t Au over 7.5 meters (0.537 oz/t over 24.6 feet) and 9.70 g/t Au over 18.1 meters (0.283 oz/t over 45.3 feet). The drill holes from 2007 to 2008 intersected the vein 170 m below the lowest level shown and indicated that the high-grade mineralization continues down dip. The shaft that was deepened in 2001 goes to a depth of 1,145 meters.
In 2017 a high resolution airborne magnetic survey was completed and several magnetic anomalies of moderate to strong amplitudes were identified. In addition to
Terms of Option Agreement
The Corporation has entered into an option agreement with the owners of
- A cash payment of
$1,000,000 to Ressources Jessie and 400,000 common shares of Doré Copper ("Doré Copper Shares") to be issued to Legault at a deemed price of$1.25 per share on the effective date of the option agreement ("Effective Date"). - A cash payment of
$250,000 to Ressources Jessie and$500,000 in Doré Copper Shares to be issued to Legault on the first anniversary of the Effective Date. - A cash payment of
$1,000,000 to Ressources Jessie upon completion of 5,000 meters of drilling at Joe Mann or on the earlier of the second anniversary of the Effective Date or 18 months from the commencement of drilling. - A cash payment of
$500,000 to Ressources Jessie and$500,000 in Doré Copper Shares to be issued to Legault on the second anniversary of the Effective Date. - A cash payment of
$1,500,000 to Ressources Jessie and$1,000,000 in Doré Copper Shares to be issued to Legault on the third anniversary of the Effective Date. - Spending
$2,500,000 in qualifying exploration expenditures before the third anniversary of the Effective Date. - A cash payment of
$1,000,000 to Ressources Jessie and$1,500,000 in Doré Copper Shares to be issued to Legault upon the commencement of commercial production at Joe Mann. - A 2% net smelter return royalty will be granted to Ressources Jessie and the Corporation will hold the option to buy back 1% for
$2,000,000 and buy back a further 0.5% for$4,000,000 .
The terms and conditions of the option agreement are subject to approval from applicable regulatory authorities, including the
The historical technical information disclosed in this news release about
About Doré
Doré Copper is engaged in the acquisition, exploration and evaluation of mineral properties. Doré Copper completed a qualifying transaction on
For further information regarding Doré Copper, please visit the Corporation's website at www.dorecopper.com or refer to Doré Copper's SEDAR filings at www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither
SOURCE Doré
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