Cranbrook, British Columbia–(Newsfile Corp. – December 5, 2019) – MG Capital Corporation (TSXV: DLP) (“MG” or the “Corporation“) is pleased to report the completion of a soil sampling program on its 100% owned Redburn copper/cobalt project. The Redburn project, held by MG’s wholly-owned subsidiary, DLP Resources Inc. (“DLP“), is 53.6 sq km in area and consists of all the Redburn Creek drainage, situated 12 km NE of Golden, B.C. Geologically, the Redburn claims are within an anomalous horizon at the top of the Cambrian Chancellor Formation shales. This horizon has been traced from Elkford, B.C. to north of Golden, B.C., which hosts a massive sulphide deposit at Cummings Creek and the Kicking Horse Monarch mine at Field, B.C. These deposits are in the same horizon as the Redburn property.
During 2018, DLP conducted a limited heavy mineral stream sediment survey in the Redburn Creek drainage. Some of these samples were strongly anomalous in copper, cobalt and lead. During 2019, DLP conducted a stream sediment heavy mineral sampling program designed to test all of the smaller tributary creeks in the Redburn Creek drainage. Twenty-five streams were sampled with eleven being moderately to strongly anomalous in copper, cobalt and lead. Five of the most anomalous streams are adjacent to one another, forming a belt three km’s long. Heavy mineral assays from these five creeks averaged, copper 1,107.6 ppm, cobalt 240 ppm, lead 2,395 ppm. Note these values are quantitative. Two contour soil geochem lines totalling one hundred samples tested the lower slopes in the basins of two adjacent copper, cobalt and lead anomalous streams. Both host copper, cobalt and lead soil anomalies that remain open up slope.
In addition, the Company’s prospectors spent two days prospecting in the anomalous drainages. The prospectors located one copper showing in-place and one large copper-rich float boulder. The copper showing in-place was located downstream from the anomalous stream sample. The showing consists of copper minerals such as chalcopyrite, chalcocite and malachite. The hangingwall/footwall contacts are covered by talus. The width and strike length is currently unknown. A grab sample from outcrop assayed 9.34% copper and 3.39 ppm silver. The float boulder consists of chalcopyrite, malachite and azurite in limestone breccia which assayed 4.9% copper and 2.39 ppm silver. During 2020, DLP plans an ambitious exploration program to develop copper/cobalt drill targets on its Redburn property.
David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person (“QP“) of the Corporation as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.
For further information, please contact:
MG Capital Corporation
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the potential of the Redburn Creek drainage hosting a massive sulphide deposit similar to that at Cummings Creek and the Kicking Horse Monarch mine at Field, B.C and DLP’s plans for 2020. 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 the 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: general business, economic, competitive, political and social uncertainties; uncertainty regarding the contents of the deposit at Cummings Creek and the Kicking Horse Monarch mine; and reliance on a third party. 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 the forward-looking statements and information contained in this news release. Except as required by law, MG assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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