Dec 4 2010
Copper One Inc. (TSX VENTURE:CUO) has announced results from recent boulder and outcrop sampling at the Riviere Dore Copper Nickel property.
During follow-up of geochemical and geophysical anomalies, field crews collected samples of boulders dispersed by glaciation and channel samples of outcrop. Results of the recent sampling include copper values up to 1.54%, as well as precious metals enrichment up to 0.320 grams per tonne (gold + palladium + platinum).
Copper One announced the signing of a non-binding Letter of Intent (the "LOI") with Cartier Resources Inc. (TSXV: ECR) (Cartier) on October 28, 2010 regarding Cartier's Grant to the Company of an option to acquire up to a 75% equity interest in the Property, located near the town of Val d'Or, Quebec. This reconnaissance sampling is being conducted by Cartier Resources under agreement between the companies to advance the Property as the definitive agreement is being finalized.
The assay results are from a previously untested area in the northeast sector of the property, defined by a very large 80-kilometer long magnetic anomaly that was the target of Cartier's claim staking. The mineralized rocks reported here are cumulate textured pyroxenites, a type of rock consistent with magmatic copper-nickel deposits. The latest copper showing is 10 kilometers from the original 2010 Bruges Lake discovery (6m @ 1% copper in a rock channel). This latest discovery is also on the opposite side of the 80- kilometer property from the previously announced Hopkins Lake showing, which included glacial boulders anomalous in nickel and copper (0.2-0.6% Ni and 0.6% Cu).
Copper One believes the results of this follow-up sampling, which significantly expands the extent of known copper mineralization, provides a strong reinforcement of the potential of the Rivere Dore Copper Nickel property. These results are also indicative of significant enrichment in palladium, platinum, and gold. The mineralized system in the layered mafic complex at Riviere Dore has now been shown to include copper, nickel, and platinum group anomalies in the appropriate rock types and on a significant scale. Additional field work is planned for the last few weeks of the Fall work season, as preparations are made for Winter geophysical surveys and further refinement of targets.
Copper One and Cartier expect to complete the Definitive Agreement well ahead of the date contemplated by the LOI, which was announced on October 28, 2010. The companies are working cooperatively to follow-up on existing anomalies and conduct reconnaissance into new areas of the large property position. The work progresses according to a mutually agreed plan and is subject to reimbursement by Copper One according to the LOI and upon execution of the Definitive Agreement.
Quality Assurance / Quality Control
The Riviere Dore exploration program has been conducted under the supervision of Mr. Philippe Berthelot, P. Geo., qualified person as defined by National Instrument 43-101. Cartier has implemented and adheres to a strict Quality Assurance/Quality Control program which includes mineralized standards and blanks for each batch of samples.
Analyses are either performed by Techni-lab S.G.B. Abitibi inc. in Sainte-Germaine, Quebec, or by ALS-Chemex in Val-d'Or, Quebec, both accredited laboratories.
The technical information in this news release has been reviewed and approved by Thomas R. Kilbey, Copper One's Vice President – Exploration, a certified professional geologist and a qualified person as defined by National Instrument 43-101.