TORONTO, ONTARIO--(Marketwired - April 10, 2013) - Superior Copper Corp. (TSX VENTURE:SPC) has entered into an agreement to acquire the remaining portion of the Jogran Porphyry and Richards Breccia properties as well as 100% of 19 claims totaling 20 square kilometres that are contiguous to Superior Copper's current position in the Batchawana Camp. Subject to regulatory approval, Superior Copper will issue 4,000,000 common shares to RSS Syndicate in consideration for the aforementioned properties and RRS Syndicate will cancel their right, title and interest in the 1.5% Net Smelter Royalty held on Superior Copper's Glenrock Property.
The Jogran Porphyry covers 1 unpatented mineral claim with an area of 1.28 square kilometres. Mineralization occurs in a quartz-feldspar porphyry of mid-Proterozoic (Keweenawan) age, located in the Batchawana Greenstone Belt of the Archean Superior Province near the margin of the Proterozoic Southern Province.
The porphyry intrusive has a surface expression of 130 metres by 275 metres and was drilled to a depth of 200 metres. Historical drilling by Jogran Mines Ltd. in the mid-1960's indicated continuous mineralized intersections averaging 0.19% Cu and 0.05% MoS2 over core lengths ranging from 40 to 160 metres (Source: Sault Ste. Marie Assessment Files).
The Richards Breccia covers 2 unpatented mineral claims over 1.28 square kilometres. Mineralization occurs in a near vertical diatreme breccia of mid-Proterozoic (Keweenawan) age which intrudes the Batchawana Greenstone Belt of the Archean Superior Province near the margin of the Proterozoic Southern Province.
In 1997 and 1998, Aurogin Resources drilled three shallow holes into the Richards Breccia which encountered significant copper mineralization (AR97-24: 0.67% Cu over 13.7 metres; AR97-25: 0.86% Cu over 40.5 metres; AR98-07: 1.46% Cu over 26.8 metres). The breccia was intersected to depths of 40 to 80 metres and is circular in shape, with an exposed surface expression of approximately 50 metres in diameter.
The Glenrock Property covers 18 unpatented mineral claims over 25 square kilometres located in the Batchawana Greenstone Belt of the Archean Superior Province near the margin of the Proterozoic Southern Province. RRS Syndicate has agreed to cancel their right, title and interest in the 1.5% Net Smelter Royalty on Superior Copper's 100% owned Glenrock Property.
Historic work by Glenrock Mines Ltd. (1953) on the east-west trending Glenrock Prospect encountered 0.21 oz/ton Au, 0.01% Co, 0.17% Cu over 4 feet in drill hole GR-6, and 0.44 oz/ton Au, 0.4% Co, 0.9% Cu over 3.5 feet in trench T-10. The Palmer Breccia was drilled by United Reef Resources (1964) and averaged 0.05% Cu over 150 m vertical depth (DDH UR-2). Duration Mines (1987-88) encountered 3.06% copper, 43 g/t silver and 1.6 g/t gold over 2.2 metres (true width) on the STP Prospect (DDH 475-88-3).
In the early 1990's, Noranda Inc. completed an exploration trench north of the Glenrock Prospect and encountered 6.33 g/t Au over a 4 metre true width. Aurogin Resources (1996-1998) drilled several holes in the same area which returned 5.6 g/t Au, 0.07% Cu over 1.5 m (AR97-01) and 1.27 g/t Au over 13 m length (AR97-08).
The technical information contained in this news release has been reviewed by Delio Tortosa, P.Eng. who is a "Qualified Person" under National Instrument 43-101 and a consultant to Superior Copper. The historical results presented here have not been verified, and are given for information purposes only.
Superior Copper Corporation
Superior Copper Corporation is a Toronto-based exploration company focused on copper exploration in Canada. The Company's primary objective is to target highly prospective and underexplored mineral properties in order to meet the increasing global demand. The Company has two key exploration projects; the Batchawana Copper Project and the Rivière Doré Project in Quebec.
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws. Please see our public filings at www.sedar.com for further information.
Shares Outstanding: 73,673,602