Copper Reef Mining Corporation: Focusing on Two Gold Projects

January 14, 2019

Copper Reef Mining Corporation, based in Flin Flon, Man., holds polymetallic base metal, gold and diamond exploration properties throughout the Lynn Lake, Snow Lake and Flin Flon Greenstone Belts in Manitoba and Saskatchewan. Copper Reef is developing new targets in the Flin Flon Belt where

it holds extensive mineral claim holdings. Copper Reef holds a number of Cu-Zn-Ag-Au deposits and properties, which are available for option. This year Copper Reef has concentrated on its gold properties.

Gold properties

Copper Reef holds five primarily gold properties, three of which are presently inactive. The two active projects include the Gold Rock and North Star Projects in the Snow Lake Camp and the Alberts Lake Property in the main Flin Flon Camp. Currently, Copper Reef is concentrating mainly on the Alberts Lake Property. This summer’s prospecting and mapping of the northern and western portions of the new Alberts Lake grid have returned encouraging gold and silver assays. The Z4 VTEM geophysical electromagnetic conductor to the northwest and the surrounding rocks have been investigated and sampled. This work has given credence to the Z4 VTEM anomaly as being a prospective and valid drill target.

Royalty Holdings (Hanson Lake Belt, Sask. And Flin Flon, Man.)

Copper Reef Mining Corporation has an underlying royalty of $0.75/t from Foran’s McIlvenna Bay Deposit (currently with estimated resource estimate of 16.3 million tonnes grading 1.82 per cent CuEq in the indicated category and a further 13.1 million tonnes grading 1.87 per cent CuEq in the inferred category, both at a $45 (U.S.) per tonne NSR cutoff) and a two per cent NSR on the Bigstone copper deposit (historic estimate 3.75mt grading 2.03 per cent Cu at a one per cent Cu cutoff), the Balsam deposit, the Hanson property, the Sam property and the Comeback property. Copper Reef’s 100-per cent owned Hanson Lake Property is on strike with the McIlvenna Deposit and is the site of the past producing Hanson Lake Mine (production 147,000 tons grading 10 per cent Zn, 5.8 per cent Pb, 0.5 per cent Cu and

137 g/t Ag). Copper Reef also holds royalties in Callinex’s Pine Bay, Cabin Zone and Sourdough deposits in the Flin Flon Greenstone Belt and any new discoveries. In the Snow Lake Camp Copper Reef holds a two per cent NSR on the Morgan Lake and Woosey Properties and a one per cent NSR on the Cook Property, which will see CZC hold 533,333 shares of Rockcliff and $150,000 cash (received). More information on any of the active projects can be found at our website at

North Star: Gold Rock Status

The North Star Gold Property is located 36 kilometres west of Snow Lake, Man. At both the North Star and Gold Rock properties, gold mineralization is hosted in gabbro within a typical Proterozoic shear zone system.

a) Five major drilling programs.

b) Ramp access and underground development and sampling.

c) Large-surface, blast-hole sampling and trenching together with extensive assaying for gold, trace elements and whole rock geochemistry. Average grade from blast holes and trench faces was over 0.35 oz/t gold.

d) Metallurgical testing at Lakefield established 85 per cent recovery of gold by gravity alone.

e) A large grid covers the gold shear with mapping, prospecting and geophysical surveys carried out. The shear is still open to the north and south and the grid can be extended to follow shear on strike (unexplored).

f) Over two kilometres of all-weather road to the site, as well as 15 kilometres of the Dickstone road brought back to allweather road status with creek crossings improved and adjoining swamps lowered to improve road quality.

g) Numerous environmental surveys were completed, including ungulate, rare plant, raptor, fish surveys and other surveys required for the establishment of tailings facilities.

h) A digital topographical airborne survey over the main area of the vein, and potential areas for tailings disposal and water intake.

i) Campsite and storage areas were established and permitted. Permit still valid. A mill foundation, a concrete slab shop floor and a water waste disposal pond were completed.

j) A VTEM survey was carried out over the entire claim group in 2010. Mining leases make permitting easier. There has been no problem getting permits to do work in this area to date.

k) The Group holds 21 claims. Sufficient assessment credits to keep claims in good standing till approximately 2071, includes two mining leases.

The Alberts Lake Gold Property

The Alberts Lake 2018 prospecting and mapping program completed its objectives of extending the Alberts Lake Gold Shear Zone to the north and south as well as investigating the Z4 VTEM anomaly as a prospective drill target (See image above).

The Alberts Lake 2011 drilling program completed its objectives of testing the Gold Shear Zone. Copper Reef Mining Corporation drilled four twin drill holes on the Albert’s Lake gold zone. Previous non 43-101 resources by Granges outlined approximately 400,000 tonnes of 7.5 g gold. (Depth of resolution: The two Petros picks, Z2_4 and Z2_5, deep very conducting anomalies have been determined.

However, the depth of these conductors is at the maximum resolution of the VTEM system. As such, we cannot determine if these conductors are more extensive at depth nor whether there are additional deeper conductors. But, certainly, the occurrence of two relatively closely spaced good conductors would indicate a strong possibility of more conductive material at depth. If there are other deep conductors within this area, which do not have a shallow part, they will be obscured by the responses of the already identified deep conductors. These targets lie on strike with the Pine Bay Mine Horizon to the North. Both these anomalies have been previously drilled, based on HLEM anomalies following up an old airborne survey. Both intersected copper-zinc mineralization in the relatively weak near surface conductors. Ross Groom believes the main mass lies at depth and there may be additional targets. Near surface conductivity is in the order if 25 to 65 siemens whereas at depth the anomalies exceed 200 siemens in conductivity and are larger. The plan is to reestablish the grid this fall over the Z2-4 and Z2-5 airborne VTEM targets and carry out a large loop ground transient electromagnetic survey to better define the targets. CZC shall target the large Z4 anomalies in the same manner; this grid is already established. The Z4 anomalies also exceed 200 siemens in conductivity with depth. Three holes are being planned for each target. Ross Groom rates Z2-5 as the No. 1 priority, followed by Z2-4 and Z4-1 out of 10 targets.

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