28th March 2018 –
Carube Copper Corp. (TSX-V: CUC – 0.08CAD) are a Toronto based and listed multi-commodity exploration company focussed on a wide set of licences in Jamaica and BC, Canada. Last week they completed their second phase of non-brokered private placement fund-raising successfully to see them through with an aggressive exploration program.
Their board is highly focussed on geological skill and experience, with 5 of the 6 members having a range of high level exploration projects and relevant historic qualifications under their belts. We expect quick geological results and targeting, reliable estimations and interpretations and more of a scientific approach than we’re used to.
Carube’s news releases have negated the regular exotic pictures and pleasantries and dived straight into the back-end project data. While this might be hard to follow for most, it seems to be working for them, we must assume their target audience is experienced investors who know their game, a good place to aim if you can rely on it!
Carube have 11 licences across heavily deformed Cretaceous inliers in Jamaica. Following geophysical work originally done by BHP (and several juniors) in the early 90’s, their strategy is to explore magnetic and gravitational anomalies and (they hope) exploit their potential.
Jamaica is best known for bauxite and iron mining, these have allowed significant infrastructure to be built across the island, with skilled labour, shipping and processing experience on hand to all of these licences. There are significant existing gold operations across the country and small scale copper projects already making use of these logistics and processing facilities and they have capacity to include any expansion of Carube’s plans.
Hungry Gully: Operating under the name Rodinia Resources Ltd., Carube own a 100% stake in the Hungry Gully license (SW Jamaica). Aeromagnetic surveys flown by BHP indicated the potential presence of an epithermal gold system and more recent stream sediment sampling (by the Canadian International Development Agency) and follow-up soil and rock sampling (by BHP) has identified two possible areas of copper and gold mineralization at Hungry Gully. The soil anomalies cover broad areas at Round Hill and Dunrobin. Out of a total of 1682 soil samples collected by BHP, 36 samples exceeded 100 ppb Au with a maximum of 1.5 g/t Au and 41 samples exceed 225 ppm Cu with a maximum of 0.45% Cu.
Main Ridge: BHP discovered a 6 km structurally-controlled gold in soil anomaly which crosses the Main Ridge licence in their 90s nationwide surveys. This anomaly also crosses the Pennants gold mine, a high grade (Jorc Resource 94,400t @ 13.9g Au/t) small mining operation. The deposit at Pennants is open at depth and along strike. A broad copper in soil anomaly is located over the crest of Main Ridge suggesting that it is underlain by a significant sized copper porphyry. High copper soil values and rock samples (0.84% Cu over 1 m) in the volcanic agglomerates flanking Main Ridge (Map 5) indicate the potential for a large oxide deposit.
Bellas Gate: Historically mined in the 1600s for placer gold and the 1800s for high grade copper veins, this site is now being targeted by modern methods for large scale viable copper-gold deposits, with porphyry, epithermal, skarn, oxide and iron oxide copper gold (IOCG) type targets.
2016 drilling hit 2 key intersects at the Provost Cu-Au porphyry deposit, with ongoing as we write.
- Hole PVT-16-002 — 339m of 0.34% CuEq, including 10m of 1.79% CuEq
- Hole PVT-16-001 — 82m of 0.46% CuEq, including 29m of 0.63% CuEq
Drilling is also planned this year at the Calabash Ridge Prospect, where successful geological mapping and geophysical surveying has exceeded expectations and brought forwards.
Described in excruciating academic length on their website, Carube’s three Canadian licences cover some 492km2 in SW British Columbia. The property portfolio comprises three exploration stage properties. The Mackenzie (Cu-Au), and the Rogers Creek (Cu-Au) properties are the current focus of exploration. Both are recent discoveries where significant exposures of altered rock and/or mineralization have been defined, indicative of the presence of large mineralized systems.
Carube Copper’s property portfolio is located along a 250 kilometre segment
of the Cascade Magmatic Arc, the same belt of rocks that hosts the Glacier Peak copper deposit (1.7 Bt @ 0.334% Cu and 0.015% MoS2) and Margaret copper deposit (597 Mt @ 0.465% Cu-Eq.) in Washington State (all historic resources).
Carube have an exploration focussed board of experienced geologists and project developers with a proven track record of bringing projects forward, often to sale at respectable profit. Their Canadian properties have been described in great academic detail, their hypothetical mineralised zones don’t necessarily shout cost-effectiveness for mining, being widespread and deep in relation to competitors, but economic viability is tied directly to resource demand which Carube expect to increase imminently.
Operating in Canada we know about, but operating in Jamaica has a very different set of social and environmental challenges. I personally think the benefits of existing industry and infrastructure from centuries of export industry offset any risks in the region and it should be seen as reasonably safe based on its bauxite and export history.
With private placement complete and an enticing price of C$8 cents (at time of writing) you could be riding a very interesting wave if you get involved now. A few more promising drill holes and a structured expansion at their auxiliary sites could yield some surprises, especially the unexplored Arthur’s Table. anomaly in SW Jamaica. I’ll let you know more when I’ve finished reading the extensive document library available in the depths of their website!
We caught up with Carube at this year’s PDAC to talk about their plans for 2018, see the video HERE or below.
Liam Hardy Writing for MiningIR.com
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