Doubleview Capital Corp. (“Doubleview”) is pleased to announce that it has entered into an option agreement to earn 100% interest in the Hat Copper-Gold Property from Thomas E. Lisle, P.Eng., Erik Ostensoe, P.Geo, and Robert H. Seraphim, PhD., P.Eng., a geologist group from Vancouver, BC. (“Vendors”). The Hat Copper-Gold Property comprises 1,687 hectares and is located 95 km west of Dease Lake in the Atlin Mining District of British Columbia. Subject to TSX Venture Exchange (the “Exchange”) approval, Doubleview will issue 1,000,000 shares, make $250,000 in cash payments to Vendors and conduct $1,000,000 work program on the property over four years. Optionors will also retain a 2% net smelter return on the Hat Copper-Gold Property.
The Hat Project offers an opportunity to explore three known mineralized zones, each different from the other. First explored in 1977 – 1979 by Utah Mines Ltd., the Hat property has an extensive database of historic geochemical, geophysical and geological information that is currently being assembled and assessed by Doubleview’s consultants. An initial field program of soil and rock sampling to confirm historic data will commence immediately and the Company has applied for a twenty drill hole permit to test the various “target” areas.
Primary interest is a greater than 1 km diameter area that has strongly anomalous copper in soils geochemistry with values as high as 5,150 ppm Cu and supporting magnetic and chargeability geophysical responses where prospectors reported boulder samples that assayed as high as 4,000 ppm copper and 660 ppb gold (Utah Mines Ltd. 1978), and 7,336 ppm copper and 885 ppb gold (Vendors, 2001). Starting immediately, Doubleview will conduct further geochemical soil surveys prior to drilling. The Company from its assessment of available historic Hat property data believes that there exists a geologic environment similar to that which is commonly associated with alkalic porphyry copper deposits.
Also, as part of the Hat property, a linear area of very strong epithermal-type alteration that can be followed in outcrops and in sampling data for more than a kilometre is an exploration target that has attracted attention in the past but has never been drilled. The Company’s consultants believe that it represents the upper portion of a vertically-zoned mineralized system in which the strongly altered material at surface overlies gold and silver values at shallow depth. Doubleview will conduct further exploration of this system by means of soil geochemical sampling and an induced polarization resistivity and chargeability geophysical survey that may show the distribution of silica and carbonate alteration.
A third area of interest, discovered in 1963 by a prospector, lies near the east side of the Hat property. Copper and gold values occur in strongly sheared gabbroic rocks, likely in a fault structure, with historic assay values (non-NI 43-101 compliant) as high as 1 oz/ton gold (prospector, 1963) and 8100 ppb gold and 23,530 ppm copper (Vendors, 1995).
On Behalf of the Board of Directors
Farshad Shirvani, M.Sc. Geology
President and Chief Executive Officer
For further information please contact:
Doubleview Capital Corp.
Suite 310, 675 West Hastings Street
Vancouver, BC V6B 1N2
T: (604) 678-9587
CAUTION: Some analytical results in this news release have been taken from historic data and are yet to be verified by Doubleview.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Doubleview cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Doubleview’s control. Such factors include, among other things: risks and uncertainties relating to Doubleview’s ability to complete the proposed exploration program on the Mount Milligan North Property, Doubleview’s ability to complete the acquisition of the Metropolitan Property, Doubleview’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Doubleview undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.