November 15, 2016 03:15 ET
Geoscience BC discovers native copper during 2015 mapping project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 15, 2016) - Parlane Resource Corp. (TSX VENTURE:PPP) ("Parlane" or the "Company") acquired a 12,968-hectare claim block (see news release August 2, 2016) on the Nechako Plateau and added it to its existing Big Bear property. Geoscientists from the Mineral Deposit Research Unit at the University of British Columbia (MDRU) discovered an occurrence of native copper - copper in its elemental form - on the property while engaged in Geoscience BC's 2015 TREK 2 project (Geoscience BC Summary of Activities 2015). Parlane is appreciative of the work Geoscience BC and MDRU is accomplishing in central British Columbia and is pleased that the new discovery is on Company ground.
This new mineral occurrence "Liesegang" is interpreted by Geoscience BC to belong to the volcanic redbed-copper mineral deposit type. A sample taken by Geoscience BC returned assays of greater than 1% copper (over-limit for the method) and 7 grams per tonne silver. A boulder was estimated visually to contain approximately 4% native copper. The most notable native copper occurrence in BC is the Sustut Copper deposit which contains a combined resource of 7.047 million tonnes grading 1.67% Cu and 5.50 g/t Ag at a 0.6% Cu cutoff (BC Ministry of Energy and Mines, Assessment Report 27141).
Parlane crews have sampled the Liesegang occurrence and are mapping and prospecting the area. Samples were submitted to the laboratory October 18 and results are expected within about one month. Photographs of the occurrence and mineralization can be found at the Company website www.parlaneresource.com.
Parlane's 273-square kilometre Big Bear mineral claim position is located immediately north of, and adjacent to New Gold Inc.'s Blackwater deposit and east of New Gold's Capoose developed prospect. The Blackwater has proven and probable reserves containing 8.2 million ounces of gold and 60.8 million ounces of silver (www.newgold.com).
Ian Webster P.Geo. is the Qualified Person, as defined by National Instrument 43-101, who has reviewed and approved the technical contents of this release.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
Neither the 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.
Robert Eadie1-604-602-49351-604-602-4936 (FAX)www.parlaneresource.com
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