Vancouver, B.C., April 6, 2010, Copper One Inc. ("Copper One"; TSX-V: CUO) is pleased to announce results from the first two diamond drill holes of a five hole (2373 m) program targeting the near surface copper oxide blanket at the Lone Mountain Porphyry Copper and Skarn Project in Silver City, New Mexico, USA. Significant intercepts from these first two holes include: 290 meters of 0.32% Cu, including 78 meters of 0.51% Cu and 18 meters of 1.26% Cu; and 10 meters of 0.77% Cu.
The Lone Mountain deposit is comprised of a broad oxide copper blanket capping a large porphyry copper and copper-zinc skarn system that has been defined by drilling over an approximate 1.2 km x 1.8 km area and to a depth of up to 1158 meters below surface. The deposit is located 13 km southwest and 16 km northeast of the Chino and Tyrone Copper Mines, both with significant historical and current copper production. Drilling to date on the Lone Mountain copper system totals more than 26,800 meters in 49 holes.
Drill hole LM-45 returned significant copper oxide mineralization from bedrock at 78 meters, transitioning to mixed oxide-sulphide mineralization from approximately 186 meters to a depth of 264 meters. Below this depth, sulphide mineralization dominated as copper-zinc-silver skarn mineralization. Total copper grades averaged 0.32 % over 290 meters from 78 meters to 368 meters. Not only does this interval include long runs of copper oxide, but it also includes significant higher-grade copper intercepts, such as 18 meters of 1.26% and 9 meters of 1.40%. LM-45 twinned a previously drilled reverse circulation hole (LM-42). While assay trends between the two holes were similar, the core hole generally showed higher copper grades by about 10%. Significant assay intercepts are listed below for LM-45 using a cutoff grade of 0.05% Cu:
The current five hole program is the first phase of in-fill drilling in the broad drill pattern that has historically defined the system. The Company's 2010 plan is to in-fill and expand the extent of the copper system before completing a NI43-101 compliant resource estimate.
The assays of the remaining holes, LM-46, 47 and 48 are pending. In 2010, Copper One plans to carry out additional drilling, for which the permitting process is well underway. The permit will enable drilling of up to 14 holes on the southern portion of the deposit associated with the LT Ranch purchase option agreement which was executed in late 2009. The company anticipates approval of the permit this month, and will initiate the drilling program immediately after permit approval.
Chain of custody procedures were utilized for the Lone Mountain core samples. Core was delivered to the Copper One Silver City (NM) office by Ruen Drilling personnel. It was sawn in half by Copper One technicians, then handed over to Skyline Labs personnel. Skyline is accredited by The American Association for Laboratory Accreditation. Copper values for LM-44 were obtained from Skyline's TE-5 four acid Ultratrace ICP package. Copper values for LM-45 were obtained from Skyline's SOP 401 three acid AAS package.
To review a map of the drill hole locations, please use the following link:
About Copper One Inc.
Copper One Inc. is a junior exploration company focused on making significant mineral discoveries in North America. The company uses in-house expertise and its extensive network of consultants to identify, acquire and evaluate prospects with the potential to host large base metal deposits. The company's preference is to acquire a 100% interest in properties on reasonable terms and maintain this interest through initial evaluation. For more information about Copper One Inc., please visit: www.copperone.com.
In compliance with National Instrument 43-101, Paul Cowley, P. Geo, is the Qualified Person responsible for the accuracy of this news release.
On behalf of the board of directors of Copper One Inc.,
Alan Edwards, B.Sc Mn Eng, MBA
President, CEO & Director
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the company's development of mineral exploration projects. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Copper One Inc. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statement. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
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.