Vancouver, British Columbia -- Bell Copper Corporation ("Bell" or the "Company") (TSX-V: BCU) announces a non-brokered private placement of up to 7.22 million units at a price of five cents per unit ($0.05) to raise proceeds of up to $361,000. Each unit will consist of one common share and one-half common share purchase warrant (the "Unit Warrants") with each Unit Warrant entitling the holder to acquire one additional common share at a price of 10 cents ($0.10) per share for six months from closing. The Unit Warrants are, upon expiry of the statutory four month hold period after issuance, subject to the right of the company to accelerate the exercise period for the Unit Warrants if the common shares of the company trade above 15 cents ($0.15) for a period of 10 consecutive trading days.
The Company may pay finders' fees on the private placement proceeds to certain parties in accordance with the policies of and subject to the approval of the TSX Venture Exchange. The proceeds of the private placement will be allocated toward the drilling program at the Company's Kabba, Arizona porphyry project (approximately $200,000) as well as for general working capital purposes.
The Company's Kabba porphyry copper-molybdenum project lies between Freeport's Bagdad mine and Origin Mining's Mineral Park mine in northwestern Arizona, a state that has produced ten percent of the world's copper. The Kabba porphyry system has been intersected in drillholes K-8, K-9, and K-10 and was predicted to be present beneath gravel-covered hills based on a fault model linking it with an outcropping porphyry root zone 8 kilometers to the west. Drillholes K-8 and K-9/K-10 bracket the 1.7-kilometer width of the target porphyry. A key drillhole, K-11, will test the midpoint between the other holes in an area of previously identified electrical geophysical anomalies.
Electrical geophysical surveys conducted in 2010 and 2014 detected anomalous natural and induced electrical potentials typical of abundant pyrite in the subsurface across a 600-meter-wide zone between drillholes K-8 and K-9/K-10. The anomalous zone is believed to demark the eastern pyritic halo surrounding the Kabba porphyry target. A predicted copper-rich shell is expected to lie adjacent to this anomaly and extend westward back toward drillholes K-9 and K-10 where sparse disseminated chalcopyrite and bornite were found accompanied by thin quartz-molybdenite veinlets in an altered diatreme breccia and porphyry dike swarm.
The Company believes that any copper-rich shell in this location would lie under 200-400 meters of gravel cover. Leached capping as much as 200 meters thick has been encountered in the Company's previous drilling at Kabba, suggesting that if a copper shell is discovered, it is likely to be overlain by a supergene blanket of enriched copper.
Age dating of molybdenite from Kabba drillhole K-10 by Dr. Holly Stein at Colorado State University using the Re/Os method shows it to be Laramide in age, the period of time when most of Arizona's large copper deposits formed. A second molybdenite sample collected from the surface of the outcropping root zone area was also determined to be Laramide in age, but nearly 8 million years younger than the K-10 sample. The lengthy 8-million-year duration of molybdenite mineralization in the Kabba district is in accordance with the large size of the target, and is typical of some of the world's biggest porphyry copper deposits where ore-forming processes operated over millions of years.
2015 Drill Plans
The Company intends to complete the key test of the hypothetical copper-rich core of the Kabba porphyry target in the second quarter of 2015. Bell believes that drilling could commence as soon as 60 days following the closing of financing. The Company is pursuing multiple funding sources to complete the drilling, including private placements and earn-in options with major copper producers. Permitting of the proposed K-11 drill site has already received approval from the Arizona State Land Department, subject to completion of a native plant survey and payment of a "stumpage fee" for vegetation removed during construction of the drill site. Finalization of permitting is estimated to take 60 days. Approximately $200,000 of funds raised will be allocated toward the completion of K-11, with the balance going toward general working capital.
The technical content of this release has been reviewed and approved by Timothy Marsh, PhD, PEng., the Company's CEO and President. No mineral resource has yet been identified on the Kabba Project. There is no certainty that the present exploration effort will result in the identification of a mineral resource or that any mineral resource that might be discovered will prove to be economically recoverable.
"Bell's drilling efforts at Kabba since 2007 to locate the displaced hangingwall of this large porphyry system have reached a crucial point. We went looking for a giant and we now think that we have it in a box. Hole K-11 will tell us whether the geologic processes that produced the encouraging mineralization and alteration seen in the previous drilling were sufficiently intense and effective in the heart of the system to produce ore-grade material. Any success in this endeavor will fall fully into the hands of our shareholders."
On behalf of the Board of Directors of
Bell Copper Corporation
Timothy Marsh, President, CEO & Director
For further information please contact the Company
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.