Black Sea Copper & Gold Receives Exploration License for Zlatusha Project, Bulgaria
September 27, 2018
Vancouver, B.C., September 27, 2018. Black Sea Copper & Gold Corp. (TSX-V: BLS, OTCQB: BLSSF) (“Black Sea” or the “Company”) is pleased to announce it has received its exploration and prospecting license from the Ministry of Energy for its 100% owned Zlatusha project.
“Black Sea has been in discussions with multiple parties as potential partners for its projects in Bulgaria, and the issuance of the Zlatusha License will allow us to move forward more aggressively with that strategy” stated Vince Sorace, President and CEO of Black Sea Copper & Gold Corp. “As mentioned previously, Black Sea has been and will continue to evaluate more advanced stage projects for potential acquisition and will be selective in ultimately pursuing the opportunities we believe will return the highest shareholder value.”
Zlatusha Project Overview. The Zlatusha license area (195 km2) lies within an emerging porphyry copper-gold/epithermal belt located northwest of Sofia, in the Western Srednogorie segment of the Banat-Timok-Srednogorie magmatic arc (Fig. 1).The project opportunity was identified by Black Sea in July 2013 after launching a detailed exploration campaign involving data acquisition, regional targeting and subsequent reconnaissance field exploration programs focused on porphyry copper-gold and epithermal gold targets throughout Bulgaria. The Zlatusha project was selected for license application based on the presence of favourable age and composition Cretaceous arc magmatic rocks, magmatic-hydrothermal mineral occurrences, and the presence of several magmatic-hydrothermal centers with outcropping copper-gold mineralization.
Geological Setting. The project area is underlain by Upper Cretaceous andesite volcanic rocks, Cretaceous carbonate and clastic sedimentary rocks, which are intruded by diorite porphyry stocks and dikes. The geological setting of these highly prospective rocks is the same as the Timok Magmatic complex located 95 kilometres to the northwest in eastern Serbia that hosts the world class Bor, Majdanpek and Chucaru Peki deposits, and the Panagyurishte ore field located 65 kilometres to the east in Bulgaria hosting the world class Chelopech, Elatsite and Asarel deposits (Fig.1).
Mineralization and Alteration. Multiple porphyry-related alteration zones, characterized by intense quartz-sericite-pyrite alteration and associated biotite altered diorite porphyry, are present at Zlatusha. Outcrops of quartz vein stockwork with chalcopyrite mineralization cutting biotite altered diorite porphyry have also been identified on the property.
Zlatusha Target Areas. The exploration program conducted to date by Black Sea has improved the understanding of the known target areas, and has yielded multiple additional target areas. The target areas shown in Figure 1 are based on alteration/sulphide/oxide zones in conjunction with anomalous copper and gold.
Property-wide mapping indicates that host rocks for the magmatic-hydrothermal alteration centers are andesite flows, breccias and tuffs with local intercalated limestone intervals. These rocks are intruded by diorite to quartz monzonite porphyry intrusions. Exposed portions of the alteration zones indicate footprints varying in size, with the largest up to 2500 metres by 1200 metres. Alteration zones are typically developed in the vicinity of the porphyry intrusions, and are characterized by silica-sericite-clay assemblages with local development of secondary biotite and skarn in addition to vein stockworks. Distal alteration assemblages which flank the core zones are commonly characterized by chlorite/epidote in andesite host rocks, or marble in limestone host rocks. Primary sulfides associated with the alteration footprints (typically pyrite with local chalcopyrite) are generally weakly oxidized, and occur as disseminated zones and/or in stockwork-style fracture networks. Copper oxides are noted in various locales throughout the property. The field mapping and analytical data demonstrate that the productive porphyry environment has been preserved at multiple locations across the Zlatusha property.
Qualified Person. Rory Kutluoglu, B.Sc. P.Geo., a Qualified Person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Mr. Kutluoglu is the Company’s Vice President Exploration.
About Black Sea Copper & Gold
Black Sea Copper & Gold Corp. is a mineral exploration company active in the Black Sea region of Eastern Europe. The Company has over 4 years of regional experience both technically and operationally within Bulgaria, Serbia, Turkey and Romania, and has established a compliment of local technical, logistical, community and corporate support. Black Sea has demonstrated its ability to identify new copper-gold porphyry and epithermal targets, and believes it has one of the most extensive proprietary geological/exploration databases for Eastern Europe in the industry. The Company is committed to building a robust portfolio of high quality copper and gold projects with the potential to become world-class mining assets.
President and CEO, Black Sea Copper & Gold Corp.
For further information regarding Black Sea Copper & Gold, please visit our website at www.blacksea.ca.
Cautionary Note Regarding Forward-Looking Statements
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.
This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Black Sea Copper & Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, Black Sea Copper & Gold’s ability to raise sufficient capital to fund its obligations under its property option agreements, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the ability of Black Sea Copper & Gold to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to Black Sea Copper & Gold’s plans and business objectives for the projects; the general ability of Black Sea Copper & Gold to drill test its projects and find mineral resources; if any mineral resources are discovered or acquired, the Company’s ability to monetize any such mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of Black Sea Copper & Gold’s management on the date the statements are made. Except as required by law, Black Sea Copper & Gold undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.