CAVU Energy Metals hits 2.80% copper-equivalent at Hopper project

Results from the first four diamond drill holes at its Hopper porphyry/skarn copper-gold project in southwestern Yukon are encouraging, says junior explorer CAVU Energy Metals (CSE: CAVU; US-OTC: CAVVF).

The 7,400-hectare project is about 180 km northwest of Whitehorse and CAVU is earning a 70% stake in the project under an option agreement with project generator Strategic Metals (TSXV: SMD).

Drill hole HOP22-DDH-03 returned 15.27 metres starting from 62.23 metres downhole grading 1.869% copper, 1.037 grams gold per tonne, 13.8 grams grams silver per tonne and 0.0092% molybdenum for a copper-equivalent grade of 2.80%.

The drillhole is the northernmost hole drilled into the centre of the targeted geophysical anomaly and was collared 50 metres west of drill hole HOP22-DDH-01, which cut 0.91 metre grading 0.731% copper, 1.37 grams gold, 5.1 grams silver, 0.0001% moly (1.79% copper-equivalent) starting from 69.50 metres.

“The results of HOP22-DDH-01 and HOP22-DDH-03 together indicate the skarn system exhibits metal zonation and the copper content increases from east to west,” the company stated in a press release. “These holes imply the eastern extent of the shallowest high-grade copper-bearing skarn has been reached, but also show that there are more horizons at depth, as indicated by 1.59% copper-equivalent over 3.95 metres from 182.37 metres in HOP22-DDH-01B.”

Drill hole HOP22-DDH-01B’s 1.59% copper-equivalent grade was based on grades of 0.943% copper, 0.79 gram gold, 7.2 grams silver and 0.0142% moly.

Another hole, HOP22-DDH-02 returned 16.52 metres of 0.804% copper, 0.492 gram gold, 6.7 grams silver and 0.0077% moly (1.27% copper-equivalent) starting from 107.02 metres downhole.

The copper-equivalent calculations were based on metal prices of US$3.55 per lb. copper, US$1,800 per oz. gold, US$20 per oz. silver and US$19.80 per lb. moly.

The company noted that high-grade mineralization in horizon 1 at Hopper “is now known to occur over 300 metres north-south and 200 metres east-west, and remains open to the north and south by several hundred metres.”

Under its option deal signed in April 2021, CAVU can earn a 70% stake in Hopper by spending a total of $5 million on exploration, paying Strategic a total of $700,000 in cash and issuing to Strategic Metals a total of 250,000 shares by the end of March 2025.

Based on results from its exploration program last year, CAVU applied for a 10-year exploration permit to continue drilling with up to three drills.

Mineralization at the project has been defined so far in two main zones—Copper Castle and Hopkins North. The Copper Castle zone (formerly known as Hopkins South and Hopper South), covers an 800 metre by 1.5 km area of skarn mineralization south of the Hopper pluton. The Hopkins North zone covers a 2.3 km by 650 metre zone of porphyry copper style mineralization.