Cupani clarifies Blue Lake historical resource estimate

Executive Summary

• Cupani Metals Corp. issued a clarifying news release following a review by the British Columbia Securities Commission regarding previous disclosures of historical resource estimates at its Blue Lake project.
• The company clarified that the historical resource estimate (4.37 million tonnes grading 0.87% Cu, 0.52% Ni, and 0.84 g/t Pt-Pd) is not classified as current mineral resources or reserves due to insufficient work by a qualified person to verify the data.
• The company is currently seeking original drill logs and analytical certificates from 1987-1988 and plans to conduct new drilling to verify the historical estimate and explore for Cu-Ni and PGE magmatic deposits.

Key Details

• Historical Resource Estimate: 4.37 million tonnes grading 0.87% copper (Cu), 0.52% nickel (Ni), and 0.84 grams per tonne (g/t) platinum-palladium (Pt-Pd).
• Source of Data: Estimate reported by A.T. Avison in an unpublished 1989 La Fosse Platinum Group report; classified as "indicated" at the time.
• Regulatory Status: A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; the company is not treating it as such.
• Verification Requirements: Additional drilling is required to verify the historical resource estimate.
• Data Retrieval Efforts: The company is searching for original logs and analytical certificates from 1987 to 1988, as no reports were filed with the Quebec government for the definition drilling completed by La Fosse during that period.
• Project History:
  • First drilled in the 1950s by Hollinger North Shore Exploration.
  • La Fosse Platinum Group completed a fence drilling program (1987-1989) with over 100 drill holes defining nine mineralized lenses.
  • La Fosse excavated a 350-metre-long adit for preliminary metallurgical testing.
  • Rockland Mineral Corp. confirmed the presence of mineralized lenses in 2011 with 16 drill holes (GM68168).
• Current Exploration: Cupani Metals is exploring for Cu-Ni and PGE magmatic deposits within the Blue Lake property and its possible extensions.
• Qualified Person: Jacquelin Gauthier, PGeo, Vice-President of Exploration, reviewed and approved the technical content.

Notable Quotes

• "A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Cupani Metals is not treating the historical estimate as current mineral resources or mineral reserves."
• "The historical resource estimate only served as an example of the type of deposits known to occur within the Retty Lake region and are not necessarily indicative of other mineralized zones within the specific Blue Lake project area."