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Granite Creek Copper (TSX.V: GCX; FRA: GRK) has released results from the first 19 drill holes (6355 metres; Phase 1) of its 10,000 metre drill program at the Carmacks Copper Project in Yukon. The drilling was successful in confirming the extension and grades of mineralization of sulphide material which sits below the current oxide resource which remains open. In particular, the drilling results allow the calculation of the prospective thickness in the sulphide resource and expansion thereof. This is an important basis for the updated 43-101 resource estimate expected later this year.

The existing resource consists of 23.76 million tonnes (oxide and sulfide combined) grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag, containing (446 Mlbs Cu, 237,000 ozs Au and 2.4M ozs Ag). These present results are inline with expectations and represent the first 8 holes of the 19-hole first phase of diamond drilling. Results from the remaining 11 holes should be forthcoming relatively soon and the company is currently conducting phase 2 RC drilling with another diamond core rig set to commence phase 3 in the back half of August.

As shown in the long sections below, there should be a very significant amount of new material that can be brought into the resource and this is particularly evident in Zone 2000S where the sulphide mineralization extended well beyond the current resource model. A brief review of each of the three target zones follows, below, along with a plan map for target location context. Note the inset in Figure 1 which shows the small footprint of the Phase 1 program which was entirely focused on the existing resource area and the drill holes coloured grey which are the as yet unreported holes from the first phase. Phase 2 and 3 will also bring in “Carmacks North” which brings the blue sky and is relatively untested.

Granite Creek has been consistent in expressing its goal of delineating a minimum 1 billion pounds of contained copper and the 2021 program should move it significantly toward that target. Importantly, the addition of new sulphide resources and bringing existing inferred into M&I will be major factors in the new economic assessment also expected later this year or very early next. Sedgman and Mining Plus have been engaged by the company and are currently working on mine planning and mineral processing options that will include both oxide and sulphide whereas the prior PEA, developed by their predecessor, only contemplated oxide.

Tim Johnson, President & CEO of Granite Creek, expressed his satisfaction with progress. Meanwhile, Granite Creek is planning an additional 3rd phase of its drilling in mid-August. The drilling is expected to add another 3,000 meters to this year's total campaign to a total of 13,000 meters. The additional drilling is intended to test newly discovered IP anomalies.

 

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Figure 1 - Plan view of the Carmacks copper project.

Eight holes were drilled in Zone 1 to increase confidence in the inferred portion of this zone's sulphide resource and to evaluate the southern down-dip continuation of the inferred resource (Figure 2). Drilling successfully achieved its objectives of delineating the depth extent of mineralization, extending mineralization below the current resource model, and confirming grade and prospective thickness in the inferred portion of the sulphide resource in this zone.

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Figure 2 - Long section of Zone 1 looking west.

The 2000S Zone (Figure 3) was originally discovered by an IP survey in 2006. Six diamond drill holes were drilled in this zone as part of the first phase of drilling to test for the continuation of bornite-chalcopyrite mineralization down dip. The drilling was very successful as it not only confirmed the continuation of the high grade mineralization, but also extended the mineralization well below the current block model and encountered significant molybdenite mineralization.

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Figure 3 - Long intercept of 2000S

Zone 13

Three diamond drill holes were completed in Zone 13 with the objective of evaluating the northern continuity of sulphide mineralization along strike and filling an open area of the block model.  Within 1000 m of Zone 1, Zone 13 has the potential to add both oxide and sulphide resources for an updated mine plan. The sulphide portion remains open along strike and at depth.  All assay results from Zone 13 are pending.

Conclusion: Granite Creek is fully on track with its drilling and is gathering the necessary information for the planned PEA. Since the objective is to expand and confirm the resource, it is necessary to drill where there is already the most data. However, after this obligatory part comes the freestyle: the latest IP measurements suggest that there could be brand new high-grade discoveries elsewhere in the Carmacks project. Granite is therefore treating itself to an additional 3,000 meters of diamond drilling for a total of 13,000 meters in 2021. We bet that it is likely those final drill holes that will make exploration geologists' hearts beat faster. We are looking forward to it.

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