Granite Creek Copper Intercepts 105 Meters of 1.18% Copper Equivalent Including 21.22 Meters of 2.55% CuEq at the Carmacks Copper-Gold-Silver Project in Yukon, Canada

Rhea-AI Summary

Granite Creek Copper Ltd. announced significant results from drill hole CRM21-011 at the Carmacks project, intersecting 1.18% CuEq over 105.52 meters, including a high-grade section of 2.55% CuEq over 21.22 meters. The drill results extend mineralization in Zone 2000S, indicating potential for over 100 meters of resource expansion below the current model. The company is also preparing an updated NI 43-101 mineral resource estimate as it advances its drilling program, aiming to enhance resource tonnage and grade.

Positive

• Drill hole CRM21-011 intersected 1.18% CuEq over 105.52 meters and a high-grade section of 2.55% CuEq over 21.22 meters.
• Results indicate potential to expand mineralization in Zone 2000S by over 100 meters.
• Company is preparing to update its NI 43-101 mineral resource estimate.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / August 24, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) ("Granite Creek" or the "Company") is pleased to announce results from diamond drill hole CRM21-011 which intersected copper sulfide mineralization grading 1.18% CuEq (0.96% Cu, 0.01% Mo, 0.18 g/t Au, and 4.06 g/t Ag) over a 105.52-meter interval. The long interval included a high-grade intercept of 2.55% CuEq (2.17% Cu, 0.01% Mo, 0.36 g/t Au and 9.13 g/t Ag) over 21.22 meters (See table 1 below). Also, within the 105m interval, grades reached an impressive 19.72 CuEq (18.97% Cu, 0.46 g/t Au and 38.3 g/t Ag) in 0.5 meters of semi-massive chalcopyrite (see Photo 1 below).

Drill hole CRM21-011, along with four other drillholes from the 2021 Phase 1 program (see release dated July 22, 2021) have extended known mineralization in Zone 2000S from 30m to 100m below the current block model. The Company believes these results will add significant additional tonnage to an updated NI 43-101 mineral resource estimate currently being developed. The entire mineralized section encountered in CRM21-011 is outside the current block model, providing a greater than 100-meter potential expansion below the current resource area (see Figures 1 and 2 below).

Table 1 - Highlights from Diamond Drill hole CRM 21-011 and previous results from Zone 2000S

Drillhole	From (m)	To (m)	Length* (m)	Cu (%)	Mo (%)	Au (g/t)	Ag (g/t)	CuEq** (%)
Results from this release
CRM21-011	223.98	329.50	105.52	0.96	0.01	0.18	4.06	1.18
Including	223.98	245.20	21.22	2.17	0.01	0.36	9.13	2.55
and including	260.32	260.82	0.5	18.97	0.01	0.46	38.3	19.72
Previously released results
CRM21-003	146.35†	214.50	68.15	0.59	0.03	0.14	3.69	0.83
Including	161.40	179.80	18.04	0.81	0.03	0.21	4.80	1.13
CRM21-005	137.05	179.80	43.24	0.74	0.05	0.16	3.82	1.06
Including	142.05	158.40	16.35	1.20	0.03	0.26	6.11	1.58
CRM21-006	194.40	278.20	83.80	0.64	0.01	0.13	3.23	0.81
Including	229.20	278.20	49	0.87	0.02	0.17	3.88	1.10
Including	248.76	266.20	17.44	1.21	0.03	0.22	5.11	1.53
CRM21-008	195.80	228.40	32.6	0.80	0.02	0.17	3.88	1.02
Including	201.55	215.55	14	1.10	0.02	0.24	4.86	1.40
CRM21-009	190.50	243.85	53.35	0.59	0.01	0.14	2.71	0.75
Including	191.30	201.70	10.4	0.87	BDL	0.25	3.70	1.09
and including	209.00	225.95	16.95	0.62	0.01	0.13	2.76	0.77
and Including	229.90	235.25	5.35	1.21	0.06	0.28	4.88	1.68

^** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-section, are estimated to be 50-70% of the intersected width. † Zone has poor recovery

President & CEO, Tim Johnson, commented, "The extent of high-grade mineralization in this drill hole, coupled with the clear potential for further expansion of the zone, indicates that, despite over 50,000 meters of historical drilling completed to date, tremendous exploration potential remains on the Carmacks project. All core samples from the remaining nine holes of the Phase 1 diamond drill program are currently at the lab for assay. The Company looks forward to releasing these results over the coming weeks as well as those from the Phase 2 reverse circulation program currently underway, and also the upcoming Phase 3 diamond drill program, as they become available."

Zone 2000S

Zone 2000S, originally discovered in 2006 following an IP geophysical survey, has the potential to add resource tonnage in the sulfide domain. Located approximately 300 meters south of zones 1,4 & 7 the zone is cut off by a fault on the southern end. The north end of the 2000S zone may be the fault offset continuation of zone 4 or zone 7 and this theory will be drill tested in phase 3 of the company's drill campaign. The mineral resource on this zone (shown in table 2)is based on a 0.25% sulphide copper grade cut-off for the sulphide resource and 0.15% acid soluble Cu cut-off in the oxide resource. Using the same copper equivalent calculation that the company used to report CuEq in this news release the sulfide resources in Zone 2000S would be 0.85% CuEq in the measured and indicated category and 0.89% in the inferred. With a significant portion of the 2021 drill intercepts grading higher than the current resource an updated resource estimate not only has the potential to add tonnage in this zone but also in increase in grade. ¹Six diamond drillholes were completed on this zone in the first phase of drilling with the intent of evaluating the continuation of bornite-chalcopyrite mineralization down dip. Results from five of the six holes have been released (July 22, 2021 news release) with all five holes intercepting mineralization below the current resource model.

Table 2 - Zone 2000S current mineral resources¹

Category	Tonnes	Cu (%)	Acid soluble Cu (%)	Sulphide Cu (%)	Au (g/t)	Ag (g/t)
Measure & Indicated Oxide	899,000	0.55	0.40	0.15	0.18	2.67
Inferred Oxide	23,000	0.56	0.37	0.18	0.17	2.80
Measure & Indicated Sulfide	740,000	0.70	0.07	0.63	0.17	3.28
Inferred Sulfide	636,000	0.73	0.05	0.68	0.18	3.50

¹Mineral resource prepared by Dr. Gilles Arseneau, P.Geo., reported in JDS Energy and Mining Inc 2017 Ni 43-101 [1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada., with updated resource for Zones 2000S, 12 and 13 as reported in April 9, 2018 by Copper North Mining.

Photo 1: CRM 21-011 260.32m to 260.82m over 18.97% Cu

Figure 1: Cross Section of CRM21-011

Figure 2: Long section of Zone 2000S

Photo 2: CRM 21-011 231.35 to 233.35

Upcoming Events

Granite Creek Copper will be participating in the 2021 Yukon Exploration Investment Summit on Tuesday, August 31, at 10am PT, a live panel session with Q&A, hosted by Invest Yukon and moderated by Trevor Hall. Click here to register.

COVID-19 Protocols

Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.

[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.

[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada's Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company's website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com

Qualified Person

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Quality Control and Quality Assurance

Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.

Forward-Looking Statements

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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.

SOURCE: Granite Creek Copper Ltd.

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FAQ

What are the results from drill hole CRM21-011 by Granite Creek Copper (GCXXF)?

Drill hole CRM21-011 intersected 1.18% CuEq over 105.52 meters, including a high-grade intercept of 2.55% CuEq over 21.22 meters.

What is the significance of Zone 2000S in the Carmacks project for GCXXF?

Zone 2000S has potential for significant resource expansion, with drill results extending mineralization by over 100 meters below the current model.

When will Granite Creek Copper update its mineral resource estimate?

Granite Creek Copper is preparing an updated NI 43-101 mineral resource estimate based on recent drilling results.