Exploration Update: Carube Copper - OZ Minerals' Bellas Gate Joint Venture in Jamaica

Carp, Ontario--(Newsfile Corp. - July 22, 2015) - Carube Copper Corp. (the “Company” or “Carube Copper”), (TSX-V: CUC), is pleased to provide an update on exploration at the Bellas Gate Joint Venture (“BGJV”) in Jamaica. The $3.6 million 2015 exploration program funded by joint venture partner OZ Minerals Limited (“OZ Minerals’”) is now well underway with two drills working as of June 30 to provide an initial assessment of the potential for copper and gold resources of numerous copper targets, including the original 14 high-priority targets which were identified in late 2013 by the parties. The objective of the 2015 program is to define sufficient mineralization to enable resource drilling in 2016.

OZ Minerals’ spending on the joint venture is 18 months ahead of schedule. Upon OZ Minerals completing its 2015 program of $3.6 million of exploration expenditures, it will have earned a 70% interest in the BGJV. This will bring their total exploration expenditures to $6.5 million. OZ Minerals can then increase its interest to 80% by sole funding all work to the end of a feasibility study.

Vern Rampton, President and CEO of Carube Copper stated: “OZ Minerals is making excellent progress with its systematic evaluation of copper-gold targets at Bellas Gate. Their drilling to date has already confirmed the relatively high grade of a copper-gold porphyry at Connors and the presence of significant copper mineralization in 2 locations within Porphyry Alley. This is in addition to the Camel Hill copper porphyry previously identified. Drilling is now underway to test other high-priority targets, many of which will be drilled for the first time. We look forward to a steady stream of results throughout 2015 as we receive the pending assays from completed drilling and as drilling is completed on other high-priority copper-gold targets.”

Exploration Completed to June 30, 2015: OZ Minerals has completed the following exploration since entering into the BGJV:

• Thirty four diamond drill holes at the Connors, Ginger Ridge, Geo Hill, Hendley, Mab Hill and Charing Cross prospects, totalling 9,725 metres

• A total of 6,887 drill samples have been analyzed

• Five soil sample survey areas totalling 2,892 samples

• Collection and assay of over 353 rock chip samples

• Geological mapping of 19 prospects, of which 12 were high-priority

• Heliborne magnetic and radiometric survey totalling 1.866.65 line-kilometres

Figure 1:   Location of Select Copper Prospects at Bellas Gate

To view an enhanced version of Figure 1, please visit http://orders.newsfilecorp.com/files/2661/16414_exhibi2.jpg

Connors: At the Connors Prospect, 12 diamond drill holes (“DDHs”) have been drilled for a total of 3,960m. Results from the drilling confirm the presence of copper-gold porphyry style mineralization and alteration associated with monzonite intrusives. The location of drill holes and significant assay results are presented in Figure 2 and Table 1 respectively.

Highlights of drill results at Connors include:

• DDH CON-14-001: 260m of 0.50% CuEq including 107m of 0.78% CuEq

• DDH CON-14-003: 297m of 0.53% CuEq including 55m of 1.00% CuEq

• DDH CON-14-004: 118.0 metres of 0.83% CuEq

• DDH CON-14-005: 294m of 0.56% CuEq including 96m of 1.00% CuEq

• DDH CON-14-010: 185m of 0.45% CuEq including 52m of 0.69% CuEq

True widths of the drill hole intercepts cannot be determined with the information and data currently available. For a complete summary of assays and the calculation of CuEq values from the Connors Prospect, please see the table appended as Table 1 to this press release.

Figure 2: Location of diamond drill holes at the Connors showing copper equivalent percent.
All drill holes were inclined 45° to 60°.

To view an enhanced version of Figure 2, please visit http://orders.newsfilecorp.com/files/2661/16414_exhibi4.jpg

Hendley: In 2014, OZ Minerals completed surface mapping and a soil sampling survey over an area of 3km² at the Hendley Prospect, located approximately 5 km northwest of Connors. A 1,200m by 500m copper soil anomaly with peak values exceeding 1,000 ppm Cu was delineated. At multiple locations, anomalous copper values coincided with outcropping stockwork veining and the presence of malachite and neotocite (see press release Oct 2, 2014). Highlights of the scout drilling results received to date are below with the table of results listed in Table 2. Assays are pending from holes HEN-15-007 to 012. Hole HEN-15-12 is currently being drilled. Highlights of drill results at Hendley include:

• DDH HEN-15-003: 261 m of 0.26% CuEq including 24 m of 0.45% CuEq and 30 m of 0.36% CuEq

True widths of the drill hole intercepts cannot be determined with the information and data currently available.

“The initial results from the first drill testing of the large copper in soils anomaly at Hendley are encouraging in that they define another new area of mineralization on the property.” stated Alar Soever, Chairman of Carube Copper. “The long mineralized intersection reported from Hole HEN-17-003 shows that there is good potential for significant copper mineralization at Hendley. Hole HEN-15-012 is currently drilling 130m northwest of HEN-15-003.”

Geo Hill: Located approximately 2 km west of Connors, the Geo Hill prospect is part of Porphyry Alley that also includes the Mab Hill Prospect and Camel Hill (Figure 1). (Camel Hill was the focus of Carube Copper's diamond drilling program in 2012. That program extended the presence of the previously defined copper mineralization. See press release of Dec. 4, 2012). A soil sample survey covering a strike length of ~1.5km over Porphyry Alley was completed in 2014 and delineated a copper anomaly with a 350m strike length that was coincident with a magnetic anomaly at Geo Hill. Follow-up surface mapping confirmed the presence of copper mineralization in volcanics and intrusive rocks. A historic drill hole at Geo Hill yielded 0.35% Cu and 0.7g Au/t over 121.6m. Initial scout drilling at Geo Hill returned anomalous values in holes GOH-15-001 and 003. Most of the soil geochem and magnetic anomalies remain untested Assays are pending for hole GOH-15-004.

Highlights of drill results at Geo Hill include:

• DDH GOH-15-001: 220 m of 0.28% CuEq including 40 m of 0.41% CuEq

True widths of the drill hole intercepts cannot be determined with the information and data currently available.

Mab Hill: is located within the Porphyry Alley Trend, 800m southeast of Geo Hill and 500m west of the Camel Hill prospect. The Mab Hill prospect was characterized by copper in soil anomalism over 1000 ppm and a coincident airborne magnetic high. Much of the copper mineralization at the Bellas Gate project is associated with secondary magnetite within veins and disseminated within the rock units. To date, only one hole has been drilled at Mab Hill. Results are pending.

Charing Cross: Recent surface mapping has defined a 200m by 60m alteration zone with copper mineralization at surface. This alteration zone is north of the colonial-age Charing Cross Mine, which historically produced 188 tonnes at 14.3% Cu. In 1991, the Charing Cross workings on Level 5 were re-opened by Trevcorp, a Canadian junior exploration company. Their sampling showed an average grade of 9.16% Cu and 7.5 g/t Au over an average width of 0.46 m for a length of 91 m. Two holes have been completed at Charing Cross with a third currently underway. Assays are pending.

Ginger Ridge: Two diamond holes were drilled at the Ginger Ridge Prospect, which is located approximately 1 km northwest of Connors. Both holes intersected moderate to strong potassic altered volcanics and monzonites with stockwork veining. Although the holes show porphyry style alteration that indicates proximity to a porphyry system, no significant copper mineralization was intersected in these two holes. An area within the open projection of a copper in soil anomaly and characterized by an airborne magnetic signature similar to that at Connors remains untested at Ginger Ridge.

Other Priority JV Prospects: Reconnaissance mapping has been completed on the Kola, West Side, Gardners Gully, Halfway, Long Hill, McNeish, Dry Hill, Charing Cross and Congo prospects and on parts of the Elma-Victoria trend (See prospect locations in Figure 1). A soil-sampling program has been completed over the Elma-Victoria trend. Soil sampling was completed by BHP at Kola Prospect in the early 1990s. The remainder of the prospects lie within an area where soil sampling was completed by Carube Copper in 2011 and 2012 (see press releases of November 29, 2011 and May 30, 2012). Results from the OZ Minerals mapping in combination with the soil geochemical surveys and airborne geophysics have defined multiple drill ready targets within this group of prospects.

Moving Forward: The BGJV drilling program will continue to test the high-priority targets at Hendley, Charing Cross and within Porphyry Alley, and then focus on the Dry Hill and Kola prospects.

At Dry Hill Prospect, soil geochemistry completed by Carube Copper defined a large copper anomaly along the flanks of the hill itself. Previous exploration work, including trenching and drilling by Carube Resources, near Dry Hill has intersected 0.42% Cu over 45 m, including 0.64% over 18 m in a trench and 1.56% copper over 5 m in DDH DRH002 (See press release December 4, 2012).

Detailed mapping at the Kola Prospect, located approximately 4.5 km south-east of Connors, has identified a zoned, porphyry-style alteration system, approximately 1.1 km long by 0.7 km wide (See press release August 7, 2014). This correlates well with the historic copper soil geochemical anomaly, as well as airborne magnetic and radiometric data, all delineated by BHP in the 1990s. A water extraction licence has been received and drill hole locations are currently being planned. Drilling of the other targets will follow in order of their priority.

NSI - No significant intersection,
Intervals calculated using unlimited internal dilution.
Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming 100% recovery of both metals.
These drill holes provide insufficient data to indicate mineralization width.
The geometry of mineralization is not known.
Mineralization has been reported as down hole lengths, true width is not known.

Table 1: Bellas Gate – Connors Prospect Summary Drilling Intersections

* - Hole abandoned due to poor ground conditions
NSI - No significant intersection,
Intervals calculated using unlimited internal dilution.
Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming 100% recovery of both metals.
These drill holes provide insufficient data to indicate mineralization width.
The geometry of mineralization is not known.
Mineralization has been reported as down hole lengths, true width is not known.

Table 2: Bellas Gate – Other Prospects Summary Drilling Intersections, including Hendley (HEN), Geo Hill (GOH), Mab Hill (MAB) and Charing Cross (CRC)

Sample Preparation, Analysis and Quality Control: For a description of these items as pertaining to drill core and soil samples, please see disclosure in press releases of January 14, 2015 and October 2, 2014. OZ Minerals, Carube Copper and Activation Laboratories all have robust sample security and quality control programs in place for samples collected in Jamaica.

This press release has been reviewed and approved by Dr. Vern Rampton, P. Eng. in his capacity as a qualified person as defined under NI 43-101(“QP”). All references to “$” herein are to Canadian dollars unless stated otherwise.

About Carube Copper Corp.

Carube Copper Corp (CUC:TSXV) is a Canadian exploration company focused on the rapid exploration and development of precious metal and copper projects in Jamaica. Through a wholly owned Jamaican subsidiary, Carube Copper owns a 40% beneficial interest (subject to a 2% NSR) in the Bellas Gate Project, which consists of two highly prospective copper-gold licences covering 84 square kilometres of the Central Inlier. The Bellas Gate Project (“BGP”) is the subject of a joint venture agreement with OZ Minerals Limited (“OZ Minerals”), an Australian copper-gold producer with a market capitalization of approximately $1B. OZ Minerals can earn a 70% interest (Carube Copper 30%) in the BGP by spending $6.5M and can then increase its interest a further 10% by completing a feasibility study. OZ Minerals can fly airborne geophysics over 3 other wholly-owned Carube Copper projects (4 licenses), subject to 2% NSRs, and subsequently invoke separate joint ventures on each project with similar terms to those applicable to the BGP. Carube Copper also holds a 100% interest in three porphyry copper-gold-molybdenum properties in southwestern British Columbia within the Tertiary-aged Cascade Magmatic Arc. Exploration is continuing on two of these projects with a plan of their becoming of interest to major funding partners.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For further information, please visit Carube Copper’s website at www.carubecopper.com, or contact:

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples and owners of surface rights, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.