Copper Mountain Mining Announces Addition to Eva Copper Mineral Resource, Increases Measured & Indicated Resource by 836 Million Pounds of Copper with Blackard Deposit
(firmenpresse) -
Vancouver, B.C., October 15, 2019 - Copper Mountain Mining Corporation (TSX:CMMC | ASX:C6C) (Copper Mountain or the Company - https://www.youtube.com/watch?v=m7BCML1dKP0&t=123s - ) is pleased to announce drill results from a recently completed exploration program, metallurgical testwork results and a new Mineral Resource for the Blackard deposit. Blackard is a large stratabound deposit located within the Companys Eva Copper Project mining leases, five kilometres from the proposed Eva Copper processing plant, in Queensland, Australia (See Appendix 1 for Location Map).
Drill hole results highlights:
- Hole BCR910 returned 125 metres of 0.57% Cu including 21.5 metres of 1.30% Cu
- Hole BCR911 returned 78 metres of 0.69% Cu including 24 metres of 1.17% Cu
- Hole BCR917 returned 86 metres of 0.59% Cu including 46 metres of 0.86% Cu
- Hole BCR918 returned 94 metres of 0.55% Cu including 44 metres of 0.75% Cu
- Hole BCR919 returned 72 metres of 0.57% Cu including 20 metres of 0.68% Cu
The Company also recently completed extensive metallurgical testwork that has confirmed economic recoveries at Blackard. Based on these results, flotation recoveries are expected to be 90% for the Copper Sulphide Zone and 63% for the Copper Zone, both producing saleable concentrates.
The Blackard Mineral Resource consists of a Measured and Indicated Mineral Resource of 77 million tonnes grading 0.49% copper containing 836 million pounds of copper and an Inferred Mineral Resource of 19 million tonnes grading 0.49% copper containing 206 million pounds of copper. The new Mineral Resource at Blackard improves the grade and increases the size of the Eva Copper Projects Measured and Indicated Mineral Resource to 228 million tonnes grading 0.42% copper containing 2.1 billion pounds of copper. See Appendix 2 for Eva Copper Project Mineral Resource.
Gil Clausen, Copper Mountains President and CEO, commented, We are extremely encouraged by the potential that exists at Eva Copper. These results lead us to believe that Blackard could significantly increase the mill feed and copper production at the Eva Copper Project. We intend to incorporate the information from the Blackard Mineral Resource and metallurgical testwork into an updated feasibility study for Eva Copper, the results of which we expect to announce in the first quarter of 2020.
Mr. Clausen added, The Blackard deposit is only one of seven historical copper deposits within the Eva Copper Project area that are not included in the current mine plan. We are continuing to drill and advance the other deposits, which we believe could add even more value to the Eva Copper Project.
October 2019 Mineral Resource Estimate
A summary of Blackards October 2019 Mineral Resource estimate is provided below. The new resource estimate is based on approximately 60,600 metres of drilling, which includes drill and assay information up to August 2019.
Tonnes Copper Copper
(000s) (%) (M lbs)
Measured Resource
Copper Zone 19,960 0.57 251
Transition Zone 1,910 0.50 21
Copper Sulphide Zone 6,290 0.44 61
Sub-total 28,160 0.54 333
Indicated Resource
Copper Zone 15,980 0.50 177
Transition Zone 2,600 0.47 27
Copper Sulphide Zone 30,580 0.45 300
Sub-total 49,160 0.47 504
Measured and Indicated R
esource
Copper Zone 35,940 0.54 427
Transition Zone 4,510 0.48 48
Copper Sulphide Zone 36,870 0.44 361
Sub-total 77,320 0.49 836
Inferred Resource
Copper Zone 235 0.41 2
Transition Zone 22 0.48 0.2
Copper Sulphide Zone 19,050 0.49 204
Sub-total 19,307 0.49 206
The mineral resource has been contained within a US$3.50 per pound copper whittle-pit shell. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers may not add due to rounding, contained metal calculated at 3 significant figures. Cutoff values used for the reporting of each geo-metallurgical zone are based on projected metallurgical recoveries and are 0.23% Cu, 0.20% Cu and 0.17% Cu for the copper, transition and copper sulphide zones, respectively.
The Copper Sulphide Zone consists of primary sulphide material which occurs in carbonate altered sediments and includes bornite, chalcopyrite and hypogene chalcocite copper-sulphide species. Mineralization within the Copper Zone is primarily fine-grain native copper and lesser chalcocite which are hosted within altered metasedimentary schists. The deposit is covered by a shallow weathered cap of ferruginous oxide material that is considered as waste rock. Given the shallow nature of the cap and that the mineralized material at Blackard is near surface, the Company anticipates a low waste to ore ratio. (See Appendix 3 for 3D Graphic of Conceptual Pit).
The Mineral Resource and metallurgical testwork results on Blackard are currently being incorporated into the Eva Copper mine plan. The Company plans to complete an updated Eva Copper Mineral Reserve and Mineral Resource estimate and Bankable Feasibility Study in the first quarter of 2020. Ausenco Limited has been retained for the Bankable Feasibility Study.
2019 Drill Results
In 2019, Copper Mountain recently completed an 18-hole drill program (2,695 metres) at the Blackard deposit with the objective of validating the existing deposit model and test for extensions to mineralization. The drill results are included in the October 2019 Mineral Resource. A summary of significant drill results from this program are provided below. See Appendix 4 for a Drill Hole Location Map, Appendix 5 for cross sections, and Appendix 6 for a Hole Collar Details.
Hole ID From To Interval Grade
(m) (m) (m) Cu%
BCR904 158 162 4 0.18%
204 300 96 0.43%
Incl. 236 300 64 0.51%
BCR906 12 46 34 0.59%
Incl. 22 44 22 0.80%
BCR907 20 60 40 0.26%
Incl. 24 34 10 0.41%
66 84 18 0.44%
Incl. 66 82 16 0.47%
90 110 20 0.31%
Incl. 94 98 4 0.59%
Incl. 104 108 4 0.41%
BCR909 12 40 28 0.52%
Incl. 14 40 26 0.54%
BCR910 2 20 18 0.37%
Incl. 10 20 10 0.47%
26 151.5 125.5 0.57%
Incl. 130 151.5 21.5 1.30%
BCR911 8 16 8 0.23%
48 96 48 0.40%
Incl. 56 86 30 0.53%
112 134 22 0.52%
Incl. 114 128 14 0.67%
170 206 36 0.38%
Incl. 180 206 26 0.45%
212 290 78 0.69%
Incl. 212 236 24 1.17%
Incl. 242 290 48 0.50%
BCR912 18 22 4 0.18%
BCR913 10 18 8 0.16%
BCR915 0 8 8 0.19%
18 22 4 0.18%
BCR916 0 48 48 0.70%
Incl. 4 44 40 0.79%
62 70 8 0.31%
Incl. 62 66 4 0.41%
122 126 4 0.28%
132 140 8 0.22%
BCR917 0 86 86 0.59%
Incl. 0 16 16 0.34%
Incl. 34 80 46 0.86%
94 102 8 0.22%
118 128 10 0.56%
Incl. 118 126 8 0.66%
BCR918 14 108 94 0.55%
Incl. 36 108 72 0.66%
114 118 4 0.19%
BCR919 104 176 72 0.57%
Incl. 132 152 20 0.68%
182 186 4 0.88%
BCR920 42 66 24 0.29%
Incl. 44 50 6 0.44%
Note: Holes BCR905, BCR908, BCR914 & BCR921 Had No Significant Intercepts. Significance considered a 0.15% Cu Cut-off Grade.
Competent Persons Statement
The information in this report that relates Mineral Resources or Reserves is based on information compiled by Peter Holbek, B.SC (Hons), M.Sc. P. Geo. Mr. Holbek is a full time employee of the Company and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Holbek does consent to the inclusion in this news release of the matters based on their information in the form and context in which it appears.
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr. George Ross, BSc, MSc, MBA, MAIG. Mr. Ross is a full time employee of the Company and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Ross consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Qualified Persons Statement
Mr. Peter Holbek and Mr. George Ross are both deemed a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the contents of this press release.
About Copper Mountain Mining Corporation:
Copper Mountains flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Copper Mountain mine currently produces approximately 90 million pounds of copper equivalent annually, with average annual production expected to increase to over 110 million pounds of copper equivalent in 2020. Copper Mountain also has the permitted, development-stage Eva Copper Project in Queensland, Australia and an extensive 4,000 km2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol CMMC and Australian Stock Exchange under the symbol C6C.
Additional information is available on the Companys web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
Gil Clausen-
Gil Clausen, P.Eng.
Chief Executive Officer
For further information, please contact:
Letitia Wong, Vice President Corporate Development & Investor Relations
604-682-2992 Email: Letitia.Wong(at)CuMtn.com or
Dan Gibbons, Investor Relations 604-682-2992 ext. 238 Email: Dan.Gibbons(at)CuMtn.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, forward-looking statements) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as plans, expects, estimates, intends, anticipates, believes or variations of such words, or statements that certain actions, events or results may, could, would, might, occur or be achieved. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Companys properties in Canada and Australia, the reliability of the historical data referenced in this press release and risks set out in Copper Mountains public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply 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. Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Appendix 1: Blackard Location Map
15102019_EN_..001
Appendix 2: Eva Copper and Blackard Mineral Resources
Tonnes Copper Gold Copper Gold
(000s) (%) (g/t) (Mlbs) (koz)
Eva Project Resources,
before
Blackard
Measured 69,829 0.40 0.07 621 160
Indicated 81,292 0.36 0.07 639 172
Measured & Indicated 151,1210.38 0.07 1,259 330
Inferred 22,368 0.35 0.07 174 53
Blackard Resources
Measured 28,160 0.54 - 333 -
Indicated 49,160 0.47 - 504 -
Measured & Indicated77,320 0.49 - 836 -
Inferred 19,307 0.49 - 206 -
Eva Project with Blacka
rd
Measured 97,989 0.44 0.05 954 160
Indicated 130,4520.40 0.04 1143 172
Measured & Indicated228,4410.42 0.05 2,095 330
Inferred 41,675 0.41 0.04 380 53
Mineral Resource Notes: 1. CIM definitions were followed for Mineral Resources. 2. Eva Mineral Resources are reported at a cut-off grade of 0.17% Cu for copper. Cutoff values used for Blackard vary with metallurgical zone based on predicted recoveries and are 0.23% Cu, 0.19% Cu and 0.17% Cu for the copper, transition and copper sulfide zones, respectively. 3. Mineral Resources are inclusive of Mineral Reserves. 4. Mineral Resources are estimated within whittle pit shells generated using: mining costs of US$2.01/t, processing and G and A costs of US$9.35/t milled, a copper price of US$3.52/lb, and a gold price of US$1,600 per ounce, a US$/AU$ exchange rate of AU$1.35 = US$1.00 for the Eva Project deposits; and $3.50/lb Cu price for the Blackard deposit. 6. Bulk density ranges from 2.08 t/m3 to 3.00 t/m3.
6. Numbers may not add due to rounding. 7. Eva Copper Mineral Resource estimates originally published in the Companys Oct 1, 2018 press release and corresponding 43-101 Technical Report.
Appendix 3: Blackard mineralization (green) and US$ 3.50/lb Cu whittle pit shell (grey). Completed drill holes shown as grey strings. Isometric view looking towards the north-east.
https://www.irw-press.at/prcom/images/messages/2019/49132/15102019_EN_.002.png
Appendix 4: Plan view - Drill Hole Location Map
https://www.irw-press.at/prcom/images/messages/2019/49132/15102019_EN_.003.png
Appendix 5: Cross Sections A and B (New Drilling denoted in Red Font)
Section A
https://www.irw-press.at/prcom/images/messages/2019/49132/15102019_EN_.004.jpeg
Section B
https://www.irw-press.at/prcom/images/messages/2019/49132/15102019_EN_.005.jpeg
Appendix 6: 2019 Hole Collar Details
Hole EastinNorthiElevatAzimutDip Maximu
ID g ng ion h (o) m
D
(m) (m) (m) (o) epth
(m)
BCR904412527776477191 81.5 -60 300
0
BCR905412667776469191 80 -60 110
3
BCR906412618776468192 80 -60 170
4
BCR907412569776467193 80 -60 152
6
BCR908412620776463192 80 -60 80
2
BCR909412578776462193 80 -60 98
7
BCR910412995776515187 260 -60 151.5
4
BCR911412627776498187 80 -70 296
8
BCR912412767776541185 0 -90 108
9
BCR913412758776546187 0 -90 90
9
BCR914412780776557187 0 -90 60
1
BCR915412784776552186 0 -90 138
4
BCR916412623776528189 82.5 -60 180
9
BCR917412723776526189 80 -60 152
0
BCR918412550776523191 80 -60 183
0
BCR919412279776584188 80 -60 188
3
BCR920412293776599187 80 -60 110
8
BCR921412357776585186 80 -60 128
7
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Datum: 16.10.2019 - 10:40 Uhr
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