Copper Mountain Mining Announces Addition to Eva Copper Mineral Resource, Increases Measured & Indicated Resource by 836 Million Pounds of Copper with Blackard Deposit
VANCOUVER, Oct. 15, 2019 /PRNewswire/ - Copper Mountain Mining Corporation(TSX:CMMC | ASX:C6C) ("Copper Mountain" or the "Company") 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 Company's Eva Copper Project mining leases, five kilometres from the proposed Eva Copper processing plant, in Queensland, Australia (See Appendix 1 for Location Map).
Appendix 5: Cross Sections A and B (New Drilling denoted in Red Font) - Section A (CNW Group/Copper Mountain Mining Corporation)
Appendix 5: Cross Sections A and B (New Drilling denoted in Red Font) - Section B (CNW Group/Copper Mountain Mining Corporation)
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 77million 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 Project's 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 Mountain's 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 Blackard's 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
('000s)
Copper
(%)
Copper
(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 Resource
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
(m)
To
(m)
Interval
(m)
Grade
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 Mountain's 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 Company's 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
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 Company's properties in Canada and Australia, the reliability of the historical data referenced in this press release and risks set out in Copper Mountain's 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 2: Eva Copper and Blackard Mineral Resources
Tonnes
(000s)
Copper
(%)
Gold
(g/t)
Copper (Mlbs)
Gold
(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
151,121
0.38
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 & Indicated
77,320
0.49
-
836
-
Inferred
19,307
0.49
-
206
-
Eva Project with Blackard
Measured
97,989
0.44
0.05
954
160
Indicated
130,452
0.40
0.04
1143
172
Measured & Indicated
228,441
0.42
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 Company's Oct 1, 2018 press release and corresponding 43-101 Technical Report.
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