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).
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 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.
|
Appendix 6: 2019 Hole Collar Details
Hole ID
|
Easting
(m)
|
Northing
(m)
|
Elevation
(m)
|
Azimuth
(o)
|
Dip
(o)
|
Maximum
Depth
(m)
|
BCR904
|
412527
|
7764770
|
191
|
81.5
|
-60
|
300
|
BCR905
|
412667
|
7764693
|
191
|
80
|
-60
|
110
|
BCR906
|
412618
|
7764684
|
192
|
80
|
-60
|
170
|
BCR907
|
412569
|
7764676
|
193
|
80
|
-60
|
152
|
BCR908
|
412620
|
7764632
|
192
|
80
|
-60
|
80
|
BCR909
|
412578
|
7764627
|
193
|
80
|
-60
|
98
|
BCR910
|
412995
|
7765154
|
187
|
260
|
-60
|
151.5
|
BCR911
|
412627
|
7764988
|
187
|
80
|
-70
|
296
|
BCR912
|
412767
|
7765419
|
185
|
0
|
-90
|
108
|
BCR913
|
412758
|
7765469
|
187
|
0
|
-90
|
90
|
BCR914
|
412780
|
7765571
|
187
|
0
|
-90
|
60
|
BCR915
|
412784
|
7765524
|
186
|
0
|
-90
|
138
|
BCR916
|
412623
|
7765289
|
189
|
82.5
|
-60
|
180
|
BCR917
|
412723
|
7765260
|
189
|
80
|
-60
|
152
|
BCR918
|
412550
|
7765230
|
191
|
80
|
-60
|
183
|
BCR919
|
412279
|
7765843
|
188
|
80
|
-60
|
188
|
BCR920
|
412293
|
7765998
|
187
|
80
|
-60
|
110
|
BCR921
|
412357
|
7765857
|
186
|
80
|
-60
|
128
|
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SOURCE Copper Mountain Mining Corporation