VANCOUVER, Oct. 28, 2019 /PRNewswire/ - Copper
Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the
"Company" or "Copper Mountain") is pleased to announce that it
has expanded Copper Mountain Mine's ("CMM" or the "Mine") Mineral
Reserve and Mineral Resource and has also optimized the mine plan
resulting in a lower strip ratio, longer mine life and smoother
production profile. The Copper Mountain Mine is located in
southern British Columbia. All
metrics are on a 100% project basis.
Highlights from the updated mine plan and Mineral Reserve and
Mineral Resource include:
- Increased Proven and Probable Mineral Reserve by 12% to 477
million tonnes for contained metal of 2.47 billion pounds of copper
and 1.55 million ounces of gold (at average grades of 0.23% Cu and
0.10 g/t Au)
- Life of mine strip ratio reduced to 1.58 from 1.82
- Mine life increased by 4.5 years to 31 years at current planned
production levels
Gil Clausen, Copper Mountain's
President and CEO stated, "We continue to grow the size and quality
of the Copper Mountain Mine Mineral Reserves. Over the last
year we have integrated the New Ingerbelle pit and now we have
increased and integrated the CMM North pit as well as optimized the
CMM Main pit. The North pit brings low cost production given
it is mineralized from surface and adjacent to the Copper Mountain
Mine's mid-grade and low-grade stockpiles and the primary crusher.
Notably, the North pit requires zero initial capital to
develop and has a low strip ratio of 0.85 waste tonnes to ore
tonnes, which, when combined with the new design optimizations of
the established pits, decreases total life of mine strip ratio for
the entire operation to 1.58 from 1.82."
Mr. Clausen added, "We will continue to drill the resources
at the Copper Mountain Mine as significant potential exists to
further expand all the deposits at a low conversion and discovery
cost. Given the positive impact that the CMM North pit could have
on near term production cost, we have adjusted our current mine
plan to accommodate some production commencing from CMM North
starting later in 2020. The bulk of production in 2020 and
over the next several years is still expected to come from higher
grade zones in the CMM Main pit. With the planned completion
of our mill expansion project, which is currently underway, the new
mine plan will allow for a more consistent, higher production rate
at lower cost in the near, medium and longer term."
Mineral Reserve and Mineral Resource
As a result of
the 2019 exploration and development drilling at the Copper
Mountain Mine, the Company has increased the Mine's Mineral Reserve
and Mineral Resource across all categories when compared to the
last published February 2019 Mineral
Reserve and Mineral Resource, including depletion from production
to the end of July 2019. A
summary of the Copper Mountain Mine Mineral Reserve and Mineral
Resource, which includes the CMM Main pit, CMM North pit and the
New Ingerbelle pit is provided below. See Appendix 1 for site
and pit location overview. See Appendix 2 for Mineral Reserve
by pit and grade tabulation and Mineral Resource by pit. The
Mineral Reserve is included in the Mineral Resource and the
effective date of the Mineral Reserve and Mineral Resource is
August 1, 2019.
MINERAL
RESERVES
|
|
Tonnes
('000s)
|
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(M
lbs)
|
Gold
(k
oz)
|
Silver
(koz)
|
|
|
|
|
|
|
|
|
Proven
|
205,391
|
0.25
|
0.09
|
0.87
|
1,134
|
621
|
5,746
|
Probable
|
271,404
|
0.22
|
0.11
|
0.62
|
1,337
|
932
|
5,378
|
Proven &
Probable
|
476,795
|
0.23
|
0.10
|
0.73
|
2,470
|
1,553
|
11,125
|
Mineral Reserve
Notes:
|
1.
|
Joint Ore Reserves
Committee (JORC) and CIM Definition Standards were followed for
Mineral Reserves.
|
2.
|
Mineral Reserves
were generated using the August 1, 2019 mining
surface.
|
3.
|
Mineral Reserves
are reported at a 0.10% Cu cut-off grade based on an Equivalent NSR
cut-off.
|
4.
|
Mineral Reserves
are reported using long-term copper, gold, and silver prices of
$2.75/lb, $1,300/oz, and $16.50/oz, respectively.
|
5.
|
To define Mineral
Reserves, average copper process recoveries of 80% for Main Pit and
88.5% for Main Pit North, gold process recovery of 65% and silver
process recovery of 70%.
|
6.
|
Average bulk
density is 2.78 tonnes per cubic metre (t/m3).
|
7.
|
Stockpile grades
are approximations based on grade control results.
|
8.
|
Stockpile tonnes
and grade based on production grade control process.
|
Mineral
Resource
|
At a 0.10% Cu
cut-off grade
|
Tonnes
('000s)
|
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(M
lbs)
|
Gold
(K
oz)
|
Silver
(K
oz)
|
|
|
|
|
|
|
|
|
Measured
|
192,951
|
0.27
|
0.11
|
0.97
|
1,148
|
657
|
6,030
|
Indicated
|
405,898
|
0.22
|
0.10
|
0.62
|
1,937
|
1,338
|
8,042
|
Total Measured
& Indicated
|
598,850
|
0.23
|
0.10
|
0.73
|
3,084
|
1,995
|
14,072
|
|
|
|
|
|
|
|
|
Inferred
|
276,389
|
0.20
|
0.10
|
0.50
|
1,229
|
877
|
4,437
|
Mineral Resource
Notes:
|
1.
|
Joint Ore Reserves
Committee (JORC) and CIM Definition Standards were followed for
Mineral Resources.
|
2.
|
Mineral resources
were estimated between the August 1, 2019 mining/topographic
surface and Whittle Pit shell generated using US$3.50/lb Cu
price
|
3.
|
Mineral Resources
are reported at the 0.10% Cu cut-off (Mineral Reserve) grade and
various process cut-off grades dependant on NSR value the
mineralization.
|
4.
|
Average bulk
density is 2.78 tonnes per cubic metre (t/m3).
|
Mine Plan
The Company has updated and optimized
the CMM Main Pit and the CMM North Pit, which resulted in lowering
the strip ratio (waste to ore) to 1.58. This ratio is lower than
the previous February 2019 average
life of mine strip ratio of 1.82. The new pit designs, which
include the incorporation of the expanded North pit into the
production sequence, have enhanced the consistency of production
and cost over the plan outlined in the Company's Technical Report
dated February 2019. The Company
plans to provide three-year production and cost guidance in
January 2020. A summary of mining
metrics compared to the prior February
2019 mine plan is provided below:
|
|
October
2019
Mine
Plan
|
February
2019
Mine Plan
|
Ore – Main
Pit
|
(kt)
|
160,631
|
151,653
|
Ore – North
Pit
|
(kt)
|
69,238
|
23,881
|
Ore – New
Ingerbelle
|
(kt)
|
192,810
|
187,864
|
Total
Ore
|
(kt)
|
422,679
|
363,399
|
Waste – Main
Pit
|
(kt)
|
361,347
|
371,930
|
Waste – North
Pit
|
(kt)
|
58,842
|
24,476
|
Waste – New
Ingerbelle
|
(kt)
|
248,009
|
266,524
|
Total
Waste
|
(kt)
|
668,198
|
662,931
|
Strip Ratio –
Main Pit
|
w:o
|
2.25
|
2.45
|
Strip Ratio –
North Pit
|
w:o
|
0.85
|
1.02
|
Strip Ratio –
New Ingerbelle
|
w:o
|
1.29
|
1.42
|
Total Strip
Ratio
|
w:o
|
1.58
|
1.82
|
Competent Persons Statement
The information in this
report that relates to Exploration Targets, Exploration Results,
Mineral Resources or Ore Reserves is based on information compiled
by Peter Holbek, B.SC., 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.
Qualified Person
The Mineral Resource estimate was
prepared by Mr. Peter Holbek, B.Sc.,
M.Sc., P. Geo, who is the Vice President, Exploration of Copper
Mountain Mining Corporation. Mr. Holbek serves as the
Qualified Person as defined by National Instrument 43-101. Mr.
Holbek consents to the inclusion of the mineral resource in this
news release and has approved the mineral resource information
included in this news release.
Mr. Stuart Collins, P.E., serves as the Qualified Person as
defined by National Instrument 43-101 and is the Qualified Person
for information regarding the Copper Mountain Mine's Mineral
Reserve. Mr. Collins is independent of the Company and has reviewed
and approved the contents of this news release in relation to the
Mineral Reserve.
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, with
average annual production expected to increase to over 110 million
pounds of copper equivalent. 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
Note: This release contains forward-looking statements
that involve risks and uncertainties. These statements may
differ materially from actual future events or results.
Readers are referred to the documents, filed by the Company on
SEDAR at www.sedar.com, specifically the most recent reports which
identify important risk factors that could cause actual results to
differ from those contained in the forward-looking
statements. The Company undertakes no obligation to review or
confirm analysts' expectations or estimates or to release publicly
any revisions to any forward-looking statement.
APPENDIX: MINERAL RESERVE BY PIT AND GRADE RANGE
TABULATION
MINERAL
RESERVES
(By Pit and
Combined CMM Total)
|
CMM Main
Pit
|
Grade
Range
(Cu
%)
|
Category
|
Tonnes
('000s)
|
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(M
lbs)
|
Gold
(k
oz)
|
Silver
(koz)
|
> 0.18
|
Proven
|
50,553
|
0.40
|
0.10
|
2.11
|
444
|
165
|
3,437
|
0.10 -
0.18
|
Proven
|
15,465
|
0.14
|
0.04
|
0.62
|
47
|
20
|
310
|
>
0.10
|
Total
Proven
|
66,017
|
0.34
|
0.09
|
1.77
|
491
|
184
|
3,747
|
|
|
|
|
|
|
|
|
|
> 0.18
|
Probable
|
49,413
|
0.31
|
0.09
|
1.38
|
338
|
149
|
2,200
|
0.10 -
0.18
|
Probable
|
45,201
|
0.14
|
0.05
|
0.51
|
136
|
72
|
745
|
>
0.10
|
Total
Probable
|
94,614
|
0.23
|
0.07
|
0.97
|
474
|
221
|
2,945
|
|
|
|
|
|
|
|
|
|
> 0.18
|
Proven &
Probable
|
99,965
|
0.36
|
0.10
|
1.75
|
782
|
313
|
5,637
|
0.10 -
0.18
|
Proven &
Probable
|
60,666
|
0.14
|
0.05
|
0.54
|
183
|
91
|
1,055
|
>
0.10
|
Total Proven &
Probable
|
160,631
|
0.27
|
0.08
|
1.30
|
966
|
405
|
6,692
|
New Ingerbelle
Pit
|
Grade
Range
(Cu
%)
|
Category
|
Tonnes
('000s)
|
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(M
lbs)
|
Gold
(k
oz)
|
Silver
(koz)
|
> 0.18
|
Proven
|
38,194
|
0.33
|
0.21
|
0.66
|
278
|
253
|
810
|
0.10 -
0.18
|
Proven
|
22,260
|
0.14
|
0.09
|
0.29
|
68
|
63
|
205
|
>
0.10
|
Total
Proven
|
60,455
|
0.26
|
0.16
|
0.52
|
346
|
315
|
1,016
|
|
|
|
|
|
|
|
|
|
> 0.18
|
Probable
|
77,621
|
0.29
|
0.18
|
0.58
|
503
|
460
|
1,449
|
0.10 -
0.18
|
Probable
|
54,734
|
0.14
|
0.09
|
0.29
|
166
|
153
|
503
|
>
0.10
|
Total
Probable
|
132,355
|
0.23
|
0.14
|
0.46
|
669
|
614
|
1,952
|
|
|
|
|
|
|
|
|
|
> 0.18
|
Proven &
Probable
|
115,816
|
0.31
|
0.19
|
0.61
|
781
|
713
|
2,260
|
0.10 -
0.18
|
Proven &
Probable
|
76,994
|
0.14
|
0.09
|
0.29
|
234
|
216
|
708
|
>
0.10
|
Total Proven &
Probable
|
192,810
|
0.24
|
0.15
|
0.48
|
1,015
|
929
|
2,968
|
CMM North
Pit
|
Grade
Range
(Cu
%)
|
Category
|
Tonnes
('000s)
|
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(M
lbs)
|
Gold
(k
oz)
|
Silver
(koz)
|
> 0.18
|
Proven
|
11,197
|
0.26
|
0.09
|
0.35
|
64
|
33
|
126
|
0.10 -
0.18
|
Proven
|
13,605
|
0.14
|
0.04
|
0.17
|
42
|
19
|
75
|
>
0.10
|
Total
Proven
|
24,802
|
0.19
|
0.07
|
0.25
|
106
|
52
|
201
|
|
|
|
|
|
|
|
|
|
> 0.18
|
Probable
|
19,675
|
0.27
|
0.10
|
0.50
|
119
|
62
|
314
|
0.10 -
0.18
|
Probable
|
24,760
|
0.14
|
0.04
|
0.21
|
74
|
35
|
168
|
>
0.10
|
Total
Probable
|
44,435
|
0.20
|
0.07
|
0.34
|
193
|
97
|
481
|
|
|
|
|
|
|
|
|
|
> 0.18
|
Proven &
Probable
|
30,872
|
0.27
|
0.10
|
0.44
|
183
|
95
|
440
|
0.10 -
0.18
|
Proven &
Probable
|
38,365
|
0.14
|
0.04
|
0.20
|
115
|
54
|
243
|
>
0.10
|
Total Proven &
Probable
|
69,238
|
0.20
|
0.07
|
0.31
|
299
|
149
|
682
|
CMM Total Mineral
Reserves
|
Grade
Range
(Cu
%)
|
Category
|
Tonnes
('000s)
|
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(M
lbs)
|
Gold
(k
oz)
|
Silver
(koz)
|
> 0.18
|
Proven
|
99,944
|
0.36
|
0.14
|
1.36
|
786
|
450
|
4,374
|
0.10 -
0.18
|
Proven
|
51,330
|
0.14
|
0.06
|
0.36
|
156
|
101
|
590
|
>
0.10
|
Sub-total
Proven
|
151,274
|
0.28
|
0.11
|
1.02
|
943
|
552
|
4,964
|
|
Proven –
Stockpile
|
54,117
|
0.16
|
0.04
|
0.45
|
191
|
70
|
783
|
|
Total
Proven
|
205,391
|
0.25
|
0.09
|
0.87
|
1,134
|
621
|
5,746
|
|
|
|
|
|
|
|
|
|
> 0.18
|
Probable
|
146,709
|
0.30
|
0.14
|
0.84
|
960
|
671
|
3,963
|
0.10 -
0.18
|
Probable
|
124,696
|
0.14
|
0.06
|
0.35
|
376
|
260
|
1,415
|
>
0.10
|
Total
Probable
|
271,404
|
0.22
|
0.11
|
0.62
|
1,337
|
932
|
5,378
|
|
|
|
|
|
|
|
|
|
> 0.18
|
Proven &
Probable
|
246,653
|
0.32
|
0.14
|
1.05
|
1,747
|
1,122
|
8,337
|
0.10 -
0.18
|
Proven &
Probable
|
176,026
|
0.14
|
0.06
|
0.35
|
533
|
362
|
2,005
|
>
0.10
|
Sub-total Proven
& Probable
|
422,679
|
0.24
|
0.11
|
0.76
|
2,279
|
1,483
|
10,342
|
|
Proven
& Probable - Stockpile
|
54,117
|
0.16
|
0.04
|
0.45
|
191
|
70
|
783
|
|
Total Proven &
Probable
|
476,795
|
0.23
|
0.10
|
0.73
|
2,470
|
1,553
|
11,125
|
Mineral Reserve
Notes:
|
1.
|
Joint Ore Reserves
Committee (JORC) and CIM Definition Standards were followed for
Mineral Reserves.
|
2.
|
Mineral Reserves
were generated using the August 1, 2019 mining
surface.
|
3.
|
Mineral Reserves
are reported at a 0.10% Cu cut-off grade based on an Equivalent NSR
cut-off.
|
4.
|
Mineral Reserves
are reported using long-term copper, gold, and silver prices of
$2.75/lb, $1,300/oz, and $16.50/oz, respectively.
|
5.
|
To define Mineral
Reserves, average copper process recoveries of 80% for Main Pit and
88.5% for Main Pit North, gold process recovery of 65%, and silver
process recovery of 70%.
|
6.
|
Average bulk
density is 2.78 tonnes per cubic metre (t/m3).
|
7.
|
Stockpile grades
are approximations based on grade control results.
|
8.
|
Stockpile tonnes
and grade based on production grade control process.
|
9.
|
Numbers may not
add due to rounding.
|
Mineral
Resource
By Pit and CMM
Total
|
At a 0.10% Cu
cut-off grade
|
Tonnes
('000s)
|
Copper
(%)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(M
lbs)
|
Gold
(K
oz)
|
Silver
(K
oz)
|
Measured
|
|
|
|
|
|
|
|
CMM
Main
|
90,860
|
0.31
|
0.08
|
1.58
|
628
|
247
|
4,616
|
CMM
North
|
41,626
|
0.19
|
0.07
|
0.31
|
178
|
99
|
414
|
New
Ingerbelle
|
60,465
|
0.26
|
0.16
|
0.51
|
341
|
312
|
1,000
|
Total
Measured
|
192,951
|
0.27
|
0.11
|
0.97
|
1,148
|
657
|
6,030
|
|
|
|
|
|
|
|
|
Indicated
|
|
|
|
|
|
|
|
CMM
Main
|
164,923
|
0.22
|
0.07
|
0.88
|
797
|
385
|
4,649
|
CMM
North
|
81,423
|
0.18
|
0.08
|
0.41
|
332
|
214
|
1,062
|
New
Ingerbelle
|
159,551
|
0.23
|
0.14
|
0.45
|
809
|
738
|
2,331
|
Total
Indicated
|
405,898
|
0.22
|
0.10
|
0.62
|
1,937
|
1,338
|
8,042
|
|
|
|
|
|
|
|
|
Measured &
Indicated
|
|
|
|
|
|
|
|
CMM
Main
|
255,784
|
0.25
|
0.08
|
1.13
|
1,425
|
632
|
9,265
|
CMM
North
|
123,050
|
0.19
|
0.08
|
0.37
|
510
|
313
|
1,477
|
New
Ingerbelle
|
220,016
|
0.24
|
0.15
|
0.47
|
1,149
|
1,050
|
3,330
|
Total Measured
& Indicated
|
598,850
|
0.23
|
0.10
|
0.73
|
3,084
|
1,995
|
14,072
|
|
|
|
|
|
|
|
|
Inferred
|
|
|
|
|
|
|
|
CMM
Main
|
103,044
|
0.21
|
0.08
|
0.64
|
465
|
250
|
2,119
|
CMM
North
|
67,345
|
0.17
|
0.08
|
0.42
|
254
|
173
|
916
|
New
Ingerbelle
|
106,000
|
0.22
|
0.13
|
0.41
|
511
|
455
|
1,401
|
Total
Inferred
|
276,389
|
0.20
|
0.10
|
0.50
|
1,229
|
877
|
4,437
|
Mineral Resource
Notes:
|
1.
|
Joint Ore Reserves
Committee (JORC) and CIM Definition Standards were followed for
Mineral Resources.
|
2.
|
Mineral resources
were estimated between the August 1, 2019 mining/topographic
surface and Whittle Pit shell generated using US$3.50/lb Cu
price
|
3.
|
Mineral Resources
are reported at the 0.10% Cu cut-off (reserve) grade and various
process cut-off grades dependant on NSR value the
mineralization.
|
4.
|
Average bulk
density is 2.78 tonnes per cubic metre (t/m3).
|
5.
|
Numbers may not
add due to rounding.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/copper-mountain-mining-announces-larger-mineral-reserve-at-the-copper-mountain-mine-improves-mine-plan-300946104.html
SOURCE Copper Mountain Mining Corporation