VANCOUVER, Sept. 21, 2018 /PRNewswire/ - Copper Mountain
Mining Corporation (TSX: CMMC | ASX:C6C) (the "Company" or
"Copper Mountain") is pleased to announce that following the
completion of its Phase 2 drilling program, the Company has updated
the Mineral Resource for its New Ingerbelle property. Results
of resource estimation based on the Phase 2 drilling program have
exceeded the Company's goal set for Phase 3. The drilling program
has successfully expanded the resource area and converted a
significant part of the previously Inferred Mineral Resource to the
Indicated and Measured categories. The New Ingerbelle deposit
is located approximately one kilometre from the Company's flagship
operation, the Copper Mountain Mine (See Appendix A for New
Ingerbelle location map).
Highlights from New Ingerbelle Mineral Resource are:
- More than one billion pounds of copper and one million ounces
of gold in Measured and Indicated Mineral Resource at a 0.12%
copper cut-off grade
- Measured and Indicated Mineral Resource of 151 million tonnes
grading 0.29% copper and 0.18 g/t gold (0.41% CuEq) at a 0.16%
copper cut-off grade
- Inferred Mineral Resource of 69 million tonnes grading 0.27%
copper and 0.16 g/t gold (0.38% CuEq) for contained metal of 405
million pounds of copper and 0.36 million ounces of gold at a 0.16%
cut-off copper grade.
Gil Clausen, Copper Mountain's
President and CEO stated, "Given the size and quality of the
Mineral Resource, we believe New Ingerbelle has the potential to be
a significant contributor of value to the Company. With New
Ingerbelle's Mineral Resource exceeding our target, our next step
now will be to move New Ingerbelle into the evaluation
phase. The evaluation phase will include a mine plan and
economic analysis to move the Mineral Resource to the Mineral
Reserve category. Given New Ingerbelle's favourable grade and
proximity to our Copper Mountain operation, it has the real
potential for growth and flexibility for our near-term production
plans. Further, it is just one of several high-quality growth
projects we have in our portfolio."
A summary of New Ingerbelle's Mineral Resource estimate is
provided below. The new resource estimate is based on
approximately 38,000 metres of historical drill data which is below
current topography and 15,000 metres of new drilling, which
includes drill and assay information up to September 17, 2018.
Cu%
cut-off
grade
|
Tonnes
('000s)
|
Copper
(%)
|
Silver
(g/t)
|
Gold
(g/t)
|
CuEq
(%)
|
Copper
(M
lbs)
|
Gold
(M
oz)
|
Measured
Resource
|
0.20%
|
33,987
|
0.34
|
0.68
|
0.21
|
0.48
|
256.6
|
0.234
|
0.16%
|
43,251
|
0.31
|
0.61
|
0.19
|
0.44
|
293.2
|
0.268
|
0.12%
|
54,396
|
0.27
|
0.55
|
0.17
|
0.39
|
327.6
|
0.300
|
Indicated
Resource
|
0.20%
|
79,928
|
0.31
|
0.61
|
0.19
|
0.44
|
551.0
|
0.501
|
0.16%
|
108,027
|
0.28
|
0.55
|
0.18
|
0.40
|
662.2
|
0.604
|
0.12%
|
141,251
|
0.25
|
0.48
|
0.15
|
0.35
|
764.3
|
0.699
|
Total Measured and
Indicated Resource
|
0.20%
|
113,912
|
0.32
|
0.63
|
0.20
|
0.46
|
807.6
|
0.735
|
0.16%
|
151,278
|
0.29
|
0.57
|
0.18
|
0.41
|
955.4
|
0.872
|
0.12%
|
195,648
|
0.25
|
0.50
|
0.16
|
0.36
|
1,092.0
|
1.001
|
Inferred
Resource
|
0.20%
|
47,608
|
0.30
|
0.55
|
0.19
|
0.43
|
319.8
|
0.283
|
0.16%
|
69,035
|
0.27
|
0.49
|
0.16
|
0.38
|
404.5
|
0.361
|
0.12%
|
93,459
|
0.23
|
0.43
|
0.14
|
0.33
|
480.1
|
0.428
|
CuEq% is based on
metal content only, as historical recoveries have not yet been
verified. Metal prices assumed in the calculation are US$2.75/lb
Cu, US$1,250/oz Au, and US$16/oz Ag. The mineral
resource has been contained within a US$3.50 per pound 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.
|
The Mineral Resource includes drilling from the Phase 1 and
Phase 2 drilling programs Copper Mountain started in 2017 and
completed in September 2018. The
Company's original goal for its 3-Phase program was to define
sufficient resources in order to complete an initial mine plan and
economic analysis. However, as it has already exceeded this
goal in its Phase 2 program, Copper Mountain now plans to move New
Ingerbelle into the evaluation phase, where the Company will
complete an initial mine plan and economic analysis to upgrade the
Mineral Resource to the Mineral Reserve category. Following
the evaluation phase, the Company will assess the potential to
further expand the Mineral Reserve and Mineral Resource in a
follow-up Phase 3 program.
Mineral Resource Estimation Methodology
The Mineral Resource estimate was completed by company employees
under the guidance and supervision of Peter
Holbek, a Qualified Person as defined by National Instrument
43-101. The resource estimate was prepared in conformity with CIM
Best Practices guidelines. The estimate was prepared using
Gemcom software, a three-dimensional block model (15m cubic blocks) where grades were interpolated
into blocks from 7.5m drill hole
composite grades by ordinary kriging. Classification of
resources is based on the size of the interpolation search ellipse
and number of composites and drill holes informing the interpolated
blocks. Mineral resources are constrained by a Whittle pit shell
generated at a US$3.50 copper price
with current mine-site operating costs and metal recoveries.
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 (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.
Peter Holbek is a Qualified
Person as defined by National Instrument 43-101 and has reviewed
and approved the technical content of this 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 produces
about 90 million pounds of copper equivalent per year with a large
resource that remains open laterally and at depth. Copper Mountain
also has the permitted, development stage Eva Copper Project in
Queensland, Australia and an
extensive 379,000 hectare 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.
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SOURCE Copper Mountain Mining Corporation