Copper Mountain Mining Corporation (TSX: CMMC) (ASX:C6C) is pleased to announce additional drill results from Phase 2 of its 3-Phase drilling program at the New Ingerbelle property nearby the present operations of the Copper Mountain Mine (See Appendix A for New Ingerbelle location map).
Gil Clausen, Copper Mountain’s President and CEO stated, “The drill results from our exploration program at New Ingerbelle continue to reaffirm our belief in its ability to grow in quality and size. New Ingerbelle resource development fits perfectly into our project pipeline of organic growth opportunities. We believe New Ingerbelle will grow in significance as a development project for the Company and fit nicely with our Eva Project and other organic development opportunities in Australia.”
New Ingerbelle continues to demonstrate considerable upside as Phase 2 drilling progresses. Copper Mountain initiated a 3-Phase drilling program at the New Ingerbelle Mine last year with Phase 1, which was successful in validating and confirming historical data, allowing a revised Mineral Resource estimate using both historical and new drill data and confirmed the significant gold mineralization at New Ingerbelle (see February 1, 2018 press release).
Phase 2 looks to expand the New Ingerbelle resource area and to convert Inferred Mineral Resources to the Measured and Indicated status. A total of 30 holes are planned, of which 15 have been reported to date. Complete drill results from this program followed by an updated Mineral Resource estimate is planned in Q3 2018. The Company’s objective under the 3-phase program at New Ingerbelle is to outline sufficient resources to form the basis of a Feasibility Study on the development potential of this historic producing mine.
Significant intercepts from this recent set of eight drill holes, are summarized in the table below. A drill hole location map for the Phase 2 program and associated cross sections can be found in Appendix B, while a detailed listing of drill holes being reported can be found in Appendix C.
|Cu%||Ag g/t||Au g/t||CuEq%*|
|*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.|
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.
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