Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) is pleased to announce positive results from 18 drill holes, totalling 6,924 metres, drilled at the New Ingerbelle copper-gold open pit, as part of ongoing exploration at the property. The current drill program has encountered long intercepts of high-grade mineralization with continuity, doubling the vertical extent of mineralization below the existing pit. The Company plans to add two more drill rigs to augment the two rigs currently operating on-site as part of the ongoing exploration program. New Ingerbelle is situated one kilometre from the main active mining area of the Copper Mountain Mine, located in southern British Columbia, near the town of Princeton.
In the section below are highlights from the ongoing drill program. Figures 1 and 2 illustrate a plan view (drill hole location map) and a long section of the program to date. Table 1 has a complete drill hole summary.
“These results confirm our view on New Ingerbelle that there is huge reserve growth potential,” commented Gil Clausen, Copper Mountain’s President and CEO. “The deposit continues to get bigger and better with drilling. We have already doubled the depth of the mineralization and extended it along strike, yet the deposit remains open. The results validate our belief that there is a high potential to substantially increase the Mineral Resources and Mineral Reserves at our BC operation. More drilling remains to be done at New Ingerbelle, the north pit, and the main pit, and the Company plans to continue to drill for the remainder of this year and into 2022.”
The goal of the current drill program is to extend mineralization laterally and to depth and fill gaps within earlier drilling. The New Ingerbelle deposit is a combination of disseminated and fracture-controlled mineralization with strong vertical continuity. The current drill program to date has significantly extended New Ingerbelle mineralization to depth and along strike. Geology, alteration intensity, and copper-to-gold ratios appear to be relatively consistent over the vertical extent of mineralization.
The Company is continuing to drill at New Ingerbelle to define the vertical and lateral extents of the deposit and infill for resource estimation purposes. Copper Mountain aims to add two more drill rigs in the third quarter of 2021 with plans to continue drilling into 2022. The Company plans to incorporate the results of the 2021 drilling into its year-end Mineral Reserves and Mineral Resources update, which will be published in the first quarter of 2022. The Company expects to produce a new “Life of Mine Plan” for publication in the second quarter of 2022, which will incorporate an updated Mineral Reserves and Mineral Resources estimate based on the complete drill program.
New Ingerbelle is a past-producing open-pit mine discovered and developed in the late 1960s, with mining occurring between 1972 and 1996. Copper Mountain renewed exploration drilling in 2017 and 2018. New Ingerbelle’s Mineral Reserve as at January 1, 2021 is 193 million tonnes grading 0.24% Cu, 0.15 g/t Au and 0.48 g/t Ag (0.33% CuEq)(3) containing 1.0 billion lbs Cu, 920k oz Au and 3.0 million oz Ag (as disclosed in Copper Mountain’s Annual Information Form dated March 29, 2021, available on SEDAR).
Table 1: Drill Hole Table(1,2)
|Hole ID||Azimuth||Dip||Length||From (m)||To (m)||Interval||Cu%||Ag g/t||Au g/t||CuEq%(3)|
|1.||Holes 21IG-09, 21IG-10, 21IG-13, 21IG-14 and 21IG17 were lost due to ground conditions.|
|2.||Table shows detailed drill results of intercepts over 0.20% CuEq.|
|3.||CuEq calculated from NSR values when using long-term bank consensus metal prices (in US$) of $3.35, $1,599, $21.40 and recoveries of 85%, 71%, 65% for Cu, Au, and Ag, respectively.|
QA/QC and Core Sampling Protocols
Drill core is transported to the secure logging area by geological staff. Sample intervals are marked on the core which is halved by diamond saw. Sample size is usually 2m for HQ and 3m for NQ core diameters. Blanks and field duplicates are inserted into the sample stream and the half core samples are taken to the mine laboratory where samples are dried, crushed, split, and pulverized. The pulverized sample is analyzed by XRF methods, with samples containing greater than 0.4% Cu being re-analyzed by Atomic Adsorption (AA) methods by the mine laboratory which also reports on inserted certified reference standards. Pulps from samples with greater than 0.1% Cu are shipped to an accredited commercial laboratory for Au and Ag analysis (either by Fire assay or AA methods) and every twentieth sample is analyzed for Cu and Ag by ICP multi-element analysis. Such laboratory is independent from Copper Mountain. The drill samples were collected in accordance with accepted industry standards. There are no known issues that would materially affect the accuracy or reliability of the analytical data from the drill program presented herein.
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 consents to the inclusion in this news release of the matters based on the 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 currently produces approximately 100 million pounds of copper equivalent per year, with average annual production expected to increase to approximately 140 million pounds of copper equivalent. Copper Mountain also has the development-stage Eva Copper Project in Queensland, Australia and an extensive 2,100 km2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange and Australian Stock Exchange.
Figure 1: Plan View (Drill Hole Location Map) (CNW Group/Copper Mountain Mining Corporation)
Figure 2: Long Section (CNW Group/Copper Mountain Mining Corporation)
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