Copper Mountain Mining Corporation (TSX: CMMC) (ASX:C6C) is pleased to announce that is has completed Phase 2 of its 3-Phase drilling program at the New Ingerbelle property, and results continue to be positive. New Ingerbelle is located adjacent to the present operations of the Copper Mountain Mine (See Appendix A for New Ingerbelle location map).
Highlights from the remaining 14 drill holes of phase 2 include:
Gil Clausen, Copper Mountain’s President and CEO stated, “These drill results continue to demonstrate that New Ingerbelle has the potential to be of considerable size and significance to the Company. We have extended mineralization below prior resource limits, expanded it laterally and filled in the resource as planned. With the Phase 2 drilling program complete, we are now working on incorporating the results into an updated mineral resource for New Ingerbelle, which we expect to announce shortly. We believe New Ingerbelle will continue to increase in significance as a development project for the Company and will fit perfectly in our organic development pipeline of growth projects.”
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. Phase 2, which consisted of 29 drill holes totalling approximately 10,000 metres, was designed to expand the New Ingerbelle resource area and convert Inferred Mineral Resources to the Measured and Indicated status. Having now completed the second phase, work is currently underway to update the Resource. The updated Resource estimate is planned to be announced before the end of the third quarter of 2018. Significant intercepts from the remaining 14 holes that have not yet been announced from the Phase 2 drill program, 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.
*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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