CopperBank Resources Corp. (CSE:CBK) is pleased to announce that SRK Consulting an independent consulting firm, has delivered a NI 43-101 compliant report containing an updated mineral resource estimate for the Company’s 100% controlled Pyramid Project.
The Inferred Mineral Resource is being updated to incorporate the 3,660 meters drilled by CopperBank during 2017, with the drilling done by previous operators. A total of 10,600 meters has now been drilled at the Project. The updated resource estimate, using a 0.2% copper cut-off, is 153.4 million tonnes at 0.37% copper, 0.02% molybdenum and 0.09 g/t gold. This resource estimation does not take into account the molybdenum or gold values due to the fluctuation of their prices and unknown recovery as no metallurgical test work has been completed.
To compare the results of the 2017 resource estimate with the 2013 resource, SRK re-evaluated the 2017 resource model using the 2013 parameters. The comparison showed that the two models reported very similar grades. The 2017 model improves the confidence in the quality of the resource and reports about 25 to 30 percent more tonnage if the same parameters are applied. The additional tonnage is a reflection of the additional drilling by CopperBank which resulted in a reinterpretation of the mineralized domains and in the infill of previously undrilled volumes.
Gianni Kovacevic, CopperBank Executive Chairman, comments: “The new resource demonstrates that Pyramid has the potential to become a significant deposit in a very good location. For a small investment in 2017, our team was able to significantly increase the scale, confidence and quality of the Project. As we continue to scrutinize the deposit and follow-up on the numerous areas still open to resource expansion, we are layering in further technical information, such as Auracle’s structure density study, to guide our team in future drilling campaigns and important next steps towards more detailed economic studies.”
SRK recommends pursuing the exploration on the Pyramid Project, specifically a 2,500 m drilling program comprising of 10 additional drill holes to expand and further delineate the porphyry mineralization. Contingent on positive results SRK recommends to carry out a Preliminary Economic Assessment of the Pyramid Project. The NI 43-101 compliant report can be found on SEDAR and the company website www.copperbankcorp.com
The Pyramid project is located on private property with the subsurface controlled by The Aleut Corporation, an Alaska Native-owned corporation. Pyramid is a porphyry copper deposit containing an inferred mineral resource estimate of 153.4 million tonnes at 0.37% copper, 0.02% molybdenum, and 0.09 g/t gold (SRK, 2018) applying a 0.2% copper cut-off, divided into two main recognized zones: Main and West. The mineralization is related to a multi-phased calk-alkaline intrusion, intruding sediments of Tertiary Age. The porphyry system is of a minimal extent of 1.5 km2, displays a leached cap, phyllic, propyllitic and potassic alteration analogous to the other copper deposits of the Circum-Pacific Belt. The observed mineralization consists mainly in disseminations of chalcocite, chalcopyrite and local molybdenite and sulphide veinlets. Bornite, malachite and chrysocolla are also reported as accessory minerals.
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