QC Copper and Gold Inc. (TSX-V: QCCU) is pleased to report assay results from its recently completed drill program on its flagship Opemiska Copper-Gold project in the Chibougamau-Chapais mining district. These drill results are from the Saddle Zone, represent the area between the Opemiska’s Springer and Perry Mines. The Saddle Zone reflects new mineralization not contained in the Company’s geological model, and the Company anticipates these results could consolidate the Springer and Perry pits into a single open pit design. Highlights include:
Reported Mineralized Intersections to Date in the Saddle Zone. Table 1.
|*||Copper Equivalent (“Cu Eq.”) grade including copper, gold, silver, cobalt and zinc based on 100% recoveries is calculated using the following equation: Cu Eq. = [(Cu % x 20 x Cu price) + (Au grade / 34.2857 x Au price) + (Ag grade / 34.2857 x Ag price) + (Co % x 20 x Co price) + (Zn % x 20 x Zn price)] / (20 x Cu price). We used Cu, Au, Ag, Co and Zn price of US$4.00, US$1,730, US$26.00, US$23.90 and US$1.20 respectively.|
|^||Previously published results.|
These results are for holes drilled into the Saddle Zone that arose from the open pit modelling done during our internal studies last fall. The Saddle Zone was a “dead zone” that emerged from the absence of mined veins in this area between the Springer and Perry mines. The Company’s 2021 drill program, which was primarily focused on twinning historical surface mine holes to validate the assays done by the mine, was also meant to test expanding the mineralization on the edges of the modelled pit, including the Saddle Zone. These drill results clearly indicate that this Zone contains significant mineralized intervals.
“It is hard to overstate the significance of these results, said Charles Beaudry, Director and VP Exploration for QC Copper and Gold Inc and Qualified Person, as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Our modelling of the mineralization on the Springer and Perry Mines is based on the known veins, which have all been digitized. These zeins are surrounded by envelopes of lower grade mineralization that were also digitized. However whatever outside these envelopes we imputed zero grade. In the absence of mined veins, which is the case in the Saddle Zone, where our previous model was unable to attribute any values. These new results will likely lead to the possibility of excavating at least some of the Saddle Zone. A pit optimizer, which is an algorithm that maximizes the revenue from a deposit at each mining period, will ultimately determine the economic value surrounding the possible addition of the Saddle Zone to our model. However, prospect of excavating the Saddle Zone is significant as it impacts the strip-ratio but also allows the modelled pit(s) to go deeper.”
“A reasonable cut-off grade at Opemiska is about 0.25% copper-equivalent and the drill intersections of disseminated mineralization obtained in 2019 and to date in 2021 range between 0.4 to 0.6% Cu-eq over 50 to 100 metres in width. When we include the crown pillars, the average grade is even higher and this suggests the project is quite robust. We continue to be very optimistic regarding the upcoming mineral resource estimate numbers”, added Mr. Beaudry.
The 20,000 metres drill program is now complete with the final batch of samples is expected to leave the project in about four weeks. The turnaround time at the laboratory is currently about 4 to 6 weeks. Based on these constraints, the Company’s best estimate is for a mineral resource estimate to be published in August.
Orientation of Drilling and True Widths of Mineralization
Field-based and drill hole evidence indicates that several orientations of veins are present on the Opemiska Property. Around the Springer Mine, the veins are predominantly EW with a steep dip to the north. South-directed drill holes intersect those veins near perpendicular. However, in the disseminated mineralization, we find veins with various core angles suggesting that other directions may be important. In the disseminated mineralization, the true width of intersections is estimated to be the same as the drill core width. However, the mineralization may have an overall envelope that is different.
About the Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to Chapais, Quebec, within the Chibougamau region. Opemiska is also within the Abitibi Greenstone belt and within the boundaries of the Province of Quebec’s Plan Nord, which promotes and funds infrastructure and development of natural resource projects. The Opemiska property covers 12,782 hectares and covers the past producing Springer, Perry, Robitaille and Cooke mines, owned and operated by Falconbridge. The project has the ideal in-place infrastructure, including a power station and direct access to Highway 113 and the Canadian National Railway.
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and Vice President Exploration for QC Copper & Gold, a Qualified Person, as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.” For the exploration undertaken by QC Copper & Gold, all assay batches are accompanied by rigorous Quality Assurance procedures that include insertion of standards and blanks and verification assays in a secondary laboratory. Quality Control results, including the laboratory’s control samples, are evaluated immediately on reception of batch results and corrections implemented immediately if necessary. All drill collars are surveyed and positioned in UTM coordinates. Downhole deviations surveys are done with a Reflex instrument at 30m intervals. A systematic density measurement program using two methods was implemented to measure the density of all rock types. A specific susceptibility measurement protocol was also implemented to estimate the relative abundance of magnetite in the Ventures Sill’s variably magnetic rocks. A focused optical and acoustic televiewer surveying program is planned at the end of the program to obtain correctly oriented structural measurement to inform the interpolation algorithms of the block modelling software that will be used to estimate the mineral resources Springer and Perry Mines pit.
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