Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the “Company” or “Copper Mountain” - http://www.commodity-tv.net/c/search_adv/?v=298551 ) is pleased to announce that following the completion of its Phase 2 drilling program, the Company has updated the Mineral Resource for its New Ingerbelle property. Results of resource estimation based on the Phase 2 drilling program have exceeded the Company’s goal set for Phase 3. The drilling program has successfully expanded the resource area and converted a significant part of the previously Inferred Mineral Resource to the Indicated and Measured categories. The New Ingerbelle deposit is located approximately one kilometre from the Company’s flagship operation, the Copper Mountain Mine (See Appendix A for New Ingerbelle location map).
Highlights from New Ingerbelle Mineral Resource are:
The Mineral Resource includes drilling from the Phase 1 and Phase 2 drilling programs Copper Mountain started in 2017 and completed in September 2018. The Company’s original goal for its 3-Phase program was to define sufficient resources in order to complete an initial mine plan and economic analysis. However, as it has already exceeded this goal in its Phase 2 program, Copper Mountain now plans to move New Ingerbelle into the evaluation phase, where the Company will complete an initial mine plan and economic analysis to upgrade the Mineral Resource to the Mineral Reserve category. Following the evaluation phase, the Company will assess the potential to further expand the Mineral Reserve and Mineral Resource in a follow-up Phase 3 program.
Mineral Resource Estimation Methodology
The Mineral Resource estimate was completed by company employees under the guidance and supervision of Peter Holbek, a Qualified Person as defined by National Instrument 43-101. The resource estimate was prepared in conformity with CIM Best Practices guidelines. The estimate was prepared using Gemcom software, a three-dimensional block model (15m cubic blocks) where grades were interpolated into blocks from 7.5m drill hole composite grades by ordinary kriging. Classification of resources is based on the size of the interpolation search ellipse and number of composites and drill holes informing the interpolated blocks. Mineral resources are constrained by a Whittle pit shell generated at a US$3.50 copper price with current mine-site operating costs and metal recoveries.
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. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.
Additional information is available on the Company’s web page at www.CuMtn.com.
Website: www.CuMtn.com
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statement.
Highlights from New Ingerbelle Mineral Resource are:
- More than one billion pounds of copper and one million ounces of gold in Measured and Indicated Mineral Resource at a 0.12% copper cut-off grade
- Measured and Indicated Mineral Resource of 151 million tonnes grading 0.29% copper and 0.18 g/t gold (0.41% CuEq) at a 0.16% copper cut-off grade
- Inferred Mineral Resource of 69 million tonnes grading 0.27% copper and 0.16 g/t gold (0.38% CuEq) for contained metal of 405 million pounds of copper and 0.36 million ounces of gold at a 0.16% cut-off copper grade.
The Mineral Resource includes drilling from the Phase 1 and Phase 2 drilling programs Copper Mountain started in 2017 and completed in September 2018. The Company’s original goal for its 3-Phase program was to define sufficient resources in order to complete an initial mine plan and economic analysis. However, as it has already exceeded this goal in its Phase 2 program, Copper Mountain now plans to move New Ingerbelle into the evaluation phase, where the Company will complete an initial mine plan and economic analysis to upgrade the Mineral Resource to the Mineral Reserve category. Following the evaluation phase, the Company will assess the potential to further expand the Mineral Reserve and Mineral Resource in a follow-up Phase 3 program.
Mineral Resource Estimation Methodology
The Mineral Resource estimate was completed by company employees under the guidance and supervision of Peter Holbek, a Qualified Person as defined by National Instrument 43-101. The resource estimate was prepared in conformity with CIM Best Practices guidelines. The estimate was prepared using Gemcom software, a three-dimensional block model (15m cubic blocks) where grades were interpolated into blocks from 7.5m drill hole composite grades by ordinary kriging. Classification of resources is based on the size of the interpolation search ellipse and number of composites and drill holes informing the interpolated blocks. Mineral resources are constrained by a Whittle pit shell generated at a US$3.50 copper price with current mine-site operating costs and metal recoveries.
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. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.
Additional information is available on the Company’s web page at www.CuMtn.com.
Website: www.CuMtn.com
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statement.
