Copper Mountain Mining Announces Larger Mineral Reserve at the Copper Mountain Mine, Improves Mine Plan
(firmenpresse) -
Vancouver, British Columbia - October 28, 2019 - Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the Company or Copper Mountain - https://www.youtube.com/watch?v=m7BCML1dKP0 ) is pleased to announce that it has expanded Copper Mountain Mines (CMM or the Mine) Mineral Reserve and Mineral Resource and has also optimized the mine plan resulting in a lower strip ratio, longer mine life and smoother production profile. The Copper Mountain Mine is located in southern British Columbia. All metrics are on a 100% project basis.
Highlights from the updated mine plan and Mineral Reserve and Mineral Resource include:
- Increased Proven and Probable Mineral Reserve by 12% to 477 million tonnes for contained metal of 2.47 billion pounds of copper and 1.55 million ounces of gold (at average grades of 0.23% Cu and 0.10 g/t Au)
- Life of mine strip ratio reduced to 1.58 from 1.82
- Mine life increased by 4.5 years to 31 years at current planned production levels
Gil Clausen, Copper Mountains President and CEO stated, We continue to grow the size and quality of the Copper Mountain Mine Mineral Reserves. Over the last year we have integrated the New Ingerbelle pit and now we have increased and integrated the CMM North pit as well as optimized the CMM Main pit. The North pit brings low cost production given it is mineralized from surface and adjacent to the Copper Mountain Mines mid-grade and low-grade stockpiles and the primary crusher. Notably, the North pit requires zero initial capital to develop and has a low strip ratio of 0.85 waste tonnes to ore tonnes, which, when combined with the new design optimizations of the established pits, decreases total life of mine strip ratio for the entire operation to 1.58 from 1.82.
Mr. Clausen added, We will continue to drill the resources at the Copper Mountain Mine as significant potential exists to further expand all the deposits at a low conversion and discovery cost. Given the positive impact that the CMM North pit could have on near term production cost, we have adjusted our current mine plan to accommodate some production commencing from CMM North starting later in 2020. The bulk of production in 2020 and over the next several years is still expected to come from higher grade zones in the CMM Main pit. With the planned completion of our mill expansion project, which is currently underway, the new mine plan will allow for a more consistent, higher production rate at lower cost in the near, medium and longer term.
Mineral Reserve and Mineral Resource
As a result of the 2019 exploration and development drilling at the Copper Mountain Mine, the Company has increased the Mines Mineral Reserve and Mineral Resource across all categories when compared to the last published February 2019 Mineral Reserve and Mineral Resource, including depletion from production to the end of July 2019. A summary of the Copper Mountain Mine Mineral Reserve and Mineral Resource, which includes the CMM Main pit, CMM North pit and the New Ingerbelle pit is provided below. See Appendix 1 for site and pit location overview. See Appendix 2 for Mineral Reserve by pit and grade tabulation and Mineral Resource by pit. The Mineral Reserve is included in the Mineral Resource and the effective date of the Mineral Reserve and Mineral Resource is August 1, 2019.
MINERAL RESERVES
TonnesCopperGold SilverCopperGold Silver
(000s(%) (g/t) (g/t) (M (k oz)(koz)
) lbs)
Proven 205,390.25 0.09 0.87 1,134 621 5,746
1
Probable 271,400.22 0.11 0.62 1,337 932 5,378
4
Proven & Probable 476,790.23 0.10 0.73 2,470 1,553 11,125
5
Mineral Reserve Notes:
1.-Joint Ore Reserves Committee (JORC) and CIM Definition Standards were followed for Mineral Reserves.
2.-Mineral Reserves were generated using the August 1, 2019 mining surface.
3.-Mineral Reserves are reported at a 0.10% Cu cut-off grade based on an Equivalent NSR cut-off.
4.-Mineral Reserves are reported using long-term copper, gold, and silver prices of $2.75/lb, $1,300/oz, and $16.50/oz, respectively.
5.-To define Mineral Reserves, average copper process recoveries of 80% for Main Pit and 88.5% for Main Pit North, gold process recovery of 65% and silver process recovery of 70%.
6.-Average bulk density is 2.78 tonnes per cubic metre (t/m3).
7.-Stockpile grades are approximations based on grade control results.
8.-Stockpile tonnes and grade based on production grade control process.
Mineral Resource
At a 0.10% Cu TonnesCopperGold SilverCopperGold Silver
cut-off (000s(%) (g/t) (g/t)(M (K oz)(K oz)
grade ) lbs)
Measured 192,950.27 0.11 0.97 1,148 657 6,030
1
Indicated 405,890.22 0.10 0.62 1,937 1,338 8,042
8
Total Measured & 598,850.23 0.10 0.73 3,084 1,995 14,072
Indicated 0
Inferred 276,380.20 0.10 0.50 1,229 877 4,437
9
Mineral Resource Notes:
1.-Joint Ore Reserves Committee (JORC) and CIM Definition Standards were followed for Mineral Resources.
2.-Mineral resources were estimated between the August 1, 2019 mining/topographic surface and Whittle Pit shell generated using US$3.50/lb Cu price
3.-Mineral Resources are reported at the 0.10% Cu cut-off (Mineral Reserve) grade and various process cut-off grades dependant on NSR value the mineralization.
4.-Average bulk density is 2.78 tonnes per cubic metre (t/m3).
Mine Plan
The Company has updated and optimized the CMM Main Pit and the CMM North Pit, which resulted in lowering the strip ratio (waste to ore) to 1.58. This ratio is lower than the previous February 2019 average life of mine strip ratio of 1.82. The new pit designs, which include the incorporation of the expanded North pit into the production sequence, have enhanced the consistency of production and cost over the plan outlined in the Companys Technical Report dated February 2019. The Company plans to provide three-year production and cost guidance in January 2020. A summary of mining metrics compared to the prior February 2019 mine plan is provided below:
October February
2019 2019
Mine PlanMine Plan
Ore - Main Pit (kt) 160,631 151,653
Ore - North Pit (kt) 69,238 23,881
Ore - New Ingerbelle (kt) 192,810 187,864
Total Ore (kt) 422,679 363,399
Waste - Main Pit (kt) 361,347 371,930
Waste - North Pit (kt) 58,842 24,476
Waste - New Ingerbelle (kt) 248,009 266,524
Total Waste (kt) 668,198 662,931
Strip Ratio - Main Pit w:o 2.25 2.45
Strip Ratio - North Pit w:o 0.85 1.02
Strip Ratio - New Ingerbelle w:o 1.29 1.42
Total Strip Ratio w:o 1.58 1.82
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., 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.
Qualified Person
The Mineral Resource estimate was prepared by Mr. Peter Holbek, B.Sc., M.Sc., P. Geo, who is the Vice President, Exploration of Copper Mountain Mining Corporation. Mr. Holbek serves as the Qualified Person as defined by National Instrument 43-101. Mr. Holbek consents to the inclusion of the mineral resource in this news release and has approved the mineral resource information included in this news release.
Mr. Stuart Collins, P.E., serves as the Qualified Person as defined by National Instrument 43-101 and is the Qualified Person for information regarding the Copper Mountain Mines Mineral Reserve. Mr. Collins is independent of the Company and has reviewed and approved the contents of this news release in relation to the Mineral Reserve.
About Copper Mountain Mining Corporation
Copper Mountains 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 90 million pounds of copper equivalent, with average annual production expected to increase to over 110 million pounds of copper equivalent. Copper Mountain also has the permitted, development-stage Eva Copper Project in Queensland, Australia and an extensive 4,000 km2 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 Companys web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
Gil Clausen-
Gil Clausen, P.Eng.
Chief Executive Officer
For further information, please contact:
Letitia Wong, Vice President Corporate Development & Investor Relations
604-682-2992 Email: letitia.wong(at)cumtn.com or
Dan Gibbons, Investor Relations 604-682-2992 ext. 238 Email: dan.gibbons(at)CuMtn.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch
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.
APPENDIX 1: SITE OVERVIEW
https://www.irw-press.at/prcom/images/messages/2019/49248/CMM_EN.001.png
APPENDIX: MINERAL RESERVE BY PIT AND GRADE RANGE TABULATION
MINERAL RESERVES
(By Pit and Combined CMM Total)
CMM Main Pit
Grade TonnesCoppeGold SilveCoppeGold Silve
Range Category (000sr (g/t)r r (k r
(Cu ) oz)
%) (%) (g/t)(M (koz)
lbs)
/> 0.18 Proven 50,5530.40 0.10 2.11 444 165 3,437
0.10 - Proven 15,4650.14 0.04 0.62 47 20 310
0.18
/> 0.10 Total Proven 66,0170.34 0.09 1.77 491 184 3,747
/> 0.18 Probable 49,4130.31 0.09 1.38 338 149 2,200
0.10 - Probable 45,2010.14 0.05 0.51 136 72 745
0.18
/> 0.10 Total Probable 94,6140.23 0.07 0.97 474 221 2,945
/> 0.18 Proven & 99,9650.36 0.10 1.75 782 313 5,637
Probable
0.10 - Proven & 60,6660.14 0.05 0.54 183 91 1,055
0.18 Probable
/> 0.10 Total Proven & 160,630.27 0.08 1.30 966 405 6,692
Probable 1
New Ingerbelle Pit
Grade TonnesCoppeGold SilveCoppeGold Silve
Range Category (000sr (g/t)r r (k r
(Cu ) oz)
%) (%) (g/t)(M (koz)
lbs)
/> 0.18 Proven 38,190.33 0.21 0.66 278 253 810
4
0.10 - Proven 22,260.14 0.09 0.29 68 63 205
0.18 0
/> 0.10 Total Proven 60,45 0.26 0.16 0.52 346 315 1,01
5 6
/> 0.18 Probable 77,620.29 0.18 0.58 503 460 1,44
1 9
0.10 - Probable 54,730.14 0.09 0.29 166 153 503
0.18 4
/> 0.10 Total Probable 132,35 0.23 0.14 0.46 669 614 1,95
5 2
/> 0.18 Proven & 115,81 0.31 0.19 0.61 781 713 2,26
Probable 6 0
0.10 - Proven & 76,99 0.14 0.09 0.29 234 216 708
0.18 Probable 4
/> 0.10 Total Proven & 192,81 0.24 0.15 0.48 1,01 929 2,96
Probable 0 5 8
CMM North Pit
Grade TonnesCoppeGold SilveCoppeGold Silve
Range Category (000sr (g/t)r r (k r
(Cu ) oz)
%) (%) (g/t)(M (koz)
lbs)
/> 0.18 Proven 11,1970.26 0.09 0.35 64 33 126
0.10 - Proven 13,6050.14 0.04 0.17 42 19 75
0.18
/> 0.10 Total Proven 24,802 0.19 0.07 0.25 106 52 201
/> 0.18 Probable 19,6750.27 0.10 0.50 119 62 314
0.10 - Probable 24,7600.14 0.04 0.21 74 35 168
0.18
/> 0.10 Total Probable 44,435 0.20 0.07 0.34 193 97 481
/> 0.18 Proven & 30,872 0.27 0.10 0.44 183 95 440
Probable
0.10 - Proven & 38,365 0.14 0.04 0.20 115 54 243
0.18 Probable
/> 0.10 Total Proven & 69,238 0.20 0.07 0.31 299 149 682
Probable
CMM Total Mineral Reserves
Grade TonnesCoppeGold SilveCoppeGold Silve
Range Category (000sr (g/t)r r (k r
(Cu ) oz)
%) (%) (g/t)(M (koz)
lbs)
/> 0.18 Proven 99,94 0.36 0.14 1.36 786 450 4,37
4 4
0.10 - Proven 51,33 0.14 0.06 0.36 156 101 590
0.18 0
/> 0.10 Sub-total 151,27 0.28 0.11 1.02 943 552 4,964
Proven 4
Proven - 54,110.16 0.04 0.45 191 70 783
Stockpile 7
Total Proven 205,390.25 0.09 0.87 1,134621 5,746
1
/> 0.18 Probable 146,700.30 0.14 0.84 960 671 3,963
9
0.10 - Probable 124,690.14 0.06 0.35 376 260 1,415
0.18 6
/> 0.10 Total Probable 271,400.22 0.11 0.62 1,337932 5,378
4
/> 0.18 Proven & 246,650.32 0.14 1.05 1,7471,1228,337
Probable 3
0.10 - Proven & 176,020.14 0.06 0.35 533 362 2,005
0.18 Probable 6
/> 0.10 Sub-total 422,670.24 0.11 0.76 2,2791,48310,34
Proven & 9 2
Probable
Proven & 54,1170.16 0.04 0.45 191 70 783
Probable -
Stockpile
Total Proven & 476,790.23 0.10 0.73 2,4701,55311,12
Probable 5 5
Mineral Reserve Notes:
1.-Joint Ore Reserves Committee (JORC) and CIM Definition Standards were followed for Mineral Reserves.
2.-Mineral Reserves were generated using the August 1, 2019 mining surface.
3.-Mineral Reserves are reported at a 0.10% Cu cut-off grade based on an Equivalent NSR cut-off.
4.-Mineral Reserves are reported using long-term copper, gold, and silver prices of $2.75/lb, $1,300/oz, and $16.50/oz, respectively.
5.-To define Mineral Reserves, average copper process recoveries of 80% for Main Pit and 88.5% for Main Pit North, gold process recovery of 65%, and silver process recovery of 70%.
6.-Average bulk density is 2.78 tonnes per cubic metre (t/m3).
7.-Stockpile grades are approximations based on grade control results.
8.-Stockpile tonnes and grade based on production grade control process.
9.-Numbers may not add due to rounding.
Mineral Resource
By Pit and CMM Total
At a 0.10% Cu TonnesCopperGold SilverCopperGold Silver
cut-off (000s(%) (g/t) (g/t)(M (K oz)(K oz)
grade ) lbs)
Measured
CMM Main 90,8600.31 0.08 1.58 628 247 4,616
CMM North 41,6260.19 0.07 0.31 178 99 414
New Ingerbelle 60,4650.26 0.16 0.51 341 312 1,000
Total Measured 192,950.27 0.11 0.97 1,148 657 6,030
1
Indicated
CMM Main 164,920.22 0.07 0.88 797 385 4,649
3
CMM North 81,4230.18 0.08 0.41 332 214 1,062
New Ingerbelle 159,550.23 0.14 0.45 809 738 2,331
1
Total Indicated 405,890.22 0.10 0.62 1,937 1,338 8,042
8
Measured &
Indicated
CMM Main 255,780.25 0.08 1.13 1,425 632 9,265
4
CMM North 123,050.19 0.08 0.37 510 313 1,477
0
New Ingerbelle 220,010.24 0.15 0.47 1,149 1,050 3,330
6
Total Measured & 598,850.23 0.10 0.73 3,084 1,995 14,072
Indicated 0
Inferred
CMM Main 103,040.21 0.08 0.64 465 250 2,119
4
CMM North 67,3450.17 0.08 0.42 254 173 916
New Ingerbelle 106,000.22 0.13 0.41 511 455 1,401
0
Total Inferred 276,380.20 0.10 0.50 1,229 877 4,437
9
Mineral Resource Notes:
1.-Joint Ore Reserves Committee (JORC) and CIM Definition Standards were followed for Mineral Resources.
2.-Mineral resources were estimated between the August 1, 2019 mining/topographic surface and Whittle Pit shell generated using US$3.50/lb Cu price
3.-Mineral Resources are reported at the 0.10% Cu cut-off (reserve) grade and various process cut-off grades dependant on NSR value the mineralization.
4.-Average bulk density is 2.78 tonnes per cubic metre (t/m3).
5.-Numbers may not add due to rounding.
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