Copper Mountain Announces Positive Drill Results at New Ingerbelle
VANCOUVER, July 23, 2018 /CNW/ - Copper Mountain Mining Corporation (TSX: CMMC) (ASX:C6C) (the "Company" or "Copper Mountain") is pleased to announce initial drill results from Phase 2 of its 3-Phase drilling program at the New Ingerbelle property nearby the present operations of Copper Mountain Mine (See Appendix A for New Ingerbelle location map).
Highlights include:
- Hole 18IG-06 returning 105 metres of 1.03% CuEq (0.71% Cu, 0.87 g/t Ag, 0.47 g/t Au), which includes:
- 30 metres of 2.22% CuEq (1.53% Cu, 2.02 g/t Ag, 1.01 g/t Au), and,
- 48 metres of 0.83% CuEq (0.58% Cu, 0.58 g/t Ag, 0.37 g/t Au)
- Hole 18IG-03 returning 63 metres of 0.91% CuEq (0.56% Cu, 0.91 g/t Ag, 0.51 g/t Au) and 117 metres of 0.50% CuEq (0.35% Cu, 0.49 g/t Ag, 0.22 g/t Au)
- Hole 18IG-01 returning 165 metres of 0.63% CuEq (0.44% Cu, 0.60 g/t Ag, 0.29 Au g/t), which includes:
- 93 metres of 0.81% CuEq (0.55% Cu, 0.74 g/t Ag, 0.38 g/t Au), and,
- 48 metres of 0.56% CuEq (0.4% Cu, 0.52 g/t Ag, 0.24 g/t Au)
- Hole 18IG-02 returning 60 metres of 0.70% CuEq (0.47% Cu, 0.98 g/t Ag, 0.33 g/t Au)
- Hole 18IG-05 returning 48 metres of 0.72% CuEq (0.49% Cu, 1.05 g/t Ag, 0.33 g/t Au), which includes:
- 21 metres of 1.19% CuEq (0.8% Cu, 1.73 g/t Ag, 0.56 g/t Au)
Gil Clausen, Copper Mountain's President and CEO stated, "These early phase 2 drill results are very encouraging, and we believe demonstrate that New Ingerbelle will continue to grow in quality and size. We see New Ingerbelle as having transformative potential for our operations in B.C. providing further growth opportunity for the Company."
New Ingerbelle provides considerable upside as the Company has never reported any New Ingerbelle Mineral Reserves. Copper Mountain initiated a 3-Phase drilling program at the New Ingerbelle Mine last year with Phase 1. The Phase 1 program, which consisted of 22 drill holes, was successful in validating and confirming historical data, thus allowing a revised Mineral Resource estimate using both historical and new drill data. The program also confirmed the significant gold mineralization at New Ingerbelle (see February 1, 2018 press release).
The objectives of this Phase 2 drilling program are to continue to expand the New Ingerbelle resource area and to convert Inferred Mineral Resources to the Measured and Indicated status. A total of 30 holes are planned. Complete drill results from this program followed by an updated Mineral Resource estimate is planned in Q3 2018.
The Company's objective under the 3-phase program at New Ingerbelle is to outline sufficient resources to form the basis of a Feasibility Study on the development potential of this historic producing mine. The Company's target is to add a minimum of 150 million tonnes of Measured and Indicated resource to commence that study.
Significant intercepts from the seven completed drill holes to date, 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.
| Hole ID |
Azi |
Dip |
Length |
From (m) |
To (m) |
Interval (m) |
Cu% |
Ag g/t |
Au g/t |
Cu Eq%* |
| 18IG-01 |
315 |
-48 |
312 |
33 |
63 |
30 |
0.33 |
0.45 |
0.31 |
0.54 |
| 72 |
111 |
39 |
0.21 |
0.27 |
0.11 |
0.29 |
||||
| 120 |
141 |
21 |
0.17 |
0.28 |
0.12 |
0.25 |
||||
| 147 |
312 |
165 |
0.44 |
0.60 |
0.29 |
0.63 |
||||
| Incl |
147 |
240 |
93 |
0.55 |
0.74 |
0.38 |
0.81 |
|||
| Incl |
264 |
312 |
48 |
0.4 |
0.52 |
0.24 |
0.56 |
|||
| 18IG-02 |
222 |
-45 |
180 |
0 |
60 |
60 |
0.47 |
0.98 |
0.33 |
0.70 |
| 66 |
93 |
27 |
0.14 |
0.42 |
0.06 |
0.18 |
||||
| 18IG-03 |
42 |
-57 |
348 |
33 |
96 |
63 |
0.56 |
0.91 |
0.51 |
0.91 |
| 114 |
126 |
12 |
0.24 |
0.33 |
0.14 |
0.34 |
||||
| 198 |
231 |
33 |
0.11 |
0.21 |
0.06 |
0.15 |
||||
| 231 |
348 |
117 |
0.35 |
0.49 |
0.22 |
0.50 |
||||
| 18IG-04 |
315 |
-54 |
273 |
84 |
207 |
123 |
0.35 |
0.57 |
0.25 |
0.42 |
| 18IG-05 |
315 |
-54 |
288 |
9.6 |
27 |
17.4 |
0.2 |
0.5 |
0.13 |
0.29 |
| 27 |
42 |
15 |
0.11 |
0.29 |
0.04 |
0.14 |
||||
| 60 |
87 |
27 |
0.19 |
0.4 |
0.14 |
0.29 |
||||
| 120 |
138 |
18 |
0.11 |
0.3 |
0.07 |
0.16 |
||||
| 168 |
216 |
48 |
0.49 |
1.05 |
0.33 |
0.72 |
||||
| Incl |
168 |
189 |
21 |
0.8 |
1.73 |
0.56 |
1.19 |
|||
| 18IG-06 |
315 |
-58 |
303 |
48 |
120 |
72 |
0.2 |
0.35 |
0.11 |
0.28 |
| 132 |
237 |
105 |
0.71 |
0.87 |
0.47 |
1.03 |
||||
| Incl |
132 |
180 |
48 |
0.58 |
0.58 |
0.37 |
0.83 |
|||
| Incl |
207 |
237 |
30 |
1.53 |
2.02 |
1.01 |
2.22 |
|||
| 18IG-07 |
222 |
-45 |
290 |
12 |
68 |
56 |
0.22 |
0.46 |
0.12 |
0.30 |
| 170 |
209 |
39 |
0.18 |
0.33 |
0.12 |
0.26 |
||||
| 248 |
281 |
33 |
0.35 |
0.67 |
0.28 |
0.54 |
| *CuEq%: Calculated using US$2.75/lb Cu, US$1,250/oz Au, and US$16/oz Ag, at 100% 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 Copper Mountain mine, located in southern British Columbia near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation who owns 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential is being explored to maximize the property's full development potential. Copper Mountain's Cloncurry project in Queensland, Australia, includes the development-ready Eva Copper Project and an extensive exploration potential within the Company's 379,000 hectare highly prospective land package within the Mount Isa area.
Additional information is available on the Company's 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
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 C: 2018 New Ingerbelle Drill Holes
| HOLE-ID |
Easting* |
Northing* |
Elevation |
Azimuth |
Dip |
Length |
| 18IG-01 |
677889 |
5467890 |
844 |
310 |
-48 |
312 |
| 18IG-02 |
677889 |
5467890 |
844 |
222 |
-45 |
180 |
| 18IG-03 |
677889 |
5467890 |
844 |
42 |
-57 |
348 |
| 18IG-04 |
678076 |
5467972 |
857 |
315 |
-54 |
273 |
| 18IG-05 |
677976 |
5468062 |
917 |
315 |
-54 |
288 |
| 18IG-06 |
678105 |
5468064 |
861 |
315 |
-58 |
303 |
| 18IG-07 |
677937 |
5468183 |
949 |
222 |
-45 |
290 |
| *UTM NAD 83 Zone 10 |
Diamond drilling, which runs 24/7, uses NQ2 diameter rods and bits and drill core is placed in wooden boxes which are delivered to the core logging area at the end of every shift. Drill-hole collars are surveyed with differential GPS and down-hole surveys using a Reflex instrument are taken approximately every 30-80m depending on ground conditions and hole length. The core is logged, and sample tags a stapled into the boxes where samples are to be taken and the core is photographed. Core recovery is always at, or near, 100% except for fault zones. All assay samples are 3m in length. Core is split with a diamond saw, and samples are transported to the mine's analytical laboratory by members of the exploration team. Samples are sorted, weighed, dried and crushed prior to pulverizing to 75% passing -200mesh. Cu and Ag are analyzed by XRF and samples with >0.4% Cu are re-analyzed by Atomic Absorption. Sample pulps for all samples >0.1% Cu are delivered to a commercial lab for Au analysis by either fire assay or Aqua Regia digestion followed by AA analysis. Additionally, every tenth sample is analyzed by ICP-AES for a 35 element suite, which includes Cu and Ag providing checks on the mine-site laboratory, in addition to routine insertion of standards and blanks. All pulps and coarse-reject material are retained.
Intercept grades are length-weighted averages using uncut grades. For additional information on project land holdings, history, production data, geology and mineralization, the reader is directed to Canadian NI:43-101 reports which a filed under the company name on the SEDAR website.
SOURCE Copper Mountain Mining Corporation
Letitia Wong, Vice President Corporate Development & Investor Relations, 604-682-2992, Email: [email protected] or Dan Gibbons, Investor Relations, 604-682-2992 ext. 238, Email: [email protected]; Website: www.CuMtn.com
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