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Copper Mountain Mining Announces Larger Mineral Reserve at the Copper Mountain Mine, Improves Mine Plan

28.10.2019  |  CNW

VANCOUVER, Oct. 28, 2019 -  Copper Mountain Mining Corp. (TSX: CMMC | ASX:C6C) (the "Company" or "Copper Mountain") is pleased to announce that it has expanded Copper Mountain Mine's ("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 Mountain's 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 Mine's 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 Mine's 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


Tonnes

('000s)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Copper

(M lbs)

Gold

(k oz)

Silver

(koz)









  Proven

205,391

0.25

0.09

0.87

1,134

621

5,746

  Probable

271,404

0.22

0.11

0.62

1,337

932

5,378

Proven & Probable

476,795

0.23

0.10

0.73

2,470

1,553

11,125

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 cut-off grade

Tonnes

('000s)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Copper

(M lbs)

Gold

(K oz)

Silver

(K oz)









  Measured

192,951

0.27

0.11

0.97

1,148

657

6,030

  Indicated

405,898

0.22

0.10

0.62

1,937

1,338

8,042

Total Measured & Indicated

598,850

0.23

0.10

0.73

3,084

1,995

14,072









Inferred

276,389

0.20

0.10

0.50

1,229

877

4,437

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 Company's 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 2019

Mine Plan

February 2019

Mine 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 Corp..  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 Mine's 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 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 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 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: MINERAL RESERVE BY PIT AND GRADE RANGE TABULATION

MINERAL RESERVES

(By Pit and Combined CMM Total)

CMM Main Pit

 Grade Range

(Cu %)

 

Category

Tonnes

('000s)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Copper

(M lbs)

Gold

(k oz)

Silver

(koz)

> 0.18

   Proven

50,553

0.40

0.10

2.11

444

165

3,437

0.10 - 0.18

   Proven

15,465

0.14

0.04

0.62

47

20

310

> 0.10

Total Proven

66,017

0.34

0.09

1.77

491

184

3,747










> 0.18

  Probable

49,413

0.31

0.09

1.38

338

149

2,200

0.10 - 0.18

  Probable

45,201

0.14

0.05

0.51

136

72

745

> 0.10

Total Probable

94,614

0.23

0.07

0.97

474

221

2,945










> 0.18

  Proven & Probable

99,965

0.36

0.10

1.75

782

313

5,637

0.10 - 0.18

  Proven & Probable

60,666

0.14

0.05

0.54

183

91

1,055

> 0.10

Total Proven & Probable

160,631

0.27

0.08

1.30

966

405

6,692

 

New Ingerbelle Pit

Grade Range

(Cu %)

 

Category

Tonnes

('000s)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Copper

(M lbs)

Gold

(k oz)

Silver

(koz)

> 0.18

   Proven

38,194

0.33

0.21

0.66

278

253

810

0.10 - 0.18

   Proven

22,260

0.14

0.09

0.29

68

63

205

> 0.10

Total Proven

60,455

0.26

0.16

0.52

346

315

1,016










> 0.18

  Probable

77,621

0.29

0.18

0.58

503

460

1,449

0.10 - 0.18

  Probable

54,734

0.14

0.09

0.29

166

153

503

> 0.10

Total Probable

132,355

0.23

0.14

0.46

669

614

1,952










> 0.18

  Proven & Probable

115,816

0.31

0.19

0.61

781

713

2,260

0.10 - 0.18

  Proven & Probable

76,994

0.14

0.09

0.29

234

216

708

> 0.10

Total Proven & Probable

192,810

0.24

0.15

0.48

1,015

929

2,968

 

CMM North Pit

Grade Range

(Cu %)

 

Category

Tonnes

('000s)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Copper

(M lbs)

Gold

(k oz)

Silver

(koz)

> 0.18

   Proven

11,197

0.26

0.09

0.35

64

33

126

0.10 - 0.18

   Proven

13,605

0.14

0.04

0.17

42

19

75

> 0.10

Total Proven

24,802

0.19

0.07

0.25

106

52

201










> 0.18

  Probable

19,675

0.27

0.10

0.50

119

62

314

0.10 - 0.18

  Probable

24,760

0.14

0.04

0.21

74

35

168

> 0.10

Total Probable

44,435

0.20

0.07

0.34

193

97

481










> 0.18

  Proven & Probable

30,872

0.27

0.10

0.44

183

95

440

0.10 - 0.18

  Proven & Probable

38,365

0.14

0.04

0.20

115

54

243

> 0.10

Total Proven & Probable

69,238

0.20

0.07

0.31

299

149

682

 

CMM Total Mineral Reserves

Grade Range

(Cu %)

 

Category

Tonnes

('000s)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Copper

(M lbs)

Gold

(k oz)

Silver

(koz)

> 0.18

   Proven

99,944

0.36

0.14

1.36

786

450

4,374

0.10 - 0.18

   Proven

51,330

0.14

0.06

0.36

156

101

590

> 0.10

Sub-total Proven

151,274

0.28

0.11

1.02

943

552

4,964


  Proven – Stockpile

54,117

0.16

0.04

0.45

191

70

783


Total Proven

205,391

0.25

0.09

0.87

1,134

621

5,746










> 0.18

  Probable

146,709

0.30

0.14

0.84

960

671

3,963

0.10 - 0.18

  Probable

124,696

0.14

0.06

0.35

376

260

1,415

> 0.10

Total Probable

271,404

0.22

0.11

0.62

1,337

932

5,378










> 0.18

  Proven & Probable

246,653

0.32

0.14

1.05

1,747

1,122

8,337

0.10 - 0.18

  Proven & Probable

176,026

0.14

0.06

0.35

533

362

2,005

> 0.10

Sub-total Proven & Probable

422,679

0.24

0.11

0.76

2,279

1,483

10,342


  Proven & Probable - Stockpile

54,117

0.16

0.04

0.45

191

70

783


Total Proven & Probable

476,795

0.23

0.10

0.73

2,470

1,553

11,125

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 cut-off grade

Tonnes

('000s)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Copper

(M lbs)

Gold

(K oz)

Silver

(K oz)

Measured








   CMM Main

90,860

0.31

0.08

1.58

628

247

4,616

   CMM North

41,626

0.19

0.07

0.31

178

99

414

   New Ingerbelle

60,465

0.26

0.16

0.51

341

312

1,000

Total Measured

192,951

0.27

0.11

0.97

1,148

657

6,030









Indicated








   CMM Main

164,923

0.22

0.07

0.88

797

385

4,649

   CMM North

81,423

0.18

0.08

0.41

332

214

1,062

   New Ingerbelle

159,551

0.23

0.14

0.45

809

738

2,331

Total Indicated

405,898

0.22

0.10

0.62

1,937

1,338

8,042









Measured & Indicated








   CMM Main

255,784

0.25

0.08

1.13

1,425

632

9,265

   CMM North

123,050

0.19

0.08

0.37

510

313

1,477

   New Ingerbelle

220,016

0.24

0.15

0.47

1,149

1,050

3,330

Total Measured & Indicated

598,850

0.23

0.10

0.73

3,084

1,995

14,072









Inferred








   CMM Main

103,044

0.21

0.08

0.64

465

250

2,119

   CMM North

67,345

0.17

0.08

0.42

254

173

916

   New Ingerbelle

106,000

0.22

0.13

0.41

511

455

1,401

Total Inferred

276,389

0.20

0.10

0.50

1,229

877

4,437

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.

View original content to download multimedia:http://www.prnewswire.com/news-releases/copper-mountain-mining-announces-larger-mineral-reserve-at-the-copper-mountain-mine-improves-mine-plan-300946104.html

SOURCE Copper Mountain Mining Corp.



Contact
Letitia Wong, Vice President Corporate Development & Investor Relations, 604-682-2992 Email: letitia.wong@cumtn.com or Dan Gibbons, Investor Relations 604-682-2992 ext. 238 Email: dan.gibbons@CuMtn.com, Website: www.CuMtn.com
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