Canadian Critical Minerals Leases Ore Sorter for Bull River Mine Project
Calgary, May 1, 2023 - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("Canadian Critical Minerals" or the "Company") is pleased to announce that it has secured a Steinert KSS 100 X-Ray Transmissive Ore Sorter ("Sorter") for up-grading of mineralized copper bearing material currently stockpiled on surface at its Bull River Mine ("BRM") project near Cranbrook, British Columbia. The Sorter will be leased for a period of 12 months during which time the Company plans to screen, crush and sort the entire stockpile of approximately 180,000 tonnes of mineralized material.
Previously, the Company completed a positive ore sorting study on the BRM stockpile material using a similar X-Ray technology ("XRT") supplied by TOMRA Sorting Solutions (see press release dated April 19, 2021). XRT was determined to be the most appropriate technology for BRM material. In that study, 61% of the material reporting to the sorter was accepted as mineralized and 39% was rejected as non-economic low grade or waste. The average grade of rejected material was 0.17% copper equivalent ("CuEq") which is well below the cut-off grade ("COG") for the current Resource. The Company intends to pre-screen the entire stockpile, thereby removing approximately 25% of the mineralized material as fines. The remaining oversize material will be crushed to minus 3 inch and this material will report to the Sorter.
Ore sorting or pre-concentration of mineralized material has the potential benefits of increasing the mill feed grade which can result in an improved net present value ("NPV") of a mining project. Potential benefits include a lowering of operating costs on a unit basis, a reduction in the volume of fine tailings created through the milling process and the overall volume of material transported to the tailings storage facility, a reduction in power consumption particularly in the grinding circuit and a lower overall environmental impact. At the BRM, the fines and concentrated material accepted by the Sorter will provide feed for the mill and the waste material will not be milled. By pre-concentrating higher-grade material, the Company will have optionality to ship pre-concentrated material to another permitted milling facility thereby generating early revenues for the Company.
As a result of securing the Sorter, the Company has decided to postpone the previously announced ore characterization and sorting trial with MineSense Technologies Ltd. (see press release dated March 30, 2023).
Ian Berzins, President and CEO commented, "We were fortunate to secure a Sorter for our project at this time. Typically, a new Sorter sourced from an original equipment supplier ("OEM") will take 46 to 50 weeks to arrive and delivery can be further exacerbated by delays in the global supply chain. Access to this Sorter will allow the Company to segregate the surface stockpile and separate low-grade and/or waste material that would otherwise be sent to the mill. In addition, the Company will be able to assay the fines and concentrated mineralized material to determine a grade for the material prior to milling".
Qualified person
CCMI's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Gary Low P.Geo., who serves as a Consultant to the Company and is a Qualified Person under the definition of National Instrument 43-101.
About Canadian Critical Minerals Inc.
Canadian Critical Minerals Inc. is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI's latest acquisition is the 100% owned Thierry Mine project (>1,300 million lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalmineralsinc.com
Website: www.canadiancriticalmineralsinc.com
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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