Canadian Critical Minerals Increases Revenue from Bull River Mine Project
Calgary, June 17, 2024 - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") is pleased to report that revenues for the Company have continued to increase from the sale of stockpiled copper, gold and silver mineralized material at the Bull River Mine ("BRM") project near Cranbrook, BC. During the month of May 2024, the Company trucked 360 wet metric tonnes ("wmt") of mineralized material to New Afton and the Company received a provisional payment of approximately US$103,000 for the May 2024 shipments versus approximately US$72,000 for April 2024 shipments. The mineralized material sent to New Afton graded 3.86% Cu, 0.77 g/t Au and 31.7 g/t Ag.
The Company is using a Steinert KSS 100 X-Ray Transmissive Ore Sorter ("Ore Sorter") to pre-concentrate coarse mineralized material from a large surface stockpile at the BRM prior to transporting to New Afton for processing under an Ore Purchase Agreement ("OPA") (see press release dated October 5, 2023, on Sedar+). During May 2024, the Company operated the sorter on a Monday to Friday dayshift only basis. The Company lost approximately one week of operating time due to a tear in the conveyor belt feeding the ore sorter. The Company will be transitioning to a Monday to Sunday dayshift only operation beginning June 15, 2024, to better utilize the ore sorter and increase daily throughput.
Ian Berzins, President and CEO commented, "We are encouraged by the May 2024 results which represent the highest-grade product produced to-date at the BRM through pre-concentration of stockpiled material. The run of mine mineralized material from the surface stockpile grades 1.39% copper, 0.29 g/t gold and 11 g/t silver so we generated grade improvements of over 265% for all metals using the ore sorter during the month. The stockpile is not totally homogeneous in terms of grade, so we expect to see some fluctuation in results in coming months."
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.
CCMI 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 also owns a 30% interest in the Thierry Mine project (>1.3 billion 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.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
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