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Copper North Mining Corp upgrades Carmacks mineral resources

Last updated: 10:03 25 Jan 2016 EST, First published: 05:03 25 Jan 2016 EST

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It also makes the Carmacks more attractive for project finance.

Copper North Mining Corp (CVE:COL) has revealed an upgrade to the resources at its Carmacks project, in the Yukon Territory.

Newly defined resources in an extension of the mine could double the life of the current operation, the company told investors in a statement.

Dr Harlan Meade, Copper North chief executive, said: "the 2015 exploration program has defined a large increase in both oxide and sulphide mineral resources in the southern extension of the Carmacks Deposit that could potentially double the life of the proposed mine.

“In addition, the 2015 exploration indicates that there is potential for further expansion of the updated mineral resource as the deposits are explored along strike and to depth."

Meade also described the upgrade to oxide mineral resources as an important step in increasing Carmacks attractiveness for project financing.

The maiden area of oxide and transitional material, a southern extension of the mine, has been estimated to host 3.7mln tonnes of measured and indicated resources, with a grade of 0.5% copper, 0.35% acid-soluble copper, 0.132 grams per tonne gold, and 2 grams per tonne silver.

Additionally, the company also detailed 3.7mlnt tonnes of sulphide mineral resources in the area, grading 0.60% copper, 0.128 grams per tonne gold and 2.288 grams per tonne silver.

Inferred minerals resources were also estimated, amounting to 0.8mln tonnes of oxide and 4.4mln tonnes of sulphides.

It means that overall the Carmacks property is now estimated to host some 15.7mln tonnes of oxide and transition mineral resources in the measured and indicated categories; grading 0.94% copper , 0.74% acid-soluble copper, 0.379 grams per tonne gold and 3.971 grams per tonne silver.

The sulphide deposits, meanwhile, are estimated at 8.1mln tonnes in the measured and indicated categories, at 0.68% copper, 0.178 grams per tonne gold and 2.332 grams per tonne silver.

Additional oxide and transition material was estimated in the inferred category as 0.9mln tonnes at 0.45% copper, 0.30% acid-soluble copper, 0.119 grams per tonne gold and 1.900 grams per tonne silver. Meanwhile, there is 8.4mln tonnes of inferred sulphide resources at 0.63% copper, 0.150 grams per tonne gold and 1.994 grams per tonne silver.

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