QC Copper and Gold Inc announced that the initial mineral resource estimate for its Opemiska Deposit in Chapais, Quebec is significant, demonstrating a high degree of confidence in the project.
The company said it sees few comparable copper-gold deposits that offer the combination of substantial size, robust grades, and excellent on-site infrastructure all located in the province.
Following over 1 million metres of drilling completed by it and previous operators, 82% of the current mineral resource reported to the measured and indicated (M&I) classification. The deposit consists of 81.7 million tons at 0.88% copper equivalent (CuEq) of pit constrained M&I mineral resources and 21.3 million tons at 73% CuEq of M&I measured resources.
READ: QC Copper and Gold highlights Quebec project's gold potential
QC Copper and Gold said the mineral resource contains more than 532,000 tons or 1.17 billion pounds (lbs) of copper and 816,000 ounces (oz) of gold in the M&I classification and an additional 109,000 ton or 240.3 million lbs of copper and 209,000oz of gold in the inferred classification. Within the larger mineral resource, it has identified a high-grade potential starter pit of 10.6 million tons of M&I mineral resources grading 1.26% CuEq.
“We emphasize that this is just the initial mineral resource for Opemiska and that all mineral resources we are reporting here are constrained to an optimized open pit,” CEO Stephen Stewart said in a statement.
“Given our geologic model and knowledge of existing mineralization, we see ample room to grow this mineral resource with further exploration and definition drilling.
“This initial mineral resource firmly establishes Opemiska as a unique and attractive project backed by a team focused on additional mineral resource growth, aggressive exploration of local exploration targets and advancing Opemiska towards future development,” he added.
The Opemiska property covers 12,782 hectares and covers the past producing Springer, Perry, Robitaille, and Cooke mines, which were previously owned and operated by Falconbridge between 1953-1991.
The project hosts excellent on-site infrastructure, including a power station and direct access to Highway 113 and the Canadian National Railway.
Shares in Canada rose over 22% on the day to C$0.22 each.
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Contact the author at stephen.gunnion@proactiveinvestors.com