Following the completion of its Phase 2 drilling programme, Canadian mining company Copper Mountain Mining Corporation (Copper Mountain) has updated the Mineral Resource for its New Ingerbelle property in British Columbia (Canada). The results of resource estimation based on the Phase 2 drilling programme have surpassed the company’s goal set for Phase 3. The drilling programme successfully expanded the resource area and converted a significant part of the previously Inferred Mineral Resource to the Indicated and Measured categories.
The New Ingerbelle deposit is located approximately 1 km from the company’s flagship operation, the Copper Mountain mine.
Copper Mountain’s President and CEO, Gil Clausen, commented: “Given the size and quality of the Mineral Resource, we believe New Ingerbelle has the potential to be a significant contributor of value to the company. With New Ingerbelle’s Mineral Resource exceeding our target, our next step now will be to move New Ingerbelle into the evaluation phase. The evaluation phase will include a mine plan and economic analysis to move the Mineral Resource to the Mineral Reserve category. Given New Ingerbelle’s favourable grade and proximity to our Copper Mountain operation, it has the real potential for growth and flexibility for our near-term production plans. Further, it is just one of several high-quality growth projects we have in our portfolio.”
The new resource estimate is based on approximately 38 000 m of historical drill data which is below current topography and 15 000 m of new drilling, which includes drill and assay information up to 17 September 2018.
The Mineral Resource includes drilling from the Phase 1 and Phase 2 drilling programmes Copper Mountain began the drilling programmes in 2017 and completed them in September 2018. The company’s original goal for its three phase programme was to define sufficient resources in order to complete an initial mine plan and economic analysis. However, as it has already exceeded this goal in its Phase 2 programme, Copper Mountain now plans to move New Ingerbelle into the evaluation phase, where the company will complete an initial mine plan and economic analysis to upgrade the Mineral Resource to the Mineral Reserve category. Following the evaluation phase, the company will assess the potential to further expand the Mineral Reserve and Mineral Resource in a follow-up Phase 3 programme.
Read the article online at: https://www.globalminingreview.com/mining/24092018/new-mineral-resource-results-provided-for-new-ingerbelle/
You might also like
CleanTech Lithium has received the granting of its licences and operational plans by the Chilean authorities for its Llamara project.