Commodity-TV

The whole world of commodities in one App!

Watch Management & Expert Interviews, Site-Visit-Videos, News Shows and receive top and up to date Mining Information on your mobile device worldwide!

Download our unique App for free!
Commodity-TV Play Store
Commodity-TV App Store
Commodity-TV

Social Media


Copper Mountain Mining Announces Positive Drill Results at Cameron Copper Project in Australia, Three Large Mineralized Zones Identified

Receive up-to-date information about the company directly via push notification

Vancouver, British Columbia – October 12, 2021 – Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the “Company” or “Copper Mountain” - https://www.commodity-tv.com/ondemand/companies/profil/copper-mountain-mining-corp/) is pleased to announce positive results from 48 drill holes, totaling 7,936 metres, drilled on the C6, C1 and C2 targets at its Cameron Copper Project (“Cameron”), as part of ongoing exploration at the property. The drill program encountered intercepts of high-grade mineralization, within long, low-grade mineralized envelopes, with lateral continuity between intercepts of up to 1 kilometre. The Company plans to carry out further drilling that will also include new undrilled targets with significant copper-gold anomalies in surface soil and rock samples. Cameron is situated 40 kilometres south of the Company’s Eva Copper Project (“Eva”), located in the Mount Isa region of Queensland, Australia, near Cloncurry. See Appendix 1 for a regional location map.

Highlights

Please see Appendices 2 to 11 for drill hole locations and plans. Appendices 12 and 13 have a complete drill hole table and associated data. Highlights from the drill program:

C6 Target

  • Hole QMR018 returned 39 metres of 0.50% Cu and 0.13 g/t Au.
  • Hole QMR021 returned 28 metres of 0.58% Cu and 0.03 g/t Au.
  • Hole QMR022 returned 80 metres of 0.44% Cu and 0.02 g/t Au.
  • Hole QMR023 returned 91 metres of 0.25% Cu and 0.02 g/t Au.
  • Hole QMR025 returned 135 metres of 0.37% Cu and 0.03 g/t Au.
  • Hole QMR026 returned 40 metres of 0.36% Cu and 0.02 g/t Au.
  • Hole QMR027 returned 29 metres of 0.45% Cu and 0.04 g/t Au.

C1 Target

  • Hole CPR660 returned 11 metres of 1.35% Cu and 0.74 g/t Au.
  • Hole CPR661 returned 30 metres of 0.64% Cu and 0.25 g/t Au.
  • Hole CPR667 returned 25 metres of 0.73% Cu and 0.13 g/t Au.
  • Hole CPR670 returned 84 metres of 0.56% Cu and 0.97g/t Au.
  • Hole CPR671 returned 36 metres of 0.57% Cu and 0.28g/t Au.
  • Hole CPR673 returned 20 metres of 0.32% Cu and 1.13g/t Au.

C2 Target

  • Hole RED010 returned 95 metres 0.30% Cu and 0.04 g/t Au.
    • Includes: 8 metres of 0.78% Cu and 0.12 g/t Au.
    • Includes: 11 metres of 0.45% Cu and 0.05 g/t Au.
  • Hole RED011 returned 123 metres of 0.24% Cu and 0.01 g/t Au.
  • Hole RED013 returned:
    • 79 metres of 0.25% Cuand 0.01 g/t Au.
    • 51 metres of 0.41% Cu and 0.01 g/t Au.
  • Hole RED020 returned 139 metres of 0.22% Cu and 0.01 g/t Au.

“These results are very promising and validate these priority targets,” commented Gil Clausen, Copper Mountain’s President and CEO. “They indicate that there is a potential for a larger mineralized system. This was an initial exploratory drill program to test the geophysical and geochemistry work done to date. These mineralized zones show more continuity with increased drilling. The drilled zones remain open to expansion, and there are numerous targets yet to be drill tested. More drilling is required, and we plan on putting a systematic program in place to develop these targets with additional drilling this year and into 2022. The current results confirm our belief that there is potential for discovery of copper resources."

Overview

Systematic definition of large mineralized systems at Cameron is the goal of the current exploration program. The ongoing drill program will test mineralization laterally and to depth to establish economic potential. The C6, C1 and C2 targets were the focus of the initial phase of this work plan. The drill program included 7 diamond core and 41 reverse circulation (RC) hammer holes. At C6, C1 and C2 targets, the drilling intersected both oxide and sulphide mineralization at varying depths. Mineralized zones are open, and the extent of mineralization as indicated by surface geochemistry or geophysical data have not been fully tested. The host rocks, intersected mineralization, and the element association is typical of IOCG (Iron Oxide Copper Gold) deposits. The Company is undertaking further exploration drilling at Cameron in 2021, with a more extensive resource drill program proposed for 2022.

Cameron mineralization combines disseminated, fracture-controlled and strata-bound styles similar to the Eva IOCG deposits. The drilled C6, C1 and C2 targets are part of a cluster of copper-in-soil anomalies along a broad North-South structural corridor. Eva’s Mineral Resource sits within the northern half of this same corridor. Eva has a Measured and Indicated Mineral Resource (inclusive of Mineral Reserves) of 261 million tonnes grading 0.42% copper and 0.04 g/t gold, containing an estimated 2.4 billion pounds of copper and 330,000 oz of gold (for further information please see the technical report titled “NI 43-101 Technical Report for the Eva Copper Project Feasibility Study Update, North West Queensland, Australia”, dated May 7, 2020 with an effective date of January 31, 2020). See Appendix 14.

C6 Target (Quamby)

At C6 (Appendix 3), copper mineralization has been drill tested by 3 diamond and 19 RC holes with broad spacing over a 1 kilometre strike length. The target area includes the historic Quamby gold mine, from which 75,600 ounces of gold were recovered from leaching operations in the 1980's and 1990's. The reported drilling herein tested mineralization southwest of the mine workings beneath a large copper and gold-in-soil anomaly. 

The RC drilling was relatively shallow and consisted of 15 holes on sections spaced at 60 to 100 metre intervals with the objective of testing the copper-gold soil anomaly. The drilling indicates a continuous zone of copper mineralization, which is up to 145 metres wide and consists of lower-grade copper, with higher-grade zones localized in a major fold hinge. Mineralization occurs as disseminated chalcopyrite and pyrite hosted in strongly altered metasediments below the weathered zone, which is approximately 25 to 75 metres deep. Oxide mineralization in the weathered zone consists of malachite, native copper and chalcocite, similar to Eva’s ‘copper-only’ type deposits. All mineralization is open along strike and at depth.

C1 Target (Companion)

At C1 (Appendix 6), the mineralized system appears extensive, with soil anomalies defined over an area of 0.6 kilometres by 3 kilometres. The southern part of the anomaly remains undrilled. Drilling to date has only tested 1.2 kilometres of the surface strike length. Appendix 6 provides a drilling plan related to soil anomalies and illustrates the broad zone of multiple intercepts and the relationship to the much larger copper-in-soils anomaly.

The new drill results combined with those from previous campaigns, together with geology and soil geochemistry, confirm the discovery of a large, structurally controlled copper-gold system. Mineralization consisting of chalcopyrite and pyrite, is hosted in variably altered metasediments. In the weathered zone, mineralization occurs as malachite and goethite, commonly to depths of 20 metres but locally up to 75 metres. The higher grade mineralization formed within the primary structures as discrete lodes and shoots. The mineralization is open along strike and at depth.

C2 Target (Reaper)

At C2 (Appendix 9), copper mineralization has been drilled systematically within zones having lateral extents of 1.2 kilometers by 0.55 kilometers, within a more extensive 3-kilometre-long area of coincident geochemical and geophysics anomalies.

Drilling consisted of 4 diamond and 7 RC holes. Holes were drilled on 200 metre spaced sections on the larger northern zone, and 100 metre sections on the southern zone. The drilling identified multiple higher-grade tenor zones within broader lower grade mineralization envelopes, which were drilled to vertical depths of 160 metres in the southern zone and 200 metres in the northern zone. Copper mineralization varies from disseminated to fracture-fill veinlets of chalcopyrite, chalcocite, and native copper hosted in strongly altered metasediments. However, malachite and goethite form the mineralization in the near surface oxide zone. Mineralization is open along strike and at depth.

QA/QC and Core Sampling Protocols

Drillholes were logged by geologists at the rig (RC) or at the Company’s central exploration office (DD) using company standard logging procedures. DD core and RC samples are transported to the Company’s exploration office area by geological staff. RC samples were rotary split at the drill rig with a typical sub-sample sizes of 2kg. RC duplicate sub-samples were rifle split. Sample intervals are marked on DD core which is halved by diamond saw; quarter core used for duplicates. Sample length is usually 1m for RC and for diamond core. Blanks, field duplicates and certified standards are inserted into the sample stream at a 1:10 ratio. The RC chip and half core samples are sent in sealed shipping crates to an accredited commercial laboratory (ALS) where samples are dried, crushed, split, pulverized and assayed. Such laboratory is independent from Copper Mountain. The pulverized sample is analyzed by 50 g fire assay and multielement ME-ICP that includes copper, with a detection limit of 10,000 ppm. On return of gold values > 100 ppm Au and copper values >1% Cu; a second series of analyses are completed using appropriate ‘ore grade’ methods. The drill samples were collected in accordance with accepted industry standards. The results from QA/QC samples are routinely analyzed by the database manager and geologist on a batch and campaign basis. There are no known issues that would materially affect the accuracy or reliability of the analytical data from the drill program presented herein.

Competent Persons Statement

The information in this report that relates to exploration targets, exploration results, Mineral Resources or ore reserves is based on information compiled by Peter Holbek, B.Sc (Hons), M.Sc. P. Geo. Mr. Holbek is a full time employee of the Company and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Holbek consents to the inclusion in this news release of the matters based on the information in the form and context in which it appears.

Peter Holbek is a qualified person as defined by National Instrument 43-101 (“43-101”) and has reviewed and approved the technical content of this release.

About Copper Mountain Mining Corporation

Copper Mountain’s flagship asset is the 75% owned Copper Mountain Mine located in southern British Columbia near the town of Princeton. The Copper Mountain Mine currently produces approximately 100 million pounds of copper equivalent per year, with average annual production expected to increase to approximately 140 million pounds of copper equivalent. Copper Mountain also has the development-stage Eva Copper Project in Queensland, Australia and an extensive 2,100 km2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.

Additional information is available on the Company’s web page at www.CuMtn.com.

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION

“Gil Clausen”

Gil Clausen, P.Eng.

President and Chief Executive Officer

For further information, please contact:

Letitia Wong

Executive Vice President, Strategy & Corporate Development

Telephone: 604-682-2992

Email: [email protected]

Website: www.CuMtn.com

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements in this news release include statements concerning, among other things: the timing of the Company’s drilling program; the results of the Company’s exploration and development programs; the potential for discovery of significant resources at Cameron similar to Eva, the timing of studies, announcements, and analysis; the potential to add the expected increase in the Company’s average annual production; the Company’s intentions regarding its objectives, goals or future plans; and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Company’s properties in Canada and Australia, the reliability of the historical data referenced in this press release and risks set out in Copper Mountain’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This press release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission (“SEC”) set out in the SEC rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this press release may not be comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Appendix 1: Regional Map

Appendix 2: Cameron Copper Project Map

Appendix 3: C6 Plan of Drill Hole Locations relative to Mineralized Zones (0.1% Cu shells projected to surface) and Copper-in-Soil Anomaly


Appendix 4: C6 Cross Section A


Appendix 5: C6 Cross Section B


Appendix 6: C1 Plan of Drill Hole Locations relative to Mineralized Shoots (0.1% Cu shells projected to surface) and Copper-in-Soil Anomaly


Appendix 7: C1 Cross Section A

Appendix 8: C1 Cross Section B

Appendix 9: C2 Plan of Drill Hole Locations relative to Mineralized Zones (0.1% Cu shells projected to surface) and Copper-in-Soil Anomaly

Appendix 10: C2 Cross Section A

Appendix 11: C2 Cross Section B

Appendix 12: Significant Drill Intercept Summary

Hole ID

From

To

Interval

Grade

Grade

(m)

(m)

(m)

Cu%

Au (ppm)

C6 Target (Quamby)

QMR018

12

51

39

0.50

0.13

inc.

16

48

32

0.56

0.16

66

73

7

0.11

0

QMR019

49

64

15

0.11

0.02

QMR020

No significant intercepts to report.

QMR021

1

33

32

0.18

0.01

38

66

28

0.58

0.03

inc.

56

66

10

1.28

0.01

QMR022

1

81

80

0.44

0.02

inc.

1

7

6

0.51

0.05

and

22

57

35

0.43

0.02

and

65

81

16

0.80

0.02

QMR023

2

93

91

0.25

0.02

inc.

50

83

33

0.36

0.04

QMR024

15

69

54

0.24

0.01

inc.

21

26

5

0.43

0

and

48

56

8

0.34

0

and

63

67

4

0.60

0

QMR025

33

168

135

0.37

0.03

inc.

34

66

32

0.42

0.04

and

71

83

12

0.38

0.05

and

88

95

7

0.59

0.02

QMR026

7

47

40

0.36

0.02

inc.

14

23

9

0.48

0.07

and

33

41

8

0.78

0

QMR027

48

77

29

0.45

0.04

inc.

51

69

18

0.65

0.06

QMR028

105

132

27

0.14

0.06

QMR029

7

13

6

0.17

0.01

38

60

22

0.30

0.04

inc.

50

59

9

0.48

0.03

66

75

9

0.19

0

QMR030

38

65

27

0.23

0.06

inc.

55

65

10

0.37

0.06

QMR031

72

88

16

0.19

0.04

QMR032

0

55

55

0.22

0.02

C1 Target (Companion)

CPD656

67

72

5

0.07

0.04

CPD657

181

189

8

0.58

0.01

CPR658

46

65

19

0.21

0.09

74

99

25

0.45

0.17

inc.

85

98

13

0.63

0.25

CPR659

No significant intercepts to report.

CPR660

3

8

5

0.12

0.03

52

63

11

1.35

0.74

CPR661

12

42

30

0.64

0.25

inc.

23

41

18

0.98

0.38

103

121

18

0.70

0.16

inc.

103

112

9

0.78

0.17

CPR662

No significant intercepts to report.

CPR663

24

33

9

0.41

0.01

CPR664

0

26

26

0.19

0.07

inc.

18

23

5

0.47

0.17

CPR665

7

13

6

0.39

0.40

32

46

14

0.71

0.57

CPR666

18

25

7

0.71

0.72

CPR667

1

26

25

0.73

0.13

inc.

1

16

15

1.15

0.18

40

47

7

0.20

0.12

CPR668

55

73

18

0.34

0.36

CPR669

84

100

16

0.22

0.06

CPR670

0

84

84

0.56

0.97

90

95

5

0.50

0.97

CPR671

19

55

36

0.57

0.28

inc.

22

53

31

0.64

0.31

CPR672

23

29

6

0.09

0.06

34

38

4

0.50

1.85

58

70

12

0.30

0.11

inc.

58

67

9

0.35

0.09

CPR673

15

35

20

0.32

1.13

inc.

28

32

4

1.13

5.39

CPR674

35

40

5

0.19

0.05

82

91

9

0.58

0.3

CPR675

4

15

11

0.39

0.26

inc.

6

13

7

0.51

0.35

CPR676

85

94

9

0.84

0.31

C2 Target (Reaper)

RED010

4.1

17

12.9

0.12

0.01

29

124

95

0.30

0.04

inc.

37

45

8

0.78

0.12

inc.

71

82

11

0.45

0.05

inc.

89

94

5

0.43

0.04

RED011

72

195

123

0.24

0.01

inc.

155

161

6

0.43

0

and

178

182

4

0.50

0

and

188

194.4

6.4

0.77

0

RED012

59

96.8

37.8

0.32

0

inc.

72

83

11

0.58

0.01

103.9

123

19.1

0.21

0.01

129

172.6

43.6

0.23

0

RED013

4.5

46

41.5

0.28

0.01

inc.

4.5

14

9.5

0.58

0.01

68

82.7

14.7

0.13

0

89.9

168.7

78.8

0.25

0.01

inc.

155

163

8

0.72

0.01

170

221.4

51.4

0.41

0.01

inc.

172

180

8

0.48

0.01

and

185

205

20

0.56

0.01

RER014

0

65

65

0.15

0.01

101

171

70

0.19

0.01

RER015

10

68

58

0.25

0.02

inc.

14

22

8

0.53

0.04

85

123

38

0.42

0.01

inc.

86

94

8

1.30

0.03

RER016

0

89

89

0.16

0.03

inc.

40

44

4

0.65

0.11

102

119

17

0.41

0.04

inc.

104

110

6

0.75

0.06

RER017

10

67

67

0.23

0.03

inc.

14

25

11

0.54

0.07

RER018

120

128

8

0.51

0.02

156

170

14

0.12

0.01

RER019

15

33

18

0.13

0.02

52

75

23

0.15

0.01

RER020

0

97

97

0.16

0.01

132

271

139

0.22

0.01

inc.

148

154

6

0.53

0.01

inc.

230

239

9

0.55

0.01

*Intercepts calculated at 4 m minimum interval, and maximum 4 m internal dilution with a cut-off grade of 0.10% Cu (0.3% Cu inclusive).

Appendix 13: Drill Hole Location Details

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Maximum Depth

(m)

(m)

(m)

(o)

(o)

(m)

C6 Prospect (Quamby)

RC

QMR018

413931

7745721

215

358

-61

90

QMR019

414017

7745724

215

359

-61

120

QMR020

414079

7745741

216

358

-61

120

QMR021

414146

7745805

217

309

-60

120

QMR022

414168

7745841

217

270

-60

168

QMR023

414165

7745900

219

269

-60

114

QMR024

414152

7745979

220

252

-60

102

QMR025

414268

7745901

219

269

-59

186

QMR026

414101

7746075

222

251

-59

96

QMR027

414084

7746181

224

252

-59

108

QMR028

414052

7746266

224

220

-61

132

QMR029

413949

7746305

224

222

-60

96

QMR030

413897

7746361

221

221

-61

96

QMR031

413856

7746449

222

220

-59

96

QMR032

414084

7745833

216

170

-61

96

C1 Prospect (Companion)

Diamond

CPD655

413604

7740706

208

93

-65

101.5

CPD656

413550

7740600

212

90

-42

197

CPD657

413774

7740591

207

91

-43

211.9

RC

CPR658

413371

7740596

212

89

-61

108

CPR659

413607

7740808

208

90

-60

78

CPR660

413588

7740848

208

89

-61

78

CPR661

413878

7740953

210

90

-57

132

CPR662

413950

7741025

208

270

-60

102

CPR663

413831

7741104

213

90

-60

102

CPR664

413854

7741105

212

89

-60

54

CPR665

413878

7741170

211

93

-61

84

CPR666

413853

7741171

212

90

-60

102

CPR667

413949

7741241

208

272

-60

78

CPR668

413999

7741184

207

273

-60

102

CPR669

414019

7741200

208

272

-61

138

CPR670

413992

7741241

208

276

-60

114

CPR671

413649

7741164

214

93

-60

78

CPR672

413648

7741248

215

96

-60

96

CPR673

413822

7741416

211

273

-60

78

CPR674

413564

7740849

209

90

-61

102

CPR675

413578

7740803

207

89

-59

78

CPR676

413554

7740800

209

90

-61

102

C2 Prospect (Reaper)

Diamond

RED010

413939

7732161

273

127

-60

155.5

RED011

413784

7733375

245

90

-60

242.3

RED012

413784

7733376

245

87

-45

211.8

RED013

413722

7733771

268

88

-61

221.8

RC

RER014

413885

7732108

269

136

-71

174

RER015

413887

7732107

269

137

-55

150

RER016

413809

7731997

247

139

-70

150

RER017

413811

7731995

247

136

-55

150

RER018

413847

7733174

245

111

-60

204

RER019

413754

7733968

263

95

-60

180

RER020

413708

7733609

252

88

-60

300

Appendix 14: Cameron Project Area Copper-in-Soil Map relative to Eva Copper Project

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at [email protected] We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

* indicates required
SRC Mining & Special Situations ZertifikatSRC Mining & Special Situations Zertifikat