2008 drill program increases Copper Mountain Resources by 20% as project continues to move forward
- Measured and Indicated Resources:
- 302.4 Million tons grading 0.37% Cu at 0.20% Cu cut-off.
- At a 0.20% cut-off, tonnage increased from the previous estimate
by 16.2% or 42.2 million tons at a grade of 0.39% Cu providing an
increase of 362 million pounds copper, or 20% of the contained
copper.
- At a 0.15% Cu cut-off, the increase is 69 million tons with
454 million additional pounds of copper for a 20.4% increase in
contained copper.
- Inferred Resources:
- 207.8 Million tons grading 0.28% Cu at 0.20% Cu cut-off.
- Tonnage increased by 26.7% or 43.8 million tons at the 0.20% Cu
cut-off, resulting in an increase of 204 million pounds of
contained copper.
- Gold and silver grades are not available from the historical drill
data but historical production records indicate that approximately
12% of the concentrate value was from silver and gold credits. Data
from the current exploration program, which has had gold and silver
assays, indicates similar precious metal grades but at current metal
prices the value of precious metals within the concentrate would be
23%.
- Contained copper in the M&I resource categories at the 0.15% cut-off
is 2.7 billion lbs of copper with an additional 1.9 billion lbs of
copper in the inferred category for a total of 4.6 billion pounds of
copper. The total exploration cost of discovery for the additional
copper is slightly above 1 cent/pound of copper.
- Deposit remains open in most directions, especially at depth, where
current drilling has intersected higher grade material.
The resource estimate incorporates data from over 4,400 historical drill holes totalling approximately 400,000 metres, and 370 new drill holes, totalling 107,000 metres from the 2007 and 2008 exploration programs. It is anticipated that subsequent resource estimates will be completed in the future as many of the mineralized areas are still open in most directions and a number of geophysical targets still remain to be drill-tested.
Mr. O’Rourke, President and CEO stated, “I am extremely pleased with the success rate of our 2008 exploration program which was one of the largest drill exploration programs in
The resource estimated was prepared by Giroux Consultants Ltd. of
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Measured Plus Indicated Resource Inferred Resource
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Cut-off Tonnage Grade Contained Tonnage Grade Contained
%Cu (000's) Copper (lbs) (000's) Copper (lbs)
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0.15 434,960 0.31 2,679,400,000 424,840 0.22 1,903,300,000
0.20 302,410 0.37 2,219,700,000 207,820 0.28 1,155,500,000
0.25 214,660 0.43 1,833,200,000 105,500 0.33 702,600,000
0.30 158,730 0.48 1,527,000,000 57,080 0.39 440,700,000
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Historical drilling was validated by comparison to production records and comparison to new drilling. All data was compiled into a single database but seven domains were sub-divided on the basis of location and different orientations of the structural controls as determined by geology and experimental variography. All historical data was used during resource estimation but historically mined out areas were then removed from the block model. Block sizes used in the model were 25 by 25 feet by a 40 foot bench height. Block grade interpolation was a combination of ordinary kriging for lower grade, commonly disseminated mineralization, and indicator kriging for higher grade vein-like mineralization. High grade assays were capped prior to estimation based on a statistical review of the data. A majority of the reported resources, particularly the measured and indicated categories occur within or adjacent to the Feasibility design pit.
Quality Assurance
The company employs a system of quality control for drill results which includes the use of blanks, certified reference material (standards) and check assaying. Core is logged on site and split with a diamond saw. Samples are shipped to Pioneer Laboratories for geochemical analysis of copper with all values of greater than 1000 ppm copper being re-analysed by assay methods for copper, gold and silver. The drilling program is being supervised by
About Copper Mountain Mining Corp.:
CMMC is a BC resource company that owns 100% of the Project located 15 km south of the town of
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Peter Holbek"
Peter Holbek
VP, Exploration
Come visit us at the PDAC in Toronto
on Sunday March 1st or Monday March 2nd 2009
Booth # 2406
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements.
SOURCE Copper Mountain Mining Corporation