Drilling expands Pit 3 mineralization and intersects 119 feet of 2.1% cu and 23 g/t ag in the Oriole Deposit
Web Site: www.CuMtn.com
TSX : CUM
VANCOUVER, Oct. 9 /CNW/ - Copper Mountain Mining Corporation ("CMMC" or
the "Company") is pleased to provide results from its on-going exploration
program, where results continue to add to, and upgrade resources. Successful
drill results have encouraged the Company to expand the 2008 drill program to
60,000 meters (197,000 feet). The objectives of the drilling program have been
to increase the size and grade of the overall resource; particularly in areas
adjacent to and below the designed Super-pit area, and to discover new zones
of mineralization. The discovery of new areas of mineralization has been
greatly aided by the Titan 24 Geophysical Survey which outlined substantial
areas of high-chargeability both near surface and at depth. Results of the
drill program will be incorporated into a new resource estimate planned for
completion by year end.
Recent drilling has been carried out in the Pit 1, Pit 3 and Oriole areas
as well as some drill-holes for engineering purposes. Key results being
reported in this release are from the Pit 3 and Oriole areas and include:
- In the Pit 3 area, drill-hole CM08P3-33 collared 200 feet North-east
of the existing Pit 3 rim, intersected mineralization over 214 feet
(65.2m) grading 0.84% Cu, 0.27 g/t Au, and 3.70 g/t Ag (0.97% Cu
Equiv.) that is within the planned Super Pit and should improve mine
economics.
- In the Oriole area, drill-hole CM08OL-17 is the most significant
intersection in this batch being released today, which intersected
119 feet (36.3m) grading 2.10% Cu, 0.10 g/t Au, and 22.7 g/t Ag
(2.31% Cu Equiv.) approximately 1,100 feet south-east of the most
southern edge of Pit 3. Definition of resources in the Oriole area
could result in a southerly expansion of the Super Pit.
Highlights of the results for the new drill holes in Pit 3 and Oriole are
listed in the table below and drill-hole locations are shown on the attached
map. Complete results can be found on the company's website.
Pit 3 Area: Twenty-eight additional drill holes have been completed in
the Pit 3 area: thirteen holes were drilled peripheral to Pit 3 to test for
outward extensions and/or new mineralized zones within the Pit walls; and
fourteen holes were drilled from the bottom of the historical pit to test for
depth extensions to the mineralization. Drilling from the pit bottom was to
follow-up on previous significant intersections (322 feet grading 1.31% Cu)
that were below, both the historical underground mine workings, and the bottom
of the designed Super Pit, as reported in the recently completed feasibility
study.
Drilling results in the eastern wall of Pit 3 have been positive with
most drill holes intersecting some mineralization and many with significant
intersections such as CM08P3-13 (90 feet of 0.58% CuEq near surface and
205 feet grading 0.58% CuEq. near the bottom of the Super Pit), CM08P3-22
(236 feet of 0.71% CuEq at mid-depth of the Super Pit) and CM08P3-28 (232 feet
grading 1.00% Cu Eq. in the lower wall and 230 feet at 0.46% CuEq towards the
pit bottom). Drill results in the Pit wall will help to up-grade some inferred
blocks to the Indicated category, thereby improving Pit economics as well as
likely adding to the overall resource base.
Drilling from the bottom of Pit 3 is being carried out to extend the
high-grade mineralization to depth and delineate resources below the
Feasibility Super Pit. Drill-hole CM08P3-16 was drilled from the bottom of Pit
3 approximately 500 feet to the south of the high grade zones encountered in
CM08P3-08, and encountered the corresponding zones of mineralization,
including an 80 foot intersection grading 1.16% Cu, (1.19% Cu Equiv.) Drill
hole CM08P3-40 was drilled from the pit bottom to the east in order to test a
large geophysical anomaly that extends below the Pit in an easterly direction.
The upper part of this drill hole encountered strong mineralization (280 feet
grading 0.76% Cu, 0.12 g/t Au, and 2.12 g/t Ag (0.82% Cu Equiv.) but deeper
mineralization consists of scattered moderate to low grade mineralized
intersections.
Oriole Area: Five additional holes have been completed in the Oriole area
which is located, along strike and immediately south of Pit 3. Development of
resources in this area may allow for a significant southward expansion of the
Super Pit. The Oriole area is characterized by narrow high-grade mineralized
zones located between late, barren dykes. Mineralization extends over an area
of about 700 feet in the east-west direction and for 1,000 feet in the
north-south direction. Drill-hole CM08OL-17, in the south-central part of the
Oriole deposit, intersected a 119 foot interval grading 2.1% Cu and 22.7g/t Ag
(2.31% Cu Equiv.).
The mineralized system at Copper Mountain is classified as a
bulk-tonnage, alkalic porphyry copper deposit that is hosted within Nicola
Group volcanic rocks. Mineralization is structurally controlled and focused at
multi-directional vein intersections and within vein stockwork systems. Drill
holes are usually drilled at angles of -45 or -55 degrees to provide the best
indication of the lateral extents of vertically oriented mineralization.
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 1,000 ppm copper being re-analysed by assay methods for
copper, gold and silver. The drilling program is being supervised by Peter
Holbek, M.Sc., P.Geo., a qualified person as defined by National Policy
Instrument 43-101.
About Copper Mountain Mining Corp.:
CMMC is a BC resource company that owns 100% of the Copper Mountain
Project located 15 km south of the town of Princeton in southern British
Columbia. The Company recently completed an independent feasibility study that
confirmed the viability of restarting this past open pit copper and precious
metal producer. Development is based on the construction of a new 35,000 tonne
per day concentrator to produce approximately 100 million pounds of copper per
year in a copper concentrate with gold and silver credits by the end of 2010.
The mine resource includes; a Measured and Indicated Mineral Resource of
186 million tons averaging 0.411% Cu containing 1.5 billion lbs copper and an
Inferred Resource of 92 million tons averaging 0.344% Cu containing
0.6 billion lbs copper (see press release July 28, 2008). A copy of the
Independent 43-101 Technical Report pertaining to the interim resource
estimate and a video presentation on the Copper Mountain Project may be found
on the company's website. Copper Mountain Mining Corporation's shares
currently trade on the TSX Exchange under the symbol CUM and additional
information is available on the Company's web site at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Peter Holbek"
Peter Holbek
VP Exploration
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 statement.
EXPLORATION UPDATE: DRILLING EXPANDS PIT 3 MINERALIZATION,
CONFIRMS EXTENSION OF MINERALIZATION TO DEPTH
HIGHLIGHTS TABLE
----------------
-------------------------------------------------------------------------
Hole ID Location Azi Dip From To Interval Cu Cu Ag Au
% Eq GMT GMT
-------------------------------------------------------------------------
Pit 3 Area
-------------------------------------------------------------------------
CM08P3-13 Pit 3
North-East
Wall 219 -55 190 280 90 0.53 0.58 2.80 0.08
-------------------------------------------------------------------------
973 1178 205 0.53 0.58 1.53 0.10
-------------------------------------------------------------------------
CM08P3-14 Pit 3
South-East
Wall 235 -46 13 43 30 0.97 1.11 7.57 0.21
-------------------------------------------------------------------------
CM08P3-16 Pit 3
Bottom 281 -53 291 371 80 1.16 1.19 1.99 0.03
-------------------------------------------------------------------------
573 689 116 0.80 0.83 1.72 0.04
-------------------------------------------------------------------------
839 869 30 0.86 0.96 5.22 0.15
-------------------------------------------------------------------------
969 1009 40 0.58 0.67 3.58 0.16
-------------------------------------------------------------------------
1274 1452 178 0.39 0.42 1.80 0.05
-------------------------------------------------------------------------
CM08P3-17 Pit 3
South-East
Wall 235 -46 780 830 50 1.46 1.56 7.90 0.11
-------------------------------------------------------------------------
CM08P3-22 Pit 3
South-East
Wall 272 -47 910 1019 109 0.31 0.34 1.20 0.05
-------------------------------------------------------------------------
1194 1430 236 0.65 0.71 2.80 0.10
-------------------------------------------------------------------------
CM08P3-23 Pit 3
Bottom 178 -57 60 220 160 0.62 0.66 2.38 0.06
-------------------------------------------------------------------------
CM08P3-24 Pit 3
South-East
Wall 230 -46 95 135 40 0.56 0.61 3.71 0.06
-------------------------------------------------------------------------
CM08P3-25 Pit 3
Bottom 235 -68 88 321 233 0.48 0.51 1.53 0.06
-------------------------------------------------------------------------
CM08P3-26A Pit 3
South-East
Wall 266 -47 1418 1507 89 0.18 0.19 0.62 0.02
-------------------------------------------------------------------------
CM08P3-27 Pit 3
Bottom 235 -68 30 89 59 0.38 0.39 0.78 0.00
-------------------------------------------------------------------------
177 223 46 0.63 0.69 3.80 0.08
-------------------------------------------------------------------------
CM08P3-28 Pit 3
North-East
Wall 265 -59 610 842 232 0.84 1.00 5.49 0.31
-------------------------------------------------------------------------
1235 1465 230 0.42 0.49 2.29 0.13
-------------------------------------------------------------------------
CM08P3-29 Pit 3
Bottom 185 -49 120 180 60 0.42 0.49 2.2 0.14
-------------------------------------------------------------------------
CM08P3-30 Pit 3
North-East
Wall 225 -46 620 983 363 0.35 0.43 2.48 0.16
-------------------------------------------------------------------------
CM08P3-31 Pit 3
Bottom 216 -51 10 190 180 0.24 0.25 1.04 0.02
-------------------------------------------------------------------------
CM08P3-32 Pit 3
North-East
Wall 219 -62 840 1210 370 0.47 0.54 1.56 0.14
-------------------------------------------------------------------------
1240 1355 115 0.28 0.30 0.73 0.05
-------------------------------------------------------------------------
CM08P3-33 Pit 3
North-East
Wall 225 -54 795 1009 214 0.84 0.97 3.77 0.27
-------------------------------------------------------------------------
1150 1315 165 0.54 0.63 3.60 0.16
-------------------------------------------------------------------------
CM08P3-34 Pit 3
Bottom 243 -48 180 290 110 0.6 0.63 1.62 0.05
-------------------------------------------------------------------------
CM08P3-35 Pit 3
Bottom 243 -55 205 255 50 0.54 0.58 1.86 0.08
-------------------------------------------------------------------------
1158 1198 40 0.44 0.50 1.58 0.12
-------------------------------------------------------------------------
CM08P3-36 Pit 3
North-East
Wall 223 -51 246 346 100 0.67 0.73 1.61 0.11
-------------------------------------------------------------------------
736 786 50 0.41 0.43 1.1 0.04
-------------------------------------------------------------------------
920 970 50 0.46 0.49 1.08 0.06
-------------------------------------------------------------------------
1010 1046 36 0.74 0.78 1.86 0.07
-------------------------------------------------------------------------
CM08P3-37 Pit 3
Bottom 258 -47 214 274 60 0.60 0.64 1.30 0.08
-------------------------------------------------------------------------
450 585 134 0.37 0.39 1.21 0.03
-------------------------------------------------------------------------
644 704 60 0.25 0.27 0.62 0.05
-------------------------------------------------------------------------
CM08P3-39 Pit 3
Bottom 264 -52 10 90 80 0.46 0.49 1.26 0.06
-------------------------------------------------------------------------
1027 1067 40 0.71 0.75 2.85 0.05
-------------------------------------------------------------------------
CM08P3-40 Pit 3
Bottom 95 -49 8 288 280 0.76 0.82 2.12 0.12
-------------------------------------------------------------------------
Oriole Area
-------------------------------------------------------------------------
CM08OL-16 Oriole
Zone 219 -45 130 200 70 0.42 0.45 1.43 0.05
-------------------------------------------------------------------------
CM08OL-17 Oriole
Zone 219 -45 326 445 119 2.10 2.31 22.70 0.10
-------------------------------------------------------------------------
CM08OL-18 Oriole
Zone 219 -45 502 576.3 74.3 0.62 0.68 3.70 0.07
-------------------------------------------------------------------------
(*) CuEq based onmetal prices of: Copper at $2.50, Gold at $675/oz and
Silver at $12/oz with metallurgical recoveries at 100%
To view area drilling plan, please visit:
http://files.newswire.ca/596/CopperMountain_DHPlan.pdf
For further information: Don Graham: Director, Investor Relations, (604)
682-2992 ext. 224, Email: don@CuMtn.com; Website: www.CuMtn.com or B&D Capital
(604) 685-6465
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