VANCOUVER, May 24, 2018 /CNW/ - Copper Mountain Mining Corporation (TSX:CMMC | ASX:C6C) ("Copper Mountain" or the "Company") is pleased to announce that the Board has approved a $5 million budget for its Cloncurry project located in Queensland, Australia. Planned work programs will include follow-up drilling on discoveries made in 2017, testing of new targets and supporting works for the active Full Feasibility Study on the proposed Eva Copper Mine, which is compliant with NI 43-101.
Copper Mountain's acquisition of Altona Mining Ltd (Australia) was completed in April 2018 (see news release dated April 18, 2018). This transaction resulted in the acquisition of 100% of Altona's assets including $30 million in cash, a permitted development project (Eva Copper Project) and a substantial exploration tenement portfolio (397,000 hectares) located in the highly prospective Mount Isa area in Queensland. This province is one of the world's premier base metal camps with mining continuing uninterrupted since discovery of copper and gold near Cloncurry in the 1860's.
Altona Mining's 2017 exploration drilling program, which was shallow and reconnaissance in nature, tested several significant copper-in-soil anomalies at the Companion, Veiled and Quamby prospects (as released by Altona Mining Limited on February 8, 2018). These prospects add to an emerging cluster of copper-gold discoveries located 30km south of the Company's proposed Eva Copper Mine.
Highlights of the 2017 drilling program reported in the Altona presss release of February 8, 2018 include:
Drill Hole #
Intercept / Grade
32 metres at 1.48% copper, 0.98g/t gold
15 metres at 1.44% copper, 0.84g/t gold
35 metres at 1.33% copper, 0.23g/t gold
74 metres at 0.53% copper, 0.23g/t gold
24 metres at 0.84% copper, 0.22g/t gold
25 metres at 0.68% copper, 0.10g/t gold
13 metres at 0.61% copper, 4.23g/t gold (including 2 metres at 23.55g/t gold)
60 metres at 0.44% copper, 0.05g/t gold
25 metres at 0.52% copper, 0.07g/t gold
Notable were the higher gold ratios compared to deposits included in the mine plan for the Eva development. High silver values at Quamby and high cobalt values at Veiled were also recorded.
2018's exploration campaign includes drilling at the Companion and Veiled prospects and will aim to extend previously encountered mineralization and begin towards definition of an NI 43-101/JORC Code compliant Mineral Resource. Additional drilling is planned for the as yet untested Matchbox prospect, located approximately 10 kilometers north of the Companion prospect. The Company's regional drilling objectives will aim to evaluate prospects which remain untested by drilling.
Ground based Induced Polarity (IP) geophysical surveys will be deployed to guide future drilling at the Reaper, Brolga and Harvest prospects. Systematic regional and detailed soil geochemistry will be executed across regional tenure to develop a new pipeline of targets.
About Copper Mountain Mining Corporation: Copper Mountain's flagship asset is the Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation who owns 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential is being explored to maximize the property's full development potential. Copper Mountain's recent acquisition of Altona Mining Limited includes approximately $30M cash, the Cloncurry project with the development-ready Eva Copper Project and extensive exploration potential in the 379,000 hectare highly prospective land package in Queensland, Australia.
Additional information is available on the Company's web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Jim O'Rourke" Jim O'Rourke, P.Eng. Chief Executive Officer
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.
SOURCE Copper Mountain Mining Corporation
For further information: please contact: Dan Gibbons, Investor Relations 604-682-2992 ext. 238 Email: [email protected]; Rod Shier, Chief Financial Officer 604-682-2992 ext.222 Email: [email protected]; Website: www.CuMtn.com
Copper Mountain Mining Corporation (TSX: CMMC) is a Canadian based mining company whose flagship asset is the Copper Mountain mine located in southern British Columbia, near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation...