VANCOUVER, June 7, 2018 /CNW/ - Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) (the "Company" or "Copper Mountain") is pleased to announce that it has commenced drilling at the New Ingerbelle deposit at the Copper Mountain Mine, located near Princeton in southern British Columbia. This Phase 2, 10,000m drill program has been designed to follow up on the successful Phase 1, 2017 drilling program which has validated historical data and confirmed that mineralization is open both laterally and at depth.* The objectives of the program are to continue to expand the New Ingerbelle resource area and to convert inferred resources to Measured and Indicated status. A total of 30 holes are planned and the results from this summer program are expected in late Q3.
New Ingerbelle has never been included in the mine plan of the Copper Mountain Mine, nor has the Company reported any New Ingerbelle Mineral Reserves. Its resource categories are currently being updated with the addition of the Phase 1 2017 drill data and will be further updated after the completion of this phase 2 program. The average Cu Eq** grade for 35 significant drill intersections from last year's Phase 1 program* is 0.48% (0.34% Cu, 0.70g/t Ag and 0.22g/tAu ).
The Company's objective under a three phase program at New Ingerbelle is to outline sufficient resources to form the basis of a Feasibility Study on the development potential of this historic producing mine. The Company's target is to add a minimum of 150M tonnes of Measured and Indicated resources in order to commence that study.
Copper Mountain confirms that it is not aware of any new information or data since the release of the historical data included in the Company's press release on October 2, 2017 that affects materially or otherwise the information included in the Company's October 2, 2017 announcement.
*See News Release, February 1, 2018 www.cumtn.com
**Cu Eq % : Calculated using US$3.10/lb Cu, US$1225/oz Au, US $17/oz Ag, and recoveries of 82, 70 and 55% for Cu, Au and Ag, respectively, with transportation and smelter terms applied. Based on a 0.2% copper cut-off grade, which is contained within an open pit design based on a US$2.75 copper price and 2017 mine costs.
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 Cloncurry project in Queensland, Australia, includes the development-ready Eva Copper Project and an extensive exploration potential within the Company's 379,000 hectare highly prospective land package.
Additional information is available on the Company's website at www.CuMtn.com.
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 does consent to the inclusion in this news release of the matters based on their information in the form and context in which it appears.
Peter Holbek is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this release.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Peter Holbek, M.Sc. P. Geo."
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]