Table 1: Combined Open Pit and Underground Mineral Resource Estimate, Copper Creek Project
|Open Pit (OP)|
|Total (OP + UG)|
This Mineral Resource Estimate is reported with an effective date of July 6, 2022.
- Notes to Mineral Resource Table:
- The Mineral Resources in this estimate were calculated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (CIM, 2014) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
- All dollar amounts are presented in U.S. dollars.
- Pit shell constrained resources with reasonable prospects for eventual economic extraction (“RPEEE”) are stated as contained within estimation domains above 0.23% CuEq cut-off grade. Pit shells are based on an assumed copper price of $3.80/lb, assumed molybdenum price of $13.00/lb, assumed silver price of $20.00/oz and overall slope angle of 47 degrees based on preliminary geotechnical data. Operating cost assumptions include mining cost of $2.25/tonne (“t”), processing cost of $7.95/t, General & Administrative (“G&A”) costs of $1.25/t, and Treatment Charges and Refining Charges (“TCRC”) and Freight costs of $6.50/t.
- Underground constrained resources with RPEEE are stated as contained within estimation domains above 0.31% CuEq cut-off grade. Underground bulk mining footprints are based on an assumed copper price of $3.80/lb, assumed molybdenum price of $13.00/lb, assumed silver price of $20.00/oz, underground mining cost of $9.25/t, processing cost of $7.00/t, G&A costs of $1.25/t, and TCRC and Freight costs of $6.50/t.
- Average bulk density assigned by domain: 2.33 g/cm3 for all near-surface breccias; 2.40 g/cm3 for the Mammoth breccia; 2.56 g/cm3 for the Keel breccia, porphyry mineralization and all other areas outside of breccias.
- Variable metallurgical recovery by metal and domain are considered for CuEq, as follows: copper recovery of 92%, 85% and 60% within sulphide, transitional and oxide material, respectively; molybdenum recovery of 78% and 68% for sulphide and transitional material, respectively; silver recovery of 50% and 40% for sulphide and transitional material, respectively.
- CuEq is calculated by domain based on the above variable recovery. For example, sulphide CuEq = [(Cu grade/100 *0.92 Cu recovery *2204.62 *3.8 Cu price) + (Mo grade/100 *0.78 Mo recovery *2204.62 *13 Mo price) + (Ag grade*0.50 Ag recovery*20 Ag price/31.10348)] / (0.92 Cu recovery *2204.62 *3.8)*100.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves in the future. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
- All quantities are rounded to the appropriate number of significant figures; consequently, sums may not add up due to rounding.