Geology & Mineral Resources
GEOLOGY
The Murray Brook sulphide mineralization is classified as a sedimentary rock-hosted volcanogenic massive sulphide deposit.
This type of deposit is characterized by massive to semi-massive iron sulphide minerals that contain variable amounts of base metals and precious metals and is well studied and documented.
Genetically, these deposits are coeval with felsic volcanic centres, and are generally lens-like and stratabound, with a discordant hydrothermal “pipe” at the stratigraphic base of the sulphide accumulation.
2023 MINERAL RESOURCE ESTIMATE
In October 2023, Canadian Copper published an updated NI 43-101 Mineral Resource Estimate (“MRE”) for the Murray Brook Deposit.
- Measured & Indicated: 21.1 Mt grading 2.49% Zn, 0.45 % Cu, 0.91 % Pb, 0.56 g/t Au, and 38.6 g/t Ag (1.41% CuEq or 4.77% ZnEq)
- Measured: 15.8 Mt grading 2.60% Zn, 0.43% Cu, 0.92% Pb, 0.52 g/t Au, and 39.0 g/t Ag (1.42% CuEq or 4.83% ZnEq).
- Indicated: 5.3 Mt grading of 2.14% Zn, 0.52% Cu, 0.85% Pb, 0.67 g/t Au, and 37.3 g/t Ag (1.41% CuEq or 4.58% ZnEq).
Significant Enhancements in the 2023 MRE include:
- A 78% increase in value, for an NSR of C$115/ tonne mineralized value.
- An 18% increase in total resource tonnes from the previous MRE; From 18.7 Mt to 21 Mt total Measured & Indicated Sulphide Resource.
- A 4% increase in copper equivalent grade from the previous 2016 Mineral Resource estimate to 1.42% CuEq.
Murray Brook Total Mineral Resources
Murray Brook Total Mineral Resources
Notes pertaining to the Murray Brook Deposit 2023 Mineral Resource Estimate:
- Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
- The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
- The Mineral Resource Estimate was based on July 2023 approx. consensus economics forecast US$ metal prices of $4.00/lb Cu, $1.25/lb Zn, $0.95/lb Pb and $23/oz Ag at a $0.76 USD/CAD exchange rate.
- Process recoveries used were 80% Cu, 87% Zn, 75% Pb and 90% Ag. Au was not recoverable.
- Overburden, waste, and mineralized material mining costs per tonne mined were respectively $2.00, $2.25 and $2.50.
- Processing and G&A costs per tonne processed were respectively $20 and $3.
- Constraining pit shell slopes were 50 degrees.