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Copper Mountain Mining Announces Positive Drill Results at Cameron Copper Project in Australia, Three Large Mineralized Zones Identified

October 12, 2021

PR Newswire

VANCOUVER, BC , Oct. 12, 2021  /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) (the “Company” or “Copper Mountain”) is pleased to announce positive results from 48 drill holes, totaling 7,936 metres, drilled on the C6, C1 and C2 targets at its Cameron Copper Project (“Cameron”), as part of ongoing exploration at the property.  The drill program encountered intercepts of high-grade mineralization, within long, low-grade mineralized envelopes, with lateral continuity between intercepts of up to 1 kilometre. The Company plans to carry out further drilling that will also include new undrilled targets with significant copper-gold anomalies in surface soil and rock samples. Cameron is situated 40 kilometres south of the Company’s Eva Copper Project (“Eva”), located in the Mount Isa region of Queensland, Australia , near Cloncurry. See Appendix 1 for a regional location map. View PDF

Highlights

Please see Appendices 2 to 11 for drill hole locations and plans.  Appendices 12 and 13 have a complete drill hole table and associated data. Highlights from the drill program:

C6 Target

  • Hole QMR018 returned 39 metres of 0.50% Cu and 0.13 g/t Au.
  • Hole QMR021 returned 28 metres of 0.58% Cu and 0.03 g/t Au .
  • Hole QMR022 returned 80 metres of 0.44% Cu and 0.02 g/t Au .
  • Hole QMR023 returned 91 metres of 0.25% Cu and 0.02 g/t Au .
  • Hole QMR025 returned 135 metres of 0.37% Cu and 0.03 g/t Au .
  • Hole QMR026 returned 40 metres of 0.36% Cu and 0.02 g/t Au.
  • Hole QMR027 returned 29 metres of 0.45% Cu and 0.04 g/t Au.

C1 Target

  • Hole CPR660 returned 11 metres of 1.35% Cu and 0.74 g/t Au .
  • Hole CPR661 returned 30 metres of 0.64% Cu and 0.25 g/t Au .
  • Hole CPR667 returned 25 metres of 0.73% Cu and 0.13 g/t Au .
  • Hole CPR670 returned 84 metres of 0.56% Cu and 0.97g/t Au .
  • Hole CPR671 returned 36 metres of 0.57% Cu and 0.28g/t Au .
  • Hole CPR673 returned 20 metres of 0.32% Cu and 1.13g/t Au.

C2 Target

  • Hole RED010 returned 95 metres 0.30% Cu and 0.04 g/t Au .
    • Includes: 8 metres of 0.78% Cu and 0.12 g/t Au.
    • Includes: 11 metres of 0.45% Cu and 0.05 g/t Au.
  • Hole RED011 returned 123 metres of 0.24% Cu and 0.01 g/t Au .
  • Hole RED013 returned:
    • 79 metres of 0.25% Cu and 0.01 g/t Au .
    • 51 metres of 0.41% Cu and 0.01 g/t Au .
  • Hole RED020 returned 139 metres of 0.22% Cu and 0.01 g/t Au.

“These results are very promising and validate these priority targets,” commented Gil Clausen , Copper Mountain’s President and CEO. “They indicate that there is a potential for a larger mineralized system. This was an initial exploratory drill program to test the geophysical and geochemistry work done to date. These mineralized zones show more continuity with increased drilling. The drilled zones remain open to expansion, and there are numerous targets yet to be drill tested. More drilling is required, and we plan on putting a systematic program in place to develop these targets with additional drilling this year and into 2022. The current results confirm our belief that there is potential for discovery of copper resources.”

Overview

Systematic definition of large mineralized systems at Cameron is the goal of the current exploration program. The ongoing drill program will test mineralization laterally and to depth to establish economic potential.   The C6, C1 and C2 targets were the focus of the initial phase of this work plan. The drill program included 7 diamond core and 41 reverse circulation (RC) hammer holes.  At C6, C1 and C2 targets, the drilling intersected both oxide and sulphide mineralization at varying depths. Mineralized zones are open, and the extent of mineralization as indicated by surface geochemistry or geophysical data have not been fully tested.  The host rocks, intersected mineralization, and the element association is typical of IOCG (Iron Oxide Copper Gold) deposits. The Company is undertaking further exploration drilling at Cameron in 2021, with a more extensive resource drill program proposed for 2022.

Cameron mineralization combines disseminated, fracture-controlled and strata-bound styles similar to the Eva IOCG deposits. The drilled C6, C1 and C2 targets are part of a cluster of copper-in-soil anomalies along a broad North-South structural corridor. Eva’s Mineral Resource sits within the northern half of this same corridor. Eva has a Measured and Indicated Mineral Resource (inclusive of Mineral Reserves) of 261 million tonnes grading 0.42% copper and 0.04 g/t gold, containing an estimated 2.4 billion pounds of copper and 330,000 oz of gold (for further information please see the technical report titled “NI 43-101 Technical Report for the Eva Copper Project Feasibility Study Update, North West Queensland, Australia “, dated May 7, 2020  with an effective date of January 31, 2020  ). See Appendix 14.

C6 Target (Quamby)

At C6 (Appendix 3), copper mineralization has been drill tested by 3 diamond and 19 RC holes with broad spacing over a 1 kilometre strike length. The target area includes the historic Quamby gold mine, from which 75,600 ounces of gold were recovered from leaching operations in the 1980’s and 1990’s.  The reported drilling herein tested mineralization southwest of the mine workings beneath a large copper and gold-in-soil anomaly.

The RC drilling was relatively shallow and consisted of 15 holes on sections spaced at 60 to 100 metre intervals with the objective of testing the copper-gold soil anomaly. The drilling indicates a continuous zone of copper mineralization, which is up to 145 metres wide and consists of lower-grade copper, with higher-grade zones localized in a major fold hinge. Mineralization occurs as disseminated chalcopyrite and pyrite hosted in strongly altered metasediments below the weathered zone, which is approximately 25 to 75 metres deep.  Oxide mineralization in the weathered zone consists of malachite, native copper and chalcocite, similar to Eva’s ‘copper-only’ type deposits. All mineralization is open along strike and at depth.

C1 Target (Companion)

At C1 (Appendix 6), the mineralized system appears extensive, with soil anomalies defined over an area of 0.6 kilometres by 3 kilometres. The southern part of the anomaly remains undrilled. Drilling to date has only tested 1.2 kilometres of the surface strike length. Appendix 6 provides a drilling plan related to soil anomalies and illustrates the broad zone of multiple intercepts and the relationship to the much larger copper-in-soils anomaly.

The new drill results combined with those from previous campaigns, together with geology and soil geochemistry, confirm the discovery of a large, structurally controlled copper-gold system.  Mineralization consisting of chalcopyrite and pyrite, is hosted in variably altered metasediments. In the weathered zone, mineralization occurs as malachite and goethite, commonly to depths of 20 metres but locally up to 75 metres. The higher grade mineralization formed within the primary structures as discrete lodes and shoots.  The mineralization is open along strike and at depth.

C2 Target (Reaper)

At C2 (Appendix 9), copper mineralization has been drilled systematically within zones having lateral extents of 1.2 kilometers by 0.55 kilometers, within a more extensive 3-kilometre-long area of coincident geochemical and geophysics anomalies.

Drilling consisted of 4 diamond and 7 RC holes. Holes were drilled on 200 metre spaced sections on the larger northern zone, and 100 metre sections on the southern zone. The drilling identified multiple higher-grade tenor zones within broader lower grade mineralization envelopes, which were drilled to vertical depths of 160 metres in the southern zone and 200 metres in the northern zone. Copper mineralization varies from disseminated to fracture-fill veinlets of chalcopyrite, chalcocite, and native copper hosted in strongly altered metasediments. However, malachite and goethite form the mineralization in the near surface oxide zone. Mineralization is open along strike and at depth.

QA/QC and Core Sampling Protocols

Drillholes were logged by geologists at the rig (RC) or at the Company’s central exploration office (DD) using company standard logging procedures. DD core and RC samples are transported to the Company’s exploration office area by geological staff.  RC samples were rotary split at the drill rig with a typical sub-sample sizes of 2kg.  RC duplicate sub-samples were rifle split. Sample intervals are marked on DD core which is halved by diamond saw; quarter core used for duplicates.  Sample length is usually 1m for RC and for diamond core.  Blanks, field duplicates and certified standards are inserted into the sample stream at a 1:10 ratio. The RC chip and half core samples are sent in sealed shipping crates to an accredited commercial laboratory (ALS) where samples are dried, crushed, split, pulverized and assayed. Such laboratory is independent from Copper Mountain.  The pulverized sample is analyzed by 50 g fire assay and multielement ME-ICP that includes copper, with a detection limit of 10,000 ppm. On return of gold values > 100 ppm Au and copper values  >1% Cu; a second series of analyses are completed using appropriate ‘ore grade’ methods. The drill samples were collected in accordance with accepted industry standards. The results from QA/QC samples are routinely analyzed by the database manager and geologist on a batch and campaign basis.  There are no known issues that would materially affect the accuracy or reliability of the analytical data from the drill program presented herein.

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 consents to the inclusion in this news release of the matters based on the information in the form and context in which it appears.

Peter Holbek is a qualified person as defined by National Instrument 43-101 (“43-101”) and has reviewed and approved the technical content of this release.

About Copper Mountain Mining Corporation
Copper Mountain’s flagship asset is the 75% owned Copper Mountain Mine located in southern British Columbia near the town of Princeton . The Copper Mountain Mine currently produces approximately 100 million pounds of copper equivalent per year, with average annual production expected to increase to approximately 140 million pounds of copper equivalent.  Copper Mountain also has the development-stage Eva Copper Project in Queensland, Australia and an extensive 2,100 km highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.

Additional information is available on the Company’s web page at www.CuMtn.com .

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION
“Gil Clausen”

Gil Clausen , P.Eng.
President and Chief Executive Officer

Website: www.CuMtn.com

Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws.  All statements, other than statements of historical facts, are forward-looking statements.  Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”.  Forward-looking statements in this news release include statements concerning, among other things: the timing of the Company’s drilling program; the results of the Company’s exploration and development programs; the potential for discovery of significant resources at Cameron similar to Eva, the timing of studies, announcements, and analysis; the potential to add the expected increase in the Company’s average annual production; the Company’s intentions regarding its objectives, goals or future plans; and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements.  Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Company’s properties in Canada and Australia , the reliability of the historical data referenced in this press release and risks set out in Copper Mountain’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com .  Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.  Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This press release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission (“SEC”) set out in the SEC rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this press release may not be comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning  mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Appendix 12: Significant Drill Intercept Summary

Hole ID

From

To

Interval

Grade

Grade

(m)

(m)

(m)

Cu%

Au (ppm)

C6 Target (Quamby)

QMR018 

12 

51 

39 

0.50 

0.13 

inc.

16 

48 

32 

0.56 

0.16 

 

66 

73 

0.11 

QMR019 

49 

64 

15 

0.11 

0.02 

QMR020 

No significant intercepts to report.

QMR021 

33 

32 

0.18 

0.01 

 

38 

66 

28 

0.58 

0.03 

inc.

56 

66 

10 

1.28 

0.01 

QMR022 

81 

80 

0.44 

0.02 

inc.

0.51 

0.05 

and

22 

57 

35 

0.43 

0.02 

and

65 

81 

16 

0.80 

0.02 

QMR023 

93 

91 

0.25 

0.02 

inc.

50 

83 

33 

0.36 

0.04 

QMR024 

15 

69 

54 

0.24 

0.01 

inc.

21 

26 

0.43 

and

48 

56 

0.34 

and

63 

67 

0.60 

QMR025 

33 

168 

135 

0.37 

0.03 

inc.

34 

66 

32 

0.42 

0.04 

and

71 

83 

12 

0.38 

0.05 

and

88 

95 

0.59 

0.02 

QMR026 

47 

40 

0.36 

0.02 

inc.

14 

23 

0.48 

0.07 

and

33 

41 

0.78 

QMR027 

48 

77 

29 

0.45 

0.04 

inc.

51 

69 

18 

0.65 

0.06 

QMR028 

105 

132 

27 

0.14 

0.06 

QMR029 

13 

0.17 

0.01 

 

38 

60 

22 

0.30 

0.04 

inc.

50 

59 

0.48 

0.03 

 

66 

75 

0.19 

QMR030 

38 

65 

27 

0.23 

0.06 

inc.

55 

65 

10 

0.37 

0.06 

QMR031 

72 

88 

16 

0.19 

0.04 

QMR032 

55 

55 

0.22 

0.02 

C1 Target (Companion)

CPD656 

67 

72 

0.07 

0.04 

CPD657 

181 

189 

0.58 

0.01 

CPR658 

46 

65 

19 

0.21 

0.09 

 

74 

99 

25 

0.45 

0.17 

inc.

85 

98 

13 

0.63 

0.25 

CPR659 

No significant intercepts to report.

CPR660 

0.12 

0.03 

 

52 

63 

11 

1.35 

0.74 

CPR661 

12 

42 

30 

0.64 

0.25 

inc.

23 

41 

18 

0.98 

0.38 

 

103 

121 

18 

0.70 

0.16 

inc.

103 

112 

0.78 

0.17 

CPR662 

No significant intercepts to report.

CPR663 

24 

33 

0.41 

0.01 

CPR664 

26 

26 

0.19 

0.07 

inc.

18 

23 

0.47 

0.17 

CPR665 

13 

0.39 

0.40 

 

32 

46 

14 

0.71 

0.57 

CPR666 

18 

25 

0.71 

0.72 

CPR667 

26 

25 

0.73 

0.13 

inc.

16 

15 

1.15 

0.18 

 

40 

47 

0.20 

0.12 

CPR668 

55 

73 

18 

0.34 

0.36 

CPR669 

84 

100 

16 

0.22 

0.06 

CPR670 

84 

84 

0.56 

0.97 

 

90 

95 

0.50 

0.97 

CPR671 

19 

55 

36 

0.57 

0.28 

inc.

22 

53 

31 

0.64 

0.31 

CPR672 

23 

29 

0.09 

0.06 

 

34 

38 

0.50 

1.85 

 

58 

70 

12 

0.30 

0.11 

inc.

58 

67 

0.35 

0.09 

CPR673 

15 

35 

20 

0.32 

1.13 

inc.

28 

32 

1.13 

5.39 

CPR674 

35 

40 

0.19 

0.05 

 

82 

91 

0.58 

0.3 

CPR675 

15 

11 

0.39 

0.26 

inc.

13 

0.51 

0.35 

CPR676 

85 

94 

0.84 

0.31 

C2 Target (Reaper)

RED010 

4.1 

17 

12.9 

0.12 

0.01 

 

29 

124 

95 

0.30 

0.04 

inc.

37 

45 

0.78 

0.12 

inc.

71 

82 

11 

0.45 

0.05 

inc.

89 

94 

0.43 

0.04 

RED011 

72 

195 

123 

0.24 

0.01 

inc.

155 

161 

0.43 

and

178 

182 

0.50 

and

188 

194.4 

6.4 

0.77 

RED012 

59 

96.8 

37.8 

0.32 

inc.

72 

83 

11 

0.58 

0.01 

 

103.9 

123 

19.1 

0.21 

0.01 

 

129 

172.6 

43.6 

0.23 

RED013 

4.5 

46 

41.5 

0.28 

0.01 

inc.

4.5 

14 

9.5 

0.58 

0.01 

 

68 

82.7 

14.7 

0.13 

 

89.9 

168.7 

78.8 

0.25 

0.01 

inc.

155 

163 

0.72 

0.01 

 

170 

221.4 

51.4 

0.41 

0.01 

inc.

172 

180 

0.48 

0.01 

and

185 

205 

20 

0.56 

0.01 

RER014 

65 

65 

0.15 

0.01 

 

101 

171 

70 

0.19 

0.01 

RER015 

10 

68 

58 

0.25 

0.02 

inc.

14 

22 

0.53 

0.04 

 

85 

123 

38 

0.42 

0.01 

inc.

86 

94 

1.30 

0.03 

RER016 

89 

89 

0.16 

0.03 

inc.

40 

44 

0.65 

0.11 

 

102 

119 

17 

0.41 

0.04 

inc.

104 

110 

0.75 

0.06 

RER017 

10 

67 

67 

0.23 

0.03 

inc.

14 

25 

11 

0.54 

0.07 

RER018 

120 

128 

0.51 

0.02 

 

156 

170 

14 

0.12 

0.01 

RER019 

15 

33 

18 

0.13 

0.02 

 

52 

75 

23 

0.15 

0.01 

RER020 

97 

97 

0.16 

0.01 

 

132 

271 

139 

0.22 

0.01 

inc.

148 

154 

0.53 

0.01 

inc.

230 

239 

0.55 

0.01 

*Intercepts calculated at 4 m minimum interval, and maximum 4 m internal dilution with a cut-off grade of 0.10% Cu (0.3% Cu inclusive).

Appendix 13: Drill Hole Location Details

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Maximum
Depth

(m)

(m)

(m)

( o )

( o )

(m)

C6 Prospect (Quamby)

RC

QMR018 

413931 

7745721 

215 

358 

-61 

90 

QMR019 

414017 

7745724 

215 

359 

-61 

120 

QMR020 

414079 

7745741 

216 

358 

-61 

120 

QMR021 

414146 

7745805 

217 

309 

-60 

120 

QMR022 

414168 

7745841 

217 

270 

-60 

168 

QMR023 

414165 

7745900 

219 

269 

-60 

114 

QMR024 

414152 

7745979 

220 

252 

-60 

102 

QMR025 

414268 

7745901 

219 

269 

-59 

186 

QMR026 

414101 

7746075 

222 

251 

-59 

96 

QMR027 

414084 

7746181 

224 

252 

-59 

108 

QMR028 

414052 

7746266 

224 

220 

-61 

132 

QMR029 

413949 

7746305 

224 

222 

-60 

96 

QMR030 

413897 

7746361 

221 

221 

-61 

96 

QMR031 

413856 

7746449 

222 

220 

-59 

96 

QMR032 

414084 

7745833 

216 

170 

-61 

96 

C1 Prospect (Companion)

Diamond

CPD655 

413604 

7740706 

208 

93 

-65 

101.5 

CPD656 

413550 

7740600 

212 

90 

-42 

197 

CPD657 

413774 

7740591 

207 

91 

-43 

211.9 

RC

CPR658 

413371 

7740596 

212 

89 

-61 

108 

CPR659 

413607 

7740808 

208 

90 

-60 

78 

CPR660 

413588 

7740848 

208 

89 

-61 

78 

CPR661 

413878 

7740953 

210 

90 

-57 

132 

CPR662 

413950 

7741025 

208 

270 

-60 

102 

CPR663 

413831 

7741104 

213 

90 

-60 

102 

CPR664 

413854 

7741105 

212 

89 

-60 

54 

CPR665 

413878 

7741170 

211 

93 

-61 

84 

CPR666 

413853 

7741171 

212 

90 

-60 

102 

CPR667 

413949 

7741241 

208 

272 

-60 

78 

CPR668 

413999 

7741184 

207 

273 

-60 

102 

CPR669 

414019 

7741200 

208 

272 

-61 

138 

CPR670 

413992 

7741241 

208 

276 

-60 

114 

CPR671 

413649 

7741164 

214 

93 

-60 

78 

CPR672 

413648 

7741248 

215 

96 

-60 

96 

CPR673 

413822 

7741416 

211 

273 

-60 

78 

CPR674 

413564 

7740849 

209 

90 

-61 

102 

CPR675 

413578 

7740803 

207 

89 

-59 

78 

CPR676 

413554 

7740800 

209 

90 

-61 

102 

C2 Prospect (Reaper)

Diamond

RED010 

413939 

7732161 

273 

127 

-60 

155.5 

RED011 

413784 

7733375 

245 

90 

-60 

242.3 

RED012 

413784 

7733376 

245 

87 

-45 

211.8 

RED013 

413722 

7733771 

268 

88 

-61 

221.8 

RC

RER014 

413885 

7732108 

269 

136 

-71 

174 

RER015 

413887 

7732107 

269 

137 

-55 

150 

RER016 

413809 

7731997 

247 

139 

-70 

150 

RER017 

413811 

7731995 

247 

136 

-55 

150 

RER018 

413847 

7733174 

245 

111 

-60 

204 

RER019 

413754 

7733968 

263 

95 

-60 

180 

RER020 

413708 

7733609 

252 

88 

-60 

300 

 

 

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/copper-mountain-mining-announces-positive-drill-results-at-cameron-copper-project-in-australia-three-large-mineralized-zones-identified-301397662.html

SOURCE Copper Mountain Mining Corporation

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