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Copper Mountain Mine

Overview

The Copper Mountain mine is located about 20 km south of Princeton, British Columbia and 300 km east of the port of Vancouver. The Copper Mountain mineral claims cover approximately 18,000 acres and consist primarily of 135 crown grants, 176 mineral claims and 14 mining leases. The property is accessible by a combination of highways and paved roads and is close to the port of Vancouver that provides service for shipment of copper concentrates.

The Copper Mountain mine is a conventional open pit, truck and shovel operation. The mine has a 45 ktpd plant that utilizes a conventional crushing, grinding and flotation circuit to produce copper concentrates with gold and silver credits. A second mill expansion to 65ktpd is also planned, which is expected to further increase average annual production to 139 million pounds of copper equivalent and reduce C1 cash costs to US$1.19 per pound of copper (first ten years of a 21 year mine life). The 65 ktpd mill expansion, including the integration of New Ingerbelle, brings Copper Mountain Mine’s after-tax NPV at an 8% discount to US$1.0 billion. (Per the November 2020 Technical Report).

Further potential exists through the upgrading of resources to reserves and further exploration to continue to extend the mine life and add value.

Project Snapshot

Ownership 75% Copper Mountain Mining Corporation
25% Mitsubishi Materials Corporation (MMC)
Location 20 km south of Princeton, B.C. (Canada)
Deposit Type
(Copper Mountain
Mine and New
Ingerbelle)
Copper/Gold Porphyry
Mine Type Conventional Open Pit
Process Conventional Crush, Grind, Flotation
Expected Mine life 31 years (based on reserves only and 45ktpd)
21 years (based on reserves only and 65 ktpd)
Production

2019A Production: 72.0 million pounds of copper
2020A Production: 77.6 million pounds of copper
2021E Production: 90 to 100 million pounds of copper

All-in Costs

2020A  All-in Costs: US$1.90 per pound of copper
2021E All-in Costs: US$1.80 to $2.00 per pound of copper

End Product Copper Concentrate (with Gold and Silver)

Mineral Reserve and Mineral Resource

Copper Mountain Mine Mineral Reserve Summary (as at January 1, 2021)

The Copper Mountain Mineral Reserve is included in the Copper Mountain Mineral Resource and the effective date of the Mineral Reserve and Mineral Resource is January 1, 2021. A summary of the Mineral Reserve and Mineral Resource is provided below.

NOTE: reserve is in koz (gold and silver) and Moz for resource

Copper Mountain Mine Mineral Reserve

 

Tonnes
(‘000s)

Copper
(%)

Gold
(g/t)

Silver 
(g/t)

Copper
(Mlb)

Gold
(koz)

Silver
(koz)

Proven

 

 

 

 

 

 

 

CMM Pit

49,233

0.31

0.08

1.54

335

122

2,438

CM North Pit

24,785 

0.19

0.07

0.25

106

52

200

New Ingerbelle Pit

59,375

0.26

0.16

0.52

335

307

989

Sub-total (Pit)

133,393

0.26

0.11

0.85

776

481

3,626

Stockpile

52,163

0.15

0.04

0.45

177

67

755

Total Proven

185,556

0.23

0.09

0.73

953

548

4,381

Probable

 

 

 

 

 

 

 

CMM Pit

94,013

0.25

0.08

1.25

518

227

3,769

CM North Pit

44,665 

0.20

0.07

0.34

194

98

484

New Ingerbelle Pit

131,362

0.23

0.14

0.46

666

608

1,974

Sub-total (Pit)

270,040

0.23

0.11

0.71

1,378

933

6,200

Stockpile

-

-

-

-

-

-

-

Total Probable

270,040

0.23

0.11

0.71

1,378

933

6,200

Proven & Probable

 

 

 

 

 

 

 

CMM Pit

143,246

0.27

0.08

1.35

853

349

6,207

CM North Pit

69,450 

0.20

0.07

0.31

300

149

684

New Ingerbelle Pit

190,737

0.24

0.15

0.48

1,001

916

2,936

Sub-total (Pit)

403,433

0.24

0.11

0.76

2,154

1,413

9,827

Stockpile

52,163

0.15

0.04

0.45

177

67

755

Proven & Probable

455,596

0.23

0.10

0.72

2,331

1,480

10,581

  1. Joint Ore Reserves Committee (JORC) and CIM Definition Standards were followed for Mineral Reserves.
  2. Mineral Reserves were generated using the January 1, 2021 mining surface.
  3. Mineral Reserves are reported at a 0.10% Cu cut-off grade.
  4. Mineral Reserves are reported using long-term copper, gold, and silver prices of $2.75/lb, $1,500/oz, and $18.50/oz, respectively.
  5. An average CMM copper process recovery at block model domain recovery, gold process recovery of 65%, and silver process recovery of 70% is based on geo-metallurgical domains and actual plant values.
  6. An average Ingerbelle copper process recovery of 88.5%, gold process recovery of 71%, and silver process recovery of 65% is based on geo-metallurgical domains, historical recoveries, and recent testwork.
  7. Average bulk density is 2.78 t/m3.
  8. Stockpile grades are approximations based on grade control results.
  9. Stockpile tonnes and grade based on production grade process.

Qualified Person

Mr. Stuart Collins, P.E., serves as the Qualified Person as defined by National Instrument 43-101 and is the Qualified Person for information regarding the Copper Mountain mine’s Mineral Reserve. Mr. Collins is mine technical services director at Copper Mountain and has reviewed and approved the Mineral Reserve estimate for the Copper Mountain Mine.

Copper Mountain Mine Resource Summary (as at January 1, 2021)

Copper Mountain Operation Mineral Resources (based on a 0.10% Cu cut-off grade)

 

Tonnes
(‘000s)

Copper
(%)

Gold
(g/t)

Silver
(g/t)

Copper
(Mlb)

Gold
(Moz)

Silver
(Moz)

Measured

 

 

 

 

 

 

 

CMM Main

74,753

0.28

0.07

1.28

453

0.173

3.08

CMM North

30,608

0.20

0.07

0.31

133

0.069

0.30

New Ingerbelle

61,113

0.26 

0.16

0.52

345

0.316

1.01

Total Measured

166,474

0.25

0.10

0.82

931

0.558

4.39

Indicated

 

 

 

 

 

 

 

CMM Main

171,691

0.22 

0.07 

0.98 

848

0.403 

4.41 

CMM North

93,850

0.19

0.07

0.37

387

0.214

1.12

New Ingerbelle

165,109

0.23 

0.14

0.45 

840

0.764 

2.41 

Total Indicated

430,650 

0.22

0.10 

0.65 

2,075

1.381 

8.95 

Total M&I

 

 

 

 

 

 

 

CMM Main

264,444

0.24 

0.07 

1.07 

1,301 

0.576

8.50

CMM North

124,458

0.19

0.07

0.36

520

0.283

1.43

New Ingerbelle

226,222 

0.24 

0.15 

0.47 

1,185 

1.081

  3.42  

Total M&I

597,124 

0.23 

0.10 

0.70 

3,006 

1.940

13.35 

Inferred

 

 

 

 

 

 

 

CMM Main

126,774

0.19

0.07 

0.63 

534

0.281 

2.56 

CMM North

65,149

0.18

0.08

0.43

253

0.163

0.91

New Ingerbelle

119,087

0.22 

0.13 

0.40 

569

0.505 

1.52 

Total Inferred

311,010

0.20 

0.10 

0.50 

1,356

0.950 

4.99 

  1. Mineral Resources were estimated using the January 1, 2021 mining surface for Copper Mountain Mine.
  2. Mineral Resources are constrained by a $3.50/lb Cu pit shell.
  3. Cut-off grade is based on copper grade only.
  4. Mineral Resources are inclusive of Mineral Reserves but do not include stockpiled material.
  5. Mineral Resources are reported at a 0.10% cut-off.
  6. Totals may not add due to rounding.

Mineral Resource QP:

The Mineral Resource estimate for the Copper Mountain mine was prepared by Mr. Peter Holbek, B.Sc (Hons), M.Sc. P. Geo, who is the Vice President, Exploration of Copper Mountain Mining Corporation. Mr. Holbek serves as the Qualified Person as defined by National Instrument 43-101. Mr. Holbek has reviewed and approved the Mineral Resource estimate for the Copper Mountain Mine.

Technical Reports

Copper Mountain Mine 65KTPD NI 43-101 Technical Report (2020)

Copper Mountain Mine NI 43-101 Technical Report (2019)

Copper Mountain Mine NI 43-101 Technical Report (2018)

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