The Eva Copper Project is located 75 kilometres from the town of Cloncurry and 95 kilometres north-east of Mt Isa in north-west Queensland, Australia. The Project is envisioned to be a conventional open pit with a conventional crush, grind, flotation circuit. The property is accessible by air and road and has sufficient water and power available through a 220kV powerline.
In December 2021, the Company approved the construction plan for the Eva Copper Project, subject to 80% of detailed engineering being complete, project financing and COVID-19 restrictions being lifted. Based on this schedule, commissioning of Eva is expected to be in late 2024.
Project Snapshot
| Ownership | 100% Copper Mountain Mining Corporation |
| Location | Queensland, Australia. Mt. Isa Inlier area |
| Infrastructure | All-weather paved highway, rail, gas, airports, power |
| Deposit Type | IOCG (Iron Oxide Copper Gold) |
| Mine Type | Conventional Open Pit |
| Process | Conventional Crush, Grind, Flotation |
| Expected Mine life(1) | 15 years |
| Expected Average Annual Production(1) | Approx. 106 Mlbs of copper equivalent (Approx. 100 Mlbs of copper and approx. 14 koz of gold) |
| Copper Recovery(1) | 87% |
| Copper Feed Grade(1) | 0.46% |
| After-tax NPV (8%)(2) | US$622M |
| After-tax IRR(2) | 35% |
| End Product | Copper concentrate (with gold credits) |
- (1) Based on the May 2020 Feasibility Study
Qualified Persons: Messrs. Paul Staples, Alistair Kent, David Johns, Peter Holbek, Stuart Collins, Mike Westendorf, Roland Bartsch and Richard Klue serve as Qualified Persons as defined by National Instrument 43-101 for the Technical Report related to the Eva Copper Project. Mr. Stuart Collins of SEC Enterprises Corp., who is independent of the Company, is the Qualified Person for Mining and the Mineral Reserve. Mr. Peter Holbek, Vice President, Exploration at Copper Mountain Mining Corporation, is the Qualified Person for the related Mineral Resource. Mr. Alistair Kent, Senior Project Manager for Merit Consultants International, who is independent of the Company, is the Qualified Person for the Development Capital Estimate. Mr. Paul Staples, Vice President and Global Practice Lead for Ausenco Limited, who is independent of the Company, is the Qualified Person for Ore Processing.
- (2) Based on the December 2021 Update, announced December 13, 2021.
Mineral Reserve and Mineral Resources
The Eva Mineral Reserve is included in the Eva Mineral Resource and the effective date of the Mineral Reserve and Mineral Resource January 30, 2020. A summary of the Mineral Reserve and Mineral Resource is provided below.
Eva Mineral Reserves
Eva Copper Mineral Reserve | |||||
|---|---|---|---|---|---|
| Tonnes | Cu Grade | Au Grade | Cu Pounds | Au Ounces |
Proven | 92,623 | 0.48 | 0.05 | 975 | 144 |
Probable | 78,425 | 0.43 | 0.04 | 743 | 115 |
Total Proven and Probable | 171,047 | 0.46 | 0.05 | 1,718 | 260 |
Total Proven and Probable (Gold only) | 106,380 |
| 0.08 |
| 260 |
Mineral Reserve Notes:
- CIM Definition Standards were followed for Mineral Reserves.
- Mineral Reserves were generated using the December 31, 2019 mining surface.
- Mineral Reserves are reported at an NSR cut-off value of $8.95/t for Little Eva and Turkey Creek, $9.35/t for Bedford and Blackard, $10.32/t for Lady Clayre and Scanlan, and $11.44/t for Ivy Ann.
- Mineral Reserves are reported using copper and gold prices of $2.75/lb and $1,250/oz, respectively.
- Average process recoveries of 95% for copper sulphide, 63% for native copper, and 78% for gold were used for all deposit areas.
- Little Eva, Turkey Creek, Bedford, and Lady Clayre have an equivalent 5.3% NSR royalty; Ivy Ann has an equivalent 5.8% royalty.
- Blackard, Scanlan, and Turkey Creek do not contain gold.
- Totals may show apparent differences due to rounding.
Qualified Person:
Mr. Stuart Collins of SEC Enterprises Corp., who is independent of the Company, is the Qualified Person for Mining and the Mineral Reservefor the Eva Copper Project.
Eva Mineral Resources
Eva Copper Mineral Resource | |||||
|---|---|---|---|---|---|
| Tonnes | Cu Grade | Au Grade | Cu Pounds | Au Ounces |
Measured | 111,821 | 0.45 | 0.05 | 1,098 | 160 |
Indicated | 148,818 | 0.40 | 0.04 | 1,307 | 172 |
Total Measured + Indicated | 260,659 | 0.42 | 0.04 | 2,419 | 330 |
Total Inferred | 46,267 | 0.42 | 0.04 | 415 | 51 |
Mineral Resource Notes:
- Joint Ore Reserves Code (JORC) and CIM definitions were followed for Mineral Resources.
- Mineral Resources are inclusive of Mineral Reserves.
- Mineral Resources are constrained within a Whittle pit shell generated with a copper price of $3.50/lb, a gold price of $1,250/oz and an exchange rate of AU$1.35 = US$1.00.
- Density measurements were applied (ranges from 2.4 t/m3 to 3.0 t/m3).
- Significant figures have been reduced to reflect uncertainty of estimations and therefore numbers may not add due to rounding.
Qualified Person
Mr. Peter Holbek, Vice President, Exploration at Copper Mountain Mining Corporation, is the Qualified Person for the related Mineral Resource.
Technical Report
Eva Copper Feasibility Study NI 43-101 Technical Report (2020)