The permitted, development-ready 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.
43-101 Feasibility Study Results on the Eva Copper Project were announced on October 1, 2018. The result of which are summarized below. Within the Eva Copper mining leases exists seven historical deposits not included in the current Feasibility Study. The Company has recently completed metallurgical testwork and an updated Mineral Resource on one of the deposits, Blackard (see October 15, 2019 press release). The Company is currently incorporating these results into an updated Feasibility Study. The results are planned to be announced in the first quarter of 2020.
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) | 12 years |
| Expected Average Annual Production(1) | Approx. 100 Mlbs of copper equivalent (Approx. 90 Mlbs of copper and approx. 19 koz of gold) |
| Copper Recovery(1) | 93% |
| Copper Feed Grade(1) | 0.45% |
| After-tax NPV (8%)(1) | US$256M |
| After-tax IRR(1) | 28% |
| End Product | Copper concentrate (with gold credits) |
(1) Based on a October 1, 2018 Feasibility Study
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 is September 15, 2018. The Mineral Resource is based on all drilling up to July 15, 2018. The Company updated the Eva Copper Mineral Resource on October 2019 to include the Blackard deposit. A summary of the Mineral Reserve and Mineral Resource is provided below.
Eva Mineral Reserves (Sulfide Only)
| Tonnes (t 000) | Copper Grade (%) | Gold Grade (g/t) | Contained Copper (M lbs) | Contained Gold (oz 000) | |
|---|---|---|---|---|---|
| Proven | 61,144 | 0.41 | 0.07 | 556 | 131 |
| Probable | 55,893 | 0.39 | 0.07 | 475 | 129 |
| Proven and Probable | 117,037 | 0.40 | 0.07 | 1,031 | 260 |
Mineral Reserve Notes:
1. CIM Definition Standards were followed for Mineral Reserves.
2. Mineral Reserves were generated using the August 31, 2018 mining surface.
3. Mineral Reserves are reported at an NSR cut-off value of US$8.95/t for Little Eva and Turkey Creek, US$9.35/t for the Bedford pits, US$10.32/t for Lady Clayre pits, and US$11.44/t for Ivy Ann.
4. Mineral Reserves are reported using long-term copper and gold prices of US$2.75/lb and US$1,250/oz, respectively.
5. An average copper process recovery of 93%, and gold process recovery of 78% were used for all deposit areas.
6. Little Eva, Turkey Creek, Bedford, and Lady Clayre have an equivalent 5.3% NSR royalty. Ivy Ann has an equivalent 5.8% royalty.
7. Average bulk density is 2.7 t/m3.
8. Totals may not add due to rounding.
Eva Mineral Resources
| Sulfide | |||||
|---|---|---|---|---|---|
| Tonnes (t 000) | Copper Grade (%) | Gold Grade (g/t) | Contained Copper (M lbs) | Contained Gold (oz 000) | |
| Measured | 69,829 | 0.40 | 0.07 | 621 | 160 |
| Indicated | 81,292 | 0.36 | 0.07 | 639 | 172 |
| Measured and Indicated | 151,121 | 0.38 | 0.07 | 1,259 | 330 |
| Inferred | 22,368 | 0.35 | 0.07 | 174 | 53 |
| Oxide | |||||
| Tonnes (t 000) | Copper Grade (%) | Gold Grade (g/t) | Contained Copper (M lbs) | Contained Gold (oz 000) | |
| Measured | 7,255 | 0.38 | 0.07 | 61 | 16 |
| Indicated | 6,818 | 0.42 | 0.06 | 59 | 13 |
| Measured and Indicated | 14,074 | 0.40 | 0.07 | 123 | 30 |
| Inferred | 2,998 | 0.40 | 0.05 | 26 | 5 |
Mineral Resource Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are reported at a cut-off grade of 0.17% Cu for copper.
3. Mineral Resources are inclusive of Mineral Reserves.
4. Mineral Resources are estimated using a copper price of US$3.52/lb, and a gold price of US$1,600 per ounce. An US$/AU$ exchange rate of AU$1.35 = US$1.00.
5. Bulk density ranges from 2.4 t/m3 to 3.00 t/m3.
6. Numbers may not add due to rounding.
Technical Report
Eva Copper Feasibility Study NI 43-101 Technical Report (2018)