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 40 ktpd plant that utilizes a conventional crushing, grinding and flotation circuit to produce copper concentrates with gold and silver credits. Plant throughput is expected to increase to 45 ktpd with the installation of a third ball mill. With the plant expansion, average annual production is expected to increase to 120 million pounds of copper equivalent from 90 million pounds of copper equivalent.
Based on reserves only, and with the integration of New Ingerbelle, which is located one kilometer from the Copper Mountain mine, the operation’s current mine life is expected to be approximately 31 years. Further potential exists through the upgrading of resources to reserves and further exploration.
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) |
| Production |
2019A production: 87.2 million lbs of copper equivalent 2020E production: 86 to 94 million lbs of copper equivalent |
| Cash Costs |
2019A All in costs: US$2.44 per lb of Cu 2020E All in costs: US$2.20 to US $2.35 per lb of Cu |
| End Product | Copper Concentrate (with Gold and Silver) |
Mineral Reserve and Mineral Resource
A summary of the Mineral Reserve and Mineral Resource for the Copper Mountain Operation is provided below. The Mineral Reserve is included in the Mineral Resource and the effective date of the Mineral Reserve and Mineral Resource is January 1, 2020.
| Mineral Reserves | |||||||
|---|---|---|---|---|---|---|---|
| Tonnes (‘000S) | Copper (%) | Gold (G/T) | Silver (G/T) | Copper (M lbs) | Gold (k oz) | Silver (k oz) | |
| Proven (Pit) | 148,694 | 0.28 | 0.11 | 1.04 | 927 | 540 | 4,955 |
| Proven (Stockpile) | 52,687 | 0.15 | 0.04 | 0.45 | 179 | 68 | 762 |
| Total Proven | 201,381 | 0.25 | 0.09 | 0.88 | 1,106 | 608 | 5,717 |
| Probable (Pit) | 264,223 | 0.22 | 0.10 | 0.61 | 1,297 | 908 | 5,186 |
| Probable (Stockpile) | - | - | - | - | - | - | - |
| Total Probable | 264,223 | 0.22 | 0.10 | 0.61 | 1,297 | 908 | 5,186 |
| Proven & Probable (Pit) | 412,917 | 0.24 | 0.11 | 0.76 | 2,224 | 1,448 | 10,141 |
| Proven & Probable (Stockpile) | 52,687 | 0.15 | 0.04 | 0.45 | 179 | 68 | 762 |
| Total Proven & Probable | 465,604 | 0.23 | 0.10 | 0.73 | 2,403 | 1,516 | 10,903 |
Mineral Reserve Notes:
- Joint Ore Reserves Committee (JORC) and CIM Definition Standards were followed for Mineral Reserves.
- Mineral Reserves were generated using the January 1, 2020 mining surface.
- Mineral Reserves are reported at a 0.10% Cu cut-off grade.
- Mineral Reserves are reported using long-term copper, gold, and silver prices of $2.75/lb, $1,250/oz, and $16.50/oz, respectively.
- To define Mineral Reserves, an average copper process recovery of 80%, gold process recovery of 68%, and silver process recovery of 71%.
- Average bulk density is 2.78 tonnes per cubic metre (t/m3).
- Stockpile grades are approximations based on grade control results.
- Stockpile tonnes and grade based on production grade control process.
| Mineral Resources | |||||||
|---|---|---|---|---|---|---|---|
| Tonnes (‘000S) | Copper (%) | Gold (G/T) | Silver (G/T) | Copper (M lbs) | Gold (k oz) | Silver (k oz) | |
| Measured | 177,672 | 0.27 | 0.11 | 1.01 | 1,073 | 6,110 | 5,780 |
| Indicated | 406,667 | 0.21 | 0.10 | 0.59 | 1,926 | 1,306 | 7,720 |
| Total Measured & Indicated | 584,338 | 0.23 | 0.10 | 0.72 | 2,998 | 1,919 | 13,510 |
| Inferred | 276,702 | 0.20 | 0.10 | 0.49 | 1,235 | 863 | 4,370 |
Mineral Resource Notes:
- Joint Ore Reserves Committee (JORC) and CIM Definition Standards were followed for Mineral Resources.
- Mineral resources were estimated between the January 1, 2020 mining/topographic surface and Whittle Pit shell generated using US$3.50/lb Cu price
- Mineral Resources are reported at the 0.10% Cu cut-off (reserve) grade and various process cut-off grades dependant on NSR value the mineralization.
- Average bulk density is 2.78 tonnes per cubic metre (t/m3).