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Canadian Critical Minerals (TSXV:CCMI,OTCQB:RIINF) advances two copper projects in tier 1 mining jurisdictions in Canada. The main project is the 100 percent-owned Bull River Mine near Cranbrook, British Columbia with a mineral resource of 135 million pounds (Mlbs) copper. CCMI also owns a 34 percent interest in the Thierry mine at Pickle Lake, Ontario, which has a mineral resource base containing 1.3 billion pounds (Blbs) copper with other metals, including nickel, silver, palladium, platinum and gold.
CCMI plans to restart the Bull River mine and return it to production. The company is currently securing permits to restart the mine at its designed capacity of 700 tons per day (tpd). In the meantime, CCMI has begun selling pre-concentrated copper, gold and silver ore from the surface stockpiles at Bull River through an ore purchase agreement with New Afton.
In April 2024, the company transported 362 wet metric tons (wmt) of mineralized material to New Afton and received a payment of US$72,445 for the shipment. The sale of stockpiles should provide near-term cash flow, which will be used to restart the Bull River mine. The current stockpile at Bull River is estimated at 180,000 tons (or 6.14 Mlbs copper equivalent) valued at approximately C$30 million.
The Bull River project is near Cranbrook, British Columbia and comprises 21 mineral claims covering an area of 10,285 hectares. It is a tier 1 mining jurisdiction with year-round access to the site by paved and all-weather roads, as well as being connected to the BC Hydro hydroelectric power grid. Bull River was a producing mine from 1971 to 1974.
Company Highlights
- Canadian Critical Minerals is a Canada-based exploration and development company focused on the battery and critical minerals space.
- Two advanced Copper projects in Canada – the 100 percent owned Bull River mine in British Columbia and a 34 percent interest in the Thierry mine in Ontario.
- Focused on restarting the past-producing Bull River mine, currently under care and maintenance.
- The mine has a current surface stockpile, which is generating revenue for the company, estimated at 180,000 tons (or 6.14 Mlb copper equivalent), valued at ~C$30 million.
- The Thierry Project is a past-producing copper and nickel mine with excellent infrastructure and year-round access. The current mineral resource estimate indicates 1.3 billion pounds of copper.
- Thierry mine has a PEA study indicating after-tax NPV @6 percent of C$488 million with an IRR of 36 percent.
- Given its 34 percent interest in Thierry mine, CCMI can benefit from any positive assay results from the drilling program at Thierry mine completed last year and future exploration.
- Copper remains in a long-term secular bull market. The demand for copper is forecast to exceed the current supply. CCMI, with its two advanced copper projects, is well positioned to benefit from future growth opportunities.
This Canadian Critical Minerals profile is part of a paid investor education campaign.*
CCMI:CA
Canadian Critical Minerals
Overview
Canadian Critical Minerals (TSXV:CCMI,OTCQB:RIINF) is a mineral exploration company with two advanced copper projects in tier 1 mining jurisdictions in Canada. The main project is the 100 percent owned Bull River Mine near Cranbrook, British Columbia, which has a mineral resource containing 135 million pounds (Mlbs) copper. CCMI also owns a 34 percent interest in the Thierry mine at Pickle Lake, Ontario, which has a mineral resource base containing 1.3 billion pounds (Blbs) copper, along with other metals, including nickel, silver, palladium, platinum and gold.
The near-term focus is restarting the Bull River mine and returning it to production. The project is currently under care and maintenance. CCMI is in the process of securing permits to restart the mine at its designed capacity of 700 tons per day (tpd). In the meantime, CCMI has begun selling pre-concentrated copper, gold and silver ore from the surface stockpiles at Bull River through an ore purchase agreement with New Afton. In April 2024, the company transported 362 wet metric tons (wmt) of mineralized material to New Afton and received a payment of US$72,445 for the shipment. The sale of stockpiles should provide near-term cash flow, which will be used to restart the Bull River mine. The current stockpile at Bull River is estimated at 180,000 tons (or 6.14 Mlbs copper equivalent) valued at approximately C$30 million.
Bull River Mine
The outlook for copper remains bullish. The transition towards green energy, electric vehicles and artificial intelligence (AI) are driving demand, causing the price of this industrial metal to surge towards a new record high. S&P Global estimates copper demand to double by 2035 to 50 million metric tons. On the other hand, supply is estimated to touch 30 million metric tons by 2036, according to Statista. This clearly implies a shortfall that is likely to support prices in the long term.
Canadian Critical Minerals offers several unique value propositions which make it attractive for investors looking to participate in the copper market. It has an assured revenue stream for the next 15 to 18 months from the sale of stockpiles to New Afton. It is working to secure permits to get the Bull River mine back into production. Bull River is a fully developed underground mine which can be restarted with minimal capital expenditure. Additionally, a 34 percent stake in the Thierry mine offers optionality to investors to participate in any exploration and development success of the project.
Company Highlights
- Canadian Critical Minerals is a Canada-based exploration and development company focused on the battery and critical minerals space.
- Two advanced Copper projects in Canada – the 100 percent owned Bull River mine in British Columbia and a 30 percent interest in the Thierry mine in Ontario which is owned by Cuprum Corp.
- Focused on restarting the past-producing Bull River mine, currently under care and maintenance.
- The mine has a current surface stockpile, which is generating revenue for the company, estimated at 180,000 tons (or 6.14 Mlb copper equivalent), valued at ~C$30 million.
- The Thierry Project is a past-producing copper and nickel mine with excellent infrastructure and year-round access. The current mineral resource estimate indicates 1.3 billion pounds of copper.
- Thierry mine has a PEA study indicating after-tax NPV @6 percent of C$488 million with an IRR of 36 percent.
- Given its 34 percent interest in Thierry mine, CCMI can benefit from any positive assay results from the drilling program at Thierry mine completed last year and future exploration.
- Copper remains in a long-term secular bull market. The demand for copper is forecast to exceed the current supply. CCMI, with its two advanced copper projects, is well positioned to benefit from future growth opportunities.
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Advancing Past-Producing Bull River Copper Mine Back to Production
High-Grade Gold Confirmed at Bronzewing South
- Partial results received from the diamond tail of drill-hole BWSRC081 with the visible gold zone returning 15.5g/t Au over 0.48m from 416.5m. This high- grade zone is reported within a broader intercept of:
- 8.95m at 1.32g/t Au from 414m, including:
- 0.48m at 15.5g/t Au from 416.5m; and
- 0.55m at 3.52g/t Au from 422.4m.
- 8.95m at 1.32g/t Au from 414m, including:
- Follow-up drilling along strike from these intercepts is scheduled to commence in the coming days to define the extent of the south-trending zone of gold mineralisation with a diamond tail of drill-hole BWSRCD086.
- Drill results indicate the inadequacy of historical air-core drill testing with a significant search space now open on the boundary with the historical Bronzewing Mining Lease.
- Diamond drilling at the Central Target, located ~1.7km to the south of the Eastern Target and within the same structural corridor, has encountered zones of intense locally massive quartz veining associated with brecciation below historical Hammer gold drilling anomalies of:
- 20m at 1.5g/t Au from 120m in drill-hole BWSRC0037, including:
- 8m at 2.4g/t Au from 120m; and
- 4m at 3.9g/t Au from 120m.1
- 20m at 1.5g/t Au from 120m in drill-hole BWSRC0037, including:
- Assay results from the remaining program will be progressively released in the coming weeks.
Figure 1. Photo of massive quartz carbonate veining intersected in drill-hole BWSRCD082 diamond tail at Hammer’s Central Target Zone (213m to 221.5m).
Hammer’s Managing Director, Daniel Thomas, said:
“The confirmation of high-grade gold mineralisation at Bronzewing South is a significant step in our search for an economically viable gold target at our Yandal Gold Project. High-grade mineralisation can be traced with multiple intercepts to the north of our project area, with the mineralised structure interpreted to extend for hundreds of metres.
“We will now look to test this structure approximately 100m further south on our project area. We are very much looking forward to follow-up drilling at the Eastern Target, as we enter a zone without any previous drilling coverage.
“The team is encouraged by the observations in recent drilling at the Central Target and the potential for this corridor to be connected to the Eastern Target drilling some 1.7km to the north. This corridor is largely untested below the ineffectual air-core drilling and, with a prominent shear zone interpreted to connect these targets, it is of high interest to the team in our search for a significant gold discovery.”
Figure 2. Plan view of the Bronzewing South tenement EPM36/854, showing Bronzewing orebodies on Northern Star Resources mining lease, historical Hammer RC drilling intercepts and the structural corridor of interest containing Hammer’s Central and Eastern Target Zones (refer to ASX announcement 9 November 2020).
Click here for the full ASX Release
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