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Copper North Mining Corp. – Developing Copper-Gold-Silver Assets in the Yukon

Overview

Copper North Mining Corp. (TSXV:COLis a mining exploration and development company committed to becoming a mid-tier copper producer. Copper North is exploring and developing three properties in Canada: Carmacks in the Yukon territory, Redstone in the Northwest Properties, and Thor in Northwest British Columbia.

The Carmacks Project in the Yukon Territory of Canada is the Company’s flagship property. The 2014 Preliminary Economic Assessment (PEA) indicates that the Carmacks project has a NI 43-101 compliant Measured & Indicated Resource of 11.98Mt@ 1.07% copper, 0.456g/t gold and 4.58g/t silver for 282 million pounds of contained copper, 171,800 oz of gold and 1,705,800 oz of silver.

Copper North is working on a new PEA for Carmacks that reflects the leach and development plan. The new PEA will be based on the mineral resources in zones 1, 4 and 7 and indicate an approximate 7 year mine life. Copper North’s new PEA was completed on October 12, 2016 .

Copper North also owns Thor —a 13,000 hectare property south of the Kemess South mine-mill complex in north central British Columbia.

Investment Highlights

  • PEA for the Carmacks Project filed October 2016, NI 43-101 report
  • Carmacks Project: Measured & Indicated Resource of 11.98Mt@ 1.07% Cu, 0.456g/t Au and 4.58g/t Ag for 282 M lbs contained Cu, 171,800 oz Au & 1,705,800 oz Ag.
  • Yukon Territory, Canada: low political risk jurisdiction, stable tax regime, current exchange rate favourable for investors, and 100% ownership.
  • Road accessible with proposed 10km transmission line to the grid.
  • Cathode copper: reduced transportation and treatment expense compared to copper concentrates.

Key Properties

Carmacks Copper Project — Yukon, Canada

The Carmacks Copper Project is located 192km north of Whitehorse and 38km northwest of the town of Carmacks in Canada’s Yukon Territory. The property lies on the Klondike Highway, has excellent road access and a planned 10 km transmission line to the Yukon power grid. The year-round port of Skagway, Alaska is within 400 km of the project.

Mineral Resource and Mining

The following table summarizes the measured mineral resource and indicated mineral resource estimates for zones 1, 4 and 7 that total 11,980,000 tonnes grading 1.07% total copper of which 0.86% is soluble copper. The mineral resource estimates also include substantial gold and silver. The mineral resources in the oxide classification form the basis for the potentially mineable mineralization by open pit methods. The present PEA does not include inferred mineral resources in the economic calculations. The PEA is preliminary in nature and there is no guaranty that any of the mineral resources will be converted to mineral reserves, or that the PEA will be realized.

Mineral Resources at a 0.25% Total Copper Cut-Off, Zones 1, 4, and 7

ciopper-north-minging-pic1

In-Pit Mineral Resources

The conceptual mining plan entails mining 1,750,000 tonnes per annum using the open pit method whereby mineralization would be transported to the crushing circuit at the process plant by mine trucks. Life of mine waste to potentially mineable material ratio is estimated at 5.1:1 with a maximum mining rate of 37,500 tonnes per day. The In- Pit Resources are from Zones 1, 4, and 7.

Measured mineral resources and indicated mineral resources within the proposed open pit total 11,551,000 tonnes grading 0.805% soluble copper, 0.435g/t gold and 4.34 g/t silver. The PEA does not include inferred mineral resources. The PEA is preliminary in nature and there is no certainty that the PEA will be realized. The Company is not relying upon the mineral reserves in the feasibility study in respect of the Carmacks project previously prepared for the Company by M3 Engineering and Technology Corporation.

A new PEA is in progress to reflect the new leach and development plan, and will be based on the mineral resources in Zones 1, 4 and 7 that indicate an approximate 7 year mine life based on the mineral resource update reported in January 2016. However, the new mineral resources in zones 2000s, 12 and 13, were not included in the PEA. Instead, the estimated mineral resources in zones 2000S 12 and 13 will be integrated into a later development plan.

Highlights of the Mineral Resource Update:

The Updated Mineral Resource consists of the Maiden Resource on zones 12, 13 and 2000S combined with the previously defined mineral resource for the Carmacks Project as set out in NI 43-101 Mineral Resource (January 25,2016).

Drilling of these mineral zones commenced September 2017 to expand and confirm mineral resource for further engineering to increase mine plan.

Maiden Mineral Resource Estimate (zones 12, 13, and 2000S)

Oxide and transition mineral resources:

  • Measured and Indicated of 3.7 Mt grading 0.50% Cu, 0.35% acid-soluble Cu, 0.132 g/t Au and 2.011 g/t Ag
  • Inferred of 0.8 Mt grading 0.42% Cu, 0.28% acid-soluble Cu, 0.119 g/t Au and 1.910 g/t Ag

Sulphide mineral resources:

  • Measured and Indicated of 3.7 Mt grading 0.60% Cu, 0.128 g/t Au and 2.288 g/t Ag
  • Inferred of 4.4 Mt grading 0.55% Cu, 0.123 g/t Au and 2.081 g/t Ag

New Updated Mineral Resource Estimate

Oxide and transition mineral resources:

  • Measured and Indicated of 15.7 Mt grading 0.94% Cu, 0.74% acid-soluble Cu, 0.379 g/t Au and 3.971 g/t Ag; an increase of 31%.
  • Inferred Resources of 0.9 Mt grading 0.45% Cu, 0.30% acid-soluble Cu, 0.119 g/t Au and 1.900 g/t Ag; a tenfold increase.

Sulphide mineral resources:

  • Measured and Indicated of 8.1 Mt grading 0.68% Cu, 0.178 g/t Au and 2.332 g/t Ag; an increase of 86%.
  • Inferred resource of 8.4 Mt grading 0.63% Cu, 0.150 g/t Au and 1.994 g/t Ag; an increase of 108%.

Dr. Harlan Meade, President and CEO, said, “the expansion of the oxide mineral resource is an important step in increasing the attractiveness for project financing for the Carmacks Project. Furthermore, the expansion of the near-surface sulphide mineral resources warrants evaluation for leaching of sulphide mineralization, taking advantage of new advancements in leaching of copper sulphides, such that the copper may be extracted using the same SX-EW technology proposed for oxide mineralization”.

The PEA report was prepared by JDS Energy and Mining Inc., Vancouver, B.C. and included an equipment list and costing for processing plant equipment. The PEA indicated a list of opportunities for improvement of project economics. Evaluation of these opportunities are in progress and confirm improvements.

Thor Porphyry Copper-Gold Project — British Columbia, Canada

Copper North acquired the Thor Porphyry Copper/-Gold Project in August 2014. Located approximately 15 kilometers south of the Kemess South mine-mill complex in north central British Columbia, the 13,000 hectare property is easily accessible by road and hosts several attractive, large geophysical targets with similar geology to the porphyry copper-gold deposits of the Kemess District.

In the fall of 2014, Copper North completed a 39km IP survey on the Thor Property. This work, coupled with historical exploration data from the 1980’s and 1990’s, has identified two large targets for porphyry copper-gold mineralization: The Thor East and Thor West targets.

Terms of the acquisition from Electrum Resource Corporation include:

  • Purchase Agreement for 100% Interest
  • Cash payments aggregating $525,000 over 6 years
  • Exploration expenditures aggregating $5M over 6 years
  • Issuance of 5 million shares of Copper North over 5 years
  • 2% Net Smelter Return Royalty capped at $5M
  • Acquisition structure provides attractive joint venture financing opportunity

Copper North is seeking joint venture financing for a large 2018 exploration program.

Management

Dr. Harlan Meade, Ph.D. — President, CEO & Director

Dr. Meade is the former President and CEO of Selwyn Resources Ltd. He has a doctorate in geology and a master in business administration. Dr. Meade has more than 30 years’ experience in exploration and development in the mining industry. He has played a key role in the discovery and development of several mineral deposits in North and South America. He is member of the Association of Professional Engineers and Geologists of British Columbia and the Society of Economic Geologists.

Robert McKnight — Director

Mr. McKnight is a professional engineer and MBA with over 35 years of experience in the resources business with extensive knowledge of corporate and project finance, mergers and acquisitions, feasibility studies, and valuations. He is a geological engineer with broad experience in the mining sector, having held senior roles with Brascan Resources, Wright Engineers, Getty Resources, Total SA, Endeavour Financial, Runge Pincock, Amec FW, Yukon Zinc and Selwyn Resources. He is currently executive vice-president and chief financial officer of Nevada Copper Corp.

Rebecca Moriarty, CPA CA – CFO

Mrs. Moriarty is a chartered professional accountant with over 16 years of experience related to the mining industry. She previously spent 11 years at Pricewaterhusecoopers LLP working with public resource companies.

Doug Ramsey, M.Sc., R.P.Bio — Vice President, Sustainability and Environmental Affairs

Mr. Ramsey joined Copper North after 30 years in environmental consulting, with an emphasis on the permitting of mining and other resource development projects. Prior to joining Copper North, Mr. Ramsey managed the environmental permitting practice for Wardrop — A Tetra Tech Company, an international engineering consulting firm. Mr. Ramsey has an M.Sc. in Zoology from the University of Manitoba and is a Registered Professional Biologist in British Columbia. As Vice President, Sustainability and Environmental Affairs, Mr. Ramsey is responsible for overseeing the environmental permitting, compliance, and sustainability of Copper North projects.

Bill Koutsouras, C.A., C.F.A. — Director

Mr. Koutsouras is the principal of Kouts Capital, a consulting company which provides strategic advice to natural resource companies. Previously Mr. Koutsouras was the Executive Vice President and Chief Financial Officer of Endeavour Financial Corporation, a mining focused merchant banking business. He was primarily responsible for overseeing financial advisory mandates, investment related services and the financial operations and management of the Endeavour group of companies. Mr. Koutsouras is also a non-executive director of several natural resource companies. Mr. Koutsouras is a Chartered Accountant and Chartered Financial Analyst and is a member of the Canadian Institute of Chartered Accountants and the CFA Institute.

Bill LeClair, B.Comm., F.C.A. — Director

Mr. LeClair is a Fellow of the Institute of Chartered Accountants of British Columbia and the former Chief Executive Officer of Crew Gold Corporation (“Crew Gold”). Crew Gold was a London-based mining company with global operations, which was subject to a takeover bid between Endeavour Financial Corporation (“Endeavour Financial”) and the Severstal Group in 2010. During Mr. LeClair’s tenure as Chief Executive Officer, Crew Gold produced approximately 250,000 ounces of gold per year from its LEFA mine in Guinea, West Africa. Mr. LeClair is and has been a director of a number of TSX listed companies.

Corey M. Dean, B.Comm., L.L.B — Corporate Secretary

Mr. Dean has practiced corporate, securities and natural resource law with a focus on corporate finance and mergers and acquisitions since 1981. He was educated at the University of British Columbia where he received his B.Comm. in 1979 and his LL.B. in 1980. Since 1987, he has been a partner of the firm of DuMoulin Black LLP, a law firm focused on corporate finance for public companies, and is currently managing partner of the firm. Mr. Dean has an extensive corporate and securities practice with particular emphasis on mergers and acquisitions as well as public and private financings and corporate governance matters. He has advised numerous clients in listing matters on stock exchanges and in cross border financings. He acts as counsel for corporate clients engaged in various industry sectors but primarily in mineral exploration, development and operations. Mr. Dean has lectured for Continuing Legal Education and the Canadian Bar Association on securities law, take-over bid and corporate governance matters.

Corey M. Dean, B.Comm., L.L.B Corporate Secretary

Mr. Dean has practiced corporate, securities and natural resource law with a focus on corporate finance and mergers and acquisitions since 1981. He was educated at the University of British Columbia where he received his B.Comm. in 1979 and his LL.B. in 1980. Since 1987, he has been a partner of the firm of DuMoulin Black LLP, a law firm focused on corporate finance for public companies, and is currently managing partner of the firm. Mr. Dean has an extensive corporate and securities practice with particular emphasis on mergers and acquisitions as well as public and private financings and corporate governance matters. He has advised numerous clients in listing matters on stock exchanges and in cross border financings. He acts as counsel for corporate clients engaged in various industry sectors but primarily in mineral exploration, development and operations. Mr. Dean has lectured for Continuing Legal Education and the Canadian Bar Association on securities law, take-over bid and corporate governance matters.

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