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Highland Copper Company Inc. (TSXV:HI) announced the mineral resource estimate for its Copperwood project in Michigan, which showed 29.1 million tonnes grading an average of 1.65 percent copper and 4.51 g/t silver containing 1.06 billion pounds of copper and 4.2 million ounces of silver in the measured and indicated resource category, using a cut-off grade of 1.0 percent.
Highland Copper Company Inc. (TSXV:HI) announced the mineral resource estimate for its Copperwood project in Michigan, which showed 29.1 million tonnes grading an average of 1.65 percent copper and 4.51 g/t silver containing 1.06 billion pounds of copper and 4.2 million ounces of silver in the measured and indicated resource category, using a cut-off grade of 1.0 percent.
As quoted in the press release:
The resource estimate reported by Orvana was reported by Highland as an historical estimate. Highland retained the services of G Mining who have completed the necessary work to verify the historical estimate. The current mineral resource estimate is based on 1,726 assay results from 324 324 diamond drill holes totaling 59,230 meters, drilled by three companies between 1956 and 2013.
Notes on Mineral Resource Estimate
- Mineral Resources are reported using a copper price of 3.00$/lb and a silver price of 20$/oz
- A payable rate of 96.5% for copper and 90% for silver was assumed
- The Copperwood feasibility study reported metallurgical testing with recovery of 86% for copper and 50% for silver
- Cut-off grade of 1.0% copper was used
- Operating costs are estimated at 49$/t of ore including ore transportation to a plant at the White Pine site
- An NSR sliding scale royalty is applicable and equivalent to 3.0% at $3.00/lb
- Measured, Indicated and Inferred Mineral Resources have a drill hole spacing of 175 m, 250 m, and 350 m, respectively
- No mining dilution and mining loss were considered for the Mineral Resources
- Rock bulk densities are based on rock types, % copper and proximity to specific gravity measurements
- Classification of Mineral Resources conforms to CIM definitions
- The qualified person for the estimate is Mr. Réjean Sirois, P. Eng, Vice President Geology and Resources for G Mining Services Inc. The estimate has an effective date of April 15, 2015
- Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as indicated or measured mineral resources.
Click here to read the full Highland Copper Company Inc. (TSXV:HI) press release.