Interra Copper (CSE:IMCX, OTCQB:IMIMF, FRA:3MX) explores prolific assets in Chile and Canada, both Tier-1 jurisdictions with mining-friendly regulations, existing infrastructure and skilled local workforces.
After merging with Alto Verde Copper Inc., Interra Copper now focuses on three Chilean copper assets: Tres Marias, Pitbull and Zenaida. The project's proximity to world-class copper mines is a strong indication of what's possible with the new projects.
The company’s new flagship asset is the Chilean Tres Marias copper project. This mid-stage project covers 16,250 hectares and is 25 kilometers north of BHP’s Spence Mine. Historical exploration of the asset demonstrates high-grade copper deposits, with drill results returning up to 4.5 percent copper at 4 meters. The other two Chilean assets - Pitbull and Zenaida - are near-term exploration stage assets.
Interra’s properties in British Columbia, Canada, demonstrate significant potential to increase shareholder value as they are explored. The Thane project contains six areas with significant copper mineralization, some with high-grade silver and gold. The Chuck Creek asset also has historical silt sample concentrations up to a significant 58,600 parts per billion (ppb) gold.
This Interra Copper profile is part of a paid investor education campaign.*
Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to provide details of the first phase of the planned 2024 exploration program at the Thane Copper-Gold Project (the "Project" or "Thane") in North Central British Columbia.
THANE PROJECT HIGHLIGHTS
Visit Interra's current presentation for further detail information about Thane Project: https://interracoppercorp.com/site/assets/presentation
CURRENT WORK - HIGH-RESOULTION MULTISPECTRAL ANALYSIS:
In Q2 Interra purchased high resolution satellite imagery and topographic data and acquired additional multispectral imagery data to support planned target development. ALS GoldSpot have been retained to provide advanced processing and mineral mapping of the altered and mineralized zones using proprietary clustering algorithms to support geological observations. This work is expected to dramatically increase the efficiency and success rate of the 2024 field work.
THANE 2024 FIELD PROGRAM:
The 2024 exploration program is expected to be completed in two phases, an initial field level mineral system review completed by senior porphyry specialists in early July followed by a focussed alteration and mineralization mapping and sampling program in August.
Figure 1 - Six Copper-Gold mineralized centres (Red) across interpreted alteration footprint (Orange)
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The 2024 field program will advance the six main target areas identified to date, visit additional peripheral target zones, determine the distribution of prospective host rocks, identify and define the alteration footprints and paragenesis, characterize the known mineralization in the context of current global alkalic porphyry research and district understanding, and design any additional geophysical and geochemical surveys required in advance of drilling. The expected outcome of the programs is to provide compelling, optimized targets for future discovery drilling at Thane.
Technical information contained within this news release has been reviewed and approved by Phil Smerchanski, M.Econ.Geol., P.Geo., an advisor to the Company and a qualified person as defined by National Instrument 43-101 policy.
About Interra Copper Corp.
Interra Copper Corp. is an exploration and development company focused on creating shareholder value through the advancement of its current interests that include the Thane Copper-Gold Project in north-central British Columbia, and the Rip Copper-Molybdenum Project in north-west British Columbia. Utilizing its heavily experienced leadership team, Interra Copper continues to source and evaluate assets and projects to further generate shareholder value.
The Thane property covers approximately 206 km2 and is located within the prolific Quesnel Copper-Gold porphyry Terrane of north-central British Columbia, midway between the previously operated open pit Kemess Mine and the currently operating Mount Milligan mine. The Thane Project includes several highly prospective mineralized areas identified to date, including the Cathedral, Gail/Cirque, Aten, CJL, Mat and Lake targets that contain high-grade copper-gold mineralization which has only been partially tested by limited exploration. Interra Copper Corp. would like to acknowledge that its Thane Project is located in the traditional territories of Takla Nation and Tsay Keh Dene Nation.
The Rip Project is under option for up to an 80% earn in by Interra Copper, over a multi-year period. The property is 47 km2 in area and located in the prolific Stikine Terrane, in a Late Cretaceous host that contains significant Cu-Mo Porphyry deposits. Historical Induced Polarization (IP) geophysics has outlined a zone of high chargeability, coincident with the strong quartz sericite-pyrite alteration interpreted to suggest the potential of a mineralized porphyry alteration system at depth.
Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
"Rick Gittleman"
President, CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the closing of the Private Placement, the receipt of all necessary regulatory and other approvals, the use of proceeds from the Private Placement, and the revolving credit facility, including the terms thereof, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to the Company receiving all approvals necessary for the completion of the Private Placement and revolving credit facility and the timing thereof. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to provide detail of the first phase exploration program at the Rip Copper Project (the "Project" or "Rip") in the Stikine region of British Columbia. The Rip Project is situated approximately 33 km northeast of Imperial Metals' past producing Huckleberry copper-molybdenum ("Cu-Mo") mine (see Figure 1), which is presently on care and maintenance. Imperial Metals Corporation is exploring Huckleberry and its surrounding claims for additional Cu-Mo resources.
In late 2023, the Company first announced its option agreement with ArcWest Exploration Inc. ("ArcWest") to acquire an 80% interest in ArcWest's Rip Cu-Mo project. Interra can earn the first tier of its interest in the project by completing staged exploration work totalling C$2.0 million and direct payment of C$100,000 and annual share payments over 4 years until end of 2027. Interra is currently funded for, and anticipates, it will meet and likely exceed its 2024 and 2025 obligations for the earn-in of C$300,000 and C$500,000 in expenditures respectively with the budget outlined in this 2 stage program. The initial program is staged into 2 work phases: 1) A geophysical program to define drill targets, commencing in late April and; 2) A diamond drilling program tentatively scheduled for Q3/Q4 of 2024.
The stage 1 exploration program consists of an airborne magnetic survey flown by Precision Geosurveys followed by a 3D-IP survey to be completed by DIAS Geophysical The 3D-IP survey is designed to further delineate and potentially expand upon a historical chargeability anomaly identified on the project by Kennco in the late 1970s, as shown in Figure 2.
Shallow percussion drilling of this chargeability anomaly by Kennco intersected porphyry copper style alteration and anomalous Cu-Mo mineralization over a broad area. A lone diamond drill hole intersected anomalous Cu (0.07%) and Mo (0.005%) over 74m in strongly quartz-sericite-pyrite ("QSP") altered volcanic rocks cut by late feldspar porphyry and mineralized quartz diorite dykes; the bottom 64m consists of intrusive clast-rich polymictic breccia cut by abundant pyrite, gypsum and quartz veins with local secondary biotite. QSP, intermediate argillic ("IA") and propylitic alteration predominate in the holes, suggesting that the Kennco holes only tested the upper levels of a shallowly eroded porphyry Cu-Mo system.
Figure 1 - Rip Regional Google Earth Map Image of Satellite Photo
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https://images.newsfilecorp.com/files/7923/206939_2cc7675014a13a07_002full.jpg
Potential therefore exists at Rip for the discovery an underlying Cu-Mo mineralized potassic core. The upcoming geophysical program has a much greater survey area than that of the historical surveys, and as such, will play a key role in evaluating the depth potential of the Rip porphyry Cu-Mo system. The airborne magnetic survey is estimated to commence in late April, with the 3D-IP survey estimated to commence in May/June. Details of this survey are as shown in Figure 3.
Interra looks forward to the results of our programs in conjunction with our partners, ArcWest, and the recently rejuvenated copper and precious metals markets. Updates are anticipated to be every couple of months throughout the exploration season.
Figure 2 - Rip chargeability high from historical survey and alteration from percussion drill holes
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https://images.newsfilecorp.com/files/7923/206939_interrafig2.jpg
Figure 3 - Transmitter and receiver stations for the 2024 3D-IP survey (Dias Geophysical). A chargeability anomaly delineated by a historical IP survey is in red.
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https://images.newsfilecorp.com/files/7923/206939_2cc7675014a13a07_004full.jpg
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and development of its two early-stage copper exploration assets located in British Columbia, Canada.
The Thane Project located in the Quesnel Terrane of Northern BC spans over 20,658 ha with 6 high-priority targets identified demonstrating significant copper and precious metal mineralization. The Company has an earn-in option up to 80% and joint-venture agreement on the Rip Project located in Stikine Terrane in a prolific belt of Late Cretaceous (bulkley plutonic suite), known for copper-molybdenum deposits.
Interra Copper's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
"Rick Gittleman"
President, CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-Looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the closing of the Private Placement, the receipt of all necessary regulatory and other approvals, the use of proceeds from the Private Placement, and the revolving credit facility, including the terms thereof, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-Looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to the Company receiving all approvals necessary for the completion of the Private Placement and revolving credit facility and the timing thereof. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws. The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206939
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Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to issue the following letter from its Chairman, President & Chief Executive Officer, Rick Gittleman, updating shareholders on the Company's plans for unlocking value from its assets while executing on a prudent yet strategic work plan in 2024.
To our fellow shareholders of Interra Copper Corp.,
I'm writing to you today with great enthusiasm for a busy and productive 2024. Over the year, Interra's leadership will be focused on maximizing shareholder value through exploration on multiple projects and initiatives. The team has spent time prioritizing and re-evaluating the Company's projects - re-interpreting data to identify the best targets and regions within those projects. The overall goal was to determine optimal exploration programs and to also eliminate non-productive assets and costs that are generating no real value for the Company.
We ended 2023 on a positive note - closing on a multi-round non-brokered flow-through private placement financing raising C$1.14 million in December 2023 and positioning the Company for near term exploration work in British Columbia. We are especially excited to put this money to work and commence exploration at the Rip Copper-Molybdenum Project, the newest addition to our exploration assets. In December 2023, in connection with the Rip Project, we acquired an option for up to an 80% earn-in and joint venture agreement with ArcWest Exploration Inc. Rip's geological attributes make a compelling case for prioritized exploration. The fully permitted exploration project is located in central British Columbia (BC), an established mining region on Canada's west coast, and situated in a prolific belt of Late Cretaceous intrusions (Bulkley Plutonic Suite), host to numerous past producing mines and well-known Copper and Molybdenum deposits, such as Huckelberry, Endako, Granisle and Granduc.
Together with our partner, ArcWest, we have begun to develop a significant exploration plan for the Rip Project. New work, completed in late 2023, included a modest till cover geochemical sampling program. Follow-up work to aid with drill target definition will include a drone supported high resolution magnetic survey in addition to a 3D Induced Polarization survey this summer. The Rip technical committee is also currently in the process of finalizing options and costs for a modest drill program based on an assumption of success with the early exploration. Interra has flow-through qualified CEE "Canadian Exploration Expenses" funds available to support both of our BC projects, with funds not going to Rip in 2024 to be dedicated to our other exciting BC porphyry project, the Thane Project.
Our 100% owned Thane Project is a district scale copper-gold project covering a 20,658-hectare concession within the Quesnel Terrane in Northern British Columbia. The Quesnel Terrane is a prolific porphyry belt with significant copper, gold, silver, molybdenum mineralization. Thane sits amongst existing mines and other known significant deposits, such as Centerra Gold's Mt. Milligan Mine and Kemess North Deposits, North-west Copper's Kwanika and Stardust and Pacific Ridge's Kliyul Deposits and the Company classifies it as underexplored. Six mineralized copper-gold target areas have been identified to date and in late 2023 Interra engaged in an independent review to re-assess past work and re-interpret the project data with a view to an integrated life of project dataset and a new strategy for discovery. Our consultant has extensive and relevant experience with Northern Cordillera copper-gold systems both as a senior exploration specialist with major mining companies and with specific direct experience in the district surrounding Thane Project as a technical adviser on the same style of deposits Thane has the potential to host.
Based upon the results of the review, we are anticipating work contemplated for 2024 will include both ortho-imagery and high-resolution topographical surveys to support field reviews and targeted rock geochemistry to help vector towards mineral centres. This work will be focused on maximizing the use of previously invested data and ensuring a well thought out systematic discovery program can be developed for the next phase of work. This next stage of work is expected to include detailed magnetic geophysical surveys and focused geological mapping of the mineralization and alteration of specific copper-gold target zones to prepare for discovery drilling.
Given the large size of the property and multiple mineral centres identified to date, Interra has also begun a search for a senior company partner in order to accelerate these plans and provide support to a longer-term discovery strategy to maximize the value of the asset. Exploration plan details for 2024 will be shared with the market in the coming weeks.
While Thane is fully permitted for all planned work in 2024, ahead of this work, we have continued previous discussions with local First Nations representatives to ensure open and transparent communication with the Nations and local communities and to allow for integration of traditional territories. Interra is committed to responsible exploration in the regions in which we operate and we look forward to working closely with local First Nations and partners as we further advance our assets in this region.
Chile has proven to be of decreasing attractiveness especially over the past twelve to eighteen months, culminating with what amounts to a burdensome "tax" on exploration ventures and capital. Management does not see this policy improving anytime soon. Our drilling program at Tres Marias yielded no positive results. Pitbull and Zenaida are greenfield projects in very early stages of exploration which technically rank lower than our BC exploration portfolio. Unfortunately, the government of Chile this year increased significantly the annual claim fees that need to be paid to maintain the concessions; claim fees that amount to unacceptable overhead costs to the Company and that represent a drastic increase from previous years. Accordingly, based upon the results at Tres Marias, the Interra board of directors (Board) has consented to divesting these projects for nominal compensation or to return the claims to the government. Nonetheless, we are very excited about both Rip and Thane. We need to use our resources prudently. Accordingly, these projects will be pursued with much greater focus and resources. We believe that our funds can and must be better spent in jurisdictions like BC, Canada.
Interra anticipates 2024 will be a pivotal year for the Company, both in terms of improving market conditions, and with new discovery focused programs initiating at two projects in British Columbia. With the backdrop of strong metals prices, particularly copper and gold, we look forward to unlocking the potential of our highly prospective exploration assets located in a great jurisdiction. Additionally, consistent with our corporate strategy, the Company continues its search for brownfield and resource-level copper development project opportunities with the potential for high impact. We continue to seek out special opportunities that will prove valuable to the Company and our shareholders.
Finally, and on a personal note, it has been a great pleasure working with my colleagues on the Interra Board and with the Interra management team. I have also been extremely impressed by our shareholders who stand by and support the Company. The support I have received is meaningful to me personally. Originally it was not my intent to take on the role of the Chief Executive Officer on a permanent basis as recently announced, however, the past six months have convinced me that the Interra team and vision is the right one and that the shareholders of Interra need a CEO fully committed to the Company's success. Moreover, I have, along with other Board members, increased our shareholdings in Interra and financially invested in the Company through participating in the recent and current private placements.
Thank you again to you, the shareholders, for your ongoing support coming out of what has been a very tough market. Interra has a very skilled and dedicated leadership team with a long track record of success. We remain committed to creating value through our focused copper-gold discovery programs.
Sincerely,
Rick Gittleman
Chairman of the Board, President & Chief Executive Officer
Interra Copper Corp.
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and development of its portfolio of early-stage exploration copper assets located in British Columbia, Canada and Chile.
The Company's portfolio includes three exploration projects in British Columbia: Thane, Chuck Creek and Rip. The Thane Project located in the Quesnel Terrane of Northern BC spans over 20,658 ha with 6 high-priority targets identified demonstrating significant copper and precious metal mineralization. Chuck Creek is an early-stage exploration project located within the Eagle Bay Assemblage. The Company has an earn-in option up to 80% and joint-venture agreement on the Rip Project located in Stikine Terrane in a prolific belt of Late Cretaceous (bulkley plutonic suite), known for copper-molybdenum deposits. The Company also owns three copper projects located the Central Volcanic Zone, within a prolific Chilean Copper belt: Tres Marias and Zenaida in Antofagasta Region, and Pitbull in Tarapaca Region.
Interra Copper's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Chairman, President & CEO
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the Company's plans on the Thane and Rip Projects, and the potential results of exploration work on the projects, as well as the Company's intent and ability to divest its Chile assets. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available on SEDAR+ at www.sedarplus.ca and the Company's website. We seek safe harbor.
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Interra Copper Corp. (CSE: IMCX) (FSE: 3MX) ("Interra" or the "Company") announces that it has entered into a securities for debt settlement agreement dated January 15, 2024 (the "Agreement") with a professional advisor of the Company.
Pursuant to the Agreement, the Company has agreed to settle debt in the amount of $34,723.05 through the issuance of 138,892 units (each, a "Unit") at a deemed price of $0.25 per Unit, whereby each Unit shall be comprised of one (1) common share in the capital of the Company (each a "Share") and one half (1/2) of one (1) Share purchase warrant (each whole, being a "Warrant"). Each Warrant will be convertible into an additional Share (a "Warrant Share") at an exercise price of $0.35 per Warrant Share and will expire on the date that is three (3) years following the date of issuance (the "Expiry Date"). The Expiry Date shall be subject to acceleration where the volume-weighted average trading price of the Company's common shares on the Canadian Securities Exchange is equal to or greater than $0.45 for a continuous 30-day period at any time after that date which is 4 months following their date of issue in which case the Expiry Date of the Warrants shall automatically accelerate and the Warrants will expire on that date which is 30 days after the date on which notice of such acceleration event is provided to the holder.
The Agreement and the issuance of the securities thereunder are subject to the approval of the CSE. The securities will be subject to a hold period of four months and one day pursuant to CSE policies and applicable securities laws.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the debt settlement transaction and the receipt of all necessary regulatory and other approvals, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain the necessary approvals in connection with the Agreement and the transactions contemplated thereby, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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Interra Copper Corp. (CSE: IMCX) (FSE: 3MX) ("Interra" or the "Company") announces that, further to its news release of December 19, 2023, the Company has distributed an aggregate of 282,148 units (each, a "Unit") at a deemed price of $0.25 per Unit in connection with a securities for debt settlement agreement dated December 18, 2023 (the "Agreement") with a consultant of the Company, pursuant to which the Company has agreed to settle debt in the amount of $70,537.00.
Each Unit is comprised of one (1) common share in the capital of the Company (each a "Share") and one half (1/2) of one (1) Share purchase warrant (each whole, being a "Warrant"). Each Warrant is convertible into an additional Share (a "Warrant Share") at an exercise price of $0.35 per Warrant Share and will expire on the date that is three (3) years following the date of issuance (the "Expiry Date"). The Expiry Date is subject to acceleration where the volume-weighted average trading price of the Company's common shares on the CSE is equal to or greater than $0.45 for a continuous 30-day period at any time after that date which is four (4) months following the date of issuance, in which case the Expiry Date of the Warrants shall automatically accelerate and the Warrants will expire on that date which is 30 days after the date on which notice of such acceleration event is provided to the holder.
The securities issued under the Agreement are subject to a hold period of four months and one day pursuant to CSE policies and applicable securities laws.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the use of Proceeds are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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JP24057, the first hole drilled at the site, intersected this new copper-gold-silver system, and the company then worked with Freeport-McMoRan Mineral Properties Canada, a subsidiary of Freeport-McMoRan (NYSE:FCX), to complete step-out drilling with three core rigs. Friday's release looks at JP24057 and results from six other holes.
Freeport is fully funding work programs at JOY in order to earn an interest in the project.
The seven holes were drilled at intervals of about 100 meters, and together have established a 600 meter wide zone of porphyry mineralization. Amarc states that it is near surface and has "excellent" lateral and vertical continuity.
Amarc Resources' January 17 drill results.
Table via Amarc Resources.
Amarc views the AuRORA deposit as a major highlight within the JOY district, which spans 495 square kilometers in the Toodoggone-Kemess region, an area known for significant porphyry deposits.
"This impressive new, high grade porphyry copper-gold-silver discovery is a pivotal moment for Amarc and its shareholders,” said Amarc President and CEO Dr. Diane Nicolson, adding that it comes after years of groundwork.
“It represents a significant inflection point in the exploration of the JOY District with Freeport."
The company followed Friday's release up with additional drill results from AuRORA on Monday (January 20). The data spans six holes located 100 meters north of the first seven holes announced on Friday. They were also drilled at intervals of approximately 100 meters, and trace mineralization across a width of 600 meters.
"These results are again confirming the continuity of the Au-rich AuRORA porphyry Cu-Au-Ag mineralized system from east to west and vertically, and now also to the north, and from near the surface," the company notes.
The release prompted another share price boost for Amarc, which rose as high as C$0.88 on Monday.
In Friday's press release, Nicolson said that eight large-scale sulfide mineralized systems along several mineralized trends were drilled at JOY last year. A total of 33 scout holes were completed.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Osisko Metals’ high-quality polymetallic assets present a compelling investment opportunity amid a rapidly expanding critical and base metals market, as North America continues to strengthen its domestic supply.
Osisko Metals (TSXV:OM) is an exploration and development company focusing on two base metal assets in Canada – Gaspé Copper and Pine Point – targeting copper and zinc, both critical minerals necessary for the global transition to clean energy. These assets are past-producing, brownfield projects of significant potential for future production.
The Gaspé Copper project in Québec has a rapid development plan to begin mining the indicated resource of 824 million tons (Mt) of ore grading 0.34 percent copper equivalent. As the gap between available copper supply and growing demand widens, Osisko Metals is well-positioned to help create and strengthen a domestic supply chain for the North American market.
The company’s Pine Point zinc-lead project in the Northwest Territories contains an indicated mineral resource estimate of 49.5 million tons at 4.2 percent zinc and 1.5 percent lead, in addition to significant inferred resources. Zinc is a necessary mineral for the clean energy transition and has important applications throughout the manufacturing industry. This widespread use of this mineral has analysts cautioning about a looming supply shortage.
A preliminary economic assessment (PEA) completed in 2022 indicates the Pine Point project has the potential to become a world-class, high-grade zinc asset, with an after-tax net present value (NPV) of C$602 million and internal rate of return (IRR) of 25 percent. A feasibility study is now fully underway, with an expected completion date in Q2 2025.
In February 2023, Osisko Metals announced a C$100-million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project. The agreement includes C$75.3 million of funding for the project and up to C$24.7 million in cash payments to Osisko Metals. Pine Point Mining Limited (PPML) and the Town of Hay River have also signed a memorandum of understanding (MOU) to seize opportunities for long-term sustainable growth for Hay River through the development and operations of the Pine Point mining project.
Led by a management team with a wide range of expertise throughout the natural resources industry and experience in geology, exploration, corporate finance and corporate administration, Osisko Metals is well-poised to become a world-class supplier of base metals.
The Gaspé Copper project in Québec is among the most significant copper development projects in eastern North America. Osisko Metals completed the 100-percent acquisition of Gaspé Copper in July 2023 and has since commenced drilling at the property. Québec has a well-known reputation as one of the most mining-friendly jurisdictions in North America, with a long history of copper production.
The Pine Point asset in the Northwest Territories has the infrastructure in place to help the company move the project toward development. The project has an existing hydroelectric power substation on site, rail access within 60 kilometers, and paved access roads to the site.
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which Osisko Mining subsequently developed into one of Canada’s largest gold producers. Among other awards, Wares was a co-winner of the Prospectors and Developers Association of Canada’s “Prospector of the Year Award” for 2007 and was named, together with John Burzynski and Sean Roosen, as “Mining Men of the Year” for 2009 by the Northern Miner. Wares sits on the board of directors of Brunswick Exploration. Wares has a Bachelor of Science and an honorary doctorate in earth sciences from McGill University.
John Burzynski most recently served as the chairman, chief executive officer and director of Osisko Mining where he led his team in the discovery, development and sale of the Windfall Gold project to Gold Fields Ltd. for C$2.2 billion. Burzynski has over 35 years' experience as a professional geologist on international mining and development projects. He was one of the three original founders of Osisko Mining which developed and sold the Canadian Malartic mine in 2014 to an Agnico Eagle Mines Limited and Yamana Gold Inc. partnership for C$3.9 billion and created Osisko Gold Royalties (today a C$5 billion company). Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada (PDAC)'s "Prospector of the Year Award" for 2007 and the Northern Miner's "Mining Man of the Year" for 2009; and the "Prospector of the Year Award" for 2024, among numerous other awards. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University and a Master of Science in exploration and mineral economics (MINEX) degree from Queen's University. He is a registered P.Geo. in Québec, a Fellow of the Royal Canadian Geographical Society and an honorary colonel with the Royal Canadian Air Force. He currently serves as chairman and a director of O3 Mining.
Don Njegovan most recently served as chief operating officer at Osisko Mining prior to its sale to Gold Fields. He was previously a director of St. Andrew Goldfields until it was acquired by Kirkland Lake Gold in 2016 and is currently on the board of directors of Cornish Metals. He was formerly managing director of Global Mining at Scotiabank from August 2010 to June 2014. Njegovan was a Toll Cross Securities Inc. investment banker from June 2005 to July 2010. Njegovan has over 30 years of experience in the mining industry, starting in 1989 for Hudson Bay Mining & Smelting Co. He holds a Bachelor of Science in mining engineering from Michigan Technological University and a Bachelor of Arts from the University of Manitoba.
Blair Zaritsky most recently served as the chief financial officer of Osisko Mining. He is a chartered professional accountant and has over 20 years of Canadian public practice experience, with exposure to various types of engagements and clients, gained through managing audit engagements of publicly listed companies traded on the Toronto Stock Exchange, TSX Venture Exchange, and Canadian Securities Exchange. Zaritsky obtained his chartered professional accountant designation in 2003 and holds dual Bachelor of Arts degrees in accounting and economics from Brock University and Western University, respectively. Zaritsky currently serves as a director of STLLR Gold.
Amanda Johnston most recently served as the vice-president of finance of Osisko Mining. She is a chartered professional accountant and has over 20 years of experience in the mining industry and audit and assurance groups. Johnston obtained her chartered professional accountant designation in 2013 and holds a Bachelor of Accounting (Honours) Co-Op degree from Brock University. Johnston currently serves as a director of Metalla Royalty & Streaming.
Alexandria Marcotte most recently served as vice-president of project coordination of Osisko Mining. She is a professional geologist registered in Ontario with over 15 years of progressive senior level experience working internationally for senior and junior companies. Marcotte holds an Honours Bachelor of Science degree from the University of Toronto and an MBA from the Schulich School of Business. She currently serves as a director of Angel Wing Metals.
Lili Mance has served as the corporate secretary of Osisko Metals since 2018. She also served as vice-president and corporate Secretary of Osisko Mining. She has 30 years of experience in the financial, wealth management and resource industries serving in a legal, compliance and corporate secretarial capacity. Mance spent 18 years with the Dundee group of companies in various increasingly senior level legal and compliance roles and its various public and private subsidiaries. Mance is a member of the Institute of Corporate Directors and has been a member of the Governance Professionals of Canada since 2004.
Jeff Hussey has 32 years of professional experience in the mining industry. He has worked in both open-pit and underground mine operations at various stages of mine life, from start-up to mine closure, and more recently, working in mineral exploration and development projects. He spent 19 years with Noranda/Falconbridge. His mine operation experience includes work at the Brunswick No. 12 mine, Gaspé Copper mines, the Antamina mine start-up in Peru, as well as the Raglan mine in Northern Québec. As a senior scientist with the Mining Technology Group at the Noranda Technology Centre in 2002, he enhanced his network in the metallurgical research and mining innovation fields. As a consultant since 2007, Jeff Hussey and Associates has helped junior mine development companies by offering exploration, mining, and geo-metallurgical support services. These include Champion Iron Mines, Focus Graphite, Puma Exploration and Starcore International in Mexico. While at Champion Iron Mines, he participated in building significant high-quality iron ore resources, completing feasibility studies and participating in raising more than $70 million for corporate development. While working with Focus Graphite, development responsibilities included a feasibility study and associated work with community stakeholders and governments. Hussey has a Bachelor of Science in geology from the University of New Brunswick.
Ann Lamontagne is a civil engineer who obtained her doctoral degree in mining environment from Laval University in 2001. She has worked in the mining industry for over 25 years as a consultant for geotechnical, water management, hydrogeology, and environmental projects. She has been involved in the development of several mining projects where her expertise has been invaluable in minimizing environmental risks throughout the mine planning process, from initial design through to closure and reclamation. Lamontagne has also been involved in many R&D projects with mining companies, including Nouveau Monde Graphite, Troilus Gold, and Mason Graphite.
Killian Charles has been president and CEO of Brunswick Exploration since 2020. Prior to this, he was vice-president, corporate development for Osisko Metals, where he now remains as a special advisor. Charles was a mining analyst at Laurentian Bank Securities and at Industrial Alliance Securities (Broker) for six years. He also worked as a manager of corporate development at Integra Gold, until its acquisition by Eldorado Gold in 2017. Charles received an undergraduate degree in Earth and Planetary Sciences from McGill University.
Luc Lessard holds a bachelor’s degree in mining engineering from Laval University, is a member of the Ordre des ingénieurs du Québec and has over 30 years of experience in the design, construction and operation of mines. He is the president, chief executive officer and director of Falco Resources and chief operating officer of Osisko Development. He currently sits on the board of directors of Osisko Metals.
Prior to joining Falco and Osisko, he was senior vice-president, technical services of Osisko Gold Royalties, COO of Canadian Malartic GP (jointly owned by Agnico Eagle Mines and Yamana Gold) and before, COO and senior vice-president, engineering and construction of Osisko Mining Corporation, where he was responsible for the design, construction and commissioning of the Canadian Malartic gold mine. He also was vice-president of engineering and construction for Iamgold and General Manager for Cambior. During his career, Lessard worked on several surface and underground mining projects.
Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV:AHR)(OTCQB:AXREF) is pleased to announce discovery of the new, high grade, gold-rich porphyry copper-gold-silver ("Cu-Au-Ag") AuRORA deposit at its 100% owned JOY Copper-Gold District ("JOY"), in the prolific Toodoggone-Kemess porphyry Cu-Au region of north-central British Columbia ("BC"). The AuRORA Deposit Discovery is located within an area of the 495 km 2 JOY District that had not previously been drill tested (see Figures 1, 2 and 3). Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") is fully funding work programs at JOY to earn an interest in the project, and Amarc is the operator of all programs.
Highlights from Initial AuRORA DEPOSIT Discovery Drill Holes Include:
Drill Hole | Int.1,2,3 (m) | From (m) | Incl. | Au (g/t) | Cu (%) | Ag (g/t) | CuEQ4 (%) |
JP24057 | 82 | 18 | 1.24 | 0.38 | 2.47 | 1.08 | |
42 | 58 | Incl. | 1.97 | 0.49 | 3.58 | 1.61 | |
JP24059 | 271 | 24 | 0.98 | 0.25 | 1.93 | 0.81 | |
171 | 24 | Incl. | 1.32 | 0.34 | 2.62 | 1.09 | |
89 | 106 | and | 2.29 | 0.46 | 3.65 | 1.76 | |
JP24071 | 212 | 21 | 1.36 | 0.40 | 3.35 | 1.18 | |
108 | 104 | Incl. | 2.38 | 0.60 | 5.17 | 1.96 | |
JP24074 | 162 | 69 | 2.19 | 0.63 | 6.95 | 1.90 | |
147 | 84 | Incl. | 2.40 | 0.69 | 7.60 | 2.08 | |
108 | 111 | and | 3.09 | 0.82 | 8.99 | 2.59 | |
81 | 135 | and | 3.69 | 0.92 | 9.72 | 3.04 |
Notes: See Table 1.
Hole JP24057, the first hole ever drilled at AuRORA, intersected a new porphyry Cu-Au-Ag system hosting high and continuous Au grades (see Tables 1, 2 and 3). Following completion of this discovery hole, Amarc, with Freeport, systematically stepped out, aggressively drilling with three core rigs, with a view to begin outlining an outstanding Cu-Au-Ag deposit and to confirm its high grade potential. This release details the results of discovery hole JP24057 and six other holes drilled at approximately 100 m intervals on east-west section 7800N (see Figures 2 and 3). Drilling on this section established a 600 m wide zone of porphyry mineralization encountered from near surface that is open to lateral expansion, and which is characterized by excellent lateral and vertical continuity. Final compilations and confirmatory analyses from six additional holes drilled at AuRORA along east-west section 7900N, a 100 m step out to the north of section 7800N, are near completion and will be released in the very near future. These additional results show similar very encouraging grades and characteristics to those reported in this release.
"This impressive new, high grade porphyry copper-gold-silver discovery is a pivotal moment for Amarc and its shareholders," said Dr. Diane Nicolson, Amarc President and CEO. "It represents a significant inflection point in the exploration of the JOY District with Freeport. Our discovery is the culmination of years of relentless groundwork by the Amarc team, coupled with the firm, unwavering belief, shared by Freeport, that the JOY District holds significant potential for high grade porphyry gold-copper deposits. This discovery comes during a period of positive market sentiment for gold, copper and silver, which we believe further increases the attractiveness of Amarc as an exciting investment opportunity."
The AuRORA Deposit Discovery is located within the expansive Northwest Gossan ("NWG") Target area located at the northwest end of a possible 15 km mineralized trend that extends southeast toward the GAP and SWT Targets (see Figure 1). The NWG Target is outlined by a 3.7 km 2 Induced Polarization ("IP") anomaly (>14mV/V) (see Figure 3) with coincident Cu, Au, Mo and Ag anomalies outlined in soils and rocks (see Amarc releases May 2 and July 11, 2024). The 2024 initial drill testing of the NWG Target area focused primarily on an internal zone of higher (>20 mV/V) IP chargeability some 1,500 m long and 500 m wide. Much of the NWG Target area remains unexplored.
"The AuRORA Deposit Discovery has been made through the Amarc team's depth of knowledge and porphyry copper-gold discovery track record in BC and the Toodoggone region, combined with the support and insight from Freeport, based on its global capabilities as a top-tier copper and gold producer and discoverer. Together, our goal in 2024 was to focus on discovery and we are clearly on the right track with AuRORA. Notably, the AuRORA Deposit Discovery area is only one of eight large scale sulphide mineralized systems clustered along several mineralized trends drilled in 2024 at JOY. These important-scale sulphide systems have been established by district-wide geological, geochemical and geophysical ground IP surveys. Additional results from the 2024 drill program will be forthcoming. We are extremely optimistic about further important progress at JOY," concluded Nicolson.
In addition to today's announced drill holes, an additional 33 scout holes were also completed on eight porphyry Cu-Au targets, including at the AuRORA Deposit Discovery, PINE Deposit, Canyon Discovery and at the Twins Deposit Target within the JOY District (see Figure 1). These targets were established through 290 line-km of property wide IP surveying, the collection and analyses of 8,400 soil and 1,500 rock samples, and geological mapping and prospecting.
Figure 2: AuRORA Deposit Discovery: Located in the New Underexplored NWG Target
Figure 4: AuRORA Deposit Discovery Never Previously Drilled and Open to Expansion
Figure 5: AuRORA Deposit Discovery: Drilling Outlines Open-Ended, Near Surface, Continuous, High Grade Cu-Au-Ag Mineralization (Section 7800N)
Table 1: JOY AuRORA Porphyry Cu-Au-Ag Deposit Discovery Section 7800N Mineralized Intervals of Significance
Drill Hole | Incl. | From (m) | To | Int.1,2,3 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEQ4 (%) |
JP24057 | 18.00 | 100.00 | 82.00 | 1.24 | 0.38 | 2.5 | 1.08 | |
Incl. | 58.00 | 100.00 | 42.00 | 1.97 | 0.49 | 3.6 | 1.61 | |
120.29 | 190.00 | 69.71 5 | 2.56 | 0.42 | 5.0 | 1.88 | ||
Incl. | 120.29 | 166.00 | 45.71 | 3.30 | 0.56 | 6.2 | 2.44 | |
And | 120.29 | 136.00 | 15.71 | 4.54 | 0.84 | 8.6 | 3.42 | |
JP24059 | 24.00 | 295.25 | 271.25 | 0.98 | 0.25 | 1.9 | 0.81 | |
Incl. | 24.00 | 194.50 | 170.50 | 1.32 | 0.34 | 2.6 | 1.09 | |
And | 106.00 | 194.50 | 88.50 | 2.29 | 0.46 | 3.7 | 1.76 | |
Incl. | 211.00 | 239.10 | 28.10 | 0.99 | 0.18 | 1.1 | 0.73 | |
JP24071 | 21.10 | 233.00 | 211.906 | 1.36 | 0.40 | 3.4 | 1.18 | |
Incl. | 104.00 | 212.00 | 108.00 | 2.38 | 0.60 | 5.2 | 1.96 | |
JP24074 | 69.00 | 231.00 | 162.00 | 2.19 | 0.63 | 7.0 | 1.90 | |
Incl. | 84.00 | 231.00 | 147.00 | 2.40 | 0.69 | 7.6 | 2.08 | |
And | 111.00 | 219.00 | 108.00 | 3.09 | 0.82 | 9.0 | 2.59 | |
And | 135.00 | 216.00 | 81.00 | 3.69 | 0.92 | 9.7 | 3.04 | |
JP24076 | 57.00 | 198.00 | 141.007 | 0.73 | 0.18 | 1.3 | 0.60 | |
Incl. | 102.00 | 198.00 | 96.00 | 1.00 | 0.24 | 1.8 | 0.81 | |
And | 129.00 | 180.00 | 51.00 | 1.44 | 0.31 | 2.2 | 1.13 | |
JP24079 | 179.00 | 189.50 | 10.50 | 0.06 | 0.24 | 2.7 | 0.29 | |
341.00 | 400.70 | 59.70 | 0.29 | 0.08 | 1.7 | 0.26 | ||
JP24082 | 131.00 | 277.95 | 146.95 | 0.34 | 0.22 | 3.2 | 0.43 | |
Incl. | 161.00 | 277.95 | 116.95 | 0.39 | 0.25 | 3.8 | 0.50 | |
And | 212.00 | 242.00 | 30.00 | 0.84 | 0.54 | 7.2 | 1.06 |
Notes to Table 1:
AuRORA Deposit Geological Information - Section 7800N
The geological and hydrothermal characteristics of AuRORA discovery hole JP24057, and other holes along the section, are broadly consistent with generalized models for porphyry Cu-Au deposits in the Kemess Mining District and in the wider Toodoggone Region. East-west cross section 7800N across the AuRORA Deposit Discovery highlights the excellent continuity of the near surface, high grade, Cu-Au-Ag mineralization discovered in hole JP24057, as well as consistent vertical and lateral patterns in the grade, hydrothermal and geological characteristics in the holes along the section (see Figures 4 and 5 and Table 2).
In the upper part of AuRORA, mineralization is hosted by andesitic tuff and in its lower part by quartz-monzonite intrusive rocks. The contact between the volcanic and intrusive rocks is typically masked by intense alteration that coincides with the highest-grade mineralization. High grade mineralization is associated with pervasive quartz-sericite/chlorite-pyrite alteration, which overprints potassic K-feldspar and magnetite alteration. Copper mineralization is mainly chalcopyrite and trace to minor bornite (see Figure 6).
About Amarc Resources Ltd
Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry Cu-Au mines in BC. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration and development-stage assets.
Amarc is advancing its 100%-owned JOY, DUKE and IKE porphyry Cu±Au Districts located in different prolific porphyry regions of northern, central and southern BC, respectively. Each District represents significant potential for the development of multiple and important-scale, porphyry Cu±Au deposits. Importantly, each of the three districts are located in proximity to industrial infrastructure - including power, highways and rail.
Amarc's exploration is led by an internationally successful team of experienced geologists specializing in porphyry Cu-Au deposits. Members of this team have been involved in and have tracked porphyry Cu-Au exploration advancements in the Toodoggone region since 1990. Their experience and early recognition of the porphyry potential at the NWG Target in terms of a shallowly overburden covered and underexplored transitional epithermal-porphyry geological setting, led to the discovery of the Au-rich AuRORA porphyry Cu-Au-Ag Deposit.
Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), a wholly owned subsidiary of Freeport-McMoRan Inc. at JOY and Boliden Mineral Canada Ltd. ("Boliden"), an entity within the Boliden Group of companies at DUKE, can earn up to a 70% interest in each District through staged investments of $110 million and $90 million, respectively. Together this provides Amarc with potentially up to $200 million in non-share dilutive staged funding for these Districts. In addition, Amarc has completed self-funded drilling at its higher-grade Empress Deposit in the IKE District. Drill results from nine core holes drilled late in 2024 at Empress are being compiled and are expected to be released next month. Amarc is the operator of all programs.
Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry Cu deposit discovery, development and transaction success. Previous and current HDI projects include some of BC's and the world's most important porphyry deposits - such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess North, Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, AuRORA, PINE, IKE and DUKE. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral projects.
Amarc works closely with local governments, Indigenous groups and stakeholders in order to advance its mineral projects responsibly, and in a manner that contributes to sustainable community and economic development. We pursue early and meaningful engagement to ensure our mineral exploration and development activities are well coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous groups within whose traditional territories our projects are located, through the provision of jobs, training programs, contract opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.
Qualified Person
Mark Rebagliati, P.Eng, a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed and approved all technical and scientific information related to the JOY Project contained in this news release. Mr. Rebagliati is not independent of the Company.
Quality Assurance/Quality Control Program
Amarc drilled NQv (48.1mm) and HQ (63.5mm) size core in 2024 at the JOY project. All drill core was logged, photographed, and cut in half with a diamond saw. Half core samples from the JOY drilling were sent to ALS Canada Ltd., Kamloops or Langley, Canada, for preparation and to North Vancouver, Canada for analysis. All facilities are ISO/IEC 17025:2017 accredited. At the laboratory, samples were dried, crushed to 70% passing -2mm, and either a 250 g split or 1,000 g split was pulverized to better than 85% passing 75 microns. Samples were analyzed for Au by fire assay fusion of a 30 g sub-sample with an ICP-AES finish, and for 60 elements including Cu, Mo and Ag by a four-acid digestion, multi-element ICP-MS package. Samples with Cu results > 10,000 ppm were reanalyzed by a single element four-acid digestion ICP-AES method for Cu. As part of a comprehensive Quality Assurance/Quality Control ("QAQC") program, Amarc control samples were inserted in each analytical batch of the core samples at the following rates: standards one in 20 regular samples, in-line replicates one in 20 regular samples and one coarse blank per hole. The control sample results were then checked to ensure proper QAQC.
The QP visited the site to verify location of drill holes, and review the core and logging, sampling and sample shipment processes. He also reviewed and assessed the assay results.
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Dr. Diane Nicolson, President and CEO, at (604) 684-6365 or within North America at 1-800-667-2114, or Kin Communications, at (604) 684-6730, Email: AHR@kincommunications.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AMARC RESOURCES LTD.
Dr. Diane Nicolson
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking and Other Cautionary Information
This news release includes certain statements that may be deemed "forward-looking statements". All such statements, other than statements of historical facts that address exploration plans and plans for enhanced relationships are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: Amarc's projects will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of Amarc's projects will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and tenure and delays due to third party opposition, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, exploration and development of properties located within Aboriginal groups asserted territories may affect or be perceived to affect asserted aboriginal rights and title, which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Amarc Resources Ltd., investors should review Amarc's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedarplus.ca.
Table 2: AuRORA Discovery Assay Data by Sample Interval for Drill Holes JP24059 and JP 24074
Hole JP24059
Sample | From (m) | To (m) | Int.1,2,3 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEQ4 (%) |
732288 | 106.00 | 109.00 | 3.00 | 1.38 | 0.49 | 2.9 | 1.28 |
732289 | 109.00 | 112.00 | 3.00 | 1.22 | 0.36 | 2.2 | 1.06 |
732291 | 112.00 | 115.00 | 3.00 | 1.44 | 0.52 | 2.9 | 1.34 |
732292 | 115.00 | 118.00 | 3.00 | 1.37 | 0.44 | 2.6 | 1.22 |
732293 | 118.00 | 121.00 | 3.00 | 1.43 | 0.45 | 3.5 | 1.27 |
732294 | 121.00 | 124.00 | 3.00 | 2.12 | 0.59 | 4.3 | 1.80 |
732295 | 124.00 | 127.00 | 3.00 | 3.04 | 0.83 | 6.1 | 2.56 |
732296 | 127.00 | 129.00 | 2.00 | 2.02 | 0.52 | 5.4 | 1.68 |
732297 | 129.00 | 130.90 | 1.90 | 1.74 | 0.73 | 5.0 | 1.73 |
732298 | 130.90 | 133.00 | 2.10 | 2.37 | 0.58 | 4.4 | 1.92 |
732299 | 133.00 | 136.00 | 3.00 | 2.56 | 0.79 | 4.8 | 2.24 |
732300 | 136.00 | 139.00 | 3.00 | 1.92 | 0.51 | 4.1 | 1.60 |
732301 | 139.00 | 142.00 | 3.00 | 2.77 | 0.61 | 4.6 | 2.18 |
732302 | 142.00 | 145.00 | 3.00 | 3.63 | 0.61 | 4.6 | 2.66 |
732303 | 145.00 | 148.00 | 3.00 | 3.87 | 0.62 | 4.6 | 2.80 |
732304 | 148.00 | 149.50 | 1.50 | 4.65 | 0.72 | 6.0 | 3.35 |
732305 | 149.50 | 151.00 | 1.50 | 4.82 | 0.86 | 6.6 | 3.59 |
732306 | 151.00 | 154.00 | 3.00 | 2.85 | 0.72 | 4.7 | 2.34 |
732307 | 154.00 | 157.00 | 3.00 | 1.01 | 0.21 | 1.7 | 0.78 |
732308 | 157.00 | 160.00 | 3.00 | 2.70 | 0.32 | 2.7 | 1.84 |
732309 | 160.00 | 163.00 | 3.00 | 2.78 | 0.31 | 2.6 | 1.87 |
732311 | 163.00 | 166.00 | 3.00 | 2.15 | 0.38 | 3.5 | 1.60 |
732312 | 166.00 | 169.00 | 3.00 | 2.71 | 0.42 | 3.6 | 1.96 |
732313 | 169.00 | 172.00 | 3.00 | 2.06 | 0.37 | 4.0 | 1.54 |
732314 | 172.00 | 175.00 | 3.00 | 1.93 | 0.33 | 4.4 | 1.43 |
732315 | 175.00 | 178.00 | 3.00 | 1.36 | 0.16 | 2.8 | 0.94 |
732316 | 178.00 | 180.30 | 2.30 | 2.54 | 0.27 | 4.6 | 1.72 |
732317 | 180.30 | 182.25 | 1.95 | 1.54 | 0.21 | 2.9 | 1.09 |
732318 | 182.25 | 184.75 | 2.50 | 4.03 | 0.38 | 4.2 | 2.65 |
732319 | 184.75 | 187.00 | 2.25 | 0.90 | 0.19 | 1.8 | 0.70 |
732320 | 187.00 | 190.00 | 3.00 | 0.90 | 0.19 | 1.4 | 0.70 |
732321 | 190.00 | 192.25 | 2.25 | 3.05 | 0.32 | 1.9 | 2.02 |
732322 | 192.25 | 194.50 | 2.25 | 2.99 | 0.31 | 2.5 | 1.99 |
See Table 1 for Notes.
Hole JP24074
Sample | From (m) | To | Int.1,2,3 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEQ4 (%) |
|---|---|---|---|---|---|---|---|
731140 | 111.00 | 114.00 | 3.00 | 1.00 | 0.65 | 8.1 | 1.26 |
731141 | 114.00 | 117.00 | 3.00 | 1.26 | 0.55 | 8.0 | 1.30 |
731142 | 117.00 | 120.00 | 3.00 | 0.64 | 0.27 | 4.1 | 0.65 |
731143 | 120.00 | 123.00 | 3.00 | 1.48 | 0.49 | 8.1 | 1.36 |
731144 | 123.00 | 126.00 | 3.00 | 1.47 | 0.48 | 6.6 | 1.34 |
731145 | 126.00 | 129.00 | 3.00 | 1.01 | 0.40 | 4.9 | 1.00 |
731146 | 129.00 | 132.00 | 3.00 | 1.59 | 0.59 | 6.3 | 1.51 |
731147 | 132.00 | 135.00 | 3.00 | 2.02 | 0.62 | 6.6 | 1.79 |
731148 | 135.00 | 138.00 | 3.00 | 1.48 | 0.53 | 5.2 | 1.39 |
731149 | 138.00 | 141.00 | 3.00 | 4.01 | 0.84 | 10.5 | 3.14 |
731151 | 141.00 | 144.00 | 3.00 | 4.94 | 1.16 | 14.2 | 4.00 |
731152 | 144.00 | 147.00 | 3.00 | 4.32 | 0.99 | 8.8 | 3.45 |
731153 | 147.00 | 150.00 | 3.00 | 3.02 | 0.78 | 6.8 | 2.50 |
731154 | 150.00 | 153.00 | 3.00 | 3.63 | 1.31 | 11.3 | 3.40 |
731155 | 153.00 | 156.00 | 3.00 | 5.35 | 1.18 | 9.6 | 4.22 |
731156 | 156.00 | 159.00 | 3.00 | 3.33 | 0.98 | 8.0 | 2.89 |
731157 | 159.00 | 162.00 | 3.00 | 5.25 | 1.05 | 9.8 | 4.03 |
731158 | 162.00 | 165.00 | 3.00 | 3.49 | 0.90 | 10.3 | 2.91 |
731159 | 165.00 | 168.00 | 3.00 | 2.47 | 1.14 | 13.8 | 2.60 |
731160 | 168.00 | 171.00 | 3.00 | 5.86 | 1.36 | 10.3 | 4.68 |
731161 | 171.00 | 174.00 | 3.00 | 4.78 | 0.88 | 9.6 | 3.61 |
731162 | 174.00 | 177.00 | 3.00 | 7.73 | 1.28 | 11.1 | 5.65 |
731163 | 177.00 | 180.00 | 3.00 | 8.00 | 1.34 | 11.2 | 5.86 |
731164 | 180.00 | 183.00 | 3.00 | 6.33 | 0.93 | 8.6 | 4.51 |
731165 | 183.00 | 186.00 | 3.00 | 3.52 | 0.75 | 7.2 | 2.75 |
731166 | 186.00 | 189.00 | 3.00 | 3.25 | 0.66 | 7.5 | 2.52 |
731167 | 189.00 | 192.00 | 3.00 | 2.39 | 0.69 | 7.9 | 2.08 |
731168 | 192.00 | 195.00 | 3.00 | 3.84 | 0.57 | 4.6 | 2.74 |
731169 | 195.00 | 198.00 | 3.00 | 2.07 | 0.64 | 6.4 | 1.83 |
731171 | 198.00 | 201.00 | 3.00 | 1.09 | 0.97 | 11.4 | 1.65 |
731172 | 201.00 | 201.70 | 0.70 | 2.05 | 0.65 | 8.0 | 1.84 |
731173 | 201.70 | 202.90 | 1.20 | 0.06 | 0.03 | 0.6 | 0.06 |
731174 | 202.90 | 204.00 | 1.10 | 2.74 | 0.75 | 8.9 | 2.33 |
731175 | 204.00 | 207.00 | 3.00 | 1.62 | 1.14 | 12.9 | 2.12 |
731176 | 207.00 | 210.00 | 3.00 | 1.84 | 0.89 | 15.1 | 2.01 |
731177 | 210.00 | 213.00 | 3.00 | 2.41 | 0.90 | 15.4 | 2.34 |
731178 | 213.00 | 216.00 | 3.00 | 2.06 | 0.61 | 10.0 | 1.82 |
731179 | 216.00 | 219.00 | 3.00 | 1.10 | 0.51 | 8.3 | 1.17 |
731180 | 219.00 | 222.00 | 3.00 | 0.58 | 0.32 | 6.6 | 0.69 |
731181 | 222.00 | 225.00 | 3.00 | 0.78 | 0.36 | 6.0 | 0.84 |
See Table 1 for Notes.
Table 3: AuRORA Drill Hole Information Section N7800
Drill Hole | Easting | Northing | Elevation | Azim (°) | Dip (°) | EOH (m) |
JP24057 | 622779 | 6347801 | 1368 | 90 | -70 | 586 |
JP24059 | 622776 | 6347801 | 1369 | 270 | -60 | 427.4 |
JP24071 | 622770 | 6347796 | 1370 | 180 | -60 | 374 |
JP24074 | 622920 | 6347799 | 1385 | 90 | -70 | 315 |
JP24076 | 622655 | 6347819 | 1369 | 270 | -60 | 258 |
JP24079 | 623060 | 6347815 | 1422 | 88 | -60 | 503 |
JP24082 | 623059 | 6347815 | 1422 | 0 | -90 | 311 |
Note: Collar locations are in UTM NAD83, Zone 9N coordinates.
Figure 2: AuRORA Deposit Discovery: Located in the New Underexplored NWG Target
Figure 3: AuRORA Deposit Discovery: Hosted Within the Exciting New NWG Target Area
IP-Chargeability Anomaly Never Previously Drilled
Figure 4: AuRORA Deposit Discovery Never Previously Drilled and Open to Expansion
Figure 5: AuRORA Deposit Discovery: Drilling Outlines Open-Ended, Near Surface, Continuous,
High Grade Cu-Au-Ag Mineralization (Section 7800N)
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (" Lundin Mining" or the "Company") is pleased to announce production results for the year ended December 31, 2024 and provide production guidance for the three-year period of 2025 through 2027, as well as cash cost, capital and exploration expenditure guidance for 2025. Unless otherwise stated, all numbers are presented in US dollars.
Highlights
On a consolidated basis the Company achieved guidance on all metals 1 for the year and achieved record production levels for copper and zinc.
Jack Lundin , President and CEO, commented "2024 was a transformative year for the Company. We announced three strategic transactions while maintaining operational performance to meet production guidance on a consolidated basis for copper and gold and within revised guidance for zinc and nickel. The Company was able to achieve record production for copper and zinc during the year. This is a testament to the great effort and focus of the entire team at Lundin Mining.
"The first transaction of 2024 was to increase our ownership at Caserones from 51% to 70%. This added approximately 24,000 tonnes of annualized attributable copper production to the Company.
_________________________________________ |
1 Guidance as most recently disclosed in the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2024. |
2 2025 cash costs guidance is based on various assumptions and estimates, including, production volumes, commodity prices (Cu: $4.40/lb, Mo: $17.00/lb, Au: $2,500/oz: Ag: $30.00/oz) and foreign currency exchange rates (Chilean Peso "CLP" CLP/USD:900, Brazilian Real "BRL" USD/BRL:5.50). Cash cost is a non-GAAP measure - see the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2024 and the Historical Non-GAAP Measure Comparatives at the end of this news release. |
3 Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non-GAAP measure - see the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2024 and the Historical Non-GAAP Measure Comparatives at the end of this news release. |
"Our two biggest assets, Candelaria and Caserones, both performed well in the year, Candelaria had one of its best second half performances in its 30-year history, producing just under 100,000 tonnes in H2 2024. Caserones continues to add to our growth story and produced 124,761 tonnes of copper in the year.
"Year over year, zinc production increased and set a record for the Company at 191,704 tonnes. In December, we announced the opportune sale of Neves-Corvo and Zinkgruvan to Boliden AB ("Boliden") for total consideration of up to $1.52 billion . This transaction is expected to close mid-year, which will further increase our financial flexibility and shift our revenue mix to be more heavily weighted towards copper.
"Finally, we announced the joint acquisition of Filo Corp. ("Filo") with BHP and the formation of Vicuña Corp. (Vicuña) to jointly develop the Filo del Sol ("FDS") project and Josemaria project. It is with great pleasure to announce already that this transaction closed on January 15th, 2025 .
"Looking ahead, we look forward to closing on the sale of the European assets in 2025 and will continue to focus on improving our operational performance at all our sites."
Summary of 2024 Production
Q4 2024 Production | Full Year Production | 2024 Original Guidance 4 | 2024 Revised | ||||||||||||||||||||||||||
Copper (t) | |||||||||||||||||||||||||||||
Candelaria (100% basis) | 48,772 | 162,487 | 160,000 | - | 170,000 | 165,000 | - | 173,000 | |||||||||||||||||||||
Caserones (100% basis) | 31,737 | 124,761 | 120,000 | - | 130,000 | 121,000 | - | 125,000 | |||||||||||||||||||||
Chapada | 12,323 | 43,261 | 43,000 | - | 48,000 | 43,000 | - | 48,000 | |||||||||||||||||||||
Eagle | 1,262 | 6,366 | 9,000 | - | 12,000 | 6,000 | - | 8,000 | |||||||||||||||||||||
Neves-Corvo | 7,139 | 28,228 | 30,000 | - | 35,000 | 27,000 | - | 30,000 | |||||||||||||||||||||
Zinkgruvan | 258 | 3,964 | 4,000 | - | 5,000 | 4,000 | - | 5,000 | |||||||||||||||||||||
Total Copper | 101,491 | 369,067 | 366,000 | - | 400,000 | 366,000 | - | 389,000 | |||||||||||||||||||||
Zinc (t) | |||||||||||||||||||||||||||||
Neves-Corvo | 27,879 | 109,571 | 120,000 | - | 130,000 | 111,000 | - | 116,000 | |||||||||||||||||||||
Zinkgruvan | 24,067 | 82,133 | 75,000 | - | 85,000 | 79,000 | - | 83,000 | |||||||||||||||||||||
Total Zinc | 51,946 | 191,704 | 195,000 | - | 215,000 | 190,000 | - | 199,000 | |||||||||||||||||||||
Gold (oz) | |||||||||||||||||||||||||||||
Candelaria (100% basis) | 27,842 | 93,021 | 100,000 | - | 110,000 | 92,000 | - | 102,000 | |||||||||||||||||||||
Chapada | 18,614 | 65,415 | 55,000 | - | 60,000 | 63,000 | - | 68,000 | |||||||||||||||||||||
Total Gold | 46,456 | 158,436 | 155,000 | - | 170,000 | 155,000 | - | 170,000 | |||||||||||||||||||||
Nickel (t) | |||||||||||||||||||||||||||||
Eagle | 1,617 | 7,486 | 10,000 | - | 13,000 | 7,000 | - | 9,000 | |||||||||||||||||||||
Total Nickel | 1,617 | 7,486 | 10,000 | - | 13,000 | 7,000 | - | 9,000 | |||||||||||||||||||||
Molybdenum (t) | |||||||||||||||||||||||||||||
Caserones (100% basis) | 912 | 3,183 | 2,500 | - | 3,000 | 2,800 | - | 3,300 | |||||||||||||||||||||
912 | 3,183 | 2,500 | - | 3,000 | 2,800 | - | 3,300 | ||||||||||||||||||||||
_____________________________________________ |
4 Guidance as announced by news release "Lundin Mining Announces 2023 Production Results & Provides 2024 Guidance" dated January 14, 2024. |
5 Guidance as most recently disclosed in the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2024. |
Three-Year Production Outlook 2025 - 2027
Production Outlook 6
2025 | 2026 | 2027 | ||||||||||
Copper (t) | ||||||||||||
Candelaria (100% basis) | 140,000 | - | 150,000 | 145,000 | - | 155,000 | 150,000 | - | 160,000 | |||
Caserones (100% basis) | 115,000 | - | 125,000 | 130,000 | - | 140,000 | 105,000 | - | 115,000 | |||
Chapada | 40,000 | - | 45,000 | 40,000 | - | 45,000 | 40,000 | - | 45,000 | |||
Eagle | 8,000 | - | 10,000 | 5,000 | - | 8,000 | 5,000 | - | 8,000 | |||
Total Copper | 303,000 | - | 330,000 | 320,000 | - | 348,000 | 300,000 | - | 328,000 | |||
Gold (oz) | ||||||||||||
Candelaria (100% basis) 7 | 78,000 | - | 88,000 | 87,000 | - | 97,000 | 85,000 | - | 95,000 | |||
Chapada | 57,000 | - | 62,000 | 57,000 | - | 62,000 | 47,000 | - | 52,000 | |||
Total Gold | 135,000 | - | 150,000 | 144,000 | - | 159,000 | 132,000 | - | 147,000 | |||
Nickel (t) | ||||||||||||
Eagle | 8,000 | - | 11,000 | 6,000 | - | 9,000 | 4,000 | - | 7,000 | |||
Total Nickel | 8,000 | - | 11,000 | 6,000 | - | 9,000 | 4,000 | - | 7,000 | |||
________________________________________ |
6 Production guidance is based on certain estimates and assumptions, including but not limited to Mineral Resources and Mineral Reserves, geological formations, grade and continuity of deposits and metallurgical characteristics. |
7 68% of Candelaria's total gold and silver production are subject to a streaming agreement. |
2025 Cash Cost 9 Guidance
2025 cash cost guidance is based on various assumptions and estimates, including, production volumes as per 2025 guidance, commodity prices (Cu: $4.40 /lb, Mo: $17.00 /lb, Au: $2,500 /oz: Ag: $30.00 /oz) and foreign currency exchange rates (CLP/USD:900, USD/BRL:5.50).
Cash Cost | 2025 10 | ||||||
Copper | |||||||
Candelaria 11 | $1.80/lb | - | $2.00/lb | ||||
Caserones | $2.40lb | - | $2.60/lb | ||||
Chapada 12 | $1.80/lb | - | $2.00/lb | ||||
Consolidated C1 Cash Cost | $2.05/lb | - | $2.30/lb | ||||
Nickel | |||||||
Eagle | $3.05/lb | - | $3.25/lb | ||||
___________________________________________ |
8 Neves-Corvo is expected to be slightly above the cash cost guidance range for 2024 from lower by-product credits. Zinkgruvan is expected to be inline with cash cost guidance for 2024. Capital expenditures for 2024 for both assets are expected to be inline with guidance. |
9 This is a non-GAAP measure. For equivalent historical non-GAAP financial measure comparatives see the Historical Non-GAAP Measure Comparatives section of this press release. Please also see the Management's Discussion and Analysis for the year ended December 31, 2023 and nine months ended September 30, 2024. |
10 2025 cash costs are based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (2025 - Cu: $4.40/lb, Mo: $17.00/lb, Au: $2,500/oz: Ag: $30.00/oz) foreign currency exchange rates (2025 - CLP/USD:900, USD/BRL:5.50) and operating costs. |
11 68% of Candelaria's total gold and silver production are subject to a streaming agreement and as such cash costs are calculated based on receipt of $433/oz and $4.32/oz, respectively, on gold and silver sales in the year. |
12 Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. |
2025 Capital Expenditure Guidance
Capital Expenditures ($ millions) | 2025 13, 14 | |
Sustaining Capital | ||
Candelaria (100% basis) | $205 | |
Caserones (100% basis) | $215 | |
Chapada | $85 | |
Eagle | $25 | |
Total Sustaining Capital | $530 | |
Candelaria Expansionary Capital | $50 | |
Vicuña Joint Arrangement | $155 | |
Total Capital Expenditures | $735 | |
________________________________________ |
13 Expansionary capital expenditure is a non-GAAP measure and sustaining capital expenditure is a supplementary financial measure. For historical comparatives see the Historical Non-GAAP Measure Comparatives section of this press release. Please also see the Management's Discussion and Analysis for the year ended December 31, 2023 and nine months ended September 30, 2024 for discussion of non-GAAP measures. |
14 Capital expenditures are based on various assumptions and estimates, including, but not limited to foreign currency exchange rates (2025 - CLP/USD:900, USD/BRL:5.50). |
2025 Exploration Investment Guidance
Exploration expenditures are planned to be $40 million in 2025 primarily for in-mine and near-mine targets at our operations. The largest portion of the planned expenditure will be at Caserones where drilling (18,000 meters (m)) and geophysical programs are planned. Significant drilling programs are also planned at Candelaria ( 18,000 m ), and Chapada ( 20,000 m ) with the goal to grow resources. The drill program at Caserones will focus on deeper in-pit drilling to better define higher grade breccia zones and exploration drilling to continue testing the sulphide mineral potential below the Angelica oxide deposit. At Candelaria drilling is designed to continue expanding the underground resources, while also growing the shallow La Española Deposit and neighboring La Portuguesa target area. At Chapada additional drilling at Sauva will continue to further define higher grade resources that will be incorporated into an updated resource estimate.
Vicuña is currently undertaking a drill program at FDS and Cumbre Verde that will continue throughout the year. The drill program will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial mineral resource estimate mid-year. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina , Brazil , Chile , and the United States of America , primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of their European assets to Boliden, the transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on January 16, 2025 at 17:30 Eastern Time .
Other Information
The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Patrick Merrin , P.Eng., Executive Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Merrin has verified the data disclosed in this release and no limitations were imposed on his verification process.
Historical Non-GAAP Measure Comparatives
Cash Cost and Sustaining and Expansionary Capital Expenditures are non-GAAP financial measures and are not standardized financial measures under generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies.
Cash Cost – Year Ended December 31, 2023
Operations | Candelaria | Caserones | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal): | |||||||
Tonnes | 144,473 | 66,075 | 43,761 | 13,339 | 32,054 | 65,344 | |
Pounds (000s) | 318,508 | 145,670 | 96,476 | 29,407 | 70,667 | 144,059 | |
Production costs | 2,086,108 | ||||||
Less: Royalties and other | (66,237) | ||||||
Inventory fair value adjustment | (39,945) | ||||||
1,979,926 | |||||||
Deduct: By-product credits | (699,915) | ||||||
Add: Treatment and refining | 183,328 | ||||||
Cash cost | 660,160 | 290,553 | 219,278 | 63,457 | 167,424 | 62,467 | 1,463,339 |
Cash cost per pound ($/lb) | 2.07 | 1.99 | 2.27 | 2.16 | 2.37 | 0.43 |
Capital Expenditures – Year Ended December 31, 2023
($ thousands) | Sustaining | Expansionary | Capitalized | Total | ||||
Candelaria | 308,112 | — | — | 380,112 | ||||
Casrones | 83,880 | — | — | 83,880 | ||||
Chapada | 72,291 | — | — | 72,291 | ||||
Eagle | 22,201 | — | — | 22,201 | ||||
Josemaria | — | 275,913 | 9,980 | 285,893 | ||||
Neves-Corvo | 102,621 | — | — | 102,621 | ||||
Zinkgruvan | 53,358 | — | — | 53,358 | ||||
Other | 12,761 | — | — | 12,761 | ||||
727,224 | 275,913 | 9,980 | 1,013,117 | |||||
Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. | ||||||||
Cash Cost – Nine Months Ended September 30, 2024
Operations | Candelaria | Caserones | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal): | |||||||
Tonnes | 108,965 | 87,117 | 29,415 | 4,574 | 21,491 | 49,459 | |
Pounds (000s) | 240,226 | 192,060 | 64,849 | 10,084 | 47,379 | 109,038 | |
Production costs | 1,754,677 | ||||||
Less: Royalties and other | (61,427) | ||||||
1,693,250 | |||||||
Deduct: By-product credits | (597,173) | ||||||
Add: Treatment and refining | 129,361 | ||||||
Cash cost | 438,494 | 481,756 | 113,607 | 39,903 | 107,898 | 43,780 | 1,225,438 |
Cash cost per pound ($/lb) | 1.83 | 2.51 | 1.75 | 3.96 | 2.28 | 0.40 |
Capital Expenditures – Nine Months Ended September 30, 2024
($ thousands) | Sustaining | Expansionary | Capitalized | Total | |||||
Candelaria | 220,194 | — | — | 220,194 | |||||
Caserones | 100,977 | — | — | 100,977 | |||||
Chapada | 74,927 | — | 74,927 | ||||||
Eagle | 15,998 | — | — | 15,998 | |||||
Josemaria | — | 193,027 | 10,522 | 203,549 | |||||
Neves-Corvo | 76,622 | — | — | 76,622 | |||||
Zinkgruvan | 43,188 | — | — | 43,188 | |||||
Other | 330 | — | — | 330 | |||||
532,236 | 193,027 | 10,522 | 735,785 | ||||||
Capital expenditures are reported on a cash basis, as presented in the consolidated statement of cash flows. | |||||||||
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; estimated capital expenditures; the timing and expectations for studies and updated estimates; the completion of the sale of the Company's European assets and the timing thereof; the conditions to close the sale of the Company's European assets; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results and timing of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; expansion projects and the realization of additional value; the Company's integration of acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, nickel, gold and other metals; anticipated costs; that the conditions to close the sale of the Company's European assets will be satisfied; the ability to achieve goals and identify and realize opportunities; the prompt and effective integration of acquisitions, including the acquisition of Filo, the establishment of the joint arrangement with BHP and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: the failure to obtain required approvals for the sale of the Company's European assets; global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; project financing risks, liquidity risks and limited financial resources; volatility and fluctuations in metal and commodity demand and prices; delays or the inability to obtain, retain or comply with permits; significant reliance on assets in Chile ; reputation risks related to negative publicity with respect to the Company or the mining industry in general; health and safety risks; risks relating to the development of the Filo del Sol project and the Josemaria project; inability to attract and retain highly skilled employees; risks associated with climate change; compliance with environmental, health and safety laws and regulations; unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; economic, political and social instability and mining regime changes in the Company's operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to indebtedness; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration, including the joint acquisition of Filo and the joint arrangement with BHP; changing taxation regimes; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; activist shareholders and proxy solicitation matters; risks relating to dilution; regulatory investigations, enforcement, sanctions and/or related or other litigation; risks relating to payment of dividends; counterparty and customer concentration risks; the estimation of asset carrying values; risks associated with the use of derivatives; risks relating to joint ventures, joint arrangements and operations; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of a significant shareholder; exchange rate fluctuations; challenges or defects in title; internal controls; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; the threat associated with outbreaks of viruses and infectious diseases; risks relating to minor elements contained in concentrate products; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year three and nine months ended September 30, 2024 and the "Risk and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2023 , which are available on SEDAR+ at www.sedarplus.com under the Company's profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE Lundin Mining Corporation
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