TORONTO, Dec. 16, 2021 /CNW/ - QC Copper and Gold Inc.
("QC Copper" or the "Company") (TSXV: QCCU) is
pleased to announce its Phase 1 drill program and the engagement of
its drill contractor as a part of the Company's 2022 exploration
program for Opemiska Project in the Chibougamau District of Quebec.
Phase 1 Drill Program
Phase 1 includes 50,000 metres
and will focus on expanding the mineralization within the open pit
as defined in QC Copper's initial Mineral Resource Estimate ('MRE')
published in September 2020. Phase
1's drilling will begin in early January and will commence with two
diamond drill rigs which may be expanded upon seasonality factors
and the expansion of the Company's core processing facilities.
The primary objective of Phase 1 will be to convert additional
'halo mineralization' within the defined open pit resources as per
QC Copper's MRE. The areas of focus within the open pit resource
include the Springer, Perry, Saddle Zones, and the Eastern Veins.
Phase 1 will also target known mineralization within the Perry
Depth Zone, which could form an underground component of an updated
MRE.
"The mineral resource estimate published in our news release of
September 20 (see Table 1)
contains over 80 million tonnes of measured and indicated resources
that are exclusively in vein envelopes surrounding the mined-out
stopes and includes crown pillars, some of which are located
beneath the old mill infrastructure and are quite thick," said
Charles Beaudry, Director and VP
Exploration for QC Copper, who added "that only about 18 million
tonnes of resource is located in the halos surrounding the vein
envelopes and includes much of the mineralization the Company has
been drilling in 2019 and 2021. Additional drilling is
expected to expand the halo resource simply because the
interpolation algorithm used a very short and conservative search
radius due to intrepretations of the continuity of grades between
holes. Although drilling will seek to identify resources
outside the conceptual pit, it is clear that our best return on
investment will be to convert what is currently considered waste
material in the pit into mineralized resources, and we are
confident we can achieve this".
Table 1: Opemiska Deposit Summary of Pit
Constrained Mineral Resources, 0.2% CuEq
cut-off (see footnotes 1-7).
Published on September 20
2021.
|
Category
|
Tonnage
(millions)
|
Copper
(%)
|
Gold
(g/t)
|
CuEq
(g/t)
|
Contained Copper
(million lbs)
|
Contained
Gold
(k
oz)
|
Contained
CuEq
(million
lbs)
|
|
Measured
|
64.94
|
0.64%
|
0.32
|
0.88%
|
918.2
|
676.6
|
1,254.9
|
|
Indicated
|
16.73
|
0.69%
|
0.26
|
0.88%
|
255.2
|
139.0
|
325.8
|
|
Total
M&I
|
81.67
|
0.65%
|
0.31
|
0.88%
|
1,173.40
|
815.6
|
1,580.7
|
|
Inferred
|
21.35
|
0.51%
|
0.30
|
0.73%
|
240.3
|
209.2
|
345.8
|
|
1.
|
Mineral Resources
which are not Mineral Reserves do not have demonstrated economic
viability. The estimate of Mineral Resources may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues, although QC
Copper & Gold is not aware of any such issues.
|
|
2.
|
The Inferred Mineral
Resource in this estimate has a lower level of confidence than that
applied to an Indicated Mineral Resource and must not be converted
to a Mineral Reserve. It is reasonably expected that the majority
of the Inferred Mineral Resource could be upgraded to an Indicated
Mineral Resource with continued exploration.
|
|
3.
|
The Mineral Resources
were estimated using the Canadian Institute of Mining, Metallurgy
and Petroleum (CIM), CIM Standards on Mineral Resources and
Reserves, Definitions (2014) and Best Practices Guidelines
(2019).
|
|
4.
|
All historical
underground excavations and stopes and vein envelopes were
digitized from scanned historical plans and sections. A bulk
density of 2.97 metric tonnes per cubic metre was used for all
resources except for the inferred in the Springer pit where 2.94
was used.
|
|
5.
|
The Mineral Resource
reported here is based on a pit optimization. All interpolation
routines for the block model were constrained by hard boundary
domained halos constructed from the sectional interpretation of the
disseminated mineralization surrounding the historical mined
veins. Veins were interpolated separately and stope
volumetrics were subsequently subtracted from the vein blocks to
report the correct tonnages and metal content of the residual
high-grade vein material.
|
|
6.
|
The 0.20% CuEq
cut-off grade was derived from the approximate August 2021
Consensus Economics long term forecast Cu and Au prices of
US$3.50/lb and US$1,650/oz, US$ exchange rate of $0.76, 80% Cu
process recovery and smelter payable, mining C$2.25/t, processing
C$13/t, G&A $3/t.
|
|
7.
|
CuEq% = Cu% + (Au g/t
x 0.72) + (Ag g/t x 0.01)
|
Phase 2 Drilling Expected in 2022
QC Copper expects to
announce an additional drill campaign in 2022. This Phase 2
drilling will focus on areas outside its current MRE. These areas
include the past-producing Perry and
Robitaille Mines, the third and fourth mines operated by
Falconbirdge as part of the Opemiska Copper Mine Complex, and
targets along the Gwillam Fault, in particular where it intersects
the Beaver Lake Fault. The Company is completing its geologic
modelling for the Cooke and Robitaille
Mines as part of its Phase 2 drill planning process and
expects to announce further details in early 2022.
Update on Current Drill Program
QC Copper is currently
drilling and has completed 4,434 metres of a 6,000 metres drill
program as announced on November 2,
2021. 3,086 samples have been processed and sent to the lab
for assays, and preliminary results are expected to be received by
the Company beginning in January
2022.
QP Statement
The technical information contained in
this news release and the referenced webinar have been reviewed and
approved by Charles Beaudry, P.Geo
and géo., Director and Vice President Exploration for QC Copper and
Gold Inc., who is a Qualified Person as defined in "National
Instrument 43-101, Standards of Disclosure for Mineral
Projects".
For information and updates on QC Copper and Gold, please
visit: www.qccopper.com
And please follow us on Twitter @qccoppergold
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain information in this press release
may contain forward-looking statements. This information is based
on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. QC Copper and Gold Inc. assumes no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to QC Copper and Gold Inc. Additional information
identifying risks and uncertainties is contained in filings by QC
Copper and Gold Inc. with Canadian securities regulators, which
filings are available under QC Copper and Gold Inc. profile
at www.sedar.com.
SOURCE QC Copper & Gold Inc.