COPPER MOUNTAIN MINE
Overview
The Copper Mountain mine is located about 20 km south of Princeton, British Columbia and 300 km east of the port of Vancouver. The Copper Mountain mineral claims cover approximately 18,000 acres and consist primarily of 135 crown grants, 176 mineral claims and 14 mining leases. The property is accessible by a combination of highways and paved roads and is close to the port of Vancouver that provides service for shipment of copper concentrates.
The Copper Mountain mine is a conventional open pit, truck and shovel operation. The mine has a 40 ktpd plant that utilizes a conventional crushing, grinding and flotation circuit to produce copper concentrates with gold and silver credits. A mill expansion to increase throughput to 45 ktpd with the installation of a third ball mill is currently underway and is expected to also improve recoveries resulting in increased production by 15 to 18%. A second mill expansion to 65ktpd is also planned, which is expected to further increase average annual production to 139 million pounds of copper equivalent and reduce C1 cash costs to US$1.19 per pound of copper (first ten years of a 21 year mine life). The 65 ktpd mill expansion, including the integration of New Ingerbelle, brings Copper Mountain Mine’s after-tax NPV at an 8% discount to US$1.0 billion. (Per the November 2020 Technical Report).
Further potential exists through the upgrading of resources to reserves and further exploration to continue to extend the mine life and add value.
Project Snapshot
| Ownership | 75% Copper Mountain Mining Corporation 25% Mitsubishi Materials Corporation (MMC) |
|---|---|
| Location | 20 km south of Princeton, B.C. (Canada) |
Deposit Type (Copper Mountain Mine and New Ingerbelle) | Copper/Gold Porphyry |
| Mine Type | Conventional Open Pit |
| Process | Conventional Crush, Grind, Flotation |
| Expected Mine life | 31 years (based on reserves only and 45ktpd) 21 years (based on reserves only and 65 ktpd) |
| Production | 2019A Production: 72.0 million pounds of copper 2020A Production: 77.6 million pounds of copper 2021E Production: 90 to 100 million pounds of copper |
| All-in Costs | 2020A All-in Costs: US$1.90 per pound of copper 2021E All-in Costs: US$1.80 to $2.00 per pound of copper |
| End Product | Copper Concentrate (with Gold and Silver) |
Mineral Reserve and Mineral Resource
Copper Mountain Mine Mineral Reserve Summary (as at January 1, 2021)
The Copper Mountain Mineral Reserve is included in the Copper Mountain Mineral Resource and the effective date of the Mineral Reserve and Mineral Resource is January 1, 2021. A summary of the Mineral Reserve and Mineral Resource is provided below.
NOTE: reserve is in koz (gold and silver) and Moz for resource
| COPPER MOUNTAIN MINE MINERAL RESERVE | COPPER MOUNTAIN MINE MINERAL RESERVE | COPPER MOUNTAIN MINE MINERAL RESERVE | COPPER MOUNTAIN MINE MINERAL RESERVE | COPPER MOUNTAIN MINE MINERAL RESERVE | COPPER MOUNTAIN MINE MINERAL RESERVE | COPPER MOUNTAIN MINE MINERAL RESERVE | COPPER MOUNTAIN MINE MINERAL RESERVE |
|---|---|---|---|---|---|---|---|
TONNES (‘000S) | COPPER (%) | GOLD (G/T) | SILVER (G/T) | COPPER (MLB) | GOLD (KOZ) | SILVER (KOZ) | |
| Proven | |||||||
| CMM Pit | 49,233 | 0.31 | 0.08 | 1.54 | 335 | 122 | 2,438 |
| CM North Pit | 24,785 | 0.19 | 0.07 | 0.25 | 106 | 52 | 200 |
| New Ingerbelle Pit | 59,375 | 0.26 | 0.16 | 0.52 | 335 | 307 | 989 |
| Sub-total (Pit) | 133,393 | 0.26 | 0.11 | 0.85 | 776 | 481 | 3,626 |
| Stockpile | 52,163 | 0.15 | 0.04 | 0.45 | 177 | 67 | 755 |
| Total Proven | 185,556 | 0.23 | 0.09 | 0.73 | 953 | 548 | 4,381 |
| Probable | |||||||
| CMM Pit | 94,013 | 0.25 | 0.08 | 1.25 | 518 | 227 | 3,769 |
| CM North Pit | 44,665 | 0.20 | 0.07 | 0.34 | 194 | 98 | 484 |
| New Ingerbelle Pit | 131,362 | 0.23 | 0.14 | 0.46 | 666 | 608 | 1,974 |
| Sub-total (Pit) | 270,040 | 0.23 | 0.11 | 0.71 | 1,378 | 933 | 6,200 |
| Stockpile | - | - | - | - | - | - | - |
| Total Probable | 270,040 | 0.23 | 0.11 | 0.71 | 1,378 | 933 | 6,200 |
| Proven & Probable | |||||||
| CMM Pit | 143,246 | 0.27 | 0.08 | 1.35 | 853 | 349 | 6,207 |
| CM North Pit | 69,450 | 0.20 | 0.07 | 0.31 | 300 | 149 | 684 |
| New Ingerbelle Pit | 190,737 | 0.24 | 0.15 | 0.48 | 1,001 | 916 | 2,936 |
| Sub-total (Pit) | 403,433 | 0.24 | 0.11 | 0.76 | 2,154 | 1,413 | 9,827 |
| Stockpile | 52,163 | 0.15 | 0.04 | 0.45 | 177 | 67 | 755 |
| Proven & Probable | 455,596 | 0.23 | 0.10 | 0.72 | 2,331 | 1,480 | 10,581 |
- Joint Ore Reserves Committee (JORC) and CIM Definition Standards were followed for Mineral Reserves.
- Mineral Reserves were generated using the January 1, 2021 mining surface.
- Mineral Reserves are reported at a 0.10% Cu cut-off grade.
- Mineral Reserves are reported using long-term copper, gold, and silver prices of $2.75/lb, $1,500/oz, and $18.50/oz, respectively.
- An average CMM copper process recovery at block model domain recovery, gold process recovery of 65%, and silver process recovery of 70% is based on geo-metallurgical domains and actual plant values.
- An average Ingerbelle copper process recovery of 88.5%, gold process recovery of 71%, and silver process recovery of 65% is based on geo-metallurgical domains, historical recoveries, and recent testwork.
- Average bulk density is 2.78 t/m3.
- Stockpile grades are approximations based on grade control results.
- Stockpile tonnes and grade based on production grade process.
Qualified Person
Mr. Stuart Collins, P.E., serves as the Qualified Person as defined by National Instrument 43-101 and is the Qualified Person for information regarding the Copper Mountain mine’s Mineral Reserve. Mr. Collins is mine technical services director at Copper Mountain and has reviewed and approved the Mineral Reserve estimate for the Copper Mountain Mine.
Copper Mountain Mine Resource Summary (as at January 1, 2021)
| COPPER MOUNTAIN OPERATION MINERAL RESOURCES (BASED ON A 0.10% CU CUT-OFF GRADE) | COPPER MOUNTAIN OPERATION MINERAL RESOURCES (BASED ON A 0.10% CU CUT-OFF GRADE) | COPPER MOUNTAIN OPERATION MINERAL RESOURCES (BASED ON A 0.10% CU CUT-OFF GRADE) | COPPER MOUNTAIN OPERATION MINERAL RESOURCES (BASED ON A 0.10% CU CUT-OFF GRADE) | COPPER MOUNTAIN OPERATION MINERAL RESOURCES (BASED ON A 0.10% CU CUT-OFF GRADE) | COPPER MOUNTAIN OPERATION MINERAL RESOURCES (BASED ON A 0.10% CU CUT-OFF GRADE) | COPPER MOUNTAIN OPERATION MINERAL RESOURCES (BASED ON A 0.10% CU CUT-OFF GRADE) | COPPER MOUNTAIN OPERATION MINERAL RESOURCES (BASED ON A 0.10% CU CUT-OFF GRADE) |
|---|---|---|---|---|---|---|---|
TONNES (‘000S) | COPPER (%) | GOLD (G/T) | SILVER (G/T) | COPPER (MLB) | GOLD (MOZ) | SILVER (MOZ) | |
| Measured | |||||||
| CMM Main | 74,753 | 0.28 | 0.07 | 1.28 | 453 | 0.173 | 3.08 |
| CMM North | 30,608 | 0.20 | 0.07 | 0.31 | 133 | 0.069 | 0.30 |
| New Ingerbelle | 61,113 | 0.26 | 0.16 | 0.52 | 345 | 0.316 | 1.01 |
| Total Measured | 166,474 | 0.25 | 0.10 | 0.82 | 931 | 0.558 | 4.39 |
| Indicated | |||||||
| CMM Main | 171,691 | 0.22 | 0.07 | 0.98 | 848 | 0.403 | 4.41 |
| CMM North | 93,850 | 0.19 | 0.07 | 0.37 | 387 | 0.214 | 1.12 |
| New Ingerbelle | 165,109 | 0.23 | 0.14 | 0.45 | 840 | 0.764 | 2.41 |
| Total Indicated | 430,650 | 0.22 | 0.10 | 0.65 | 2,075 | 1.381 | 8.95 |
| Total M&I | |||||||
| CMM Main | 264,444 | 0.24 | 0.07 | 1.07 | 1,301 | 0.576 | 8.50 |
| CMM North | 124,458 | 0.19 | 0.07 | 0.36 | 520 | 0.283 | 1.43 |
| New Ingerbelle | 226,222 | 0.24 | 0.15 | 0.47 | 1,185 | 1.081 | 3.42 |
| Total M&I | 597,124 | 0.23 | 0.10 | 0.70 | 3,006 | 1.940 | 13.35 |
| Inferred | |||||||
| CMM Main | 126,774 | 0.19 | 0.07 | 0.63 | 534 | 0.281 | 2.56 |
| CMM North | 65,149 | 0.18 | 0.08 | 0.43 | 253 | 0.163 | 0.91 |
| New Ingerbelle | 119,087 | 0.22 | 0.13 | 0.40 | 569 | 0.505 | 1.52 |
| Total Inferred | 311,010 | 0.20 | 0.10 | 0.50 | 1,356 | 0.950 | 4.99 |
- Mineral Resources were estimated using the January 1, 2021 mining surface for Copper Mountain Mine.
- Mineral Resources are constrained by a $3.50/lb Cu pit shell.
- Cut-off grade is based on copper grade only.
- Mineral Resources are inclusive of Mineral Reserves but do not include stockpiled material.
- Mineral Resources are reported at a 0.10% cut-off.
- Totals may not add due to rounding.
Mineral Resource QP:
The Mineral Resource estimate for the Copper Mountain mine was prepared by Mr. Peter Holbek, B.Sc (Hons), M.Sc. P. Geo, who is the Vice President, Exploration of Copper Mountain Mining Corporation. Mr. Holbek serves as the Qualified Person as defined by National Instrument 43-101. Mr. Holbek has reviewed and approved the Mineral Resource estimate for the Copper Mountain Mine.
Technical Reports
Copper Mountain Mine 65KTPD NI 43-101 Technical Report (2020)