Majuba Hill Copper Corp (CSE:JUBA) said its 2022 exploration at the Majuba Hill porphyry copper (Cu) project in Pershing county, Nevada has produced encouraging results including the outlining of a large copper mineralized footprint within a long wide target corridor.
Drilling in 2023 will focus on this target corridor, the company said, adding that the 2022 core drilling program focused on the Majuba target zone with the goal of completing deeper holes and extending the copper mineralization intersected in the 2020 and 2021 drill campaigns. Assay results are due within the next several weeks.
"Our phased exploration approach in 2022 has proven the right approach every step of the way. We are fortunate to have Buster, Molly and their team leading the way with 17 years of passion for this resource,” CEO David Greenway said in a statement.
READ: Majuba Hill Copper says 2022 soil sample results increase target size at its flagship porphyry copper project in Nevada
"Nevada is consistently rated a top-three mining jurisdiction in the world by the Fraser Institute and Nevada projects like Majuba Hill copper are once-in-a-lifetime finds. Developing a model showcasing the potential for 1.5 billion pounds of copper, with results still pending and the possibility to substantially expand that size, will contribute to the development of a NI 43-101 compliant copper resource.
“Our phased approach is how the next great copper mines of America will be developed. This in an era when copper has never been in greater demand, the shortfall for copper been forecasted to become so significant and the need to find strategic copper reserves in domestic, safe, American, mining-friendly jurisdictions been so imperative. Bravo to 2022. We couldn't be more excited to see what 2023 brings," he added.
2022 highlights
- Drilled 8,876 feet (2,706 metres) in three core holes. Porphyry veining and alteration zonation indicates the intensity of the porphyry copper mineralization is increasing toward the northeast.
- Completed initial property-wide mineral inventory showing 500 million to 1.5 billion pounds of copper equivalent mineralization in a non-compliant National Instrument 43-101 global estimate. These are not mineral resources or mineral reserves, they do not demonstrate economic viability, and the inventory of potential tons and grade has had insufficient exploration to estimate a current mineral resource.
- Calculated copper equivalent values for all drill data containing Cu, Ag, Au, Mo, Pb and Zn values. Results highlighted thick intervals of near-surface mineralization in: MHB-5: 755 feet (262.7 m) of 0.30% CuEq from 45 to 800 feet (13.7m to 243.8m); MHB-10: 540 feet (164.6 m) of 0.456% CuEq from 215 to 755 feet (65.5m to 230.1m); Collected 1,050 additional soil samples which significantly increased the size of the DeSoto and the copper-gold target zones;
- Age-dated mineralized samples, demonstrating that Majuba Hill is a series of overlapping copper, molybdenum, tin porphyry mineralization events.
Mineral inventory summary
The company said mineral inventory estimation indicates that results from the recent drilling and future drill holes should lead to a three times to five times increase in the mineralized tonnage.
The copper equivalent (CuEq) mineral inventory outlined:
- 491 million tons averaging 0.16% CuEq, using a 0.06% CuEq cut-off;
- 180 million tons averaging 0.28% CuEq, using a 0.16% CuEq cut-off;
- 136 million tons averaging 0.31% CuEq, using a 0.20% CuEq cut-off;
Majuba Hill Copper is engaged in the identification, review and acquisition of latter-stage copper and copper-silver-gold assets.
Contact the author at jon.hopkins@proactiveinvestors.com