QC Copper and Gold Inc. (TSX-V:QCCU, OTCQB:QCCUF) has announced the resumption of drilling on its Opemiska property in Quebec as a part of its Mineral Resource Estimate (MRE) update.
The explorer and project developer said its final drill program before the publication of the MRE will utilize three drill rigs, complete a planned 10,000 metres, and is expected to be completed in February.
"The data from drilling completed between November 2021 and October 2022 has now been incorporated into the geologic model,” QC Copper director and vice president of exploration Charles Beaudry said in a statement.
“This updated model was used to target areas for this final leg of the drill program, which is expected to increase the contained metal content in the forthcoming MRE. This program will define additional resources on the Perry Zone, the gold-rich south end of the Springer Zone, and some additional resources in satellite pits in the Eastern Veins,” he added.
READ: QC Copper and Gold hits high-grade gold with copper at its Opemiska deposit in Quebec
The company reminded investors that the current drill program is part of a broader strategy to bring the Opemiska copper project to a development decision.
To recap:
- Maiden open pit-constrained MRE released in September 2021 of 82 million tones (mt) at 0.88% copper equivalent (CuEq) Measured and & Indicated and 21mt at 0.73% CuEq Inferred;
- Aggressive drilling over 2022 focused on resource expansion within the pit;
- 2022 program has met or exceeded expectations, leading to increased confidence in a significantly expanded resource and better potential mine economics;
- Final 10,000 metres underway will be included in the expanded MRE, expected around June 2023; and
- QC Copper is increasingly confident in bulk tonnage, and lower strip mining potential, and will move toward the Preliminary Economic Studies post-finalization of MRE.
"Our team has taken great care with this updated MRE, believing that the Opemiska can once again be a great copper mine,” QC Copper chairman and CEO Stephen Stewart noted. “Copper assets of this scale, grade, and infrastructure in the heart of Quebec are exceedingly rare. These features will become increasingly valuable as the world shifts to green energy production and consumption."
“Furthermore, we anticipate prime assets in Canada to trade at new premiums as supply chains shut due to geopolitical trends, and the securing of critical metals, like copper, become sovereign priorities,” Stewart concluded.
QC Copper is focused on acquiring and developing copper projects in the Chibougamau region that share synergies with its past-producing Opemiska Copper Mine Complex. Through acquisitions, it has been able to expand its Opemiska property to over 13,000 hectares in the heart of Quebec with significant infrastructure, including direct rail and road access, already in place.
Contact the author at stephen.gunnion@proactiveinvestors.com