QC Copper and Gold Inc. (TSX-V:QCCU, OTCQB:QCCUF) told investors it is making progress towards completing a revised Mineral Resources Estimate (MRE) for its Opemiska Copper Project, in Quebec’s Chibougaumau-Chapais District.
The company said in a statement that it expects the initial MRE news release to be available over the next 60 days, followed by the publication of the full technical report on Sedar.
The wireframes, geological modeling and data validation, which comprise the vast majority of the technical inputs for the MRE have been completed. Still outstanding are the extraction of the digitized stopes from the mineralized envelopes, block modelling, pit optimization, and the final audit of the MRE by an independent Qualified Person, it added.
QC Copper explained that the updated MRE is based on the comprehensive geology analysis of more than 980,000 meters of drilling, 430,500 historical assays, and the company's 74,000 metres of drilling.
The objectives are to include the 50,000 metres of drilling completed since 2021's MRE, optimize the resource, and reinterpret its geology based on improved knowledge of geology and mineralization. The company said the former aspect is critical to delivering a high-quality database to those entering its data room for strategic investment, permitting, and potential acquisition.
However, the vast amount of data related to the project and its initiative to rebuild its database and reinterpret the geology based on its in-house resource team which it has employed as of the end of 2021 have delayed the completion of the MRE, it said.
“For the last two years, this resource team has been immersed in the data and geology of Opemiska and will be the effective author of Opemiska's forthcoming MRE. All aspects of the company's work on the MRE are being audited and approved by an independent Qualified Person," QC Copper said.
“We thank investors for their patience and assure them that we are committed to delivering a mineral resource of the highest quality,” it added.
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