QC Copper and Gold Inc. (TSX-V:QCCU, OTCQB:QCCUF) has updated investors on the progress of the new resource for its Opemiska copper project in Quebec - an asset, which it says, could be the "most compelling high-grade open pit copper-gold deposit in Canada".
The report is now expected to be published in early 2023 as opposed to late 2022, which had been earmarked before. This is due to delays around turnaround times from the lab, noted QC Copper.
The company reminded investors that it has now reinterpreted Opemiska's geological model, such that it now views the project as having mineralized envelopes rather than veins and 'halos'.
In the 2021 resource estimate, said QC Copper, the 'halos' around the veins were interpolated with only a 20 metre (m) search radius so "substantial" material above the cut-off grade was not included in the report.
READ: QC Copper and Gold reports new assay results from its current drill program on the Opemiska Copper-Gold Property
"Drilling conducted post-2021 MRE confirms the presence of extensive mineralization within the original halos, which is expected to be incorporated into Opemiska's updated MRE," said the company in the statement.
"Additionally, new economic mineralized zones were encountered in the Saddle Zone, between the Springer and Perry mines, and the Gap Zone between veins 1 and 3 at Springer. The Saddle and the Gap Zones were not mined historically as the veins were too narrow for underground mining. These Zones are expected to expand the in-pit mineral resources," highlighted the company.
QC said it was also completing geotechnical drilling analysis to optimize the pit wall angles for the Opemiska open pit design, which could have "material" impacts on both the strip ratio and depth of recoverable resources.
The firm has also hired SRK Consulting to complete a structural study to better understand the different veins and mineralized faults of this structurally-hosted deposit and named Global GPR as behind a ground penetrating radar geophysical survey.
It has also hired G-Mining Services and SGS-Laboratories to use the wealth of historical data and conduct preliminary, PEA-level metallurgical studies.
"This study will provide copper and gold recoveries data for the lower head grades expected compared to the historical underground mine. These recoveries will inform the upcoming MRE, and make recommendations for additional work that will be needed as the project goes through its development steps," the company said.
The 2021 in-pit resource showed 81.7 million tonnes at a grade of 0.88% copper-equivalent in the measured and indicated category and 32,773m of drilling in 139 holes have been completed since then.
A total of 28,253 samples have been collected and results have been received for 24,867 samples.
In parallel with the metallurgical work being completed on Opemiska, QC has also engaged the same contractors to complete preliminary stage metallurgical work on its Roger deposit, it added.
As noted in a release in August this year, QC Copper has also switched its assay reporting format from copper-equivalent grades to the total metal weight of the individual metals.
The company 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, QC Copper 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 giles@proactiveinvestors.com