Doré Copper Mining Corp. (TSX-V:DCMC, OTCQX:DRCMF) has unveiled assays for the last remaining 12 holes from its 2022 drilling program at the flagship Corner Bay project in Quebec, which continue to show the asset's potential.
"We have completed nearly 40,000 meters of drilling at Corner Bay in 2022, mostly infill drilling required for the feasibility study," noted Ernest Mast, the CEO of Doré Copper, in a statement.
The drilling is part of a feasibility study for Corner Bay to upgrade the inferred resource into the higher confidence indicated category. Another infill drilling program of around 2,000 meters (m) is planned at Devlin in the first quarter of 2023.
"Overall, the results confirm the continuity of the copper mineralization in the deposit. We have also identified a number of holes from 2004 with high-grade copper mineralization in the upper portion of the deposit that were not incorporated in the mineral resource," said Mast.
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"It is our intention to continue the Corner Bay infill drilling program in 2023 following the exploration drilling at the Doré Ramp and Joe Mann as detailed in the September 12, 2022 news release. Subject to improved market conditions and additional funding, we now expect to complete the feasibility study in 2024."
Among the latest drill highlights were 5.1m from 1,067.7m depth of 5.68% copper, 0.32 grams per ton (g/t) gold, 18.3 g/t silver, and 510 parts per million (ppm) molybdenum (Mo) in one hole at the Main Vein below dyke.
Another hole sunk at the Main Vein above dyke hit 3.3m (from 807.7m depth) of 2.53% copper, 0.40 g/t gold and 2.1m of 4.73% copper, 0.23 g/t gold, 45.5 g/t silver, and 401 ppm moly.
Doré Copper Mining wants to be the next copper producer in Québec with an initial production target of over 50 million pounds of copper-equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding a centralized mill.
A preliminary economic assessment (PEA) announced in May this year for Corner Bay included a mineral resource estimate of 2.68 million tonnes (Mt) at 2.66% copper and 0.26 g/t gold containing 157 million pounds of copper and 22,000 ounces of gold in the indicated category.
In the inferred was 5.86 Mt at 3.43% copper and 0.27 g/t gold containing 443 million pounds of copper and 51,000 ounces of gold, based on a cut-off grade of 1.3% copper and a copper price of US$3.75 per pound. The company is now proceeding with a feasibility study.
Doré Copper Mining Corp has a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps, which historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. It includes 13 former producing mines, deposits and resource target areas within a 60 kilometre (km) radius of the company's Copper Rand mill.
Contact the author at giles@proactiveinvestors.com