The Vancouver-headquartered company recently completed an exploration drilling programme on Blackard, including metallurgical testwork said to support economic copper recoveries. Among the exploration highlights were drill intercepts of 21.5m grading 1.3% copper, 24m grading 1.17%, and 46m grading 0.86%.
The metallurgical tests confirmed potential flotation recoveries for the Copper Sulphide Zone of 90% and 63% for the Copper Zone, both producing saleable concentrates.
The compliant Blackard measured and indicated resource now sits at 77 million tonnes grading 0.49% for 836Mlb copper and an inferred resource of 19Mt grading 0.49% copper containing 206Mlb. The new resource statement improves the grade and increases the size of the Eva Copper project's measured and indicated resource to 228Mt grading 0.42% for 2.1Blb copper.
"These results lead us to believe that Blackard could significantly increase the mill feed and copper production at the Eva Copper project," sad CEO Gil Clausen.
The company plans to incorporate the new Blackard resource and metallurgical test work into an updated feasibility study for the US$350 million Eva Copper project to be published by March 2020.
Clausen added the Blackard deposit was only one of seven historical copper deposits within the Eva Copper project area that were not included in the current mine plan. "We are continuing to drill and advance the other deposits, which we believe could add even more value to the Eva Copper project," Clausen said.
Copper Mountain's Toronto-quoted shares (TSX:CMMC) have dropped 42% to C64c over the past 12 months, trading in a range of 62c-$1.18. The stock tends to track copper prices, which have fallen to a 12-month low of US$2.51/lb.
Given about 188 million shares outstanding, the company has a market capitalisation of around $120.5 million.