The copper-zinc project has a measured and indicated 17.26 million tonne resource at 2.61% copper-equivalent and a 10.71Mt inferred resource at 1.67% Cu-eq.
Kutcho said metallurgical results last year had improved on the copper and zinc recoveries compared with a 2017 prefeasibility study and the silver recovery also improved.
It was progressing through the provincial environmental process and had trade-off studies underway which would be the foundation for an upcoming feasibility study.
The 2017 PFS had outlined a 12-year mine producing an average annual 33 million pounds of copper and 42Mlb of zinc, plus gold and silver by-products, with initial capex of C$220.7 million (US$166 million), an after-tax NPV (8% discount) of $265 million (US$199 million) and an IRR of 27.6%.
Kutcho acquired the project in 2017 with the support of streaming company Wheaton Precious Metals involving a plus-C$100 million (US$75 million) financing package.
Wheaton holds about 10.5% of Kutcho and in November agreed to allow the junior to defer interest payments due under a $20 million convertible debenture investment and provided a $1.3 million loan.
Kutcho had raised $2.1 million in an over-subscribed placement in June at 20c per unit.
Its shares closed up 5.6% yesterday to 19c, at the lower end of its 52-week range of 13c-47c, capitalising it about $13 million (US$9.8 million).