QC Copper and Gold trades higher on mineral resource estimate
The company said that the deposit consists of 81.7M tonnes @ 0.88% CuEq of pit constrained Measured and Indicated Mineral Resources and 21.3M tonnes @ 0.73% CuEq of inferred mineral resources. The mineral resource is pit-constrained and contains more than 532,000 tonnes or 1.17 billion lbs of copper and 816,000 ounces of gold in the measured & indicated classification and an additional 109,000 tonnes or 240.3 million lbs of copper and 209,000 ounces of gold in the Inferred classification.
QC traded up 22% to 22 cents a share as of 1 p.m. ET.
"We're extremely pleased to report a significant initial Mineral Resource for our flagship Opemiska project in Quebec. Leveraging over 1 million metres of drilling completed by QC Copper and previous operators, the current Mineral Resource demonstrates a high degree of confidence with 82% of the Mineral Resource in the M&I classification," noted Stephen Stewart, Chairman & CEO of QC Copper.
"We emphasize that this is just the initial Mineral Resource for Opemiska, and that all Mineral Resources we are reporting here are constrained to an optimized open pit. Given our geologic model and knowledge of existing mineralization, we see ample room to grow this Mineral Resource with further exploration and definition drilling. We see few comparable copper-gold deposits that offer this combination of substantial size, robust grades, and excellent on-site infrastructure all located in the Province of Quebec. This initial Mineral Resource firmly establishes Opemiska as a unique and attractive project backed by a team focused on additional Mineral Resource growth, aggressive exploration of local exploration targets and advancing Opemiska towards future development."