Dore Copper unveils Quebec resource estimate
Dore Copper Mining Corp. [DCMC-TSXV, DRCMF-OTCQX, DCM-FRA] has announced an initial mineral resource estimate for its Joe Mann property, where it has an option to earn a 100% interest.
The property is located approximately 60 kilometres by road from Dore’s Copper Rand mil near Chibougamau, Que. Dore plans to integrate the former Joe Mann mine into its hub-and-spoke strategy and is anticipating the completion of a preliminary economic assessment (PEA) at the end of 2021, with Corner Bay as the main feed to the Copper Rand mill.
Corner Bay is a significant high-grade gold deposit, located 20 kilometres south of Chibougamau. The project contains an access ramp to 115 metres that was used to extract a 40,000-tonne bulk sample in 2008.
The Joe Mann deposit contains an inferred mineral resource of 608,000 tonnes at an average grade of 6.78 g/t gold or 133,000 contained ounces, Dore said in a press release.
“This is a good start towards our exploration and re-development plan for the former Joe Mann mine as part of our hub-and-spoke operation model, which will include several mines feeding our centralized mill, having a capacity of 2,700 tonnes per day,” said Dore President and CEO Ernest Mast.
“Our plan is to continue future drilling activities from underground where there is excellent potential for the gold mineralization to continue down plunge at both the West and Main zones,” he said. “We are also confident that with additional drilling, the average gold grade of the deposit will increase.”
The mineral resource estimate is based on two veins in the West Zone and one vein in the Main zone of the former Joe Mann mine, directly below existing mine infrastructure that last operated in 2007 (vertical depth of 870 metres for the West Zone and 1,050 metres for the Main zone from surface).
The Joe Mann mine produced 1.17 million ounces of gold and 28.7 million pounds of copper, and about 607,000 ounces of silver from 1956 to 2007. From 2004 until its closure in 2007, the ore was processed at the company’s Copper Rand mill, located 60 kilometres to the north.
Dore Copper optioned the property in January, 2020, and late last year completed 8,343 metres of drilling to test the depth extension of the Main and West zones and other structures on the Joe Mann property.
The company said its goal is to achieve annual production of 60 million pounds of copper equivalent or 100,000 ounces of gold equivalent.
Currently, the company is completing a 30,000-metre drilling program at its Corner Bay project, of which approximately 19,000 metres will be included in an updated mineral resource estimate expected in the third quarter of 2021.
On Thursday, Dore Copper shares rose 2.4% or $0.02 to 86 cents in light trading volume. The shares are currently trading in a 52-week range of $1.33 and 57 cents.