Granite Creek Copper Ltd. [GCX-TSXV; GCXXF-OTCQB; A2PFE0-FSE] reported an updated mineral resource estimate for the company’s 100%-owned Carmacks copper-gold-silver deposit in the Minto copper district of central Yukon Territory.
The 2022 Resource Estimate represents a major increase in tonnage and contained metal at Carmacks compared to the previous resource estimate with over 8,200 metres of infill and expansion drilling in 25 holes completed by Granite Creek since its acquisition in 2020. The project remains open to significant expansion within the resource area and to new discovery at the underexplored, yet highly prospective, Carmacks North target area.
Highlights include a 43% increase in Contained Copper. The high-grade Carmacks deposit now hosts 36.2 million tonnes (Mt) in Measured and Indicated categories (M&I), grading 1.07% CuEq (0.81% copper, 0.26 g/t gold, 3.23 g/t silver and 0.011% molybdenum) for a total of 651 million pounds (Mlbs) of contained M&I copper and an additional 38 Mlbs copper Inferred. The previous resource estimate published in 2018 defined 25.0 Mt M&I, grading 0.83% copper, equating to 457 Mlbs of contained copper.
Contained gold (M&I) increased 24% from 243,000 ounces to 302,000 ounces and contained silver (M&I) increased 41% from 2,684,000 ounces to 3,790,000 ounces.For the first time, molybdenum has been included in the resource estimate, with 8.5 Mlbs lbs in M&I.
Only 7% of the 2022 resource remains in the Inferred category with 96% of the 2022 resources contained within the conceptual pits.
Timothy Johnson, President & CEO, stated, â€œSince completing the acquisition the Carmacks deposit in November 2020, the Company has been successful in significantly growing copper, gold and silver resources through highly targeted drilling in 2020 and 2021. Our conceptual deposit model held up extremely well, with significant mineralized intercepts encountered in 22 of the 25 holes we drilled. The mineral resources contained within the conceptual pits will form the basis for an updated Preliminary Economic Assessment (“PEA”) which the Company intends to initiate immediately. This study will assess the economics of processing both oxide and sulphide material as well as by-product credits including gold, silver and molybdenum.
|â€œFrom an exploration perspective, there remains the opportunity continue increasing copper resources by continued step out drilling on existing zones, adding to this resource. There is also high potential for discovery of new zones by applying the Company’s increased understanding of the geological controls of mineralization and we remain committed to adding to this mineral inventory through continued exploration.â€|
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 km2 Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km.