Orecap Updates on Cuprum Corp., Ontario's Largest Copper Resource
Orecap Invest Corp. (TSXV: OCI, OTCQB: ORFDF) updates on Cuprum Corp.'s Thierry Copper Project, the largest copper resource in Ontario. Cuprum owns 100% of the project and recently raised $1.2M through financing rounds at 12 and 15 cents per share. Orecap holds 29.5 million shares in Cuprum, valuing its investment at $3.54 million.
Technical progress includes assays commissioned for five drill holes from the Summer 2023 program, with results for two holes already indicating significant copper mineralization. Cuprum has completed an updated NI 43-101 technical report and is validating historical data for future development.
The Thierry project boasts a 2021 NI 43-101 compliant resource and a 2022 PEA outlining a 14-year mine life, a $287M after-tax NPV, and a 25% IRR. Cuprum plans to further delineate resources, aiming for a bulk tonnage scenario. Cuprum has also applied for a grant that could match up to $200,000 of exploration costs.
- Orecap's investment in Cuprum valued at $3.54 million.
- Successful $1.2M financing round completed.
- Thierry project is the largest copper resource in Ontario.
- Significant mineralization indicated from initial drill results.
- Completion of updated NI 43-101 technical report.
- 14-year mine life and $287M after-tax NPV outlined in 2022 PEA.
- Potential $200,000 matching grant for exploration costs.
- Only two out of seven drill holes' assay results completed and released.
- Historical data being validated, no new discoveries yet.
- PEA is historical and may not reflect current economic conditions.
Highlights:
- Curprum owns
100% of the Thierry Copper Project, the largest copper resource in Ontario - Cuprum recently raised
$1.2M at 12 cents and 15 cents for flow-through - Orecap owns 29.5 million shares of Cuprum, valuing its investment at
$3.54 million - Assays for Thierry's CCM-23-53, -54, -55, 56 and -57 have been commissioned
- An updated NI 43-101 report for Cuprum's Thierry has been completed
- Thierry's project historical data validation is well underway and will be integral in forming Thierry's forthcoming drill program and development strategy
Toronto, Ontario--(Newsfile Corp. - June 11, 2024) - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to update on Cuprum Corp. ("Cuprum") and its flagship Thierry copper project ("Thierry"). Cuprum owns
More information on Cuprum Corp. and its
Technical Progress on Cuprum's Thierry Copper Project
Cuprum has commissioned assays for the remaining five drill holes from the Summer 2023 drill program, with results expected shortly. The 2023 drill program was a seven-hole, 2,600-metre program, with assays from only two holes completed and released. The results for these two holes were as follows:
- CCM-23-51 intersecting 104.8 metres of
0.56% Copper Equivalent ("CuEq") mineralization (including 23.2 metres of 0.90 % CuEq mineralization) within continuous sulphide mineralization which started at surface and extended 247 metres down the hole, grading0.45% CuEq.
- CCM-23-52 intersecting 103 metres of
0.57% Copper Equivalent ("CuEq") mineralization (including 31.2 metres of 0.71 % CuEq mineralization and 22.8 metres of 0.70 % CuEq mineralization) within continuous sulphide mineralization, which started at surface and continued for 240 metres down the hole, grading at0.44% CuEq.
* Copper Equivalent (CuEq) shown in Tables for drill intersections are calculated on the basis of US
Assay for results for Thierry's CCM-23-53, -54, -55, 56 and -57 have been commissioned by Cuprum.
Historical Data Compilation and Valuation
Cuprum has been meticulously validating Thierry's vast amount of historical data. This process has involved organizing and digitizing data from disparate sources, culminating in a comprehensive geological model. Cuprum has partnered with Orix Geoscience to scan and digitize thousands of historical drill logs, assay, mine-level plans and sections and will integrate this data into geological models that guide future drill programs and resource delineation.
NI 43-101 on Thierry
Cuprum has completed an updated NI 43-101 technical report on Thierry.
Orecap reminds investors that the Thierry property hosts a NI 43-101 compliant resource from 2021 across two zones-the Thierry (K2-1) underground deposit and K1-1 open pit deposit, along with historical resources and the J & G zones (see disclosure on historical resources). Thierry was also the subject of an updated PEA in April 2022, outlining a 14-year mine life, producing at a rate of 4,000 tpd, recovering 567 Mlbs Cu and 21 Mlbs Ni. The PEA showed an after-tax NPV6% of
Thierry (K2-1) underground deposit:
| Classification | Tonnes | Cu (%) | Ni (%) | Au (g/t) | Pt (g/t) | Pd (g/t) | Ag (g/t) |
| Measured | 3,233,000 | 1.65 | 0.19 | 0.03 | 0.03 | 0.09 | 4.6 |
| Indicated | 5,582,000 | 1.66 | 0.19 | 0.05 | 0.05 | 0.14 | 3.8 |
| Measured & Indicated | 8,815,000 | 1.66 | 0.19 | 0.05 | 0.04 | 0.13 | 4.0 |
| Inferred | 14,922,000 | 1.64 | 0.16 | 0.10 | 0.07 | 0.21 | 6.4 |
Table 1) 2021 Thierry underground mineral resource estimate.
K1-1 Zone open pit deposit:
| Tonnes | Cu (%) | Ni (%) | Au (g/t) | Pt (g/t) | Pd (g/t) | Ag (g/t) | |
| Inferred | 53,614,000 | 0.38 | 0.10 | 0.03 | 0.05 | 0.14 | 1.8 |
Table 2) 2021 K1-1 open pit inferred resource estimate.
J & G Zones open pit deposit historical resources:
| Classification | Tonnes | Cu (%) | Ni (%) | ||||
| Historical | 55,000,000 | 0.40 | 0.11 |
Cuprum Funding
In May 2024, Cuprum completed a ~
Cuprum has also applied for the Ontario Junior Exploration Program grant under the critical minerals stream, which will match its exploration costs by up to
Information Regarding Historical Resources and PEA
Orecap views this historical data as a conceptual indication of the potential size and grade of the gold deposits in the area, and this data is relevant to ongoing exploration efforts. In view of when the resources were estimated and the differences in metal price and operating costs prevailing at the time compared to today, Orecap does not treat any of the historical resources as Current mineral resources or mineral reserves. Note that the PEA referred to above is historical in nature and Orecap has not conducted any economics analysis of the Project and is using the conclusions of the PEA only as an indication of the potential economic performance of the Project.
About Orecap Invest Corp.
Orecap seeks special situation investments in the natural resource sector that offer shareholders diverse exposure to high returns on precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies, such as American Eagle Gold (TSXV: AE) (OTCQB: AMEGF), QC Copper and Gold (TSXV: QCCU) (OTCQB: QCCUF), Mistango (CSE: MIS). Awale Resources (TSXV: ARIC), and Cuprum Corp. in addition to owning a broad portfolio of land packages focussed on gold, copper and zinc. Agnico Eagle Mines Limited is a
Orecap's Current Equity Holdings include:
| Company (Ticker) | Shares Owned |
| Cuprum Corp. (PrivateCo) | 29,500,000 |
| Mistango River Resources (CSE: MIS) | 24,708,975 |
| QC Copper and Gold (TSXV: QCCU) (OTCQB: QCCUF) | 5,059,752 |
| American Eagle Gold (TSXV: AE) (OTCQB: AMEGF) | 11,683,748 |
| Awale Resources (TSXV: ARIC) | 8,333,333 shares & 4,166,666 warrants @ 20 cents |
About Cuprum Corp.
Cuprum is Orecap's latest portfolio company, with its flagship Thierry copper project being Ontario's largest primary copper project. Thierry spans 4,670 hectares across 27 mineral leases. The Thierry Project also contains 163 contiguous cell claims and 16 boundary claims totaling 3,258 hectares. The total combined Property area is 7,907 hectares. The property hosts two past-producing open pits that transitioned to underground mining-producing 5.8Mt @
QP Statement
The technical information in this news release has been reviewed and approved by Antoine Schwatzmann, P.Geo, for Orecap, a Qualified Person defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
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For further information, please get in touch with us:
Orecap Invest Corp.
Stephen Stewart, Chief Executive Officer
416.644.1567
info@oregroup.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements)", including details about the business of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements, including, but not limited to, the receipt by the Company of the approval of the TSX Venture Exchange for the name change. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in the Company's public disclosure documents available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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FAQ
What is the Thierry Copper Project?
What recent financing did Cuprum Corp. complete?
How much is Orecap's investment in Cuprum valued at?
What are the results of the initial drill holes at Thierry?
What does the 2022 PEA of Thierry project outline?
What is the status of Cuprum's NI 43-101 report?
Has Cuprum applied for any grants for the Thierry project?
