US Copper Corp Reports Updated Mineral Resource Estimate for Moonlight-Superior Project

Rhea-AI Summary

US Copper Corp has announced an updated Mineral Resource Estimate for its 100% controlled Moonlight-Superior Copper Project in Northeast California. The project now shows an Indicated Resource of 402 million tons containing 2.5 billion pounds of copper, representing a 99% increase from the 2018 estimate. Additionally, there are 21 million ounces of silver and 140,000 ounces of gold. The project also includes an Inferred Resource of 64 million tons containing 394 million pounds of copper. A Preliminary Economic Assessment is expected in early January 2025.

Positive

• 99% increase in Indicated Resource Category for contained copper from 2018 estimate
• Total copper resource exceeds 2.5 billion pounds in Indicated category
• Additional precious metals content: 21M oz silver and 140K oz gold
• 100% project control by the company

Negative

• None.

Highlights:

• Indicated resources of 402 million tons containing:

  • 2.5 billion pounds of copper

  • 21 million ounces of silver

  • 140,000 ounces of gold

• Inferred Resource of 64 million tons containing:

  • 394 million pounds of copper

Toronto, Ontario--(Newsfile Corp. - November 25, 2024) - US Copper Corp (TSXV: USCU) (OTCQB: USCUF) (FSE: C730) ("US Copper" or the "Company") is pleased to announce an updated Mineral Resource Estimate ("Resource") on its entire 100% controlled Moonlight-Superior Copper Project in Northeast California.

This Resource will be used for the development of an updated Preliminary Economic Assessment ("PEA") on the Moonlight-Superior Project which is now anticipated in early January, 2025.

The updated Resource (see Table 1 below) comprises an open-pit Indicated Resource of 402 million tons grading 0.31% Cu for total contained metal of 2.5 billion pounds of copper, representing a 99% increase in the Indicated Resource Category for contained copper from our 2018 Resource Estimate (see April 12, 2018 press release). This updated Resource also includes an additional Inferred Resource of 64 million tons grading 0.31% copper for total contained metal of 394 million pounds of copper.

Management Commentary

Stephen Dunn, CEO of US Copper, commented: "We are extremely pleased with the results of the updated Mineral Resource Estimate ("MRE") for the Moonlight-Superior project. The overall copper resource now exceeds 2.5 billion pounds in the Indicated category, and our Moonlight-Superior Project is showing excellent potential to become a key American copper producer."

Mr. Dunn continued: "This MRE will provide the basis for a Preliminary Economic Assessment, which we expect will be available to release in early January 2025. As the world is facing growing supply/demand imbalance of this critical mineral, we strongly believe that this important asset could become a core component of the United States' critical mineral development strategy that aims to provide essential metals for the energy transition and ongoing demand growth from many economic sectors."

New Mineral Resource Estimate

The Resource Estimate is summarized in Table 1 below. The Resource Estimate was prepared by Terre Lane, of Global Resource Engineering, Denver, Colorado ("GRE"). Ms. Lane is independent of US Copper Corp. A technical report prepared in accordance with NI43-101 (the "Technical Report") will be filed on the Company's website and SEDAR+ within 45 days of the date of this press release.

Key assumptions reflected in the MRE are detailed below for each deposit and will be further described in the Technical Report.

This estimate is supported by more than 200,000 feet of historic drilling on the Project, conducted by Placer Amex, US Copper, and 3 other junior exploration companies, as well as a resampling and database validation program undertaken by the Company.

Table 1

Deposit	Material	Cutoff Grade	Units	Mass (million tons)	Cu Grade (%)	Cu Content ('000 lb)	Ag Grade (ppm)	Ag Content (troy oz.)	Au Grade (ppm)	Au Content (troy oz.)
Indicated
Engels	Oxide	0.16	%	2.39	0.81	40,861	7.72	565,232	0.055	4,050
	Transition	0.16	%	7.52	0.50	79,941	4.75	1,093,948	0.042	10,194
	Sulfide	10.45	NSR/ton	8.32	0.46	76,750	5.83	1,415,487	0.056	13,585
Lambs Ridge	Oxide	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Transition	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Sulfide	10.45	NSR/ton	1.61	0.27	8,614	0.00	0	0.000	0
Moonlight	Oxide	0.16	%	1.35	0.36	10,244	3.77	154,364	0.128	5,460
	Transition	0.16	%	25.71	0.33	179,071	3.85	2,972,073	0.037	30,083
	Sulfide	10.45	NSR/ton	232.35	0.30	1,390,461	1.87	12,674,340	0.009	61,721
Copper Mountain	Oxide	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Transition	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Sulfide	10.45	NSR/ton	3.94	0.32	24,936	0.00	0	0.000	0
Superior	Oxide	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Transition	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Sulfide	10.45	NSR/ton	119.64	0.30	722,893	0.81	2,817,086	0.004	14,949
Total	Oxide	0.16	%	3.74	0.68	51,104	6.59	719,596	0.087	9,510
	Transition	0.16	%	33.23	0.39	259,012	4.20	4,066,021	0.042	40,277
	Sulfide	10.45	NSR/ton	365.86	0.30	2,223,654	1.58	16,906,913	0.008	90,255
Total				402.83	0.31	2,533,771	1.85	21,692,531	0.012	140,042
Inferred
Engels	Oxide	0.16	%	0.15	1.18	3,740	11.91	55,046	0.010	48
	Transition	0.16	%	1.73	0.49	18,287	5.20	281,158	0.019	1,053
	Sulfide	10.45	NSR/ton	6.93	0.38	52,445	5.08	1,027,412	0.041	8,280
Lambs Ridge	Oxide	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Transition	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Sulfide	10.45	NSR/ton	3.46	0.30	20,954	0.00	0	0.000	0
Moonlight	Oxide	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Transition	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Sulfide	10.45	NSR/ton	30.82	0.28	175,635	0.09	81,857	0.000	35
Copper Mountain	Oxide	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Transition	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Sulfide	10.45	NSR/ton	3.90	0.27	21,320	0.00	0	0.000	0
Superior	Oxide	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Transition	0.16	%	0.00	0.00	0	0.00	0	0.000	0
	Sulfide	10.45	NSR/ton	17.60	0.29	101,817	0.01	2,681	0.000	23
Total	Oxide	0.16	%	0.15	1.25	3,740	12.64	55,046	0.011	48
	Transition	0.16	%	1.73	0.53	18,287	5.58	281,158	0.021	1,053
	Sulfide	10.45	NSR/ton	62.71	0.30	372,171	0.61	1,111,950	0.005	8,338
Total				64.59	0.31	394,199	0.77	1,448,154	0.005	9,440

 

*Notes:

1. The effective date of the Mineral Resource is September 15, 2024.
2. The Qualified Person for the Mineral Resource Estimate is Terre Lane of GRE.
3. Mineral resources are reported at a 0.16% Cu cutoff for oxide and transition material and at a 10.45 NSR/ton cutoff for sulfide material. The oxide and transition cutoff is calculated based on a long-term copper price of US$4.00/lb; assumed combined operating costs of US$7.50/ton (process and G&A); metallurgical recovery of 75% for copper. The sulfide cutoff is calculated as the breakeven NSR, which is equal to the combined process and G&A costs for the sulfide material.
4. Mineral resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction by open pit. The optimization used mining costs of US$2.35/ton mined and a 45º pit slope.
5. Rounding may result in apparent differences when summing tons, grade, and contained metal content.

Qualified Person

The scientific and technical content of this press release has been reviewed and approved by George Cole, M.Sc., Director of US Copper who is a "Qualified Person" as defined in NI 43-101 Standards of Disclosure for Mineral Projects. George Cole is a Registered Professional Geologist through AIPG (CPG-11687).

About US Copper Corp

US Copper controls approximately 10 square miles of patented and unpatented federal mining claims in the Light's Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits - Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.

The Superior and Engels Mines operated from about 1915 to 1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits.

The Moonlight deposit was discovered by Placer Amex during the 1960s and a resource was calculated after the drilling of over 400 holes. A development decision was made but then put on hold in 1972 when copper prices were weak. US Copper has owned the project since 2013 and has advanced the project with 3 different drill programs and a number of engineering studies. Further details can be found on both the Company's website at www.uscoppercorp.com and SEDAR+ at sedarplus.ca under the US Copper Corp profile.

For Further Information Contact:

Mr. Stephen Dunn, President, CEO and Director, US Copper Corp (416) 361-2827 or email info@uscoppercorp.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "hopes", "anticipates", "expected to", "plans", "planned", "intends" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedarplus.ca. Investors are cautioned not to place undue reliance upon forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231236

FAQ

What is the new copper resource estimate for US Copper Corp (USCUF)?

The updated resource estimate shows 2.5 billion pounds of copper in the Indicated category (402 million tons at 0.31% Cu) and 394 million pounds of copper in the Inferred category (64 million tons at 0.31% Cu).

When will US Copper Corp (USCUF) release its Preliminary Economic Assessment?

US Copper Corp expects to release the Preliminary Economic Assessment (PEA) for the Moonlight-Superior Project in early January 2025.

What precious metals are included in US Copper Corp's (USCUF) resource estimate?

The resource estimate includes 21 million ounces of silver and 140,000 ounces of gold in the Indicated category.

How much did US Copper Corp's (USCUF) Indicated Resource increase from 2018?

The Indicated Resource Category for contained copper increased by 99% compared to the 2018 Resource Estimate.