World Copper Files Technical Report for Updated Resource Estimate for the Zonia Project
World Copper has filed a NI 43-101 technical report for an updated mineral resource estimate for the Zonia copper-oxide deposit in Arizona. The report shows Indicated Resources of 109.9 million short tons grading 0.299% total-copper containing 657 million pounds of copper, and Inferred Resources of 59.2 million short tons grading 0.254% total-copper containing 301 million pounds of copper. The estimate uses a base case cut-off grade of 0.18% and assumes a copper price of US$4.00/lb, with metallurgical recovery rates of 75% in oxides and 70% in transitional zones.
World Copper ha presentato un rapporto tecnico NI 43-101 per una stima aggiornata delle risorse minerarie per il giacimento di ossido di rame Zonia in Arizona. Il rapporto mostra risorse Indicate di 109,9 milioni di tonnellate corte con un grado di 0,299% di rame totale, contenenti 657 milioni di libbre di rame, e risorse Inferred di 59,2 milioni di tonnellate corte con un grado di 0,254% di rame totale, contenenti 301 milioni di libbre di rame. La stima utilizza un grado di taglio di base dello 0,18% e assume un prezzo del rame di 4,00 USD/lb, con tassi di recupero metallurgico del 75% negli ossidi e del 70% nelle zone transitorie.
World Copper ha presentado un informe técnico NI 43-101 para una estimación actualizada de los recursos minerales del depósito de óxido de cobre Zonia en Arizona. El informe muestra Recursos Indicados de 109.9 millones de toneladas cortas con una ley de 0.299% de cobre total, que contiene 657 millones de libras de cobre, y Recursos Inferidos de 59.2 millones de toneladas cortas con una ley de 0.254% de cobre total, que contiene 301 millones de libras de cobre. La estimación utiliza un grado de corte de base de 0.18% y asume un precio del cobre de 4.00 USD/lb, con tasas de recuperación metalúrgica del 75% en óxidos y del 70% en zonas transitorias.
World Copper는 애리조나에 있는 Zonia 구리 산화물 광산에 대한 업데이트된 광물 자원 추정을 위한 NI 43-101 기술 보고서를 제출했습니다. 이 보고서는 0.299%의 총 구리 지분을 가진 1억 9백만 단톤의 지시 자원과 0.254%의 총 구리 지분을 가진 5920만 단톤의 추정 자원을 보이고 있으며, 이는 각각 6억 5700만 파운드와 3억 100만 파운드의 구리를 포함하고 있습니다. 이 추정치는 기본 컷오프 등급 0.18%를 사용하며, 구리 가격을 4.00 USD/lb로 가정하고 있으며, 산화물에서 75% 및 전환 구역에서 70%의 금속 회수율을 가정하고 있습니다.
World Copper a déposé un rapport technique NI 43-101 pour une estimation mise à jour des ressources minérales pour le dépôt de cuivre oxydé Zonia en Arizona. Le rapport montre des ressources indiquées de 109,9 millions de tonnes courtes avec une teneur de 0,299% de cuivre total contenant 657 millions de livres de cuivre, et des ressources inférées de 59,2 millions de tonnes courtes avec une teneur de 0,254% de cuivre total contenant 301 millions de livres de cuivre. L'estimation utilise une teneur de coupure de base de 0,18% et suppose un prix du cuivre de 4,00 USD/lb, avec des taux de récupération métallurgique de 75% dans les oxydes et de 70% dans les zones transitoires.
World Copper hat einen NI 43-101-Technikbericht für eine aktualisierte Schätzung der mineralischen Ressourcen für das Zonia Kupferoxid-Vorkommen in Arizona eingereicht. Der Bericht zeigt angegebene Ressourcen von 109,9 Millionen short tons mit einem Gehalt von 0,299% Gesamtkupfer, was 657 Millionen Pfund Kupfer enthält, und geschätzte Ressourcen von 59,2 Millionen short tons mit einem Gehalt von 0,254% Gesamtkupfer, was 301 Millionen Pfund Kupfer enthält. Die Schätzung verwendet eine Basisschneidegrad von 0,18% und geht von einem Kupferpreis von 4,00 USD/lb aus, mit metallurgischen Rückgewinnungsraten von 75% in Oxiden und 70% in Übergangsbereichen.
- Significant expansion of Indicated Resources to 657 million pounds of copper
- Total resource base of 958 million pounds of copper (Indicated + Inferred)
- Relatively high copper grades with 0.299% TCu for Indicated Resources
- None.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated July 17, 2024 to its short form base shelf prospectus and amended and restated short form base shelf prospectus dated June 7, 2024
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2024) - World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) (FSE: 7LY0) ("World Copper" or the "Company") is pleased to announce that further to its news release dated September 9, 2024, World Copper has filed on SEDAR+ a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") technical report for an updated mineral resource estimate (the "Updated Resource Estimate") for the Zonia copper-oxide deposit in Arizona, USA ("Zonia" or the "Project").
The NI 43-101 technical report is entitled "Resource Estimate for The Zonia Project 2024 Update" (the "Technical Report") and is dated October 24, 2024 and dated effective August 27 , 2024. The Technical Report was prepared pursuant to NI 43-101 by Sue Bird, P.Eng., of Moose Mountain Technical Services ("MMTS"), an independent qualified person as defined by NI 43-101 (the "QP"). The Technical Report is available on World Copper's SEDAR+ profile at www.sedarplus.ca and is available on World Copper's website at www.worldcopperltd.com.
Updated Resource Estimate for Zonia
The Updated Resource Estimate contains Indicated Resources of 109.9 million short tons grading
The classified resources are outlined in detail in Table 1 at the base case cut-off grade of
Table 1. Updated Zonia Mineral Resource Estimate at the Base Case Cutoff Grade
| Classification (Oxidation State) | Copper Cut-off grade (%) | Short Tons (Million) | Grade (TCu%) | Cu Lbs. (Million) |
| Indicated (Oxide) | 0.18 | 99.3 | 0.302 | 600 |
| Indicated (Mixed) | 0.18 | 10.6 | 0.271 | 57 |
| Total Indicated | 0.18 | 109.9 | 0.299 | 657 |
| Inferred (Oxide) | 0.18 | 43.8 | 0.257 | 225 |
| Inferred (Mixed) | 0.18 | 15.4 | 0.247 | 76 |
| Total Inferred | 0.18 | 59.2 | 0.254 | 301 |
Notes to the Updated Resource Estimate Tables:
- The effective date of the Updated Resource Estimate is August 27, 2024.
- Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines, as required by NI43-101
- The base case Mineral Resource has been confined by "reasonable prospects of eventual economic extraction" shape using the following assumptions:
- Metal price of US
$4.00 /lb of Cu - Metallurgical recovery of
75% in oxides and70% in the transitional zone - Offsite costs of US
$0.05 /lb of Cu - Processing Costs of US
$4 /ton milled and General & Administrative (G&A) costs of CDN$ 2.00 /ton milled - Mining cost of CDN
$2.00 /ton mined - 48-degree pit slopes
- The
150% price case pit shell is used for the resource confining shape
- The resulting NSR = Cu*US
$3.95 /lb *0.75 for oxides and NSR = Cu*US$3.95 /lb *0.70 in the transitional zone. - It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration (see "Cautionary Note to United States Investors").
- Numbers may not add due to rounding.
- There are no material differences between the mineral resources reported in the September 9, 2024 news release and the Technical Report.
Table 2. Zonia Mineral Resources Over a Range of Cut-off Grades
| Cut-off Grade TCu (%) | Indicated | Inferred | ||||
| Tonnage (ktons) | Grade (TCu%) | Cu Metal Content (Mlbs) | Tonnage (ktons) | Grade (TCu%) | Cu Metal Content (Mlbs) | |
| 0.15 | 130,591 | 0.278 | 726 | 77,197 | 0.233 | 360 |
| 0.16 | 123,826 | 0.285 | 705 | 71,325 | 0.240 | 342 |
| 0.17 | 117,035 | 0.292 | 682 | 65,353 | 0.246 | 322 |
| 0.18 | 109,856 | 0.299 | 657 | 59,216 | 0.254 | 301 |
| 0.20 | 95,615 | 0.316 | 603 | 46,918 | 0.271 | 254 |
| 0.21 | 88,745 | 0.324 | 575 | 41,127 | 0.280 | 230 |
| 0.22 | 81,859 | 0.333 | 546 | 36,332 | 0.289 | 210 |
Mineral resources that are not mineral reserves do not have demonstrated economic viability; however, a reasonable prospect of eventual economic extraction pit has been used to confine the Updated Resource Estimate using parameters detailed in the table notes. The QP for the Updated Resource Estimate is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Updated Resource Estimate. Factors that may affect the estimate include: metal price assumptions, changes in interpretations of mineralization geometry and continuity of mineralization zones, changes to kriging assumptions, metallurgical recovery assumptions, operating cost assumptions, confidence in the modifying factors, including assumptions that surface rights to allow mining infrastructure to be constructed will be forthcoming, delays or other issues in reaching agreements with local or regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting requirement.
Zonia Resource Modelling
Data verification efforts for the Updated Resource Estimate carried out by MMTS included discussions with World Copper personnel, personal inspection of the Project area with the collection and submission of check samples to an external laboratory, an audit of the exploration drillhole database, and a detailed review of additional information obtained from historical reports and information provided by the Company. MMTS also completed checks on the geologic information as compared to the paper logs, and checks of the assay values contained in the exploration database as compared to assay certificates provided by World Copper.
QUALIFIED PERSONS
Sue Bird, P.Eng., of MMTS, an independent qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Zonia in Arizona and Escalones in Chile. Both projects have estimated resources with significant soluble copper mineralization, and they boast exciting potential to expand the resource base. The Company is dedicated to sustainable practices and leveraging technology to develop safe and productive mining operations in stable, mining-friendly jurisdictions.
Detailed information is available at World Copper's website at https://worldcopperltd.com, and for general Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
"Gordon Neal"
Gordon Neal
President & Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Gordon Neal or Michael Pound
Phone: 604-638-3287
E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
Follow us:
Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, and the discovery and delineation of mineral deposits/resources/reserves, are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licences and regulatory approvals in connection with the future development of Zonia in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of World Copper's projects and its ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on Zonia, the estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics, including the impact on World Copper's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper's continuous disclosure documents. All of World Copper's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Standards. The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that World Copper may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227776
FAQ
What are the updated Indicated Resources for World Copper's Zonia project (WCUFF) as of October 2024?
What copper price assumption was used in World Copper's (WCUFF) Zonia resource estimate?
What are the metallurgical recovery rates for World Copper's (WCUFF) Zonia project?
