An updated preliminary reserve estimate was released by Consolidated Rhodes Resources (VSE) for the Copper Canyon copper-gold deposit in the Galore Creek region of northwestern British Columbia.
The calculation was done by GML Minerals Consulting, and is based on results from Rhodes’ 1990 drill program, geological mapping, and rock and contour-line soil sampling.
Preliminary reserves in the Central zone are now reported as 35.7 million tons grading 0.75% copper, 0.50 oz. silver and 0.034 oz. gold per ton. The copper equivalent grade is 1.46%, based on US$360 oz. gold, US$4 oz. silver and US$1 lb. copper.
GML also estimated the Central, North and Eastern copper zones have potential to host an additional 100 million tons of reserves.
The previous preliminary reserve estimate of 29 million tons grading 0.7% copper, 0.3 oz. silver and 0.1 oz. gold was based on a limited drill program in 1957 by a previous operator.
The latest calculation of 35.7 million tons was based on 11,508 ft. of drilling in 12 holes within a strike length of about 1,500 ft. on the southwest portion of the Central zone, to an average depth of 1,000 ft., and a 0.5% copper equivalent cutoff grade.
The majority of current reserves occur on the Copper Canyon property where Rhodes is earning a 50% interest from Canamax Resources (TSE). The copper-gold zones extend on to the adjacent Copper Penny project claims.
The Galore Creek camp hosts a number of large, porphyry copper-gold deposits which have not yet been developed because of the region’s lack of infrastructure.
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