VANCOUVER, BC–(Marketwired – March 23, 2016) – Copper North Mining Corp (“Copper North” or the Company”) (TSX VENTURE: COL) is pleased to update investors on progress of metallurgical studies and engineering of the Carmacks copper-gold-silver deposit in Yukon. This news release updates information that was provided in the Company’s July 2, 2015 news release. A new Preliminary Economic Assessment (PEA) is in progress and should be completed in early May 2016.
Additional metallurgical test were undertaken at Bureau Veritas Commodities Canada Ltd. BV Minerals-Metallurgical Division facilities in Richmond, British Columbia. The tests were performed under the supervision of Dr. David Dreisinger P. Eng. of Dreisinger Consulting Inc., Vancouver B.C., who is an Independent Qualified Person for the metallurgical program. The recent tests examined leach characteristics at higher temperatures for both copper leach and cyanidation tests. The test work confirmed that an increase in leach temperature to 80° centigrade improved copper recovery, eliminated the need for a SART circuit and simplified the cyanide circuit for leach recovery of gold and silver. These improvements are being integrated into the agitated leach plan for the Carmacks Project.
Preliminary Economic Assessment
Copper North is progressing with a new PEA that reflects the new leach and development plan. The new PEA will be based on the mineral resources in Zones 1, 4 and 7 that indicate an approximate 7 year mine life (see January 25, 2016 news release). The new PEA report is being advanced by JDS Energy and Mining Inc., Vancouver, B.C. and incorporates an equipment list and costing for processing plant equipment provided by BGRIMM (Beijing General Research Institute Mining and Metallurgy).
The copper oxide ores will be mined by open pit and crushed, followed by grinding to 80% minus 664 microns. Leaching of the grind materials in an agitated leach tank yields high recovery of copper with optimal leach time of 4 hours. The rinsed copper leach residues are pumped to the cyanide circuit for leaching of gold and silver with leach time of approximately 12 hours. Cathode copper would be recovered by solvent extraction electro-winning (SXEW) and the gold and silver would be recovered by Merrill Crowe process. The improved leach dynamics indicate improvement of copper and gold recovery while reducing cyanide consumption and simplifying the leach circuit. Further test work is planned for the final determination of optimal leach parameters.
Mineral Resource Expansion
The new mineral resources in zones 2000s, 12 and 13, announced January 25, 2016, will not be included in the PEA. The estimated mineral resources in zones 2000S 12 and 13 will be integrated into a later development plan. The expansion of the Measured and Indicated resources in the new oxide, transition and sulphide resources provides an attractive opportunity for extension of mine life at the Carmacks Project. Additional definition drilling is warranted for zones 2000S, 12 and 13 for inclusion in subsequent development plans (see January 25, 2016 news release). Furthermore, the substantial increase in sulphide mineral resources at shallow depth warrants additional metallurgical test work to confirm the potential to process that material to produce either concentrate or cathode copper, the latter utilizing the leach and SXEW facilities.
Mr. Joe Ringwald P.Eng. is the Qualified Person, responsible for preparation of this news release.
On behalf of the Board of Directors:
Dr. Harlan Meade
President, CEO and Director
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North’s assets include the Carmacks Project located in the Yukon, the Redstone property located in the Northwest Territories, and the Thor property in British Columbia. Copper North trades on the TSX Venture Exchange under the symbol COL.
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and potential for future activities on the Company’s properties; statements with respect to the success of exploration activities; and proposed exploration and development activities and their timing. Disclosure concerning mineral resource estimates may also be deemed to constitute forward-looking information or statements to the extent that they involve estimates of the mineralization that may be encountered if the Company’s properties are developed. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, the timeliness and success of any required future regulatory approvals in respect of the Company’s properties, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the proposed exploration and development of the mineral projects will proceed as planned, market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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 release.