- 2017 Drill Map & Cross Sections
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- Fly Over
Pyramid Copper Project Introduction
The Pyramid Copper Project is located on private property on the 55th parallel, approximately 25 kilometers from the town of Sand Point on the Alaska Peninsula. The project is 100% controlled by CopperBank with the subsurface owned by the Aleut Native Corporation. CopperBank acquired the project from Antofagasta in late 2014. CopperBank has as an option to earn a 100% interest in Pyramid from Antofagasta by paying USD $150,000 by March 2019 and issuing 1M shares. Additionally, upon a construction decision pay $5.5M, and upon commercial production $2.5M.
On January 10, 2018 CopperBank and The Aleut Native Corporation decided to extend the exploration agreement for Pyramid for 2018 and 2019. Minimum work commitments are USD $1M per year. On January 1, 2020 the project enters a long-term mine lease.
The Pyramid porphyry copper-molybdenum deposit is a quartz diorite porphyry and hornfelsed sediment hosted system, of calc-alkaline affinity. Antofagasta Minerals PLC drilled 30 core holes between 2010 and 2012 for a total of 7,458 meters resulting in a maiden inferred resource report authored by SRK on June 2013. The Inferred Mineral Resource was updated January 2018 to incorporate the 3,660 meters drilled by CopperBank during 2017. The updated resource estimate, using a 0.2% copper cut-off, is 153.4 million tonnes at 0.37% copper, 0.02% molybdenum and 0.09 g/t gold.
To compare the results of the 2017 resource estimate with the 2013 resource, SRK re-evaluated the 2017 resource model using the 2013 parameters. The comparison showed that the two models reported very similar grades. The 2017 model improves the confidence in the quality of the resource and reports about 25 to 30 percent more tonnage if the same parameters are applied. The additional tonnage is a reflection of the additional drilling by CopperBank which resulted in a reinterpretation of the mineralized domains and in the infill of previously undrilled volumes.
The 2017 Pyramid Drill Map
The Pyramid Copper District (in green)
The updated resource estimate, using a 0.2% copper cut-off, is 153.4 million tonnes at 0.37% copper, 0.02% molybdenum and 0.09 g/t gold. This resource estimation does not take into account the molybdenum or gold values due to the fluctuation of their prices and unknown recovery as no metallurgical test work has been completed. Both near-surface supergene enriched mineralization as well as hypogene copper mineralization were modeled and interpolated. The mineral resource estimate shows that the hypogene mineral resource remains open to depth and along strike in most areas, and the higher grade supergene enriched mineralization is also open for expansion in several areas.
Project Next Steps
SRK recommends pursuing the exploration on the Pyramid Project, specifically a 2,500 m drilling program comprising of 10 additional drill holes to expand and further delineate the porphyry mineralization. Contingent on positive results SRK recommends to carry out a Preliminary Economic Assessment (“PEA”) of the Pyramid Project. The NI 43-101 compliant report can be found on SEDAR and the company website www.copperbankcorp.com
The primary objective of the 2012 drill season was to test extensions of copper-gold-molybdenum mineralization, as well as follow up on high grades encountered during the 2011 drilling program. Portions of the surface expression of stockwork veining and favorable alteration have not yet been drilled at Pyramid, and mineralization is open in several directions and at depth.
The 2012 program was the third drilling season funded by Antofagasta Minerals S.A.. Drill holes were typically shallow for a porphyry system, with most holes less than 300 meters in total length. Drilling during 2010 and 2011 spanned an area measuring approximately 1,100 meters east-west and 900 meters north-south. 2012 drilling tested beyond these limits, and in particular, tested for areas of near-surface supergene copper enrichment.
Several hydrothermal centers have been identified at Pyramid, within an oval-shaped 2,300 meters by 1,400 meters mapped extent of phyllic and potassic alteration zones. Classic vein styles are identified in drill core and surface expressions, with early halo veins, A, B, and D veins hosting mineralization. Copper mineralization with variable molybdenum occurs within multiple phases of porphyritic intrusive rocks as well as hornfelsed sedimentary country rocks. Quartz diorite porphyry and quartz feldspar porphyry intrusions make up the bulk of the igneous rock types and hosts.
Mineralization is typically comprised of chalcocite, covellite, chalcopyrite and molybdenite with supergene enrichment at depths ranging from 120 to over 250 meters below surface.
During the 2011 season, twelve holes were completed totaling 2,576 meters. The drill holes, with most less than 300 meters in length, shallow for a Porphyry system, were designed to test for grade. Drilling spanned an area measuring approximately 1,100 meters east-west and 900 meters north-south, is open for expansion in all areas and at depth.
Of significance was drill hole PY11-016 which intersected 155.94 meters averaging 0.71% Cu, 0.179 g/t Au and 0.018% Mo, or 0.97% Cu equivalent underneath a 94.0 meter thick leach cap. The intercept includes several higher grade zones, including 20.0 meters averaging 0.99% Cu, 0.151 g/t Au and 0.012% Mo, or 1.19% Cu equivalent. This hole was shut down in strong mineralization, with the final 7.94 meters averaging 0.78% Cu, 0.124 g/t Au and 0.03% Mo. This hole was completed at the extreme of southeastern area of drilling to-date, suggesting a grade and hydrothermal vector in this direction.
Drill hole PY11-017 was a 60 meter northeast step-out from hole PY10-05, which encountered 72.0 meters averaging 0.75% Cu, 0.162 g/t Au and 0.017% Mo (0.957% Cu. Equiv). This hole intersected 117.54 meters averaging 0.60% Cu, 0.081 g/t Au and 0.024% Mo, or 0.81% Cu equiv. Mineralization remains open to expansion to the north.