{kanada_flagge}Granite Creek Copper Limited (TSXV:GCX,FSE:GRK) has expanded its Carmacks copper-gold-silver project’s Measured & Indicated resources significantly this year. Copper ore tonnage also increased by 43 percent from 2018’s levels. Increase in the gold and silver resources are also significant. The amount of gold ounces detected in the ground increased by 24 percent. The amount of silver ounces increased by 41 percent. This new resource estimate will form the basis of a new PEA study the company expects to publish in Q3 2022.
Since completing the acquisition of the Carmacks project in 2020, Granite Creek Copper has drilled 25 infill and extension holes on newly consolidated 176 square kilometer property. They amounted to a total length of over 8,200 meters. Now, the success of work can be harvested, because, as planned, it was possible to increase the known deposits and significantly increase the resources.
The present Granite Creek Copper’s updated mineral resource estimate is in accordance with Canadian Mining Standard NI 43-101. Compared to the previous estimate, Carmacks now reports 36.2 million tonnes in the Measured and Indicated categories, grading 1.07 percent copper equivalent for 651 million pounds of contained copper. In comparison, the resource estimate released in 2018 only defined 25.0 million tonnes of rock grading 0.83 percent copper, equivalent to 457 million tonnes pounds of copper. There remains plenty of exploration upside and Granite Creek expects to return to the field in Q2 for another robust drilling season.
Figure: 2022 Resource Estimate Conceptual pits in relation to property boundary at Carmacks
Granite Creek Copper reports molybdenum resources for the first time
The rock averages 0.81 percent copper, 0.26 g/t gold, another 3.23 g/t silver and 0.011 percent molybdenum. The copper resources in the ground thus totals 651 million pounds in these categories. In addition, there are another 38 million pounds of copper discovered in the inferred resource category.
For the first time, the molybdenum grade of the Carmacks deposits was also included in the resources. Currently, Granite Creek Copper reports 8.5 million pounds of molybdenum in the Measured and Indicated category at Carmacks.
The numerous infill holes led to, among other things, 93% copper resources in the Measured and Indicated categories. Only 7% still remains in the weaker category of Inferred Resources.
Gold and silver resources increased strongly
While the Carmacks project is primarily a copper project, Granite Creek Copper was also able to confirm significant gold and silver credits on the property. The number of gold ounces contained in the ground increased by 24 percent from 243,000 ounces to 302,000 ounces in the proven and indicated resource category.
The amount of included silver ounces increased even stronger. It went up, also in the Measured and Indicated categories, from 2,684,000 ounces to the current 3,790,000 ounces, an increase of 41 percent. Although gold, silver and molybdenum will only be by-products at Carmacks, their value is still substantial and will help to significantly improve economics of the entire project.
Carmacks is one of the highest-grade copper projects in North America
The updated resource estimate elevates the Carmacks project to one of the highest-grade copper projects in North America, already at an advanced stage of resource expansion. This should also attract increased attention from neighbour Minto Metals with its operating high-grade copper mine just to the north.
However, as noted, this is still far from the end of the road. In addition to its significantly increased resources, the project reveals strong veins, and Carmacks has been fairly underexplored to date. There is large potential for further expansion of the already known deposits as well as increasing the resources.
A further advantage should not be overlooked is that, according to the updated resource estimate, 96 percent of the proven metals were confirmed in those parts of the project where the three open pits were designed. They should be built later. This means that the resources are not scattered across the landscape, but is concentrated exactly where it should be mined.
This is all very good news for invested investors, not only does it increase the value of the Carmacks project and thus the value of Granite, but it will also help focus the attention of mid-sized and larger copper producers on this interesting part of the Minto copper belt in the Yukon.
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