Canadian Critical Minerals Generates Record Revenue from Bull River Mine
Canadian Critical Minerals Generates Record
Revenue from Bull River Mine
Calgary, Alberta--(Newsfile Corp. - November 21, 2024) - Canadian Critical Minerals Inc.
(TSXV: CCMI)
(OTCQB: RIINF) ("CCMI"
or the
"Company")
is pleased to report record revenues for the Company
from the sale of stockpiled copper, gold and silver mineralized material at the Bull River Mine ("
BRM
")
project near Cranbrook, BC.
During the month of October 2024, the Company trucked 1,064 dry metric
tonnes ("
dmt
") of sorted mineralized material to New Afton and the Company received a provisional
payment of approximately USD$378,000 for the October 2024 shipments.
The mineralized material sent
to New Afton graded 4.67% Cu, 0.74 g/t Au and 44.7 g/t Ag.
As of October 5
th
, 2024, the contractor responsible for crushing and screening activities completed
crushing and screening of all mineralized material from the original 180,000 tonne surface stockpile and
has since demobilized from the mine site.
To-date the Company has shipped approximately 5,300
tonnes of mineralized material to New Afton under the Ore Purchase Agreement ("
OPA
").
Shipped
material includes 4,100 tonnes of sorted material and 1,200 tonnes of unsorted fines.
At October month-
end, the Company had approximately 73,000 tonnes of coarse material that is available for sorting
through the Steinert KSS 100 ore sorter prior to shipping to New Afton.
There are now approximately
42,000 tonnes of rejects from the ore sorting process that are being stockpiled on surface as an initial
feed for the BRM mill.
Rejects continue to grade between 0.4% Cu and 1.0% Cu.
Hence all rejects can
be economically processed in future at the BRM once the Company has received permission to restart
the mill.
Additionally, the Company has stockpiled approximately 60,000 tonnes of fine material that is
too fine to be sent to the sorter.
Fine material is expected to grade at 1.39% copper, 0.29 g/t gold and
11 g/t silver representing the average run of mine material in the original surface stockpile.
The cut off
grade ("
COG
") for milling copper mineralized material at the BRM that is already on surface is 0.4% Cu.
Hence both the rejects and fines have sufficiently high enough grade to provide an economic feed to the
BRM mill in future.
Should metal prices continue to improve, the Company may send a portion of the
fines to New Afton to generate additional revenues in the near term.
Ian Berzins, President and CEO of CCMI commented, "The provisional payment of USD$378,000 for
October 2024 represents the highest monthly revenue received to-date under the Ore Purchase
Agreement with New Afton, bettering the June 2024 total of USD$246,000 in revenues.
Some of the
revenues from the OPA will be used in support of the permit application to restart the BRM in a phased
approach wherein the Company plans to mill the coarse rejects and fines at the BRM property followed
by resuming mining in the underground."
Qualified person
CCMI's disclosure of a technical or scientific nature in this news release has been reviewed and
approved by Gary Low P.Geo., who serves as a Consultant to the Company and is a Qualified Person
under the definition of National Instrument 43-101.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term copper production assets in Canada.
CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near
Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI
also owns a 30% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario
which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E:
Website:
www.canadiancriticalmineralsinc.com
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under
applicable Canadian securities legislation. Forward-looking information includes, but is not limited to,
statements about strategic plans, future work programs and objectives and expected results from such
work programs. Forward-looking information necessarily involve known and unknown risks, including,
without limitation, risks associated with general economic conditions; inability to access sufficient
capital from internal and external sources, and/or inability to access sufficient capital on favourable
terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking information and the risks identified in the Company's continuous
disclosure record. There can be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. All forward-
looking information contained in this news release is given as of the date hereof and is based upon
the opinions and estimates of management and information available to management as at the date
hereof. The Company disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, except as required by
law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new
release.
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https://www.newsfilecorp.com/release/230960