Canadian Critical Minerals Generates USD$179,000 in Revenue from Bull River Mine
Canadian Critical Minerals Generates
USD$179,000 in Revenue from Bull River Mine
Calgary, Alberta--(Newsfile Corp. - October 16, 2024) - Canadian Critical Minerals Inc.
(TSXV: CCMI)
(OTCQB: RIINF) ("CCMI"
or the
"Company")
is pleased to report 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 September 2024, the Company trucked 879 dry metric tonnes
("
dmt
") of sorted mineralized material to New Afton and the Company received a provisional payment of
approximately USD$179,000 for the September 2024 shipments.
The mineralized material sent to New
Afton graded 2.89% Cu, 0.79 g/t Au and 23.4 g/t Ag.
The Company continued to crush and screen the surface stockpile using a larger crushing and screening
plant throughout the month.
As of October 5
th
, 2024, the contractor had completed crushing and
screening of the remaining material from the original 180,000 tonne surface stockpile.
To-date the
Company has shipped approximately 4,000 tonnes of mineralized material to New Afton under the Ore
Purchase Agreement ("
OPA
").
Currently the Company has approximately 80,000 tonnes of coarse
material that is available for sorting through the Steinert KSS 100 ore sorter prior to shipping to New
Afton.
There are approximately 36,000 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 fines 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, "Revenues from September 20024 are the
second highest monthly total since we implemented the OPA in January 2024.
We greatly appreciate the
safe and efficient operation of the crushing and screening plant by Tyalta Industries Inc. during
processing of the surface stockpile."
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/226824