US Copper Corp Commences Drill Program at Moonlight-Superior Copper Project
US Copper Corp Commences Drill Program at Moonlight-Superior
Copper Project
TORONTO, CANADA, June 8, 2023 – US Copper Corp. (“ US Copper” or the “ Company”)
(TSX Venture: USCU) (OTCQB: USCUF) (Frankfurt: C730) is pleased to announce that drilling
crews have arrived onsite to co mmence the 2023 exploration dril l program at the Company’s
wholly-owned Moonlight-Superior Project, located in Plumas County, California.
The Moonlight-Superior Project has a mineral resource estimate of 1.3 billion pounds of copper
indicated and 1 billion pounds of copper inferred across three deposits – Moonlight, Superior and
Engels. The resource estimate is contained in the National Ins trument 43-101 (“ NI 43-101 ”)
Technical Report and Resource Estimate for the Superior Project, Plumas County, California, with
an effective date of November 15, 2013, available on US Copper’s website and on SEDAR.
The 2023 exploration drill program will focus on the Engels dep osit and include 15 reverse
circulation drill holes into the oxide cap that sits on top of the Engels sulfide deposit. Sample
intercepts from prior drill programs at Engels reveal a high-gr ade copper oxide cap developed to
depths greater than 230 feet (“ft”) over an area of at least 1,000 ft by 500 ft (see news release dated
March 1, 2023).
The main objectives of the 2023 drill program include:
1. Upgrading and potentially expanding the current oxide resource estimate;
2. Providing samples for preliminary metallurgical evaluation; and
3. Providing initial data for inclusion in a preliminary economic assessment (“PEA”) on the
Engels oxide deposit.
The 2023 exploration drilling program has been designed to further delineate and define the oxide
resource at the Engels Project. Based on exploration results, the Company is planning to undertake
a PEA to evaluate a starter, open pit mining operation at Engels, while evaluating the potential for
larger-scale mining scenarios which could see the three deposit s developed into a long-life,
profitable mining operation.
“In 1960, the United States (“ U.S.”) produced 35% of global mined copper. Today, the U.S.
produces just 6% of global mined copper and reported a copper i m p o r t r e l i a n c e o f 4 5 % . I n
response to our current environment of rapidly growing demand a nd disruptive global and
geopolitical issues, senior copper industry leaders have specul ated publicly about a lack of
investable projects worldwide. Acknowledging these realities, we believe it is time for the U.S. to
rebuild a secure, reliable, r esponsible and economic domestic c opper supply. Results from our
2023 exploration drill program are expected to assist US Copper in evaluating the potential to
quickly develop an oxide open pit operation at the Engels depos it, an initial step in rebuilding
domestic copper supply”, commented Stephen Dunn, President and CEO, of US Copper.
Background
The Engels deposit is one of 3 si gnificant copper deposits on U S Copper’s Moonlight-Superior
property. It is located 6,000 ft e ast of our 300 million tons (“MT”) 0.30% copper Moonlight
deposit and 11,000 ft north of the 60 MT 0.43% copper Superior deposit (see “Technical Report
and Preliminary Economic Assessme nt for the Moonlight Deposit, Moonlight-Superior Copper
Project, California, USA” date d April 12, 2018). Initial effor ts to mine-process the oxide
(carbonate) ore in the early 1900’s failed due to technological shortcomings. In 1914-15, sulfide
ore was discovered at Engels d uring development of the 5 th level, and shortly t hereafter, Engels
and the nearby Superior propert ies were consolidated under the Engels Mining Company and
production and processing of the sulfide ore began. Consolidated production from Engels-Superior
in the 1915-1930 period yielded approximately 4.2 MT of ore at a grade of 2.2% copper. The
majority of the production came from Engels. Mine workings at Engels are extensive and include
many tens of thousands of feet of drifts, crosscuts, and stopes on ten levels accessed by adits and
six levels accessed from a winze sunk from the No. 10 level.
In the 1960s-70s, Placer AMEX did extensive work in the district which resulted in the discovery
of the Moonlight deposit, partial delineation of the Superior deposit and an evaluation of the Engels
deposit that included an interna l company open pit estimate of 19 MT of sulfide material with a
grade of 0.63% Copper.
US Copper had a PEA prepared on its Moonlight deposit in 2018 that showed positive economics
at $3.15 per pound copper. It was determined that providing hi gher grade ore from our Superior
and/or Engels deposits into the Moonlight mine plan would subst antially enhance the Project’s
economics by potentially increasin g cash flows in the initial y ears of production. The recently
completed drill program at Superior was designed specifically f or that purpose, and this Engels
Phase I Program will outline the potential for a second starter pit for the Moonlight plant.
Ultimately, the updated Engels and Superior resources will be i ncorporated into a revised
Moonlight PEA.
Qualified Person
The scientific and technical content of this press release has been reviewed and approved by
George Cole, M.Sc., Director of US Copper who is a “Qualified P erson” as defined in National
Instrument 43-101 Standards of Disclosure for Mineral Projects. George Cole is a Registered
Professional Geologist through AIPG (CPG-11687).
About US Copper Corp
US Copper controls approximately 13 square miles of patented an d unpatented federal mining
claims in the Light’s Creek Copper District in Plumas County, NE California; essentially, the entire
District. The District contains substantial copper (silver) su lfide and copper oxide resources in
three deposits – Moonlight, Superior and Engels, as well as sev eral partially tested and untested
exploration targets.
The Superior and Engels Mines operated from about 1915-1930 pro ducing over 161 million
pounds of copper from over 4 MT of rock containing 2.2% copper with silver and gold credits.
The Moonlight Deposit was discovered and drilled by Placer Amex during the 1960’s. Details of
the resources on US Copper’s property and the parameters used to calculate them can be found in
the “Technical Report and Preli minary Economic Assessment for t he Moonlight Deposit,
Moonlight-Superior Copper Project, California, USA” dated April 12, 2018, on both the
Company’s website at www.uscoppercorp.com or on www.sedar.com under the US Copper Corp
profile.
For Further Information Contact:
Mr. Stephen Dunn
President, CEO and Director
US Copper Corp.
T: (416) 361-2827
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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities
laws and regulations, including statements regarding th e future activities of the Company. Forward-looking
statements reflect the current beliefs and expectations of management and are identified by the use of words including
“will”, “hopes”, “anticipates”, “expected to”, “plans”, “p lanned”, “intends” and other similar words. Actual
results may differ significantly. The achievement of the resu lts expressed in forward-looking statements is subject to
a number of risks, including those described in the Company’s management discussion and analysis as filed with the
Canadian securities regulatory authorities which are availabl e at www.sedar.com. Investors are cautioned not to
place undue reliance upon forward-looking statements.