World Copper Files Amended Resource Estimate and Technical Report for Updated Resource Estimate for the Zonia Project Provides ATM Quarterly Report This news release constitutes a "designated news release" for the purposes of the Company's prospectus
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NR24-16 November 12, 2024
World Copper Files Amended Resource Estimate and Technical
Report for Updated Resource Estimate for the Zonia Project
Provides ATM Quarterly Report
This news release constitutes a "designated news release" for the purposes of the Company's prospectus
supplement dated July 17, 2024 to its short form base shelf prospectus and amended and restated short
form base shelf prospectus dated June 7, 2024
FOR IMMEDIATE RELEASE...Vancouver, British Columbia: World Copper Ltd. ( "World Copper" or
the "Company"; TSXV: WCU, OTCQB: WCUFF, FSE:7LY0) announces an amended mineral resource
estimate (the " Amended Resource Estimate ") for the Zonia copper -oxide deposit in Arizona, USA
("Zonia" or the "Project"), and has filed an amended copy of its National Instrument 43-101 Standards of
Disclosure for Mineral Projects (" NI 43-101") technical report on SEDAR+. A calculation error in the
block model used in the resource estimate necessitated a restating of the estimate.
The amended NI 43 -101 technical report is entitled "Resource Estimate for The Zonia Project 2024
Update" (the "Technical Report") and is dated November 8, 2024 and dated effective August 27, 2024.
The Technical Report was prepared pursuant to NI 43- 101 by Sue Bird, P.Eng., of Moose Mountain
Technical Services ("MMTS"), an independent qualified person as defined by NI 43-101 (the "QP"). The
Technical Report is available on World Copper's SEDAR+ profile at www.sedarplus.ca and is available on
World Copper's website at www.worldcopperltd.com.
Amended Resource Estimate for Zonia
The amended resource estimate contains Indicated Resources of 112.2 million short tons grading 0.297%
total-copper (TCu) containing 668 million pounds of copper, and Inferred Resources of 62.9 million short
tons grading 0.255 % total-copper containing 320 million pounds of copper. These numbers differ slightly
from those in the October 25, 2024 news release https://worldcopperltd.com/2024/10/25/world-copper-
files-technical-report-for-updated-resource-estimate-for-the-zonia-project/ , with nominal increases (3%)
to tonnage and total contained copper, and a small decrease (0.5%) in grade for only the Indicated class.
The classified resources are outlined in detail in Table 1 at the base case cut -off grade of 0.18% and at a
range of cut-off grades in Table 2. The Resource Estimate was completed for World Copper as part of the
Company's overall exploration plan for Zonia (see news release dated May 22, 2022).
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Table 1. Zonia Mineral Resource Estimate at the Base Case Cutoff Grade
Classification
(Oxidation State)
Copper Cut-
off grade (%)
Short Tons
(Million)
Grade
(TCu%)
Cu Lbs.
(Million)
Indicated (Oxide) 0.18 101.2 0.300 608
Indicated (Mixed) 0.18 11.0 0.271 60
Total Indicated 0.18 112.2 0.297 668
Inferred (Oxide) 0.18 46.4 0.257 239
Inferred (Mixed) 0.18 16.5 0.248 82
Total Inferred 0.18 62.9 0.255 320
Notes to the Resource Estimate Tables:
1. The effective date of the Resource Estimate is August 27, 2024.
2. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM
Best Practices Guidelines, as required by NI43-101
3. The base case Mineral Resource has been confined by "reasonable prospects of eventual economic
extraction" shape using the following assumptions:
a. Metal price of US$4.00/lb of Cu
b. Metallurgical recovery of 75% in oxides and 70% in the transitional zone
c. Offsite costs of US$0.05/lb of Cu
d. Processing Costs of US$4/ton milled and General & Administrative (G&A) costs of US$
2.00/ton milled
e. Mining cost of US$2.00/ton mined
f. 48-degree pit slopes
g. The 150% price case pit shell is used for the resource confining shape
4. The resulting NSR = Cu*US$3.95/lb *0.75 for oxides and NSR = Cu*US$3.95/lb *0.70 in the transitional
zone.
5. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration (see "Cautionary Note to United States
Investors").
6. Numbers may not add due to rounding.
Table 2. Zonia Mineral Resources Over a Range of Cut-off Grades
Cut-off
Grade
TCu
(%)
Indicated Inferred
Tonnage
(ktons)
Grade
(TCu%)
Cu Metal
Content
(Mlbs)
Tonnage
(ktons)
Grade
(TCu%)
Cu Metal
Content
(Mlbs)
0.15 133,301 0.276 737 81,328 0.234 381
0.16 126,405 0.283 716 75,277 0.241 363
0.17 119,505 0.290 693 69,253 0.248 343
0.18 112,231 0.297 668 62,864 0.255 320
0.20 97,655 0.314 613 50,006 0.272 272
0.21 90,660 0.322 584 43,860 0.281 247
0.22 83,608 0.331 554 38,799 0.290 225
Mineral resources that are not mineral reserves do not have demonstrated economic viability; however, a
reasonable prospect of eventual economic extraction pit has been used to confine the Resource Estimate
using parameters detailed in the table notes. The QP for the Resource E stimate is not aware of any
environmental, permitting, legal, title, taxation, socio- economic, marketing, political, or other relevant
factors that could materially affect the Resource Estimate. Factors that may affect the estimate include:
metal price assumptions, changes in interpretations of mineralization geometry and continuity of
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mineralization zones, changes to kriging assumptions, metallurgical recovery assumptions, operating cost
assumptions, confidence in the modifying factors, including assumptions that surface rights to allow mining
infrastructure to be constructed will be fo rthcoming, delays or other issues in reaching agreements with
local or regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting
requirement.
Zonia Resource Modeling
Data verification efforts for the Resource Estimate carried out by MMTS included discussions with World
Copper personnel, personal inspection of the Project area with the collection and submission of check
samples to an external laboratory, an audit of the exploration drillhole database, and a detailed review of
additional information obtained from historical reports and information provided by the Company. MMTS
also completed checks on the geologic information as compared to the paper logs, and checks of the assay
values contained in the exploration database as compared to assay certificates provided by World Copper.
At-Th e -Market Quarterly Report
The Company also reports that, in accordance with the policies of the TSX Venture Exchange, and further
to the at-the-market (“ATM”) offering of shares made pursuant to the Prospectus Supplement dated July
17, 2024, World Copper issued 8,816,500 common shares and raised gross proceeds of $690,882 pursuant
to ATM distributions during the period July 17, 2024 to September 30, 2024. Bank of Montreal (“BMO”)
received fees of $20,727 during the period.
QUALIFIED PERSONS
Sue Bird, P.Eng., of MMTS, an independent qualified person as defined by NI 43-101, has reviewed the
scientific and technical information that forms the basis for this news release and has approved the
disclosure herein.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the
exploration and development of its copper porphyry projects: Zonia in Arizona and Escalones in Chile.
Both projects have estimated resources with significant soluble copper mineralization, and they boast
exciting potential to expand the resource base. The Company is dedicated to sustainable practices and
leveraging technology to develop safe and productive mining operations in stable, mining-friendly
jurisdictions.
Detailed information is available at World Copper's website at https://worldcopperltd.com, and for general
Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
"Gordon Neal"
Gordon Neal
President & Chief Executive Officer
World Copper Ltd. - 4 - November 12, 2024
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For further information, or to schedule a Zoom meeting with Management, please contact:
Gordon Neal or Michael Pound
Phone: 604-638-3287
Email: [email protected]
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
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Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX V)
accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward -looking statements and forward- looking information (collectively, " forward-
looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other
than statements of historical fact, included herein including, without limitation, statements with respect to anticipated
exploration program results from exploration activities, and the discovery and delineation of mineral
deposits/resources/reserves, are forward-looking statements. Although World Copper believes that such statements
are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements
are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may",
"should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions,
which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or
achieved. In making the forward-looking statements in this news release, World Copper has applied several material
assumptions, including without limitation, market fundamentals will result in sustained copper demand and prices,
the receipt of any necessary permits, licences and regulatory approvals in connection with the future development of
Zonia in a timely manner, the availability of financing on suitable terms for the development, construction and
continued operation of World Copper's projects and its ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of World Copper to differ materially from any future results, performance
or achievements expressed or implied by the forward- looking information. Such risks and other factors include,
among others, operating and technical difficulties in connection with mineral exploration and development activities,
actual results of exploration activities, including on Zonia, the estimation or realization of mineral reserves and
mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures,
the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper,
changes in general economic conditions, changes in the financial markets and in the demand and market price for
commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining
industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or
construction activities, risks relating to epidemics or pandemics, including the impact on World Copper 's business,
financial condition and results of operations, changes in laws, regulations and policies affecting mining operations,
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the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and
possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture
operations, and other risks and uncertainties disclosed in World Copper 's continuous disclosure documents. All of
World Copper's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to
review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake
any obligation to update any of the forward- looking statements in this news release or incorporated by reference
herein, except as otherwise required by law.
Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada,
which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release
are defined in accordance with NI 43 -101 under the guidelines set out in CIM Standards. The U.S. Securities and
Exchange Commission (the " SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization
Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities
are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of " measured
mineral resources ", "indicated mineral resources " and "inferred mineral resources ", which are defined in
substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of
"proven mineral reserves " and "probable mineral reserves " to be substantially similar to the corresponding CIM
Standards.
U.S. investors are cautioned that while the foregoing terms are " substantially similar" to corresponding definitions
under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM
Standards. Accordingly, there is no assurance any mineral resources that World Copper may report as " measured
mineral resources", "indicated mineral resources " and "inferred mineral resources " under NI 43- 101 would be the
same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization
Rules.
In accordance with Canadian securities laws, estimates of "inferred mineral resources " cannot form the basis of
feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.