World Copper Updates & Expands Resource Estimate for the Zonia Copper Oxide Deposit, Arizona
#2710 - 200 Granville Street
Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
NR 23-02 February 23, 2023
World Copper Updates & Expands Resource Estimate for the
Zonia Copper Oxide Deposit, Arizona
FOR IMMEDIATE RELEASE...Vancouver, British Columbia: World Copper Ltd. ( "World Copper" or
the "Company"; TSXV: WCU, OTCQX: WCUFF) announces the results of an updated mineral resource
estimate for the Zonia copper -oxide deposit in Arizona, USA ("Zonia" or the "Project"). The updated
mineral resource estimate includes 75.7 million short tons grading 0.30% total- copper (Indicated
Resources) containing 450.5 million pounds of copper and 122.0 million short tons grading 0.24% total -
copper (Inferred Resources ) containing 575.4 million pounds of copper (the "Updated Resource
Estimate"), which is a significant expansion of the Historical Resource Estimate (as defined below).
CEO Nolan Peterson states: " The Updated Resource Estimate for Zonia is a critical first milestone since
World Copper's acquisition of the project, representing our best understanding of the resource as it is, and
an expansion over past resources. As we advance the project on the engineering front , we will
simultaneously aim to expand the resource even further by targeting the high potential Zonia Norte target
northeast of the main resource deposit. Zonia is a key component of our development portfolio, and we
look forward to continued positive developments at the site.
Highlights:
• Updated Resource Estimate with:
o Indicated Resources of 75.7 million short tons grading 0.30% total-copper containing
450.5 million pounds of copper; and
o Inferred Resources of 122.0 million short tons grading 0.24% total-copper containing
575.4 million pounds of copper.
• Low strip ratio of 0.8:1 waste to mineralized material in base case mineral resource estimate.
• Significant expansion of the Zonia resource estimate compared to the H istorical Resource
Estimate.
• Zonia Norte confirmed as next exploration target at the Project.
The classified resources are outlined in detail in Table 1 at the base case total-copper cut-off grade of 0.125
– 0.130% and at a range of total- copper cut-off grades in Table 2. Figure 1 is a 3D view looking north,
showing resource blocks at various copper grades that are constrained within the optimized pit shell.
The Updated Resource Estimate was completed by Richard A. Schwering P.G., SME-RM, of Hard Rock
Consulting, LLC of Lakewood, Colorado ("HRC"), an independent qualified person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), for World Copper as part
of the Company's overall exploration plan for Zonia (see news release dated May 22, 2022).
World Copper Ltd. - 2 - February 23, 2023
NR23-02 Continued
#2710 - 200 Granville Street
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T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
Table 1. Updated Resource Estimate for Zonia
Notes:
1. The effective date of the Updated Resource Estimate is September 1, 2022.
2. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred M ineral Resources are
that part of the mineral resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence
and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be
converted to mineral reserves. 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").
3. Mineral resources are reported using a variable total-copper cut-off. The cut-off grade for blocks was calculated based on the
following assumptions: a long-term copper price of US$3.60/lb., assumed combined operating ore costs of US$6.25/ton (low
grade re-handle, process, and general and administrative costs), refining & shipping costs of US$0.15/lb. of copper, and copper
metallurgical recoveries of 73% for blocks coded as oxide and 70% for blocks coded as transition.
4. Mineral resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction
by open pit. The optimization used the same mining costs of US$4.75/Ton mined and a 50º pit slope.
5. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not
add due to rounding.
Table 2. Mineral Resources Over a Range of Cut-off Grades
Notes:
1. Please see the notes to Table 1.
Classification (Oxidation
State)
Copper Cut-
off (%)
Short
Tons
(Million)
Grade (CuT %) Cu. Lbs.
(Million)
Indicated (Oxide) 0.125 71.3 0.3 425.1
Indicated (Transition) 0.13 4.4 0.29 25.4
Total Indicated Variable 75.7 0.3 450.5
Inferred (Oxide) 0.125 100.1 0.23 463.7
Inferred (Transition) 0.13 21.9 0.25 111.7
Total Inferred Variable 122 0.24 575.4
Cut-off
Grade Tonnage CuT Cu lbs Tonnage CuT Cu lbs
(CuT %) T x 1000 Grade (%) lbs x 1000 T x 1000 Grade (%) lbs x 1000
0.090 87,747 0.27 475,976 162,657 0.20 662,848
0.100 83,865 0.28 468,588 152,548 0.21 643,594
0.125 75,751 0.30 450,622 122,164 0.24 575,722
Base Case 0.125-.130 75,720 0.30 450,541 122,031 0.24 575,385
0.150 71,879 0.31 440,114 103,964 0.25 526,232
0.175 68,631 0.31 429,464 91,327 0.27 485,298
0.200 63,166 0.32 408,869 76,672 0.28 429,769
0.225 55,457 0.34 375,983 63,410 0.29 373,374
0.250 47,137 0.36 336,415 48,081 0.31 300,678
Indicated Inferred
World Copper Ltd. - 3 - February 23, 2023
NR23-02 Continued
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T: 604-638-3287 / F: 604-408-7499
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Figure 1. View of Pit Constrained Resources Above Cut -off Looking North and Rotated Down 60
Degrees (Hard Rock Consulting, 2022).
Estimation Methodology in Detail
The Updated Resource Estimate was completed in a manner consistent with the "CIM Estimation of Mineral
Resources & Mineral Reserves Best Practice Guidelines" adopted by CIM Council on November 29, 2019,
and the mineral resources are classified in accordance wi th "CIM Definition Standards for Mineral
Resources and Mineral Reserves", prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council on May 10, 2014 ("CIM Standards"). Classification of the resources reflects the
relative confidence of the grade estimates. Mr. Schwering estimated the mineral resources for the Project
based on wireframe modeling and to a maximum search distance of 960 feet using an ordinary kriging
interpolant. Geostatistics and mineral resource estimation wer e done with Leapfrog EDGE®. Three-
dimensional wireframes and model visualization was done with Leapfrog Geo® software, and the mineral
resources were constrained with a Lerch-Grossman pit optimization. The metal of interest at the Project is
copper, and the effective date of the Updated Resource Estimate is September 1, 2022.
A variable copper cut-off was chosen for reporting the Updated Resource Estimate based on the oxidation
model. The cut-off grade for blocks was calculated based on the following assumptions: a long-term copper
price of US$3.60/lb., assumed combined operating ore costs of US$6.25/ton (handling, process, and general
and administrative costs), refining & shipping costs of US$0.05/lb. of copper, and copper metallurgical
recoveries of 73% for blocks coded as oxide and 70% for blocks coded as transition.
Mineral resources that are not mineral reserves do not have demonstrated economic viability and may be
materially affected by modifying factors including but not restricted to mining, processing, metallurgical,
infrastructure, economic, marketing, legal, environmental, social and governmental factors. Inferred
Mineral Resources are that part of the mineral resource for which quantity and grade, or quality are
estimated based o n limited geologic evidence and sampling, which is sufficient to imply but not verify
grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is
reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration. Table 1 shows the Updated Resource
Estimate by oxidation state.
World Copper Ltd. - 4 - February 23, 2023
NR23-02 Continued
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Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
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Data verification efforts for the Updated Resource Estimate carried out by HRC included discussions with
World Copper personnel, personal inspection of the Project area with the collection and submission of
check samples to an external laboratory, a mechanical audit of the exploration drillhole database received
from World Copper, and a detailed review of additional information obtained from historical reports and
information provided by the Company. HRC also completed a partial validation of the database geologic
information as compared to the paper logs, and a p artial validation of the assay values contained in the
exploration database as compared to assay certificates provided by World Copper . A statistical analy sis
was also completed on 46 twinned drill holes completed by previous operators.
A technical report to support the Updated Resource Estimate for the Project, prepared in accordance with
NI 43-101, will be filed on SEDAR (www.sedar.com) within 45 days of this news release.
Comparison to Historical Resource Estimate
Cardero Resource Corp. filed a technical report on SEDAR entitled "Preliminary Economic Assessment,
NI 43-101 Technical Report Zonia Copper Project Yavapai County, Arizona, USA ", which report was
prepared by Global Resource Engineering with an Effective Date of March 22, 2018, and an Issue Date of
April 17, 2018 (the " PEA"). The historic al mineral resource estimate used for the PEA (the "Historical
Resource Estimate") was prepared in accordance with the requirements of NI 43- 101 with an effective
date of November 30, 2015. The qualified person for the Historical Resource Estimate was Rex C. Bryan
of Tetra Tech Inc. Total copper grades were estimated for the Project using an ordinary kriging algorithm
based on three- dimensional wireframe modeling and a maximum search distance of 600 feet. Three-
dimensional wireframes and model visualization was done with GemCom® software. Geostatistics and
resource estimation was done with MicroModel®. Additional statistical analysis was done with
Statistica®, and Excel®. The Historical Resource Estimate was stated within a Lerch-Grossman optimized
pit shell and met the test of reasonable prospects for economic extraction using the following parameters :
a metal price of $2.50/lb. copper, mining costs of $1.50/ton, processing costs of $3.40/ton, general and
administrative costs of $0.45/ton, oxide recovery of 73%, transition zone recovery of 70% and an average
pit slope of 45 degrees.
The Historical Resource Estimate was classified as Measured, Indicated, and Inferred in accordance with
CIM Standards. The Historical Resource E stimate is superseded by the Updated Resource Estimate
disclosed by the Company in this news release. A qualified person has not done sufficient work to classify
the Historical Resource Estimate as current , and the Company is not treating the Historical Resource
Estimate as current mineral resources.
A comparison between the Updated Resource Estimate and the Historical Resource Estimate is shown
below in Table 3, and a comparison of the two base cases at a similar cut-off is made in Table 4.
Table 3. Comparison of Mineral Resource Estimates at Base Case Cut-off Grades
Classification Tons (M) Grade (%) Cu lbs. (M) Tons (M) Grade (%) Cu lbs. (M) % Tons Grade (%) % Cu lbs.
Measured 15.4 0.42 129.3 - - - - - -
Indicated 61.4 0.31 380.6 75.7 0.30 450.5 23.3% -3.2% 18.4%
Measured + Indicated 76.8 0.33 510.0 75.7 0.30 450.5 -1.4% -9.1% -11.7%
Inferred 27.2 0.28 154.6 122.0 0.24 575.4 348.5% -14.3% 272.2%
2017 Historical Resource Estimate
(0.20% Cut-off Grade)
2022 Updated Resource Estimate
(0.125-0.130% Cut-off Grade) Difference
World Copper Ltd. - 5 - February 23, 2023
NR23-02 Continued
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Table 4. Comparison of Mineral Resource Estimates at 0.20% Cut-off Grades
Notes:
1. The effective date of the Historical Resource Estimate is November 15, 2015. The qualified persons for the Historical Resource
Estimate were Rex C. Bryan and D. Eric Spiller of Tetra Tech Inc.
2. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred Mineral Resources are
that part of the mineral resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence
and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be
converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources
could be upgraded to Indicated Mineral Resources with continued exploration.
3. The Historical Resource Estimate was stated within a Lerch -Grossman optimized pit shell using the following parameters; a
metal price of $2.50/lb . copper, mining costs of $1.50/ton, processing costs of $3.40/ton, general and administrative costs of
$0.45/ton, oxide recovery of 73%, transition zone recovery of 70% and an average pit slope of 45 degrees.
4. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not
add due to rounding.
Zonia Norte Exploration Potential
Building from the resource expansion from the Updated Resource Estimate, the next step and largest
potential for a new discovery at Zonia is to the north-northeast of the current open pit and resource, where
a large (2.5 x 1.5 kilometres) coincident copper -molybdenum-manganese geochemical anomaly has been
identified (Zonia Norte; Figure 2). Historical surface rock geochemical sampling has delineated a copper-
molybdenum anomaly that is spatially coincident and similar in size/shape with a broad zone of manganese
depletion consistent with typical porphyry-copper mineralization. This anomaly is situated 1.5 kilometres
to the north-northeast of the Zonia deposit, which exhibits the same pattern of geochemical anomalism and
is comparable in size to the northeast target. It is significant that the anomaly is open to the north where
outcrops are covered by post-mineral cover. This large geochemical footprint is interpreted to represent a
second porphyry centre. Nearby historical drill holes indicate the area is deeply weathered and copper -
oxide mineralization is present.
The Zonia Norte porphyry target was fully permitted by the previous operator and is drill -ready once the
permitting process is re-started. The drill programme will be comprised of 18 shallow, near-surface holes
targeting copper oxide mineralization and will total over 5,000 metres (18,000 feet). Further mapping over
the target and adjacent areas is planned. High- grade historical copper occurrences (Copper Crown and
others) along the north and east edges of the Zonia Norte anomaly will be mapped and sampled as part of
the ongoing target delineation exploration program at Zonia. These occurrences of high-grade copper have
geological similarities to volcanogenic massive sulphide and/or replacement-type deposits.
For further details on the Zonia Norte target please refer to new s releases from, May 2, 2022
(https://worldcopperltd.com/world-copper-provides-exploration-and-development-update-on-the-zonia-
copper-oxide-project-central-arizona/) and February 1, 2018 (Cardero Resource Corp.,
https://www.sedar.com/).
Classification Tons (M) Grade (%) Cu lbs. (M) Tons (M) Grade (%) Cu lbs. (M) % Tons Grade (%) % Cu lbs.
Measured 15.4 0.42 129.3 - - - - - -
Indicated 61.4 0.31 380.6 63.2 0.32 408.9 2.9% 3.2% 7.4%
Measured + Indicated 76.8 0.33 510.0 63.2 0.28 408.9 -17.7% -15.2% -19.8%
Inferred 27.2 0.28 154.6 76.7 0.28 429.8 182.0% 0.0% 178.0%
2017 Historical Resource Estimate
(0.20% Cut-off Grade)
2022 Updated Resource Estimate
(0.20% Cut-off Grade) Difference
World Copper Ltd. - 6 - February 23, 2023
NR23-02 Continued
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T: 604-638-3287 / F: 604-408-7499
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Figure 2. Zonia gridded rock geochemical anomalies. The large anomaly at the north-east end of the
claims, Zonia Norte, is interpreted to be another copper oxide porphyry (Cardero Resource Corp.,
2021).
PDAC CONFERENCE
World Copper is participating in the PDAC 2023 Conference in Toronto, Ontario from March 5-8, 2023 at
The Metro Toronto Convention Centre. World Copper will be in booth 3139 at the Investors Exchange.
Team members will be available to answer questions. Interested parties that wish to schedule a meeting, or
who would like more information regarding the conference and events noted above, please contact Michael
Pound at (604) 638-3287, or email mpound@worldcopper ltd.com. Corporate presentation and fact sheet
information materials are available on the Company’s website at www.worldcopperltd.com.
ABOUT ZONIA
Zonia is in the Walnut Grove Mining District, Yavapai County, Arizona, and consists of 261 patented (96)
and unpatented (185) mineral claims, and 566.85 acres of surface rights acquired from the State of Arizona,
all totaling 4,279.55 acres.
Zonia is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late
1960s and '70s. The project has been significantly de-risked with over 50,000 metres of drilling completed
to date and with substantial amounts of detailed engineering completed. The PEA based on the Historical
Resource Estimate indicated that the project could be advanced utilizing low-cost open pit mining and heap
World Copper Ltd. - 7 - February 23, 2023
NR23-02 Continued
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leach with SX -EW processing to produce pure copper cathode (a copy of the PEA technical report is
available on Cardero's SEDAR profile at www.sedar.com).
Zonia was pre-stripped during mining in the late 1960s and 1970s so that, as described in the PEA, the strip
ratio is a low 1:1. Furthermore, the PEA outlines a mine plan and development strategy entirely on private
land, which significantly reduces the timeline for permitting. At a copper price of $3.00/lb., Zonia shows
an after-tax NPV@6% of $225 million, and an internal rate of return ("IRR") of 29.0%.
The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized
as mineral reserves, and, as such, there is no certainty that th e PEA results will be realized. Mineral
resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty
that all or any part of the resources will be converted into reserves.
In addition to the established resource, the Zonia land position contains a copper-molybdenum geochemical
anomaly (associated with depressed manganese values) that is similar in intensity and scale (1000 by 1500
metres) to the main resource, and within the same prospective geology. This anomaly is located two
kilometres northeast of the resource and represents a high-priority copper-oxide porphyry exploration drill
target.
QUALIFIED PERSONS
The Updated Resource Estimate was prepared by Mr. Richard Schwering, P.G., of HRC, a qualified person
as defined by NI 43-101.
John Drobe, P.Geo., a 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. Mr. Drobe
is not independent of World Copper as he is a consultant of World Copper.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vanc ouver, BC, is a Canadian resource company focused on the
exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in
Arizona. Two of these projects have estimated resources with significant soluble copper mineralization,
and there are at least two other copper porphyry targets with exciting potential to expand the resource base.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
"Nolan Peterson"
Nolan Peterson
Chief Executive Officer
World Copper Ltd. - 8 - February 23, 2023
NR23-02 Continued
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For further information, or to schedule a Zoom meeting with Management, please contact:
Nolan Peterson or Michael Pound
Phone: 604-638-3287
E-mail: [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 te rm is defined in the policies of the TSXV) 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 (including the expansion of the Updated Resource Estimate),
the filing of a technical report for the Updated Resource Estimate, the discovery and delineation of mineral
deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper are
forward-looking statements. Al though 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, licenses 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,