XXIX.V · 2024-02-23 12:00:00

QC Copper Announces Publication of Its Updated Mineral Resource Estimate and Technical Report

Resource Estimates Technical Reports (NI 43-101)

QC Copper Announces Publication of Its

Updated Mineral Resource Estimate and

Technical Report

Toronto, Ontario--(Newsfile Corp. - February 23, 2024) - QC Copper and Gold Inc. (TSXV: QCCU) ("

Copper

" or the "

Company

") is pleased to announce the publication of its updated Technical Report for

the pit-constrained Mineral Resource Estimate (MRE) on the Opemiska Deposit which the Company

announced on January 8, 2024. The Technical Report is available on the Company's website and

SEDAR+.

Highlights include:

Mineral Resource

in Measured and Indicated category of 2.09 billion lbs of copper equivalent

contained in 97.5 million tonnes or

1.75 billion lbs of copper,

845 thousand ounces of gold,

5.5 million ounces of silver

Additional Inferred Mineral Resource of 157 million lbs of copper equivalent contained in

11.0 million tonnes,

127 million lbs of copper,

70 thousand ounces of gold

907 thousand ounces of silver

Grade and Mineral Resource Increase:

Achieved a remarkable 26% increase in the Copper

total grade, an 11% increase in CuEq total grade, and a 16% rise in CuEq pounds compared to

the 2021 Measured and Indicated Mineral Resource Estimate.

Significant Starter Pit:

A sizable potential starter pit comprises 19.1 million tonnes at 1.1% Cu-

Eq, all in the Measured and Indicated Mineral Resources categories.

Favorable Metallurgy:

Preliminary test work has confirmed very favorable metallurgical

characteristics.

Expansion Potential:

Confirmed potential for Opemiska's expansion within the pit, at depth with

an out-of-pit (underground) mining scenario, and growth of the satellite pits to the east, as well as in

close proximity to the Cooke and Robitaille Mines.

This updated MRE reflects a significant increase in grade and contained metal, attributed to extensive

drilling and our technical team's two-year recompilation and reinterpretation of geological data. The

Company also underscores that the qualitative improvements in the database enhance our confidence in

the project's geological model and, by extension, the Mineral Resource Estimate.

Table 1: Opemiska Deposit Summary of Pit Constrained Mineral Resources, 0.15% CuEq cut-

off and Out-of-Pit Mineral Resources, 0.8% CuEq cut-off

(

see footnotes

1-10)

Pit

Constrained

Tonnes

CuEq

0.15% CuEq

Cut-Off

(k)

(%)

(M lbs)

(g/t)

(koz)

(g/t)

(koz)

(%)

(M lbs)

Measured

52,704

0.77

892

1.65

2,800

0.30

500

0.94

1,091

Indicated

34,629

0.77

586

1.31

1,458

0.24

261

0.90

690

M+I

87,333

0.77

1,478

1.52

4,258

0.27

762

0.93

1,780

Inferred

9,791

0.48

104

2.19

689

0.18

0.59

128

Out of Pit

Tonnes

CuEq

0.8% CuEq

Cut-Off

(k)

(%)

(M lbs)

(g/t)

(koz)

(g/t)

(koz)

(%)

(M lbs)

Measured

4,064

1.24

111

3.81

498

0.32

1.44

129

Indicated

6,067

1.18

157

3.92

764

0.22

1.32

176

M+I

10,130

1.20

268

3.87

1,261

0.26

1.37

305

Inferred

1,162

0.89

5.84

218

0.40

1.15

Total

Tonnes

CuEq

0.15% & 0.8%

CuEq Cut-Off

(k)

(%)

(M lbs)

(g/t)

(koz)

(g/t)

(koz)

(%)

(M lbs)

Measured

56,767

0.80

1,003

1.81

3,297

0.30

542

0.97

1,219

Indicated

40,696

0.83

743

1.70

2,222

0.23

303

0.97

866

M+I

97,463

0.81

1,746

1.76

5,519

0.27

845

0.97

2,085

Inferred

10,953

0.53

127

2.58

907

0.20

0.65

157

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-

political,

marketing, or other relevant issues.

The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and

must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred

Mineral Resource could potentially

be upgraded to an Indicated Mineral Resource with continued exploration.

The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and

Petroleum (CIM), CIM

Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing

Committee on Reserve Definitions and adopted by the CIM Council.

Metal prices used were US4.00/lb Cu and US$1,875/oz Au, US$24/oz Ag and 0.76 CDN$/US$ FX. Cu, Au and Ag process recovery and

smelter payable were 91%, 72% and 72% respectfully. Open pit mining cost was C$2.50/t, processing C$14/t, G&A C$2.25t. Out of pit

mining costs were C$68/t.

Pit slopes were 50 degrees in rock and 30 degrees in overburden.

Historical mined volumes were depleted from the blocks to report the correct tonnages and metal content of the remaining high-grade vein

material.

CuEq % = Cu % + (Au g/t x 0.54) + (Ag g/t x0.007.

Out-of-pit Mineral Resources were selected which exhibit continuity and reasonable potential for extraction by the long hole underground

mining method. Narrow strings of grade blocks and orphaned blocks were depleted.

Totals may not sum due to rounding.

Figure 1: Graphical Depiction of Opemiska Mineral Resource and Constraining Pit Shell

To view an enhanced version of Figure 1, please visit:

https://images.newsfilecorp.com/files/9282/198936_f5fb835ff4158a33_002full.jpg

Figure 2: Plan View of Constraining Pit Shell and Potential High-Grade Starter Pit

To view an enhanced version of Figure 2, please visit:

https://images.newsfilecorp.com/files/9282/198936_f5fb835ff4158a33_003full.jpg

Starter Pit

A conceptual starter pit has been calculated for the Opemiska Deposit with 19.1 million Measured and

Indicated tonnes at 1.1% Cu-Eq. A high-grade potential starter pit provides more options in development

scenarios as it allows for a potential short payback period or a staged development scenario, which

potentially improves the project's economics.

Table 2: Opemiska Deposit Summary of Starter Pit Constrained Mineral Resource, 0.15% CuEq

cut-off

Pit

Constrained

Tonnes

CuEq

0.15% CuEq

Cut-Off

(k)

(%)

(M lbs)

(g/t)

(koz)

(g/t)

(koz)

(%)

(M lbs)

Measured

11,684

0.81

207

1.96

736

0.38

142

1.02

264

Indicated

7,370

0.94

153

2.40

569

0.43

101

1.19

193

M+I

19,054

0.86

360

2.13

1,306

0.40

243

1.09

456

Out-of-Pit Mineral Resource

A significant out-of-pit Measured and Indicated Mineral Resource has been added to the pit-constrained

Opemiska Deposit with 268 million lbs of copper, 83 thousand ounces of gold, and 1.3 million ounces of

silver, or 305 million lbs of copper equivalent contained in 10.1 million tonnes. Additionally, there are out-

of-pit Inferred Mineral Resources of 23 million lbs of copper, 15 thousand ounces of gold, and 218

thousand ounces of silver, or 29 million lbs of copper equivalent contained in 1.2 million tonnes.

Geological Data and Reinterpretation

The Mineral Resource Estimate on the Opemiska Deposit is based on a drill hole database containing

16,570 surface and underground diamond drill holes totalling 1,042,668 metres of core drilling and

348,492 assays. All mine-era drilling was converted from mine grid to UTM using transformation

equations calculated by a land surveyor based on differential GPS measurements of many located drill

casings.

All historical mine excavations and stopes were digitized in mine grid coordinates from numerous maps,

vertical and longitudinal sections, and solid wireframes were built and converted to UTM coordinates. All

stopes were digitized down to the bottom of the Perry (820m depth) and Springer (715 metres) mines

and formed the basis of the reinterpretation of the geology of the Opemiska Deposit. Completely new

mineralized envelopes were defined using a manually adjusted implicit modelling technique for the

deposit based on a structural model defined in 2022 in areas of historical mining and areas of known

mineralization that could not be mined underground. As a result, the Deposit tonnage decreased

somewhat. However, some out-of-pit Mineral Resources were defined at a 0.8% Cu-eq cut-off that

identified a significant tonnage beneath the conceptual pit that will be the object of further drilling along

with some satellite zones east of the pit and on the adjacent Cook-Robitaille Option Property.

Next Steps:

Further Drilling in-pit and near-pit and Preliminary Economic Analysis

QC Copper has focused all its efforts on finalizing a high-quality mineral resource on the Springer and

Perry Mines, to the near exclusion of other objectives. However, the technical team has identified

several

target areas within the conceptual pit that became apparent during the work that led to the current MRE,

but they were not tested due to time constraints. Drilling of these targets is expected to add tonnes and

metal to the Mineral Resources beyond what is being published at this time. Moreover, some preliminary

drilling on the Eastern Veins in 2022 and early 2023 produced good results, suggesting that modeling

these areas will lead to some modest pits at economically viable grades. The Company has proposed

15,000 metres of drilling within the confines of the conceptual pit and near the pit on the Bouchard and

McNichols Veins. In addition, the Company has recently completed a drill program (assays pending) on

the Cooke-Robitaille area of the Property and will undertake a compilation of historical drill results and

integrate the current drilling result to define a drilling program that will hope to define additional open pit

Mineral Resources that will add to the Opemiska Project.

About the Opemiska Copper Complex

The Opemiska Copper Complex is adjacent to Chapais, Quebec, within the Chibougamau district.

Opemiska is also within the Abitibi Greenstone Belt and within the boundaries of the Province of

Quebec's Plan Nord, which promotes and funds infrastructure and development of natural resource

projects. The 100%-QC Copper owned Opemiska Property (excluding the the Cooke-Robitaille option

claims) covers 24,544 hectares and includes the past-producing Springer, Perry, Robitaille and Cooke

Mines, previously owned and operated by Falconbridge between 1953-1991. The project hosts excellent

on-site infrastructure, including a power station and direct access to Highway 113 and the Canadian

National Railway. The Cooke and Robitaille Mines are situated on the Cooke-Robitaille option claims

and QC Copper is working through its obligations regarding the option and has the financial resources

and expects to exercise the option in due course. All the other claims that comprise the Greater

Opemiska Project are wholly-owned by QC Copper and Gold Inc.

The estimate of Mineral Resources may be materially affected by risks set forth in any QC Copper and

Gold's Management Discussion and Analysis Reports and other filings made with Canadian securities

regulatory authorities and available at

www.sedarplus.ca

QP Statement

The technical information contained in this news release has been reviewed and approved by Charles

Beaudry, P.Geo and géo., Director and Vice President Exploration for QC Copper & Gold, and Eugene

Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., both Qualified Persons, as defined in

"National Instrument 43-101, Standards of Disclosure for Mineral Projects."

Mr. Puritch is independent of

QC Copper & Gold.

QAQC Statement

All drilling performed by QC Copper and Gold was done mainly using NQ sized drill rods and were

stabilized to minimize deviations. When historical open or backfilled stopes were expected to be

intersected in drilling the holes, they were started in NQ and telescoped to BQ after the stope, or started

in HQ and reduced to NQ and then BQ, when a second stope was encountered to ensure completion of

the drill hole. All drill core is stored in Chapais under constant video surveillance. All pulps and

mineralized rejects have been preserved.

For the exploration undertaken by QC Copper & Gold, all assay batches are accompanied by rigorous

Quality Assurance procedures, including the insertion of certified reference materials and blanks and

duplicate verification assays in a secondary laboratory. Quality Control results, including the laboratory's

control samples, are evaluated immediately upon reception of batch results and corrections are

implemented immediately if necessary. All drill collars since 2019 were positioned in UTM coordinates

and post-drilling surveyed using differential GPS instrumentation. The historical mine drill holes were

surveyed on surface and underground at the time of drilling by mine personnel using conventional

surveying methods. The drill hole collars for 2019 were oriented by compass but since 2021 accurate

non-magnetic orientation of collars was achieved using the gyroscopic Azimuth Aligner by Minnovare.

Downhole deviation surveys were done initially with Flex-it instrument by Reflex instrument at 30m

intervals and from 2021 with the Champ Gyro instrument manufactured by Axis Mining Technology. All

erroneous azimuths caused by excessive magnetism or other causes were purged from the database. A

systematic bulk density measurement program using the water displacement method was implemented

to measure the bulk density of all rock types. A total of 1,178 bulk density measurements were done

since the start of drilling in 2019 drilling program, including 1,028 measurements for the Initial Mineral

Resource Estimate ("IMRE") in 2021 and an additional 150 measurements post IMRE. No bulk densities

are available for the vendor drill holes or historical mine drill holes. A specific susceptibility measurement

protocol was also implemented to estimate the relative abundance of magnetite in the Ventures Sill's

variably magnetic rocks. A focused optical and acoustic televiewer surveying program was done at the

end of the program to obtain correctly oriented structural measurements.

For the Mineral Resource database, additional QAQC measures included drill core duplicates. For the

historical drilling assay verification, measures comprised drill core resampling for the holes drilled by the

vendor in 2010, 2015 and 2016 and for the historical Falconbridge mine era drilling where no drill core

remains, a number of holes were collared near the location and orientation of mine-era surface drill holes

and results compared with the assays from the mine. The results of these measurements confirm that the

assays from the vendor period are equivalent to QC Copper assays and that the mine era assays are

demonstrably equivalent for the range of values from the lower detection limit up to approximately 2.0%

Cu which represents over 90% of the assays in the Mineral Resource database. Above this grade, the

number of samples in the twinned data is small, and the variance is high, making it challenging to

compare datasets.

It is challenging to obtain good validation of historical assays using the twin-hole drilling method for the

mine drill holes that were not sampled extensively and were sampled only where mineralization was

visible. Further validation of historical mine assays will require high-density drilling in small zones that

have not been mined, however, were drilled sufficiently by Falconbridge to allow comparison of assay

tenor, independent from the mine assays and from QC Copper drilling in the same volume. The evidence

from twin drilling, albeit imperfect, supports the interpretation that the assays for the bulk of the mine

drilling are comparable to modern-day QAQC-controlled assays. After reviewing available data, the

assays undertaken by QC Copper, the vendor, and the mine are considered acceptable for estimating a

Mineral Resource on the Opemiska Project.

For information and updates on QC Copper and Gold, please visit:

www.qccopper.com

And please follow us on Twitter

@qccoppergold

To speak to the Company directly, please contact:

Stephen Stewart, Chief Executive Officer

Phone: 416.644.1567

[email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

TSX Venture Exchange policies) accept responsibility for this release's adequacy or accuracy.

Certain information in this press release may contain forward-looking statements. This information is

based on current expectations subject to significant risks and uncertainties that are difficult to predict.

Actual results might differ materially from results suggested in any forward-looking statements. QC

Copper and Gold Inc. assume no obligation to update the forward-looking statements or to update the

reasons why actual results could differ from those reflected in the forward-looking statements unless

and until required by securities laws applicable to QC Copper and Gold Inc. Additional information

identifying risks and uncertainties is contained in QC Copper and Gold Inc. filings with Canadian

securities regulators, which filings are available under QC Copper and Gold Inc. profile at

www.sedar.com

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/198936

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