XXIX.V · 2024-01-08 12:00:00

QC Copper Presents Canada's Highest Grade Open Pit Copper Deposit with Opemiska's Updated Mineral Resource Estimate Highlights include: Mineral Resource in Measured and Indicated Mineral Resources of 2.09 billion lbs of copper

Resource Estimates

QC Copper Presents Canada's Highest Grade

Open Pit Copper Deposit with Opemiska's

Updated Mineral Resource Estimate

Highlights include:

Mineral Resource

in Measured and Indicated Mineral Resources 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

Additionally, Inferred Mineral Resources 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 starter pit comprises 19.1 million tonnes at 1.1% CuEq, 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

proximity to the Cooke and Robitaille Mines.

Toronto, Ontario--(Newsfile Corp. - January 8, 2024) - QC Copper and Gold Inc. (TSXV: QCCU) ("

Copper

" or the "

Company

") is pleased to announce upgraded Mineral Resource Estimate (MRE)

results for the Opemiska Project in Quebec's Chapais-Chibougamau District. This enhanced 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.

Aside from the increased grade and metal content, these database enhancements hold substantial

value, crucial for forthcoming economic and engineering assessments. This meticulously engineered

MRE aims to reinforce Opemiska's impressive size, grade, existing infrastructure, and community

support as the Company seeks to inform stakeholders and attract investors and strategic interest.

"We are proud to deliver to shareholders an MRE that defines Canada's highest grade copper open pit

deposit. This MRE details the immense value of owning such a sizable, high-grade asset with excellent

accessibility and infrastructure. Furthermore, QC Copper and Gold's Opemiska is in the heart of NW

Quebec, a stable mining jurisdiction, where we see Opemiska as the anchor to revitalizing the storied

Chapais-Chibougamau copper-gold district in Eastern Canada. We look forward to Opemiska's

continued expansion, development, and significant economic impact for stakeholders in the years

ahead," said Stephen Stewart, CEO and Chairman of QC Copper.

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

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

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

political, marketing, or

other relevant issues.

3.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.

4.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.

5. 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.

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

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

material.

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

9.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.

10. Totals may not sum due to rounding.

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

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/9282/193396_7fadddd6742278d9_002full.jpg

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

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/9282/193396_7fadddd6742278d9_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% CuEq. A high-grade 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 Resources, 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 Resource

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

"With a total resource grade of 0.78% Cu, Opemiska is Canada's highest grade open pit copper

deposit with resources greater than 1 billion pounds of contained copper. This updated Mineral

Resource for Opemiska is a major step towards advancing the project to mine development. The grade

and reconciliation of the new Mineral Resource has held up to a much more rigorous interpretation due

to our two-year initiative. Our team delivered a very high-quality product that details very high in-pit

grades and can carry the project through to a Feasibility Study. Our next step will be to establish the

economic parameters for a conceptual mining operation through a Preliminary Economic Assessment

and simultaneously, QC Copper will continue drilling at depth on Perry and in satellites zone that can

provide additional near-surface Mineral Resources to enhance the development of Opemiska," said

Charles Beaudry (M.Sc., P.Geo. géo.), Vice President of Exploration and Director of QC Copper and

Qualified Person according to NI 43-101.

Sensitivity to Copper Equivalent Cut-Off Grades

Table 3:

Pit Constrained Block Model Sensitivity at Various CuEq Cut-Off Grades

Classification

CuEq %

Tonnes

CuEq

Cut-Off

(k)

(%)

(M lbs)

(g/t)

(koz)

(g/t)

(koz)

(%)

(M lbs)

Measured

1.00

16,797

1.43

529

2.98

1,612

0.58

315

1.76

653

0.90

19,689

1.33

579

2.80

1,772

0.54

340

1.64

714

0.80

23,191

1.24

634

2.61

1,948

0.49

366

1.52

779

0.70

27,156

1.15

689

2.43

2,124

0.45

393

1.41

845

0.60

31,864

1.06

745

2.25

2,306

0.41

420

1.30

912

0.50

36,881

0.98

796

2.09

2,473

0.38

446

1.20

973

0.40

42,039

0.90

838

1.94

2,615

0.35

468

1.11

1,024

0.30

46,932

0.84

869

1.80

2,720

0.32

485

1.03

1,062

0.20

51,067

0.79

887

1.70

2,783

0.30

497

0.96

1,084

0.15

52,704

0.77

892

1.65

2,800

0.30

500

0.94

1,091

0.10

53,872

0.75

895

1.62

2,809

0.29

503

0.92

1,094

Indicated

1.00

10,684

1.48

349

2.22

762

0.50

171

1.77

416

0.90

12,380

1.39

380

2.13

847

0.46

183

1.66

452

0.80

14,450

1.30

413

2.04

946

0.42

196

1.54

491

0.70

16,765

1.21

446

1.94

1,046

0.39

209

1.43

529

0.60

19,376

1.12

479

1.84

1,145

0.36

222

1.33

566

0.50

22,406

1.03

510

1.73

1,242

0.32

233

1.22

603

0.40

25,685

0.95

539

1.61

1,332

0.30

244

1.12

635

0.30

29,306

0.87

563

1.49

1,399

0.27

252

1.03

663

0.20

33,014

0.80

581

1.36

1,445

0.24

259

0.94

683

0.15

34,629

0.77

586

1.31

1,458

0.24

261

0.90

690

0.10

35,961

0.74

589

1.27

1,466

0.23

263

0.88

693

Measured

and

Indicated

1.00

27,482

1.45

878

2.69

2,373

0.55

486

1.77

1,069

0.90

32,069

1.36

959

2.54

2,619

0.51

523

1.65

1,165

0.80

37,640

1.26

1,047

2.39

2,894

0.47

563

1.53

1,270

0.70

43,921

1.17

1,135

2.24

3,169

0.43

602

1.42

1,373

0.60

51,239

1.08

1,224

2.10

3,451

0.39

642

1.31

1,478

0.50

59,286

1.00

1,306

1.95

3,715

0.36

679

1.21

1,575

0.40

67,724

0.92

1,377

1.81

3,947

0.33

711

1.11

1,659

0.30

76,238

0.85

1,432

1.68

4,119

0.30

737

1.03

1,725

0.20

84,081

0.79

1,468

1.56

4,228

0.28

756

0.95

1,768

0.15

87,333

0.77

1,478

1.52

4,258

0.27

762

0.93

1,780

0.10

89,833

0.75

1,484

1.48

4,275

0.27

766

0.90

1,787

Inferred

1.00

1,342

1.40

6.68

288

0.55

1.74

0.90

1,578

1.31

6.22

315

0.50

1.62

0.80

1,901

1.21

5.65

346

0.45

1.49

0.70

2,315

1.11

5.11

381

0.40

1.36

0.60

2,912

0.99

4.53

425

0.35

1.21

0.50

3,763

0.87

3.97

481

0.30

1.06

0.40

5,036

0.74

3.37

546

0.26

0.91

101

0.30

6,506

0.64

2.91

608

0.22

0.78

112

0.20

8,531

0.53

100

2.42

664

0.19

0.65

123

0.15

9,791

0.48

104

2.19

689

0.18

0.59

128

0.10

11,258

0.43

107

1.96

708

0.16

0.53

132

Reasonable Prospects for Eventual Economic Extraction

A Mineral Resource is a concentration of solid material of economic interest near the surface of the

Earth in such form, grade or quality and quantity that there are reasonable prospects for eventual

economic extraction (RPEEE). To satisfy the requirement of RPEEE by open pit mining, a reporting pit

shell was determined based on conceptual parameters and costs (table 1). Copper and gold recovery

will be achieved using conventional crushing, grinding, gravity, and flotation to produce a copper

concentrate that could be shipped to a smelter for processing.

Outstanding Risk Factors

The QC Copper technical team has identified a number of outstanding issues that are susceptible of

adding to the downside risk of the Opemiska Project including but not limited to the following issues:

The MRE conceptual pit encroaches on the town of Chapais, which raises social acceptance

issues, and potential additional development capital costs and trade-off studies will need to be

evaluated in future engineering and economic studies.

None of the mine assays (from 1953-1991) can be validated by re-assaying since no drill core

remains for the holes drilled during mining operations. Limited twin-hole drilling for the 2021 MRE

support the interpretation that mine assays were of acceptable quality. However, assaying

methods changed over time and a more detailed verification program will be required as the

project moves through its development phases.

The mine copper and gold assays near the pit's lower cut-off grades, particularly those performed

prior to 1977, are of lower quality, which can increase the risk of misclassification near the cut-off

grade. This problem will be progressively addressed as the number of modern drill holes in the

deposit increases so that that the influence of current assays eventually outweigh the old mine

assays.

Geotechnical issues, including open stopes within the eastern pit wall, and the western contact of

the Venture Sill, which dips at a 60-degree angle to the east, that is close to the slope of the pit

wall, may create additional risks. The northeast-trending Gwillim Fault, which has an apron of

gravel on its south side due to late vertical movement, may increase the risk of flooding if it

contains an aquifer. Otherwise, the host rocks at Opemiska are considered to be very competent

and favourable for open pit excavation.

The positions in three dimensions of the historical stopes at the Springer and Perry mines have

been digitized from georeferenced plans and cross-sections, however, due to normal and

expected imprecision, some of the stopes are neither totally enclosed in the mineralized envelopes

or totally enclose the mined-out portions of the copper-gold veins which creates some downside

risk on grade compared to reality. Following a review of the issue, the Company decided that the

issue is manageable at this stage of the project but that a review and re-digitization of an

undetermined proportion of the stopes will be required as the project advances through the

development process.

All these issues feature in the recommendations in the upcoming Technical Report and will be included

in the going-forward development plan.

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 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.

Mineral Resource Classification

Material within the constraining pit shell was classified according to Mineral Resource confidence

classifications defined in CIM Definition Standards for Mineral Resources and Mineral Reserves. Data

quality and quantity, geological and grade continuity, and confidence in the grade and bulk density

estimates were considered when classifying the Mineral Resource. Mineral Resources are classified as

either Measured, Indicated or Inferred. Measured, Indicated, and Inferred Mineral Resources were

determined from respective search ranges of 30, 40 and 120 metres with a respective minimum of

seven, four and one composites.

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 old 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 but 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.sedarplus.ca

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

https://www.newsfilecorp.com/release/193396

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