QC Copper to Acquire 10% Interest in Ontario's Largest Copper Resource, Thierry Copper Mine
QC Copper to Acquire 10% Interest in
Ontario's Largest Copper Resource, Thierry
Copper Mine
Toronto, Ontario--(Newsfile Corp. - October 4, 2023) - QC Copper and Gold Inc. (TSXV: QCCU)
(OTCQB: QCCUF) ("QC Copper" or the "Company") is pleased to announce that it has entered into an
agreement to acquire a 10% interest in a private company that owns 100% of the Thierry Copper Project
("Thierry"), located in Pickle Lake, Ontario.
Thierry is Ontario's largest primary copper resource and includes a recent PEA, covering only the
underground portion of the known resources. Thierry's primary upside is the growth of its bulk tonnage
potential.
Recent drill holes from September 20, 2023 supports this thesis:
CCM-23-51 intersecting 106 metres of 0.539% Copper Equivalent ("CuEq") mineralization
(including 23.2 metres of 0.875 % CuEq mineralization) within continuous sulphide mineralization
which started at surface and extended 247.8 metres down the hole, grading 0.438% CuEq.
CCM-23-52 intersecting 31.2 metres of 0.677% CuEq mineralization and 22.8 metres of 0.670%
CuEq mineralization within continuous sulphide mineralization which started at surface and
continued for 243.9 metres down the hole, grading at 0.382% CuEq.
*Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.75/lb Cu, US$ 9.25/lb Ni,
US$ 1,190/oz Pd and US$ 910/oz Pt with 100% metallurgical recoveries for all metals. Assays have not
been capped. The formula used for the calculation is: CuEq = Cu % + (Ni grade X Ni Price)/(Cu Price) +
((Pd grade) X (Pd price / 31)) / (Cu price X 22) + ((Pt grade) X (Pt price/31)) / (Cu price X 22).
Thierry is in the well-known and mature mining camp of Pickle Lake, Ontario, with access to rail,
highways, power, and other infrastructure required to develop a mine. This is a unique opportunity to
participate in the development of an asset of this scale with this level of infrastructure that's in a premier
mining jurisdiction. Eastern Canada is starved of high-quality primary copper projects. With this
investment, QC Copper now has exposure to two of the five largest primary copper projects in Eastern
Canada.
CLICK HERE TO VIEW THIERRY PROJECT PRESENTATION
About Thierry
Thierry spans 4,670 hectares across 27 mineral leases. The property hosts two past producing open
pits that transitioned to underground mining-producing 5.8Mt @ 1.13% Cu, 0.14% Ni between 1976 -
1982 by UMEX Inc. Similar to Opemiska, copper concentrate was shipped to Noranda, QC. Significant
infrastructure is already in place, with the property being accessible via all season road, an airport within
5km, available hydro and nearby rail.
Figure 1) Location of Thierry Property
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/9282/182850_f8a90ea8f4d30b07_002full.jpg
The Thierry property hosts a NI43-101 compliant resource across two zones-the Thierry (K2-1)
underground deposit, and the K1-1 open pit deposit, along with historical resources at the J & G Zones
(see disclosure on Historical Resources and PEA):
Thierry (K2-1) underground deposit:
Classification
Tonnes
Cu (%)
Ni (%)
Au (g/t)
Pt (g/t)
Pd (g/t)
Ag (g/t)
Measured
3,233,000
1.65
0.19
0.03
0.03
0.09
4.6
Indicated
5,582,000
1.66
0.19
0.05
0.05
0.14
3.8
Measured & Indicated
8,815,000
1.66
0.19
0.05
0.04
0.13
4.0
Inferred
14,922,000
1.64
0.16
0.10
0.07
0.21
6.4
Table 1) 2021 Thierry underground mineral resource estimate.
K1-1 Zone open pit deposit:
$12/tonne cut-off NSR
Tonnes
Cu (%)
Ni (%)
Au (g/t)
Pt (g/t)
Pd (g/t)
Ag (g/t)
Inferred
53,614,000
0.38
0.10
0.03
0.05
0.14
1.8
Table 2) 2021 K1-1 open pit inferred resource estimate.
J & G Zones open pit deposit historical resources:
Classification
Tonnes
Cu (%)
Ni (%)
Historical
55,000,000
0.40
0.11
Thierry 2022 PEA
The Thierry Property, and specifically the Thierry underground deposit, was the subject of an updated
PEA study by P&E Mining Consultants in April 2022 that outlined a 14-year mine life, producing at a rate
of 4,000 tpd, recovering 567Mlbs Cu, and 21Mlbs Ni. The PEA showed an after-tax NPV6% of $287M,
an IRR of 25% and a payback period of 3.1 years. It is important to note that the PEA did not include the
K1-1 open pit deposit and that Orecap will seek to drill out the open pit resources and evaluate a larger
bulk tonnage scenario for the Project (see disclosure on PEA in Historical Resources and PEA).
Exploration Upside
In addition to the current resources, the Thierry property hosts large discovery and expansion potential
including at the J & G Zones, which hosts a historical resource of 55,000 kt at 0.40% Cu, 0.11% Ni (see
disclosure on Historical Resources). Previous geophysical studies and drilling has shown significant
upside throughout the property to delineate additional mineralized zones and resources. Moving forward,
exploration will focus on reinterpreting the geology at the Thierry property and delineate further resources
that can then culminate into a comprehensive PEA representative of the property's potential.
Terms of the Acquisition
QC Copper will acquire 10% of Pickle Lake Minerals (“Pickle Lake”), a subsidiary of Canadian Critical
Minerals Inc. (“CCMI”), for $300,000 in an upfront, all-cash deal. Principals of QC Copper and Orecap
Invest Corp. (“Companies”), including chairman Stephen Stewart, will co-invest alongside the
Companies at the same valuation. Following Closing, Pickle Lake will be renamed to Cuprum Corp.
Closing of the acquisition remains subject to final approval of the TSX Venture Exchange, as well as
certain other conditions as are customary in transactions of this nature.
Information Regarding Historical Resources and PEA
QC Copper & Gold views this historical data as a conceptual indication of the potential size and grade
of the gold deposits in the area, and this data is relevant to ongoing exploration efforts. In view of when
the resources were estimated and the differences in metal price and operating costs prevailing at the
time compared to today, QC Copper & Gold does not treat any of the historical resources as Current
mineral resources or mineral reserves.
Note that the PEA referred to above is historical in nature and
QC Copper has not conducted any economics analysis of the project and is using the conclusions of the
PEA only as an indication of the potential economic performance of the project.
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, a Qualified
Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For
the exploration undertaken by QC Copper & Gold, all assay batches are accompanied by rigorous
Quality Assurance procedures, including the insertion of standards and blanks and verification assays in
a secondary laboratory.
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www.qccopper.com
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To speak to the Company directly, please contact:
Stephen Stewart, Chief Executive Officer
Phone:
416.644.1567
Email:
Neither 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
release. Certain information in this press release may contain forward-looking statements. This
information is based on current expectations that are 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. assumes 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 filings by QC Copper and
Gold Inc. with Canadian securities regulators, which filings are available under QC Copper and Gold
Inc. profile at
www.sedarplus.ca
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