Oct 11, 2013 (ACCESSWIRE via COMTEX) — SOURCE: VantageWire.com — The copper scene in British Columbia took on a major change when the Copper Mountain Mine started production in June of 2011. Five billion pounds of copper reserves and over 20 years of mine life left will do that.
Today, the project owned by Copper Mountain Mining [TSX: CUM] and Mitsubishi Materials Corporation is producing at 36,000 tpd at a cut-off grade of 0.12% copper. To get to this point, Copper Mountain has drilled more than 1000 holes. As part of the deal, partner Mitsubishi (that owns 25%) now buys all of the concentrate that comes from the operation.
The Copper Mountain Mine and the work that went into it have proven that BC’s grades are capable of international levels of production. The province can handle more output, and the Princeton region that is host to the operation has plenty left to offer. Given the prospects in development in the areas near the mine, a bird’s eye view of the projects on the horizon highlight the potential the province truly has.
Directly adjacent to Copper Mountain’s “super pit” is junior Anglo-Canadian Mining Corp. [TSX.V: URA]. With it’s fully owned and highly prospective Princeton copper-gold property, Anglo-Canadian is in the land of the giants in striking distance from a future takeover bid. The 2200-hectare property is in good standing for Anglo-Canadian until 2023.
As Copper Mountain continues to profitably chug along mining at rates of 0.31% copper, Anglo-Canadian has raised eyebrows with its assays from last year that more than doubled that figure, including 20 metres of 0.64% Cu, and this latest round that more than matches Copper Mountain’s average mill grade.
What’s even more impressive is how shallow Anglo-Canadian had to go to find these results. As a comparison, Copper Mountain is mining at depths of close to 1000 feet, whereas the Princeton property is less than half that at only 148 meters (or 488 feet).
The location of this latest drill hole sits between the two holes drilled last year, and is only 4km away from Copper Mountain’s mill. This kind of proximity offers a glimpse of Anglo-Canadian as a possible takeout target, or even as a much larger JV partner for a future competitor for the Copper Mountain partnership. However the Princeton property is only one of a few assets that Anglo-Canadian has in its stable. The junior explorer also boasts two gold properties called Stirrup Creek and the Zeus, each with future sleeper flagship potential.
In the meantime, work is set to continue on the Princeton claims. Given the attention that Copper Mountain receives, staying on top of its flagship at Princeton is Anglo-Canadian’s top priority.
PRINCETON COPPER PROPERTY
When the company previously conducted a 3D IP/Mag survey in 2011 covering an area stretching 2.5km long and 1km wide, they encountered more than four geophysical targets of interest. Included in those tarets was the “combination zone,” which the company is currently drilling, and a high chargeability zone known as the “Haul Road” that extends over 900 metres long by 500 metres wide that contains copper showings; The latter is set to be drilled in the company’s next campaign.
On the Friday Creek Zone further to the west, historical grab and chip samples from 1960 had showings as high as 2.5 g/t gold, 30-65 g/t palladium, 42% copper and 150 g/t silver. The samples have since been duplicated in a more recent sampling effort.
Highlights of the more recent rounds of prospecting uncovered samples of 43% copper, 28.16 g/t gold, and 18.19 g/t palladium.
Since acquiring the Princeton claims, Anglo-Canadian has drilled 30 holes, over 75% of which have had copper showings. Almost all of the holes were drilled on the “combination zone” in an effort to develop a substantial resource.
The latest round of drilling results comes from the third of five holes (three drilled in 2013), each with encouraging results. Highlights of each included:
– PR 12-26 with 14 meters of 0.86% copper, and 3.5 g/t silver.
– PR 12-27 with 12 meters of 0.35% copper and 3.3 g/t silver.
– (LATEST) PR 13-28 with 12 meters of 0.35% copper and 1.5 g/t silver.
To put these results into perspective, average head grade at Copper Mountain’s mill is 0.31% copper. That company’s drilling between its pits #3 and #1 in the “saddle zone” has increased reserves at depth to porphyry deposits of this type.