Yukon Junior Boosts Copper Resource by 43% PEA On Way

Granite Creek Copper Ltd. (GCX:TSX; GCXXF:OTCQB) boosted the copper useful resource by 43% at its 100%-owned Carmacks copper-gold-silver deposit in Yukon to 651 million lb copper (651 Mlb Cu), up from 457 Mlb within the 2018 useful resource.

The marked enhance stems largely from greater than 8,200 meters of infill and enlargement drilling in 25 holes since Granite Creek acquired the high-grade Carmacks deposit, about 220 km north of Whitehorse, in 2020.

Granite Creek President and CEO Timothy Johnson says drilling hit important copper mineralization in 23 of the 25 holes and the upgraded useful resource is the primary section in what will probably be a giant 12 months for the corporate.

“What we’re beginning to ship to the market is mostly a seed change within the understanding and growth path of the Carmacks venture. Taking it from a small oxide play; discovering a solution to convey each the oxides and sulphides into view; and develop a preliminary financial evaluation (PEA) that appears in any respect the assets in an open pit configuration versus actually a small portion that was checked out within the 2017 PEA,” Johnson advised Streetwise.

Granite Creek has not but secured a contractor to supply the Carmacks PEA however Johnson says the RFP course of is nicely in hand and the fortunate bidder will probably be introduced quickly. The junior has enough money to fund the PEA, plus sufficient for some geophysical exploration work within the upcoming season.

Usually it might take roughly a 12 months to finish a PEA however provided that one was carried out by the earlier proprietor in 2017, Johnson reckons this one needs to be completed in about half the time. He expects to publish the PEA in Q3.

‘We’re not mine builders… we’re explorers’


Granite Creek Copper CEO Tim Johnson
Granite Creek Copper CEO Tim Johnson

“We’re not mine builders and we’re not operators, we’re explorers. We have to present sturdy economics to in the end entice a big copper producer, whether or not it is the fellows up the street from us, at Minto, or another person,” Johnson stated.

Minto Metals Corp. (MNTO:TSX.V) produces copper “up the street” at its namesake Minto underground mine, about 35 km from Carmacks.

Minto’s 4,000-tonne-per-day mill produces a copper-gold focus that’s shipped to a refinery in Japan through deep-water port in Skagway, Alaska.

Johnson estimates that Carmacks ore would seemingly be considerably cheaper to mine than Minto’s present price of $2.60/lb copper, primarily based on it being contemplated as open pit versus underground.

So far as any near-term preparations, Johnson says, “There could also be some synergies there. However there’s nothing within the works but.”

Official Nationwide Instrument 43-101 Useful resource


The brand new official Nationwide Instrument 43-101 useful resource at Carmacks reads: 36.2 million measured and indicated tonnes (36.2 Mt) grading 1.07% copper equal (1.07% CuEq) (0.81% Cu, 0.26 g/t gold, 3.23g/t silver and 0.011% molybdenum) for a complete of 651 Mlb copper. There may be additionally an inferred useful resource of 38 Mlb Cu.

When it comes to valuable metals, measured and indicated gold ounces improved by 24% to 302,000 oz, from 243,000; whereas the quantity of contained silver shot as much as 3.79 million ounces (3.79 Moz), from 2.684 Moz — a 41% bump.

Granite Creek additionally added molybdenum (Mo) to its useful resource (it had been disregarded of the earlier useful resource estimate). To this point, Carmacks has 8.5 Mlb Mo, with 93% within the measured and indicated class (about 7.9 Mlb), and seven% within the inferred (about 600,000 lb).

Contractor SGS Geological Companies modelled the useful resource utilizing three conceptual open pits and steel costs of $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo. 

Metallurgical Testing Demonstrates Excessive Recoveries


Check work confirmed metallurgical recoveries from oxide mineralization at Carmacks averaged 85% Cu, 85% Au, 65% Ag, whereas copper recoveries improved to 90% within the sulphides. Silver recoveries from sulphides had been roughly the identical, whereas gold recoveries dropped to about 75%.

Additional testing confirmed {that a} 25% copper focus might be produced with recoveries of as much as 95% of copper and 85% for gold. Ongoing metallurgical take a look at work will decide recoveries for silver and molybdenum, in addition to additional testing to verify the copper and gold recoveries.

“We’ve checked out recoveries within the sulphide versus the oxides we’re getting a lot better recoveries within the sulphides and the explanation for that’s if you’re within the oxide a portion of it’s nonetheless sulphide and that hadn’t been addressed beforehand. That tends to provide you poor recoveries, possibly 80 to 85% within the oxide ore, however we’re seeing as much as 95 within the sulphide. Your sulphide ore might be going to be value, I might say, 10-15% extra simply due to recoveries,” Johnson advised Streetwise.

Johnson says the earlier operators had modeled roughly a seven-year mine life primarily based on manufacturing solely from oxide ore, regardless of realizing that the sulphides had been there.

Granite Creek, with its early-stage Stu copper-gold venture, acquired Copper North and its PEA-stage Carmacks venture in 2020. The deal created a 17,580-hectare land package deal in Yukon’s Minto Copper Belt. Stu stays largely undeveloped.

“After we took the (Carmacks) venture over the actual potential was the sulphide. We really feel that might be a minimum of two to a few instances bigger than the overlying oxide (useful resource),” Johnson stated.

In a analysis report that pre-dates the brand new useful resource estimate, Vancouver-based Couloir Capital had a 12-month goal worth of CA$0.26 on Granite Creek. The corporate trades in a 52-week vary of CA$0.285 and $0.165.

Granite Creek Copper is one among of three publicly traded mining exploration corporations within the Vancouver-based Metallic Group. The others are: Group Ten Metals Inc. (PGE:TSX; PGEZF:OTCQB; 5D32:FSE), a progress stage nickel and platinum group parts explorer with a lately introduced inaugural useful resource estimate on its Montana asset; and Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB), which is creating a high-grade silver play in Yukon’s Keno district, in addition to a silver-gold-copper venture in Colorado that’s closing in on its first useful resource estimate.




1) Brian Sylvester compiled this text for Streetwise Reviews LLC and gives companies to Streetwise Reviews as an impartial contractor. He or members of his family personal securities of the next corporations talked about within the article: None. He and members of his family are paid by the next corporations talked about on this article: None. His firm has a monetary relationship with the next corporations referred to on this article: None.

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