Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF, FSE:7LY0) announces a grade-confirmation programme at its Zonia copper-oxide project in Arizona, USA (“Zonia” or the “Zonia Project”).
As a past producer, Zonia hosts over 7.1 million tons (containing up to 55 million pounds of copper) of run-of-mine mineralized material placed on three leach pads in the 1970’s. This material is not currently considered in the project’s Mineral Resource Estimate. This partially processed material is located on private patented land and is easily accessible (see the release from July 2nd, 2024, for further details). It presents a significant opportunity to add value to the project and could potentially become an additional early revenue source, having a positive effect on Zonia’s future economics and NPV (net present value).
Historical documents (a mine production report from 1979 and a project evaluation report from 1982) estimated remnant copper content of the pads ranging from 26.6 million lbs to 55 million lbs, with a grades ranging from 0.4% to 0.6% Cu. Therefore, the Company has initiated a grade-confirmation programme, which will include surface studies, drilling, and metallurgical testing to confirm the acid-soluble copper grade of this material. The programme will involve up to 1,100 metres (3,600 feet) of reverse circulation (“RC”) drilling, followed by metallurgical testing and additional in-fill drilling, if required.
Re-processing historical material often presents very attractive economics. At Zonia, this material is readily available and could be processed at lower cost than the bedrock resource. Following the completion of the grade-confirmation programme and securing the necessary permits, the Company plans to focus on designing the most optimal solution for reprocessing the material either through a small, portable SX-EW plant or by crystallizing copper sulfate, a marketable product requiring less upfront investment. This production could occur prior to commencement of the full-scale production from Zonia´s main mine plan, as outlined in the historical preliminary economic assessment (“PEA”) of 2018.
Mr. Gord Neal, CEO of World Copper, states: “Confirmation of existing copper metal sitting on our leach pads is a real opportunity to generate pre-production revenue, The grade-confirmation programme is a crucial first step towards creating additional shareholder value through potential upfront cash flow.”
Readers are cautioned that the above historical quantities and grades reported in the historical reports have not been verified by the Company and there has been insufficient work to determine if the numbers in the historical reports are accurate. The potential quantity and grade of copper at the historical heap leach pads are conceptual in nature, as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The Company is not treating the opportunity target as current mineral resources or mineral reserves.
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