Toronto, Ontario – December 1, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) today announced it has entered into a market-making agreement (the “Agreement”) with Independent Trading Group (“ITG“) pursuant to which ITG has agreed to provide market-making services to the Corporation in accordance with the policies of the TSX Venture Exchange and applicable laws.
Under the terms of the Agreement, which is effective December 1, 2021, Doré Copper will pay the Market Maker a monthly fee of $5,000 for market making services for a minimum term of three months, which will continue until either party has terminated the agreement with thirty (30) days’ notice. ITG will not receive shares or other securities as compensation. The capital used for market making will be provided by ITG.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 Mlbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a PEA of its hub-and-spoke model in January 2022. The Corporation is completing its 2021 drilling program of 50,000 meters on its properties in the Lac Doré and Chibougamau area of Québec.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Doré/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, completing a PEA in January 2022, increasing the Corner Bay resource base to above the existing 7.2 million tonnes, implementing a hub-and-spoke development strategy by advancing the Corporation’s key high-grade copper-gold brownfield projects towards a restart of operations, and the Corporation’s goal of achieving an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Toronto, Ontario – November 22, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce that further to its news releases dated October 6 and October 14, 2021, it has filed a technical report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) on the Company’s Corner Bay and Devlin copper projects.
A copy of the technical report (Technical Report on the Corner Bay-Devlin Property, Northwest Québec, Canada dated November 10, 2021) is available on the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at https://www.dorecopper.com. The Technical Report focuses on an updated mineral resource estimate for both the Corner Bay and Devlin projects located on the same property, south of the Chibougamau mining camp in northern Québec. The report was prepared by SLR Consulting (Canada) Ltd., an independent global mining advisory and consulting firm.
Ernest Mast, President and Chief Executive Officer of the Corporation, commented: “Work is progressing on the preliminary economic assessment (PEA) which will evaluate a hub-and-spoke operation model that will include our flagship high-grade copper-gold Corner Bay deposit, along with the Devlin (copper-gold) and Joe Mann (gold-copper) deposits to supplement tonnage. The PEA is expected to be completed in January 2022. Meanwhile, our drilling activities are continuing at Corner Bay to further increase our resource base above the existing 7.2 million tonnes.”
Qualified Persons
The Technical Report the Corner Bay-Devlin Property was prepared by Luke Evans, M.Sc., P.Eng. and Marie-Christine Gosselin, B.Sc., P.Geo., of SLR, both “Independent Qualified Persons” as defined by NI 43-101.
Andrey Rinta, P.Geo., the Exploration Manager of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 Mlbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a PEA of its hub-and-spoke model in January 2022. The Corporation is completing its 2021 drilling program of 50,000 meters on its properties in the Lac Doré and Chibougamau area of Québec.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Doré/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, completing a PEA in January 2022, increasing the Corner Bay resource base to above the existing 7.2 million tonnes, implementing a hub-and-spoke development strategy by advancing the Corporation’s key high-grade copper-gold brownfield projects towards a restart of operations, and the Corporation’s goal of achieving an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Toronto, Ontario – October 14, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce an updated mineral resource estimate (“MRE”) for its Devlin copper project. The Devlin deposit is easily accessible, partially developed and located approximately 10 kilometers west of the Corporation’s flagship Corner Bay project and approximately 35 kilometers by road from the Corporation’s Copper Rand mill, near Chibougamau, Québec.
The preliminary economic assessment (“PEA”) for the hub-and-spoke operation model, which includes the Corner Bay deposit as the main feed to the mill along with the Devlin deposit and the former Joe Mann mine as secondary feed sources, is expected to be completed by January 2022.
Highlights of the Devlin Updated MRE
Measured and Indicated Resource of 775,000 tonnes @ 2.17% Cu and Inferred Resource of 484,000 tonnes @ 1.79% Cu
Contains 37 million pounds of copper in the Measured and Indicated categories and 19 million pounds of copper in the Inferred category
Flat-lying deposit less than 100 meters from surface
Infrastructure in place:
305-meter decline access to a vertical depth of 70 meters
Within trucking distance (35 kilometres) of the Corporation’s 2,700 tpd mill
Development plan contiguous with Corner Bay benefiting from operational synergies
Included in the PEA anticipated in January 2022
Ernest Mast, President and CEO of Doré Copper, stated: “Our re-development plan for a hub-and-spoke operation model in the PEA includes our significant high-grade Corner Bay copper-gold project as the main feed to our centralized 2,700 tpd mill, supplemented by the Devlin and Joe Mann deposits. We plan to develop Devlin at the same time as our flagship Corner Bay deposit, which we believe will bring additional tonnes early in the mine life and have operational synergies with Corner Bay.”
The PEA will be using the MRE issued today for Devlin, the October 6, 2021 MRE for Corner Bay (refer to news release October 6, 2021) and the July 28, 2021 MRE for Joe Mann (Technical Report filed on September 10, 2021). A NI 43-101 technical report supporting the MREs for the Corner Bay and Devlin projects will be filed on SEDAR (www.sedar.com) prior to November 20, 2021.
Mineral Resource Estimate for Devlin
The MRE for the Devlin deposit was completed by SLR Consulting (Canada) Ltd. (“SLR”) and is shown in Table 1.
Table 1. Devlin Mineral Resource Estimate (Effective date of October 7, 2021)
Classification
Tonnage (k t)
Cu Grade (%)
Au Grade (g/t)
Cu Contained (M lbs)
Au Contained (k oz)
Measured
121
2.74
0.29
7.3
1.1
Indicated
654
2.06
0.19
29.7
4.0
M+I
775
2.17
0.20
37.0
5.1
Inferred
484
1.79
0.17
19.2
2.7
Notes:
The stated Mineral Resources comply with the disclosure requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards – For Mineral Resources and Mineral Reserves" (the “CIM Definition Standards”).
Mineral Resources are estimated at a cut-off grade of 1.2% Cu.
Mineral Resources are estimated using a long-term copper price of US$3.75 per pound, metallurgical copper recovery of 95%, and a US$/C$ exchange rate of 0.75.
A minimum mining height of 1.8 meters was used.
Bulk density of 2.90 g/cm3 was used for the Lower Zone and 2.85 g/cm3 for the Upper Zone.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Numbers may not add due to rounding.
The MRE utilized a combination of historic holes drilled from 1974 to 1982 and more recent drilling by Nuinsco (CBay Minerals Inc.) from 2013-14. A total of 140 drill holes (out of 174) were used for this MRE with an aggregated length of 14,924 meters. No additional drilling was completed at Devlin since 2014 except for a few holes for metallurgical testing by Doré Copper during summer 2021.
Mineral Resource Estimation Methodology
SLR’s mineral resource update is based on the previous MRE, dated June 30, 2015, that was prepared by Pierre Desautels, P.Geo., of AGP Mining Consultants Inc. (“AGP”) using Gemcom GEMS Version 6.5 software. A block model was built by AGP based on 140 diamond drill holes that intersect the Lower Zone and Upper Zone wireframes (Figure 1). The mineralization wireframes were built by AGP based on a 1.8 meters minimum mining height. Assays were capped to 15% Cu and 2.5 g/t Au in the Lower Zone and were capped to 10% Cu and 1.5 g/t Au in the Upper Zone. Full intersect copper and gold composites were interpolated into 10 meters by 10 meters by 2.5 meters high partial blocks using a three pass, inverse distance squared (ID2) estimation approach. AGP reported the resources base on a 1.6% Cu cut-off grade. SLR reviewed and adopted the AGP block model after making modifications to the classification model whereby the Measured blocks were preserved and a portion of the Inferred blocks were upgraded to Indicated. SLR’s MRE dated October 7, 2021 is based on a 1.2% Cu cut-off grade.
Figure 1. Isometric View of Devlin Showing the Upper and Lower Zones (Looking Northeast)
Devlin Copper Deposit
The Devlin deposit is a flat-lying (horizontal) magmatic massive sulphide deposit which is less than 100 meters from surface. The deposit is mainly hosted by a hydrothermal breccia. It is composed of a massive chalcopyrite-pyrite-quartz +/- carbonate vein which pinches and swells. Minor gold is present within the ore body with values typically less than 0.34 g/t. High grade intersections usually consist of one or several parallel quartz veins varying from a few centimeters to 1 meter in thickness, in which the occurrence of chalcopyrite may vary from occasional blebby specks to massive bands. As the mineralogy is very similar to the Corner Bay deposit, the Corporation expects no issues in comingling material from both projects.
The Devlin deposit was drilled by Riocanex (1974-78) and Camchib Resources Inc. (1979-82). In 1981, a 305-meter access decline of 11 ft. x 15 ft. was driven at -15% to a vertical depth of 70 meters, intersecting mineralization at approximately 55 meters below surface. An additional 305 meters of exploration drifting was completed along the vein confirming the continuity and grade of the copper zone. A bulk sample totaling 2,744 short tons of development muck was processed at the Principale mill (dismantled). From an average head grade of 1.26% Cu, a copper concentrate grading 17.79% Cu was obtained with an overall copper recovery of 96.9%. In 1995, Holmer Gold (55% owner of the property) retains Watts Griffis and McOuat Limited (“WGM”) to prepare a technical review of the project. WGM developed a mine plan suggesting a room and pillar approach with a mining rate of 200 tons per day for a total annual production of 50,000 short tons over a mine life of four years. In 2004, Lake Shore Gold acquired Holmer Gold and the Devlin property. The Devlin property was acquired by CBay Minerals Inc. in 2013. CBay Minerals completed 1,749 meters of drilling in 17 holes from 2013-14. In 2015, CBay Minerals reported a NI 43-101 MRE and filed a Technical Report for the Devlin project.
Qualified Persons
The MRE for Devlin was prepared by Luke Evans, M.Sc., P.Eng., ing, and Marie-Christine Gosselin, B.Sc., P.Geo., of SLR, both “Independent Qualified Persons” as defined by NI 43-101. The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the MREs.
Andrey Rinta, P.Geo., the Exploration Manager of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 Mlbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a PEA of its hub-and-spoke model in January 2022. The Corporation is completing its 2021 drilling program of 50,000 meters on its properties in the Lac Doré and Chibougamau area of Québec.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Doré/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Information Concerning Estimates of Mineral Reserves and Resources
The Mineral Reserve and Mineral Resource estimates in this press release have been disclosed in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”), and information with respect to mineralization and Mineral Reserves and Mineral Resources contained herein may not be comparable to similar information disclosed by U.S. companies. The requirements of NI 43-101 for identification of ‘‘reserves’’ are not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In addition, and without limiting the generality of the foregoing, this press release uses the terms ‘‘Measured Resources’’, ‘‘Indicated Resources’’ and ‘‘Inferred Resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC has not recognized them in the past. U.S. investors are cautioned not to assume that any part of a ‘‘Measured Resource’’ or ‘‘Indicated Resource’’ will ever be converted into a ‘‘reserve’’. U.S. investors should also understand that ‘‘Inferred Resources’’ have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of ‘‘Inferred Resources’’ exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, ‘‘Inferred Resources’’ may not form the basis of feasibility or pre-feasibility studies except in certain cases. Disclosure of ‘‘contained ounces’’ in a Mineral Resource is a permitted disclosure under Canadian securities laws, however, the SEC normally only permits issuers to report mineralization that does not constitute ‘‘reserves’’ by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this press release may not be comparable with information made public by companies that report in accordance with U.S. standards.
The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, will be rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources.” In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be “substantially similar” to the corresponding standards under NI 43-101. While the SEC will now recognize “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources that the Company reports are or will be economically or legally mineable. Further, “Inferred Mineral Resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “Inferred Mineral Resources” exist. There is no assurance that any Mineral Reserves or Mineral Resources that the Company may report as “Proven Mineral Reserves”, “Probable Mineral Reserves”, “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.
Mineral Resources are not Mineral Reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and Indicated Mineral Resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the Mineral Resource. Inferred Mineral Resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred Mineral Resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves. There is no certainty that Mineral Resources of any classification can be upgraded to Mineral Reserves through continued exploration.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, PEA expected in January 2022; development plan for Devlin to be contiguous with Corner Bay, which the Corporation believes will bring additional tonnes early in the mine life and have operational synergies with Corner Bay; implementing a hub-and-spoke development strategy by advancing the Corporation’s key high-grade copper-gold brownfield projects towards a restart of operations; and the Corporation’s goal of achieving an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Toronto, Ontario – October 6, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce an updated and significantly expanded Mineral Resource Estimate (“MRE”) for its flagship Corner Bay high-grade copper-gold project located approximately 55 kilometers by road from the Corporation’s Copper Rand mill, near Chibougamau, Québec.
This significant increase in the size of the MRE at Corner Bay represents an important step-change for the economic potential of an underground mining operation. This MRE will form the basis of the mine plan to be outlined in a preliminary economic assessment (“PEA”) anticipated to be completed by January 2022.
Corner Bay deposit contains an Indicated Resource of 2.66 Mt @ 2.68% Cu and 0.26 g/t Au and an Inferred Resource of 4.54 Mt @ 3.20% Cu and 0.27 g/t Au
Contains 157 million pounds of copper in the Indicated category and 320 million pounds of copper in the Inferred category
Corner Bay doubles in size from prior 2019 estimate:
An increase of 140% in total tonnage and 107% in contained copper metal in all resource categories
Discovery cost of $0.02 per pound1 since acquisition in 2017
Excellent continuity of mineralization
Infrastructure in place:
Ramp access to a vertical depth of 115 meters and two kilometers of development on three levels
Within trucking distance of the Corporation’s 2,700 tpd mill
Significant exploration potential exists to further increase the MRE:
Ongoing drilling program successfully connecting the Main Vein and Lower Deep Vein (both below dyke)
Deposit open down plunge below vertical depth of 1,100 meters
Subparallel zones untested
PEA anticipated in January 2022
“When we acquired Corner Bay in 2017, we saw the opportunity to significantly grow the deposit and generate value. Our recent drilling success has increased the mineral resource tonnage by 360% since acquisition and 140% from the 2019 MRE, at a very low discovery cost of $0.02 per pound and with still significant exploration potential on the property. Corner Bay is now one of the few undeveloped high-grade copper deposits (+3% Cu) in the world today,” said Ernest Mast, President and CEO of Doré Copper.
“Our next priority is the completion of the PEA study for the re-development plan of a hub-and-spoke operation model with Corner Bay as the main feed to our centralized mill, supplemented by the Devlin and Joe Mann deposits. With the significant copper grade and size of this mineral resource, the existing mine, mill and tailings infrastructure, we anticipate demonstrating very attractive economics for our hub-and spoke operation. The plan is to continue exploration drilling from surface at Corner Bay and commence infill drilling in 2022 for a feasibility study anticipated in early 2023.”
Doré Copper has awarded BBA Inc. (Mont-Saint-Hilaire, Québec) the contract to lead the PEA, which will include Corner Bay as the main feed to the Copper Rand mill along with Devlin and the former Joe Mann mine as secondary feed sources to its hub-and-spoke operation model.
The PEA will be using the MRE issued today for Corner Bay and the July 28, 2021 MRE for Joe Mann (Technical Report filed on September 10, 2021). Doré Copper is currently finalizing a MRE update for the Devlin copper deposit, located 10 kilometers to the west of Corner Bay on the same property. A NI 43-101 technical report supporting the MREs for the Corner Bay and Devlin deposits will be filed on SEDAR (www.sedar.com) within 45 days.
Mineral Resource Estimate for Corner Bay
The MRE for the Corner Bay deposit (shown in Table 1 and Figure 1) was completed by SLR Consulting (Canada) Ltd. (“SLR”), an independent global mining advisory and consulting firm, using available drill hole data as of September 28, 2021. This MRE is based on a database containing a total of 324 diamond drill holes totaling 140,105 meters, of which 48 holes totaling 46,633 meters were completed by Doré Copper from 2017 to 2021 (as of the cut-off date).
The Corner Bay deposit also has local significant silver and molybdenum concentrations which will be evaluated in the feasibility study. The deposit remains open down plunge and there are several parallel veins to the east and west that remain to be tested.
Table 1. Corner Bay Mineral Resource Estimate (Effective date of October 1, 2021)
Classification
Vein
Tonnage (Mt)
Cu Grade (%)
Au Grade (g/t)
Cu Contained (M lbs)
Au Contained (k oz)
Indicated
Main Vein 1
1.77
2.56
0.27
100
15
Main Vein 2
0.50
2.87
0.27
32
4
Main Below Dike
0.38
2.96
0.21
25
3
Total
2.66
2.68
0.26
157
22
Inferred
Main Vein 1
0.35
2.77
0.32
22
4
Main Vein 2
-
-
-
-
-
Main Below Dike
3.39
3.09
0.25
231
27
Lower Deep
0.42
5.43
0.44
51
6
West Veins
0.26
1.68
0.16
9.6
1.4
East Vein
0.11
2.91
0.21
7
1
Total
4.54
3.20
0.27
320
39
Notes:
The stated Mineral Resources comply with the disclosure requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards – For Mineral Resources and Mineral Reserves" (the “CIM Definition Standards”).
Mineral Resources are estimated at a cut-off grade of 1.3% Cu.
Mineral Resources are estimated using a long-term copper price of US$3.75 per pound, metallurgical copper recovery of 95%, and a US$/C$ exchange rate of 0.75.
A minimum mining width of two meters was used.
Bulk density for Main Vein 1 and Main Vein 2 above dyke is 3.1 g/cm3, East Vein is 2.90 g/cm3, Main Vein below dyke and Lower Deep Vein is 3.0 g/cm3, and West Veins WV and WV2 is 2.85 g/cm3 and WV3 is 2.92 g/cm3.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Numbers may not add due to rounding.
Figure 1. Corner Bay Isometric View Showing the Mineral Resources and Potential for Expansion
Figure 2. Corner Bay Cross Section Showing the Mineralized Structures
Mineral Resource Estimation Methodology
The Corner Bay MRE is based on eight veins, three of which are above the principal dyke, two are below and three are located on the west side of the deposit. For this estimation, the assays from the mineralized zones were uncapped for copper, capped at 6.0 g/t for gold and two meter composites were used, except for the Main Vein below dyke which used full length composites. The domains were estimated into sub-blocked models using a three-pass inverse distance squared (ID2) or cubed (ID3) interpolation approach. A minimum thickness of 2 meters was applied to all veins. Indicated Mineral Resources represent areas with drill hole spacing up to approximately 60 meters and Inferred Mineral Resources between 60 meters and 100 meters, with a copper cut-off grade of 1.3%.
Mineral Resource domains and block modelling work was performed using Leapfrog Geo and Edge software. In addition to standard historical data and database validation techniques, wireframe and block model validation procedures including wireframe to block volume confirmation, statistical comparisons with composite and nearest neighbour estimates, and visual reviews in longitudinal section were performed.
Corner Bay Deposit
The Corner Bay deposit was discovered in 1982. The property was acquired by Ressources MSV Inc. in 1995 and subsequently merged with Campbell Resources Inc. (“Campbell”). Several exploration drilling programs were carried out up to 2008. An initial NI 43-101 MRE was prepared in 2006. In 2008, Campbell initiated an underground bulk sampling program by driving a ramp down to 115 meters below surface and establishing three levels (55, 75 and 105 meters). The bulk development sample totaling approximately 36,000 tonnes averaging 2.48% Cu and 0.44 g/t Au was processed at the Copper Rand mill with recoveries of 94.4% for copper and 81.5% for gold.
Doré Copper, while operating as a private company, completed a drilling program of 14,047 meters in 14 holes (including wedges) in 2017-18 and reported a NI 43-101 MRE in 2019. Subsequent drilling programs by the Corporation in 2020 and 2021 have successfully expanded the deposit along strike and down plunge.
The Corner Bay property is located on the southern flank of the Lac Dore Complex. An anorthositic sequence hosts the copper mineralized shear, striking approximately north-south and dipping 70° west, which extends from surface down to 1,300 meters vertically (open) and over one kilometer along strike. The deposit is bisected by the regional Gabbro Isle dyke, a large north-south striking diorite dyke dipping sub-vertically.
The deposit consists of four main mineralized veins (subparallel Main Vein 1 and Main Vein 2 above the dyke, Main Vein below the dyke, and Lower Deep Vein) that make up the bulk of the deposit, and four other parallel smaller veins (West Veins and East Vein) (Figures 1 and 2). The Main Vein below the dyke is the continuation of the mineralization above in Main Vein 1 and 2, but as the name implies, it is located below the Gabbro Isle dyke and dips 80° towards the west. The Lower Deep Vein is a deeper lens in the same shear, with the same general orientation as the other veins, dipping 65° west. The current drilling program is successfully demonstrating continuity between the Main Vein below the dyke and the Lower Deep Vein (assays are pending). This part of the deposit has limited strike extension and remains open down plunge. Identified and drilled in 2020 and 2021, the West Veins are three parallel veins located 60 meters to 100 meters below surface and located approximately 400 meters west of the Main Vein 1 and 2. They are sub-vertical and range in thickness from 0.5 meter to 3.0 meters. The mineralized structure hosting these veins extends for hundreds of meters along strike and still remains sparsely drilled. A new parallel vein (East Vein) was identified 200 meters to the east of the Main Vein above the dyke. Both the West and East Veins are open along strike and at depth.
In general, the mineralization ranges in thickness from 0.4 meter to over 20 meters (all eight veins have been modelled with a two meter minimum true thickness). Mineralization consists mostly of pyrite and chalcopyrite with sporadic pyrrhotite.
Qualified Persons
The MRE for Corner Bay was prepared by Luke Evans, M.Sc., P.Eng., ing. and Marie-Christine Gosselin, B.Sc., P.Geo, of SLR, both “Independent Qualified Persons” as defined by NI 43-101. The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the MREs.
Andrey Rinta, P.Geo., the Exploration Manager of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
Town Hall Webinar
Ernest Mast, President and CEO of Doré Copper will discuss the MRE update for Corner Bay, the Corporation’s key asset for an eventual hub-and-spoke operation, at a webinar on Wednesday, October 6 at 12:00 PM EST.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a PEA of its hub-and-spoke model in January 2022. The Corporation is completing its 2021 drilling program of 50,000 meters on its properties in the Lac Doré and Chibougamau area of Québec.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
1. Non-audited estimation using exploration expenditures from October 2017 up to June 30, 2021 divided by the increase in the total pounds of copper in mineral resources. Exploration expenditures include drillings costs, assays costs, geophysics, geochemistry, and a portion of indirect costs such as consultants, maintenance, travel and operations support. This is considered a non-IFRS financial measure.
2. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Doré/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Information Concerning Estimates of Mineral Reserves and Resources
The Mineral Reserve and Mineral Resource estimates in this press release have been disclosed in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”), and information with respect to mineralization and Mineral Reserves and Mineral Resources contained herein may not be comparable to similar information disclosed by U.S. companies. The requirements of NI 43-101 for identification of ‘‘reserves’’ are not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In addition, and without limiting the generality of the foregoing, this press release uses the terms ‘‘Measured Resources’’, ‘‘Indicated Resources’’ and ‘‘Inferred Resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC has not recognized them in the past. U.S. investors are cautioned not to assume that any part of a ‘‘Measured Resource’’ or ‘‘Indicated Resource’’ will ever be converted into a ‘‘reserve’’. U.S. investors should also understand that ‘‘Inferred Resources’’ have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of ‘‘Inferred Resources’’ exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, ‘‘Inferred Resources’’ may not form the basis of feasibility or pre-feasibility studies except in certain cases. Disclosure of ‘‘contained ounces’’ in a Mineral Resource is a permitted disclosure under Canadian securities laws, however, the SEC normally only permits issuers to report mineralization that does not constitute ‘‘reserves’’ by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this press release may not be comparable with information made public by companies that report in accordance with U.S. standards.
The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, will be rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources.” In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be “substantially similar” to the corresponding standards under NI 43-101. While the SEC will now recognize “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources that the Company reports are or will be economically or legally mineable. Further, “Inferred Mineral Resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “Inferred Mineral Resources” exist. There is no assurance that any Mineral Reserves or Mineral Resources that the Company may report as “Proven Mineral Reserves”, “Probable Mineral Reserves”, “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.
Mineral Resources are not Mineral Reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and Indicated Mineral Resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the Mineral Resource. Inferred Mineral Resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred Mineral Resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves. There is no certainty that Mineral Resources of any classification can be upgraded to Mineral Reserves through continued exploration.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, the significant increase in the size of the MRE at Corner Bay representing an important step-change for the economic potential of an underground mining operation, PEA to be completed by January 2022, significant exploration potential to further increase the MRE, demonstrating very attractive economics for our hub-and spoke operation, plan to continue exploration drilling from surface at Corner Bay and commence infill drilling in 2022, feasibility study anticipated in early 2023, implementing a hub-and-spoke development strategy by advancing the Corporation’s key high-grade copper-gold brownfield projects towards a restart of operations, and the Corporation’s goal of achieving an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Toronto, Ontario – September 10, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce that further to its news release dated July 28, 2021, it has filed a technical report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) on the Company’s Joe Mann property.
A copy of the Technical Report is available on the Company’s profile on SEDAR at www.sedar.comand on the Company’s website at https://www.dorecopper.com. The Technical Report focuses on a mineral resource estimate for the former Joe Mann mine. The report was prepared by SLR Consulting (Canada) Ltd., an independent global mining advisory and consulting firm.
Ernest Mast, President and Chief Executive Officer of the Corporation, commented: “Work is underway to complete a preliminary economic assessment (PEA) by year-end for our hub-and-spoke model which will include our flagship high-grade copper-gold Corner Bay deposit, along with the Devlin (copper) and Joe Mann (gold) deposits to supplement tonnage. Prior to end of September, we plan to issue a mineral resource update for Corner Bay which we expect will reach our key target of 5 million tonnes of resources.”
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a PEA of its hub-and-spoke model in late 2021. Currently, the Corporation is completing a 30,000-metre drilling program at its Corner Bay (Cu-Au) project, of which approximately 19,000 meters will be included in an updated mineral resource estimate expected at the end of Q3 2021.
For further information, please visit the Corporation’s website at www.Dorécopper.com or refer to Doré Copper’s SEDAR filings at www.sedar.com or contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Doré/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, completing a PEA by year-end, issuing a mineral resource update by end of September for Corner Bay which is expected to reach our key target of 5 million tonnes of resources, implementing a hub-and-spoke development strategy by advancing the Corporation’s key high-grade copper-gold brownfield projects towards a restart of operations, and the Corporation’s goal of achieving an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Toronto, Ontario – August 19, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) announces the appointment of Martha Manuel to its board of directors and the resignation of Matt Manson as a director.
“First, the Board of Directors would like to thank Matt for his insight and guidance in the formative stages of Doré Copper and we wish him all the best in his future endeavours,” stated said Mario Stifano, Executive Chairman of Doré Copper. “We would also like to welcome Martha to the Board. Martha is a well-regarded leader and brings highly valuable and diverse expertise to the Corporation as we advance towards our goal of restarting mining operations in the Chibougamau mining camp.”
Ms. Manuel is a member of the Neskonlith Band, which is one of the 17 communities within the Secwepemculecw (Shuswap territory) in British Columbia. She worked with New Gold Inc., an intermediate mining company as the Manager of Indigenous Relations for over 10 years and prior to that worked with Indigenous groups in the areas of education, trades training, housing, language and healthcare. Since leaving New Gold in 2020, she completed a Master of Business Administration (MBA) and has been working in a consulting capacity to support Indigenous initiatives.
In 2019, Martha received the Michelle Pockey Leadership Award. The award is named in honor of the memory of a prominent lawyer and community activist, Michelle Pockey, who dedicated herself to making a positive impact with energy, mining, environmental and Indigenous issues, increasing the economic success and impact of women. She also received the Trailblazer Award through Women in Mining Canada at the PDAC conference in Toronto in March 2020.
Doré Copper also announces that it has granted Ms. Manuel an aggregate of 45,000 incentive stock options (the “Options”), having an exercise price of $0.79 per share. The Options can be exercised for a period of five years from the date of grant and are subject to the policies of the TSX Venture Exchange.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a PEA of its hub-and-spoke model in late 2021. Currently, the Corporation is completing a 30,000-metre drilling program at its Corner Bay (Cu-Au) project, of which approximately 19,000 meters will be included in an updated mineral resource estimate expected in Q3 2021.
For further information, please visit the Corporation’s website at www.Dorécopper.com or refer to Doré Copper’s SEDAR filings at www.sedar.com or contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Doré/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, implementing a hub-and-spoke development strategy by advancing the Corporation’s key high-grade copper-gold brownfield projects towards a restart of operations, and the Corporation’s goal of achieving an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Toronto, Ontario – July 28, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce the Corporation’s initial mineral resource estimate (“MRE”) for its Joe Mann property where it has an option to earn a 100% interest. The property is located approximately 60 kilometers by road from its Copper Rand mill near Chibougamau, Québec.
Doré Copper plans to integrate the former Joe Mann mine into its hub-and-spoke operation model and is anticipating the completion of a preliminary economic assessment (“PEA”) at the end of 2021, with Corner Bay as the main feed to the Copper Rand mill.
Commenting on the result, Ernest Mast, President and CEO of Doré Copper, stated: “This is a good start towards our exploration and re-development plan for the former Joe Mann mine as part of our hub-and-spoke operation model, which will include several mines feeding our centralized mill having a capacity of 2,700 tpd. Our plan is to continue future drilling activities from underground where there is excellent potential for the gold mineralization to continue down plunge at both the West and Main Zones. We are also confident that with additional drilling the average gold grade of the deposit will increase.”
Mineral Resource Estimate
The MRE for the Joe Mann deposit was completed by SLR Consulting Ltd. (“SLR”) and contains an Inferred Mineral Resource of 608,000 tonnes at an average grade of 6.78 g/t Au for 133,000 contained ounces of gold (see Table below).
Joe Mann Mineral Resource Estimate (Effective date of July 21, 2021)
Classification
Domain
Tonnage
Au Grade
Cu Grade
Au Contained
Cu Contained
(000 t)
(g/t)
(%)
(k oz)
(k lbs)
Inferred
West 01
282
4.98
0.16
45
982
Inferred
West 02
128
5.23
0.18
22
496
Inferred
Main 01
197
10.36
0.41
66
1,803
Inferred
Total
608
6.78
0.24
133
3,281
Notes:
The stated Mineral Resources comply with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards – For Mineral Resources and Mineral Reserves" (the “CIM Definition Standards”).
Mineral Resources were estimated at a cut-off grade of 2.60 g/t Au, based on operating cost projections and applicable metallurgical recovery (83%). The cut-off grade was used in combination with a minimum mining width factor of 1.2 meters to define the resource. A small number of lower grade blocks within Main 01 have been included for continuity.
Mineral Resources were estimated using a long-term gold price of US$1,800/oz and a US$/C$ exchange rate of 0.75.
Bulk density of 2.84 t/m3.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Numbers may not add/multiply due to rounding.
The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the MRE.
This initial MRE incorporates a total of 52 diamond drill holes totaling 17,622 meters, including 48 historic holes totaling 12,311 meters and four holes completed by Doré Copper in late 2020 totaling 5,312 meters (see news release January 25, 2021).
Mineral Resource Estimation Methodology
The MRE is based on two veins in the West Zone and one vein in the Main Zone of the former Joe Mann mine, directly below existing mine infrastructure that last operated in 2007 (vertical depth of 870 meters for the West Zone and 1,050 meters for the Main Zone from surface), within which capped, full length composites have been estimated into sub-blocked models using a two-pass inverse distance cubed (ID3) interpolation approach. Vein orientations were confirmed through observed vein angles in drill core with consideration to overlying mined out stope orientations. A minimum thickness of 1.2 meters was applied to all veins. Grades were capped at 45 g/t Au. Inferred Mineral Resources represent areas with drill hole spacing up to 100 meters and above a cut-off grade of 2.6 g/t Au. Within Main 01, a small amount of lower grade material was included to preserve continuity.
The Mineral Resource domain dimensions approximate 200 x 400 meters for West 01, 250 x 175 meters for West 02, and 170 x 300 meters for Main 01. The West Zone is approximately 1,100 meters west of the Main Zone. All three veins remain open down plunge and along strike to the east.
Mineral Resource domains and block modelling work was performed using Leapfrog Geo and Edge software. In addition to standard historical data and database validation techniques, wireframe and block model validation procedures including wireframe to block volume confirmation, statistical comparisons with composite and nearest neighbour estimates, visual reviews in longitudinal section were also completed.
NI 43-101 Technical Report
A NI 43-101 technical report disclosing the MRE for the Joe Mann deposit will be filed on SEDAR (www.sedar.com) within 45 days.
Joe Mann Deposit
The Joe Mann mine produced a total of 1,173,238 ounces of gold, 28.7 million pounds of copper, and about 607,000 ounces of silver from 1956 to 2007 (4.75 Mt grading 8.26 g/t Au, plus 0.25% Cu and 5 g/t Ag)1. From 2004 until its closure in 2007, the ore was processed at the Company’s Copper Rand mill located 60 kilometers to the north.
Following the closure of the mine, two of three diamond drill holes completed in 2008 from the 945 meters level intersected the Main Zone. The first hole (EE-189B) intersected the Main Zone at 170 meters underneath the lowest level (1,050 meters) with 26.66 g/t Au and 0.40% Cu over 1.88 meters and 14.72 g/t Au over 1.2 meters. The second hole (EE-188) also intersected the Main Zone with 30.3 g/t Au and 1.3% Cu over 3.02 meters and the South Zone with 9.23 g/t Au over 0.91 meter. With no funds to further continue this exploration program, Gold Bullion dropped the option and the mine was allowed to flood during the spring of 2008.
Doré Copper optioned the property in January 2020 and in late 2020 completed 8,343 meters of drilling to test the depth extension of the Main and West Zones, and other structures on the Joe Mann property. Two holes tested the Main Zone below the underground workings to test the continuity of the high-grade gold mineralization identified by two prior holes (refer to above). Hole JM-20-02A intersected the Main Zone, approximately 120 meters up-dip from these two historical intercepts, and returned 6.32 g/t Au and 0.52% Cu over 1.3 meters, including 17.7 g/t Au and 1.23% Cu over 0.45 meter; and 2.29 g/t Au over 5.95 meters, including 5.64 g/t Au over 1.7 meters. Four holes tested the downdip extension of the West Zone, which was mined from 2004 to 2007 up to a depth of 890 meters. All four holes intersected the West Zone at depths of 270 to 400 meters below the mined area. The best hole (JM-20-06W3) intersected 10.34 g/t Au and 0.27% Cu over 4.0 meters and at a further 11 meters downhole intersected 13.70 g/t Au and 0.42% Cu over 0.5 meter. These two intercepts are located 100 meters down plunge from historical high-grade intercepts of 5.0 meters of 10.3 g/t Au (hole EW78_D), 3.2 meters of 16.1 g/t Au (hole EW79_D), and 3.3 meters of 10.4 g/t Au (hole EW57_D). Refer to news release dated January 25, 2021.
Joe Mann is characterized by east-west striking shear hosted veins that extend beyond 1,000 meters vertically with mineralization identified over a 3-kilometer strike length. These shear zones form part of the Opawica-Guercheville deformation zone, a major deformation corridor cutting the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment. The gabbro sill hosts the Main Zone and the West Zone at the mine, while the South Zone is found in the rhyolite.
In the mine area, gold mineralization is hosted in quartz-carbonate veins that vary in thickness from five centimeters to 1.5 meters, averaging 0.75 meters. The veins are intensely brecciated and often boudinaged and folded. Gold is closely linked pyrite, pyrrhotite, and chalcopyrite.
Qualified Persons
The MRE for Joe Mann was prepared by Marie-Christine Gosselin and Valerie Wilson of SLR, both “Independent Qualified Persons” as defined by NI 43-101.
Andrey Rinta, P.Geo., the Exploration Manager of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a PEA of its hub-and-spoke model in late 2021. Currently, the Corporation is completing a 30,000-metre drilling program at its Corner Bay (Cu-Au) project, of which approximately 19,000 meters will be included in an updated mineral resource estimate expected in Q3 2021.
For further information, please visit the Corporation’s website at www.Dorécopper.com or refer to Doré Copper’s SEDAR filings at www.sedar.com or contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Doré/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Information Concerning Estimates of Mineral Reserves and Resources
The Mineral Reserve and Mineral Resource estimates in this press release have been disclosed in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”), and information with respect to mineralization and Mineral Reserves and Mineral Resources contained herein may not be comparable to similar information disclosed by U.S. companies. The requirements of NI 43-101 for identification of ‘‘reserves’’ are not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In addition, and without limiting the generality of the foregoing, this press release uses the terms ‘‘Measured Resources’’, ‘‘Indicated Resources’’ and ‘‘Inferred Resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC has not recognized them in the past. U.S. investors are cautioned not to assume that any part of a ‘‘Measured Resource’’ or ‘‘Indicated Resource’’ will ever be converted into a ‘‘reserve’’. U.S. investors should also understand that ‘‘Inferred Resources’’ have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of ‘‘Inferred Resources’’ exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, ‘‘Inferred Resources’’ may not form the basis of feasibility or pre-feasibility studies except in certain cases. Disclosure of ‘‘contained ounces’’ in a Mineral Resource is a permitted disclosure under Canadian securities laws, however, the SEC normally only permits issuers to report mineralization that does not constitute ‘‘reserves’’ by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this press release may not be comparable with information made public by companies that report in accordance with U.S. standards.
The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, will be rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources.” In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be “substantially similar” to the corresponding standards under NI 43-101. While the SEC will now recognize “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources that the Company reports are or will be economically or legally mineable. Further, “Inferred Mineral Resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “Inferred Mineral Resources” exist. There is no assurance that any Mineral Reserves or Mineral Resources that the Company may report as “Proven Mineral Reserves”, “Probable Mineral Reserves”, “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.
Mineral Resources are not Mineral Reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and Indicated Mineral Resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the Mineral Resource. Inferred Mineral Resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred Mineral Resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves. There is no certainty that Mineral Resources of any classification can be upgraded to Mineral Reserves through continued exploration.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, the Corporation’s plans to integrate the former Joe Mann mine into its hub-and-spoke operation model, anticipating the completion of a preliminary economic assessment (“PEA”) at the end of 2021 with Corner Bay as the main feed to the Copper Rand mill, continuing future drilling activities at Joe Mann from underground, the excellent potential for the high-grade gold mineralization at Joe Mann to continue down plunge at both the West and Main Zones, the confidence that with additional drilling the average gold grade of the deposit will increase, implementing a hub-and-spoke development strategy by advancing the Corporation’s key high-grade copper-gold brownfield projects towards a restart of operations, and the Corporation’s goal of achieving an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Toronto, Ontario – July 7, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce the second set of results from its 2021 drilling campaign at its flagship Corner Bay property, located in the Chibougamau mining camp, approximately 40 kilometers by road from Chibougamau, Québec. As of July 1, 2021, Doré Copper has completed 23 holes totaling 20,166.7 meters and is reporting today the results from nine holes. On May 17, 2021, Doré Copper reported the first 11 holes from the 2021 drilling program, which successfully extended the deposit by 200 meters along strike.
With the successful 2021 drilling program to date, Doré Copper is increasing the Corner Bay drilling program from 16,500 meters to 30,000 meters. The Corporation has established the assay cut-off date at around mid-July to include hole CB-21-32W2 for an updated mineral resource estimate in early Q3. The preliminary economic assessment (“PEA”) to support an eventual hub-and-spoke restart of the camp using its existing 2,700 tpd mill, with Corner Bay as the main feed to the mill, is anticipated at the end of 2021.
Drilling Highlights
Main Vein below dyke
CB-21-30: 10.45 meters of 2.23% Cu, 0.52 g/t Au and 7.7 g/t Ag, including 4.6 meters of 4.04% Cu, 1.02 g/t Au and 13.7 g/t Ag
CB-21-32W1: 6.8 meters of 3.67% Cu, 0.26 g/t Au and 9.7 g/t Ag – 65 METRES UP-DIP FROM 5.5 meters of 3.46% Cu, 0.25 g/t Au and 8.4 g/t Ag (Hole CB-21-32)
CB-21-34: 3.6 meters of 4.52% Cu, 0.12 g/t Au and 8.1 g/t Ag, including 1.65 meters of 9.75% Cu, 0.24 g/t Au and 14.7 g/t Ag
Main Vein above the dyke
CB-21-31: 3.0 meters of 4.09% Cu, 0.37 g/t Au and 10.9 g/t Ag
CB-21-35: 7.3 meters of 1.43% Cu, 0.17 g/t Au and 4.9 g/t Ag, including 3.1 meters of 2.03% Cu, 0.32 g/t Au and 6.6 g/t Ag
CB-21-37: 4.55 meters of 3.02% Cu, 0.42 g/t Au, and 12.9 g/t Ag
“The 2021 drilling program continues to expand the size of the high-grade copper-gold Corner Bay deposit. These positive results from two different areas of the deposit will be included in the upcoming mineral resource estimate. Our confidence continues to grow in reaching our key target of 5 million tonnes of resources, which would be an increase of approximately 65% from our 2019 NI 43-101 mineral resource estimate. We are also encouraged to see good continuity and increased thicknesses at depth which lend itself to increased mining rates over time,” stated Ernest Mast, President and CEO of Doré Copper. “The furthest southern intercepts (hole CB-21-32 and 32W1) are indicating that the growth potential towards the south is open along strike and up-dip. We are now increasing our drilling program to 30,000 meters to continue delineating the mineralization along strike to the south.”
Corner Bay Drilling Program
Results to date from the 2021 drilling program have successfully continued to expand the copper-gold mineralization at Corner Bay, bringing the total strike of the mineralization to over 900 metres. The intercepts of holes CB-21-30 (10.45 meters of 2.23% Cu, 0.52 g/t Au and 7.7 g/t Ag, including 4.6 meters of 4.04% Cu, 1.02 g/t Au and 13.7 g/t Ag), CB-21-32W1 (14.2 meters of 2.26% Cu, 0.18 g/t Au and 7.4 g/t Ag, including 6.8 meters of 3.67% Cu, 0.26 g/t Au and 9.7 g/t Ag), and CB-21-34 (3.6 meters of 4.52% Cu, 0.12 g/t Au and 8.1 g/t Ag, including 1.65 meters of 9.75% Cu, 0.24 g/t Au and 14.7 g/t Ag) have expanded the Main Vein (below the diorite dyke) along strike to the south by approximately 200 meters from the 2020 drilling program (see Figure 1 and Table 1). The high-grade copper intercept of 6.8 meters of 3.67% Cu in CB-21-32W1 (southernmost hole for this part of the deposit) is located 65 meters up-dip from hole CB-21-32, which intersected 5.5 meters of 3.46% Cu. Holes CB-21-32 and CB-21-32W1 are located 380 meters south along strike from the 2019 mineral resource limit. The intercept in hole CB-21-32W1 further demonstrates that the “La Chib” fault, which limited the upper part of the deposit along strike to the south, does not limit the mineralization in the deeper part of the deposit and therefore opens up this part of the deposit along strike.
With these positive results and the recent financing, Doré Copper is increasing the 2021 drilling program at Corner Bay to 30,000 meters to test the mineralization further along strike to the south and up-dip and look at connecting the Deep Vein Main lens to the Main Vein below the dyke (step out holes from hole CB-21-34 to the north).
In the Main Vein above the dyke, assays received from six holes are expected to increase the size of the resource and improve the drill density in this area. Significant intercepts include: 4.55 meters of 3.02% Cu, 0.42 g/t Au, and 12.9 g/t Ag (CB-21-37) and 3.0 meters of 4.09% Cu, 0.37 g/t Au and 10.9 g/t Ag (CB-21-31) (see Figure 2 and Table 1).
Additional drill holes in proximity to the Main Vein have intersected significant copper mineralization and will be included in the upcoming mineral resource estimate. This includes three new parallel veins near surface (West Vein area) located 400 meters to the west of the Main Vein (refer to news release dated May 17, 2021 for assay results) (see Figure 3).
Figure 1. Long section view of the Corner Bay Main Vein below the dyke (blue horizontal line indicates vertical depth of 880 meters).
Figure 2.Long section view of the Corner Bay Main Vein above the dyke (blue horizontal line indicates vertical depth of 390 meters).
Figure 3. Isometric view of the entire Corner Bay deposit. The red zones are the mineral resources defined in the 2019 NI 43-101 Technical Report. The diorite dyke bisects the deposit – Main Vein above the dyke and Main Vein below the dyke.
Figure 4.Geology map of the Corner Bay deposit with projections to surface of the potential mineral resources of the main vein defined in the 2019 NI 43-101 Technical Report and showing location of hole CB-21-32 and 32W1 (assays received).
Table 1. Corner Bay Property Drill Assays Highlights from the 2021 Drill Program
Hole
From(m)
To(m)
Width1(m)
Cu(%)
Au(g/t)
Ag(g/t)
Zone
CB-21-30 including
1,005.0
1,015.45
10.45
2.23
0.52
7.7
Main Vein below dyke (south)
1,010.3
1,014.9
4.6
4.04
1.02
13.7
“
CB-21-31
424.4
427.4
3.0
4.09
0.37
10.9
Main Vein above dyke
CB-21-32W1 including
1071.0
1085.2
14.2
2.26
0.18
7.4
Main Vein below dyke (south)
1071.8
1078.6
6.8
3.67
0.26
9.7
“
CB-21-33
471.8
472.9
1.1
1.96
0.26
5.0
Main Vein above dyke
CB-21-34 including
1,160.2
1,163.8
3.6
4.52
0.12
8.1
Main Vein below dyke (south)
1,161.2
1,162.85
1.65
9.75
0.24
14.7
“
CB-21-35 including
427.8
435.1
7.3
1.43
0.17
4.9
Main Vein above dyke
431.5
434.6
3.1
2.03
0.32
6.6
“
CB-21-36
607.8
610.4
2.6
1.35
0.22
10.2
Main Vein above dyke
CB-21-37
534.5
539.05
4.55
3.02
0.42
12.9
Main Vein above dyke
CB-21-38
679.6
682.6
3.0
2.57
0.39
15.0
Main Vein above dyke
1. The true width of the structures intersected is estimated at approximately 55-65% of the downhole width
Table 2. Previously Reported 2020 and 2021 Drill Assay Highlights from Main Vein below dyke (south)
Hole
From(m)
To(m)
Width1(m)
Cu(%)
Au(g/t)
Ag(g/t)
CB-20-16
1,187.95
1,195.2
7.25
2.46
0.59
5.0
CB-20-16W1
1,156.0
1,158.3
3.3
1.94
0.13
4.5
CB-20-17
974.0
981.0
7.0
9.08
0.41
30.6
including
976.0
980.75
4.75
11.07
0.48
36.1
CB-20-18
1,021.9
1,028.2
6.30
3.03
0.11
6.6
CB-20-19
1,160.75
1,167.2
6.45
4.06
0.38
13.2
including
1,164.85
1,167.2
2.35
6.10
0.74
15.3
CB-21-28
1,146.7
1,150.4
3.7
5.05
0.15
11.3
including
1,147.2
1,149.0
1.8
9.12
0.17
19.2
CB-21-29
1,050.6
1,054.3
3.7
2.47
0.87
9.3
including
1,051.6
1,053.1
1.5
5.25
2.05
12.7
CB-21-32
1,119.5
1,125.0
5.5
3.46
0.25
8.4
including
1,120.4
1,124.0
3.6
4.63
0.30
11.4
True widths estimated to be 60%-65% of downhole lengths.
Corner Bay Deposit
The Corner Bay deposit contains an Indicated resource of 1.35 Mt at an average grade of 3.01% Cu and 0.29 g/t Au, containing 89.8 million pounds of copper and 13,000 ounces of gold, and an Inferred resource of 1.66 Mt at an average grade of 3.84% Cu and 0.27 g/t Au, containing 140.3 million pounds of copper and 15,000 ounces of gold, assuming a cut-off grade of 1.5% Cu and a copper price of US$3.25 per pound (Technical Report dated June 2019).
The Corner Bay deposit is hosted by the intrusive Lac Doré Complex on the southern flank of the Chibougamau anticline. A regional north-northeastern diorite dyke also cuts the area. Several significant shear zones oriented north-south and northwest-southeast have been identified in the area. The Corner Bay area is characterized by copper porphyry style mineralization and by copper mineralization in shear zones commonly associated with dykes related to the Chibougamau Pluton.
The Main Vein is oriented N10ºW dipping 75 to 85 degrees towards the west. To the north, the Main Vein is limited by one of the NW-SE structures while to the south it is open at depth across the “La Chib” fault. The mineralization varies from 15 centimeters to 8 meters thick, with an average thickness of 2.2 meters, located within a shear zone varying in width from 2 to 25 meters. The Main Vein below the dyke to the south is thicker and higher grade that the Main Vein above the dyke. The Main Vein lateral extension is now more than 900 meters and it remains open at depth down-dip and along strike (see Figure 4).
Additional drill holes in proximity to the Main Vein have intersected significant copper mineralization and will be included in the mineral resource estimate.
Drilling and Quality Control
The Company is using Miiken Drilling as the drilling contractor. Miiken is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
Sample preparation and assays were done at SGS lab in Val-d’Or, Quebec. Samples were weighed, dried, crushed to 75% passing 2 mm, split 250 g, pulverized to 85% passing 75 microns. Samples were then fire assayed for Au (50 g) and sodium peroxide fusion ICP-MS finish for 34 elements.
QA/QC is done in house by Doré Copper Geologists with oversight from the Exploration Manager. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed.
Andrey Rinta, P.Geo., the Exploration Manager of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
Town Hall Webinar
Ernest Mast, President and CEO of Doré Copper will provide an update on Corner Bay, its key asset for an eventual hub-and-spoke operation, at a webinar on Wednesday, July 7 at 12:00 PM EST.
Doré Copper announces that all matters submitted to the shareholders for approval as set out in the Company’s Notice of annual and special meeting (the “Meeting”) and Information Circular which were mailed to shareholders in connection with the Meeting were approved at the Company’s Meeting held in Thunder Bay, Ontario, on June 17, 2021.
The shareholders elected Mario Stifano (Executive Chair), Ernest Mast, Frank Balint, Joseph de la Plante, Sara Heston, Matthew Manson, and Brent Omland as directors of the Corporation for the forthcoming year. Shareholders also approved the Corporation’s new omnibus share incentive plan and the appointment of Ernst & Young LLP, Chartered Professional Accountants, as auditor of the Corporation for the fiscal year 2021. Following the Meeting, Sara Heston was appointed Chair of the Audit Committee.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Dore/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a PEA of its hub-and-spoke model in late 2021. Currently, the Corporation is completing a 30,000-metre drilling program at its Corner Bay (Cu-Au) project, of which approximately 19,000 metres will be included in an updated mineral resource estimate expected for early Q3 2021. In addition, Doré Copper is expected to have a maiden mineral resource estimate for the former producing Joe Mann mine (Au-Cu) by mid-July 2021.
For further information, please visit the Corporation’s website at www.dorecopper.com or refer to Doré Copper’s SEDAR filings at www.sedar.com or contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
1. Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to, the Corner Bay drilling program increased to 30,000 meters, updating the mineral resource estimate for Corner Bay in early Q3 2021, delivering a PEA to support an eventual hub-and-spoke restart of the camp at the end of 2021, reaching a key target of 5 million tonnes of resources for Corner Bay, good continuity and increased thicknesses at depth at Corner Bay which lend itself to increased mining rates over time, Corner Bay’s growth potential towards the south is open along strike and up-dip, assays received from six holes in the Main Vein above the dyke expected to increase the size of the resource at Corner Bay, implementing a hub-and-spoke development strategy by advancing the Corporation’s key high-grade copper-gold brownfield projects towards a restart of operations, the Corporation’s goal of achieving an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent), and expecting amaiden mineral resource estimate for the former producing Joe Mann mine (Au-Cu) by mid-July 2021.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Not for distribution to United States news wire services or for dissemination in the United States
Toronto, Ontario – June 11, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV:DCMC; OTCQX:DRCMF; FRA:DCM) is pleased to announce that it has closed its previously announced “bought deal” private placement (the “Offering“), pursuant to which the Corporation sold an aggregate of (i) 9,636,050 common shares in the capital of the Corporation (the “Offered Common Shares“) at a price of $1.00 per Offered Common Share for gross proceeds of $9,636,050 and (ii) 2,907,000 common shares in the capital of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the “Flow-Through Shares“) at a price of $1.72 per Flow-Through Share for gross proceeds of $5,000,040, for aggregate gross proceeds to the Corporation of $14,636,090, including the full exercise of the underwriters’ option.
Cormark Securities Inc. and Paradigm Capital Inc. acted as underwriters (the “Underwriters“) in connection with the Offering pursuant to the terms of an underwriting agreement dated June 11, 2021. In consideration for their services in connection with the Offering, the Corporation paid the Underwriters a cash commission equal to $824,165.40, being 6% of the aggregate gross proceeds from the sale of Offered Common Shares and Flow-Through Shares, and a reduced cash commission equal to 3% of the aggregate gross proceeds from the sale of Offered Common Shares to certain subscribers on the President’s List. In addition, the Corporation also paid administrative fees in the amount of $80,000 in respect of three subscriptions under the Offering.
The net proceeds from the sale of the Offered Common Shares will be used for exploration and development activities and for working capital and general corporate purposes. The Corporation will use an amount equal to the gross proceeds received by the Corporation from the sale of the Flow-Through Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures“) related to the Corporation’s projects in Québec, on or before December 31, 2022, and will renounce all of the Qualifying Expenditures in favour of the subscribers of the Flow-Through Shares effective December 31, 2021. In addition, with respect to Québec resident subscribers who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec).
The Offering was made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements and, in the case of the Offered Common Shares, in certain other jurisdictions, in each case in accordance with all applicable laws. The securities issued under the Offering are subject to a four month hold period under applicable Canadian securities laws which will expire on October 12, 2021. The Offering is subject to final acceptance of the TSX Venture Exchange.
The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations.
The Corporation has consolidated a large land package in the prolific Lac Dore/Chibougamau and Joe Mann mining camps that has produced 1.6 B lbs of copper and 4.4 M oz of gold. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a preliminary economic assessment (PEA) of its hub-and-spoke model in late 2021. Currently, the Corporation is completing a 16,500-metre drilling program at its Corner Bay (Cu-Au) project which will lead to an updated mineral resource estimate in early Q3 2021. In addition, Doré Copper is expected to have a maiden mineral resource estimate for the former producing Joe Mann mine (Au-Cu) by end of June 2021.
For further information, please visit the Corporation’s website at www.dorecopper.com or refer to Doré Copper’s SEDAR filings at www.sedar.com or contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the use of proceeds of the Offering, the timing and ability of the Corporation to receive necessary regulatory approvals, including the final acceptance of the Offering from the TSX Venture Exchange, the renunciation to the purchasers of the Flow-Through Shares and timing thereof, the tax treatment of the Flow-Through Shares, and the plans, operations and prospects of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
Toronto, Ontario – June 1, 2021 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce today that Steve Simard will be joining the Corporation as Project Director. Mr. Simard’s significant experience will provide technical and management leadership as Doré Copper advances its key projects from exploration stage, through economic studies and execution for operational readiness.
Mr. Simard has over 20 years of domestic and international experience in both surface and underground mine development and operations. He has been involved at various stages of mine construction and optimization, strategic mine plan optimization, and general site infrastructure. He spent the last four years at Semafo’s Mana Mine in Burkina Faso as Technical Superintendent and Mining Operation where he led the mine production, engineering and geology departments. Prior to his Semafo employment, Mr. Simard worked extensively in Québec in progressive technical roles: Chief Engineer and Technical Superintendent at Rio Tinto’s open cast titanium dioxide mine at Lac Tio Mine (2016-17 & 2005-08); Superintendent Technical Services at BlackRock Metals in Chibougamau (2011-16); and Senior Engineer and Chief Engineer at Consolidated Thompson Iron Mine’s Bloom Lake Mine, which produces high-quality iron ore concentrate (2008-11). He started his career as a Long-hole Engineer and Planning Engineer at the Beaufor Mine in Val d’Or.
Ernest Mast, President and CEO of Doré Copper, stated, “On behalf of the Company, I am pleased to welcome Steve Simard to the Doré Copper management team. Based in Chibougamau, his solid broad-based experience, knowledge and leadership skills will play an important role as we progress our key high-grade copper and gold projects to economic studies and re-development stage based on a profitable hub-and spoke operation model.”
About Doré Copper Mining Corp.
Doré Copper Mining Corp. is a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation is focussed on implementing its hub-and-spoke development strategy by advancing its key high-grade copper-gold brownfield projects towards a restart of operations. Our goal is to achieve an annual production of 60 M lbs of copper equivalent (or 100,000 oz gold equivalent).
The Corporation has consolidated a large land package in the prolific Lac Dore/Chibougamau and Joe Mann mining camps that has produced 1.6 B lbs of copper and 4.4 M oz of gold. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
Doré Copper plans to deliver a preliminary economic assessment (PEA) of its hub-and-spoke model in late 2021. Currently, the Corporation is completing a 16,500-metre drilling program at its Corner Bay (Cu-Au) project which will lead to an updated mineral resource estimate in early Q3 2021. In addition, Doré Copper is expected to have a maiden mineral resource estimate for the former producing Joe Mann mine (Au-Cu) by end of June 2021.
For further information, please visit the Corporation’s website at www.dorecopper.com or refer to Doré Copper’s SEDAR filings at www.sedar.com or contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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 news release.
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