A LARGE SCALE OPEN PIT COPPER PROJECT IN PERU
The Caņariaco Norte Copper Project proposed minesite (click to enlarge)
Caņariaco Norte is a 100% owned feasibility-stage porphyry copper deposit within a prolific trend of producing mines and known deposits in northern Peru.
In March 2011 the full Pre-Feasibility Study progress report was completed and returned exceptional economics, with an after-tax (restated in January 2017 following changes to the Peruvian mining taxation laws) Net Present Value of US$922M, an Internal Rate of Return of 17.3%, and a payback period of 4.4 years using the base case US$2.25 copper and an 8% discount rate.
From April 2011 to June 2013, the Company engaged in certain aspects of a definitive Feasibility Study. During that time metallurgical drilling was completed; 50% of geotechnical drilling was conducted; site layout, process plant, infrastructure and ancillary facilities design was well advanced; preliminary mine design was completed; and the Environmental and Social Impact study was approximately 80% completed.
The Caņariaco Norte Copper Deposit is a single, contiguous, open-pit mineable deposit containing:
Caņariaco Norte Mineral Resource Estimate at the Base Case 0.30% Copper Cut-off Grade
Pre-Feasibility Study Progress Report - Completed March 2011
Caņariaco Sur - A New Cu Au Porphyry System!
Exploration drilling at Caņariaco Sur has confirmed the presence of a large copper-gold-silver porphyry system with long intercepts of economic type grades within open pittable depths.
The mineralization is open in three directions and at depth. Thirteen wide spaced holes(200-300 metres) have Cu/Au/Ag mineralization from surface to 500 meters depth.
These holes, along with five holes from previous drilling confirm the presence of a large system. Interestingly, based on the drilling completed to date at Sur, there is extremely low arsenic in the system.
Due to the close proximity of Sur to Caņariaco Norte(less than 2 kms) and the possibility to share use of facilities planned for Caņariaco Norte, management is confident that Sur has excellent potential to become a mineable deposit, thereby increasing the potential size and scope of the overall project.
(More details available on the Caņariaco Sur Project Page)
(More details available on the Quebrada Verde Project Page)
*Copper equivalent grade including gold and silver values and based on 100% metal recoveries. Copper grade equivalent calculation. Cu Eq% =(Cu % + ((Au grade x Au price)+(Ag grade x Ag price))/(22.0462 x Cu price x 31.0135 g/t)
**Copper equivalent grade including gold and silver, metal recoveries (gold 55%; silver 50%) and smelter returns (copper 96.5%: gold 93%; silver 90%) applied. Copper grade equivalent calculation: Cu Eq% =(Cu % + ((Au grade x Au price x Au recovery x Au smelter return%)+(Ag grade x Ag price x Ag recovery x Ag smelter return%))/(22.0462 x Cu price x 31.0135 g/t x Cu recovery x Cu smelter return%)
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