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October 16, 2014 --- Vol. 08, No. 42October 2014

Yukon Territory

COPPER – Copper North Mining Corp. Oct. 14 said it has engaged two engineering firms – JDS Energy and Mining Inc. and Beijing General Research Institute of Mining and Metallurgy – to undertake a new feasibility study for the Carmacks copper-gold-silver project in Central Yukon. JDS will be responsible for the completion of a NI 43-101 feasibility study for the development of Carmacks with responsibility for infrastructure, geotechnical, mining and earthworks. The British Columbia-based will also oversee the engineering and procurement by BGRIMM for inclusion in the new feasibility study. Bejing-based BGRIMM will be responsible for all process design and equipment selection for the Project, including the procurement of equipment from China. Copper North said the decision to undertake this joint approach to re-engineering Carmacks follows considerable investigation and benchmarking of the Project to other similar projects. Copper North said its discussions with both JDS and BGRIMM indicate that there is opportunity to significantly reduce capital and operating costs for the project. Key aspects of Carmack’s re-engineering include recovery of copper using vat leaching and the addition of gold and silver recovery. Metallurgical test work is progressing to confirm the optimal leach design and operating parameters for the leaching of copper followed by leaching of gold and silver. This work should be completed by year-end and establish the base for the new feasibility study which is targeted for completion in the third quarter of 2015. JDS is delivering high quality engineering, construction and procurement. Copper North says the firm’s familiarity with the construction of the nearby Minto copper-gold open pit mine is an added benefit in design and construction of the Carmacks project. BGRIMM has a 58-year history of research and metallurgical design with more than 700 engineers and more than 400 mines, metallurgical and smelter projects completed globally. Copper North President and CEO Harlan Meade said, “I am very pleased to announce the engagement of these two engineering groups to complete the new feasibility study and manage the construction of the Carmacks Project as a very low cost copper-gold-silver producer.”

COPPER/GOLD/COBALT – Pacific Ridge Exploration Ltd. Oct. 10 reported that Merah Resources Ltd. has begun a field exploration program at the Fyre Lake copper-gold-cobalt massive sulfide deposit, located in the Finlayson Lake District, Yukon Territory. Merah can earn up to a 70 percent interest in Fyre Lake by paying C$650,000 and issuing shares with a value of $650,000 to Pacific Ridge, and completing a minimum of C$6.5 million in exploration over four years. If Merah completes the 70 percent earn-in, Pacific Ridge will then have the option of retaining a 30 percent participating joint venture interest or reducing to a 20 percent interest, carried to a positive feasibility study. The current field work program includes a helicopter borne electromagnetic and magnetic survey being flown under contract to Geotech Ltd. of Aurora, Ontario. The survey is designed to detect extensions to the known Kona zone mineralization as well as other possible massive sulfide zones within the property. It is planned that the survey results will help to guide Merah’s program of in-fill and step-out drilling proposed for Fyre Lake in 2015. In addition, Merah is sampling and re-assaying select samples from a 1996-97 drill program. Once this sampling has been completed, Merah will initiate a re-estimation of the Kona Zone mineral resource.

COPPER/GOLD – Capstone Mining Corp. Oct. 7 reported operating results for the three and nine months ending Sept. 30, 2014 of its three operating mines: Pinto Valley, Cozamin and Minto. Combined production totaled 26,200 and 81,500 metric tons of copper (in concentrates and cathode) in the third-quarter and year-to-date periods, respectively, with additional by-products of zinc, molybdenum, lead, silver and gold. At Minto, third-quarter production totaled 4,800 metric tons of copper in concentrates. Capstone President and CEO Darren Pylot commented, “All of our mines are operating according to plan and copper production remains on target to meet our guidance for the year.” Among operating highlights: Throughput and recoveries continued as planned at Minto. Grade was slightly lower than planned as more stockpile was milled than originally planned to maximize throughput. The Area 118 open-pit mining was completed in September and the M-Zone underground is expected to be completed in October. Processing in the fourth quarter will be from stockpile, supplemented with ore from the M-Zone along with Area 118 underground, which has been brought forward in the mine plan. Capstone’s production outlook for 2014 of 102,000 metric tons ±5 percent of copper in concentrates, at a C1 cash cost of US$1.90 to US$2.00 per pound of payable copper, net of by-product credits and selling costs, remains unchanged.


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