Mining News: Higher grades tapped at Pyramid

CopperBank Resources Corp. Oct. 23 reported results from two additional holes drilled this summer at the Pyramid copper project on the Alaska Peninsula. Hole DDH 17PY033, drilled in the Main zone of the Pyramid deposit, cut 300 meters of 0.53 percent copper, 0.12 g/t gold and 0.02 percent molybdenum. This hole was drilled 150 meters west of DDH 11PY016, a 2011 hole that cut 155 meters of 0.71 percent copper, 0.18 g/t gold and 0.018 percent molybdenum. CopperBank said the results from 17PY033 and 17PY032, confirm a broad horizon of continuous, higher grade mineralization over 400 meters long. 17PY032, reported earlier this year, cut three mineralized intercepts: 40 meters of 0.33 percent copper, 0.1 percent molybdenum and 0.07 g/t gold from 11 meters; 51.3 meters of 0.34 percent copper, 0.02 percent molybdenum and 0.1 g/t gold from 67 meters; and 201 meters of 0.48 percent copper, 0.02 percent molybdenum and 0.1 g/t gold from 132 meters. According to a 2013 calculation, Pyramid hosts roughly 1.1 billion pounds of copper in 122.5 million metric tons of inferred resource averaging 0.41 percent copper, 0.1 grams per metric ton gold and 0.021 percent molybdenum. CopperBank said the higher grade portions of holes 32 and 33 are outside the 2013 resource envelope. “This program was carefully designed to increase tonnage and examine the higher grade portions of the deposit. Our team is very pleased to report multiple intervals of broad and continuous mineralization at grades higher than the historical resource estimate,” said CopperBank Executive Chairman Gianni Kovacevic. Hole DDH 17PY034, drilled at the Pyramid North zone, cut 232.9 meters averaging 0.19 percent copper 0.06 g/t gold and 0.04 percent molybdenum from a depth of seven meters. The 2017 program at Pyramid consisted of 3,690 meters of drilling in 13 holes. “We await the results of the final nine drill holes, so our team can see how these results impact the historical resource estimate, and where future drilling should take place,” Kovacevic added.

–SHANE LASLEY