Mining Explorers 2017: CopperBank Resources Corp.
CopperBank Resources Corp. sees the current transition to renewable energy sources driving the demand for copper higher in the coming years and is focused on identifying world-class deposits of this “green metal” to fill the growing demand. The company was founded by self-proclaimed “realistic environmentalist” Gianni Kovacevic, who drove a Tesla Model S sedan across North America to raise awareness about the symbiotic relationship between the mining and green energy sectors. Since its formation in 2014, CopperBank has acquired three copper projects in the United States – Pyramid and San Diego Bay, adjacent exploration projects in Alaska, and the Contact mine project in Nevada. The company’s 2017 exploration focused primarily on Pyramid, a large porphyry deposit on the Alaska Peninsula that hosts 122.5 million metric tons of inferred resource averaging 0.41 percent (1.1 billion pounds) copper, 0.1 grams per metric ton (389,000 ounces) gold and 0.021 percent (56.7 million lbs.) molybdenum. CopperBank is now looking to upgrade and grow this resource with drilling currently underway, the first program carried out since it acquired Pyramid from Full Metal Minerals in 2014. One of the most interesting areas being targeted is around 11PY016, a 2011 hole that cut 155 meters of 0.71 percent copper, 0.18 g/t gold and 0.018 percent molybdenum, which is significantly higher than the average resource grade. It is an intercept at the bottom of this hole, however, that is most intriguing. The final 34 meters of hole 16 – drilled to a depth of 249 meters – averaged 0.844 percent copper and was still cutting mineralization, indicating the depth extension of this deposit. The North zone, where one hole drilled in 2011 cut 104 meters averaging 0.56 percent copper and 0.13 g/t gold from a depth of six meters, also was targeted. The results from the 2017 program will be used to update the Pyramid resource.
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While drills are seeking to expand and upgrade Pyramid, geological crews are taking a closer look at San Diego Bay, a prospect about 4.5 miles to the east. A 15-square-mile red-stained anomaly from the pervasive alteration there indicates the potential of another large porphyry system near or potentially connecting to Pyramid. Limited exploration completed in the past has turned up some interesting results, including rock samples with grades as high as 16 percent copper and more than 1 g/t gold. The 2017 reconnaissance program at San Diego Bay investigated the areas of promising copper and gold values with prospecting and soil sampling. CopperBank said this work will be used to orient a more extensive exploration program in 2018.
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