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Breaking Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Announces Positive PEA with Net Present Value of $324M on Carmacks Copper-Gold Project in Yukon, Canada

Granite Creek Copper, Proven and Probable

VANCOUVER, BC / ACCESSWIRE / January 19, 2023 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) ( “Granite Creek” or the “Company” ) is pleased to report positive results from its Preliminary Economic Assessment (“PEA”) for the Carmacks Copper-Gold-Silver project (the “Project” or “Carmacks Project”), located in the Yukon, Canada’s Minto Copper District within the traditional territories of Little Salmon/Carmacks First Nation and Selkirk First Nation.

The PEA demonstrates attractive project economics with significant opportunities for additional mine life expansion, reinforcing the potential of the Minto Copper District to become a top-tier global copper district.

Granite Creek Copper will be hosting a live webinar to review the PEA results on January 24th , 2023, at 9:00am PT | 12:00PM ET. To register, click here .

PEA Highlights

  • Attractive project economics:
    • Base case metal prices of US$3.75/lb Cu, US$1,800/oz Au and US$22/oz Ag:
      Pre-tax NPV 5% of C$324 million and 36% IRR
      After-tax NPV 5% of C$230 million and 29% IRR
    • Case 1 metal prices of US$4.25/lb Cu, US$2,000/oz Au and US$25/oz Ag:
      Pre-tax NPV 5% of C$475 million and 48% IRR
      After-tax NPV 5% of C$330 million and 38% IRR
  • Mine life of nine years at 7,000 tonnes per day with clear exploration potential to extend mine life with four target areas within 1km of the current resource.
  • Capital cost of C$220m with payback of 2 years from commencement of production.
  • Head grade of 1.10% copper equivalent (“CuEq”) consisting of 0.90% Cu, 0.30 g/t Au and 3.5 g/t Ag.
  • Average cash operating costs of US$1.76/lb CuEq and all-in sustaining costs of US$2.57/lb CuEq.
  • Option for tailings treatment: PEA study identifies additional potential cash flow through processing of oxide tailings to increase total copper recovery. Recovery sensitivity shows an additional $180M pre-tax NPV based of a 20% increase in recovery rates.

The Company envisions developing the Carmacks Project into a low-carbon source of copper. A critical mineral, as defined by the Canadian government, copper is key to the transition to a zero-carbon economy through the electrification of transportation and other industries, and the development of renewable energy production. The 2023 PEA clearly demonstrates the viability of the Carmacks Deposit as a robust open pit sulphide and oxide copper-gold-silver project with significant potential upside from both resource expansion and secondary processing of oxide material to further improve oxide recoveries. The Project is to be powered by the Yukon’s electrical grid which uses primarily renewable electricity.

“The completion of the PEA is a major accomplishment that doesn’t just advance the Project beyond previous studies but completely re-envisions Carmacks as a high-grade, open pit copper, gold and silver producer with excellent expansion potential in a tier one jurisdiction”, commented Timothy Johnson, President and CEO. “The inclusion of sulphide alongside oxide ore, either as a blend or a straight sulphide feed, has resulted in significant upside on the Project, with further opportunities recognized in both processing and exploration.”

“Potential for near mine resource expansion is demonstrated in new volumetrically significant targets identified by comparison of the geophysical signatures of known mineralization with similar signatures of untested targets near the proposed pits “, continued Mr. Johnson. “These strong geophysical responses have a high correlation with copper sulphide minerals on the Project, giving us high confidence in these new targets, which are a priority for testing in upcoming drill campaigns.”

PEA Study Approach

The PEA contemplates open pit mining using a conventional truck and shovel operation in two separate pits. Mining targets the high-grade, near surface oxide material in the 147 pit, then transitions to target sulphide material in the 1213 pit followed by final mining of the deeper oxide and sulphide material in 147. Mined material would be delivered to a crushing and grinding circuit consisting of a primary crusher, SAG mill and ball mill. Both oxide copper ore and sulphide copper ore would be processed via a simplified flow sheet consisting of well-established flotation technology producing a high-quality copper-gold-silver concentrate. Oxide and sulphide ore would be blended and sequenced to provide optimal cash flow and to minimise the environmental footprint with mined-out pits or portions of pits being reclaimed as mining commences in the next area. Both conceptual pits lie within 2km of the proposed mill site.

Tailings from the flotation circuit would be filtered and water recirculated into the flotation circuit. This would improve water management and limit environmental impact, with final tailings placement on a lined dry stack tailings facility at site.

A high-grade, premium copper, gold and silver concentrate would be shipped via deep seaports in Skagway, Alaska or other nearby facilities. Treatment and refining charges terms are within standard market rates.

Average copper recovery during life of mine (“LOM’) is calculated to be 64% with approximately 2/3 of material processed being oxide ore and 1/3 being sulphide ore. Metallurgical studies returned 93% copper recovery when processing sulphide ore, 40% copper recovery while processing oxide ore and 82% when processing a 50:50 blend. Metallurgical work highlights the opportunity for further optimization of the Project through more detailed mine sequencing or discovery of near mine sulphide or that could be blended with ore from the 147 pit.

Table 1: PEA Key Parameters

ParameterUnitBase Case 1Case 1
Metal Prices
Copper PriceUS$/pound$3.75$4.25
Gold PriceUS$/troy ounce$1,800.00$2,000
Silver PriceUS/troy ounce$22.00$25
Average Recovery to Cu Concentrate 2
Copper Recovery%64%
Gold Recovery%58%
Silver Recovery%60%
Concentrate Grade
Copper%40%
Goldg/t11.0 g/t
Silverg/t134.4 g/t
Production Data
Resource Tonnes21,270,518
Copper Equiv. Grade1.10%
Daily Mill ThroughputTonnes / day7,000 t7,000 t
Annual Processing RateKilo tonnes/ year2,495 kt2,495 kt
LOM Strip ratioWaste: Ore4.6:14.6:1
Mine LifeYears9 years9 years
Average annual production
Copper EQ production 6Million Pounds / year33.9 M
Copper in concentrateMillion Pounds / year27 M
Gold in copper concentrateTroy ounces / year12 385
Silver in copper concentrateTroy ounces / year151 584
Operating Costs (LOM avg) 2
MiningC$/t mined$3.16
MillingC$/t processed$18.30
G&AC$/t processed$4.93
All in Sustaining Costs 4,5US$/lb CuEq$2.57
Capital Costs
Initial Capital CostC$C$220M
LOM Sustaining Capital CostC$C$130M
Financial Analysis
Pre-Tax NPV 5%C$C$324MC$475M
Pre-Tax IRR%36%48%
After Tax NPV 5%C$C$228MC$330M
After Tax IRR%29%38%
Payback period 7Years2.01.5
  1. Base case metal prices based on 36-month trailing average from January 15, 2022.
  2. Recovery includes both oxide and sulphide ore and is based on mining 2/3 oxide and 1/3 sulphide LOM.
  3. Total operating costs include mining, processing, tailings, surface infrastructures, transport, and G&A costs.
  4. AISC includes cash operating costs, sustaining capital expenses to support the on-going operations, concentrate transport and treatment charges, royalties and closure and rehabilitation costs divided by copper equivalent pounds produced.
  5. AISC is a non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this news release.
  6. The copper equivalent grade (CuEq) is determined by (total copper x US$3.75) + (total gold x US$1800) + (total silver x $22)/$3.75)/total resource tonnes.
  7. Payback period is from commencement of mining.

Capital Cost

The PEA for the Project outlines an initial (pre-production) capital cost estimate of C$220 million and LOM sustaining capital costs of C$130 million, including overall closure costs of C$5 million. Initial capital costs include the construction of milling and processing facilities, lined dry stack tailings and lined waste rock facilities, on-site infrastructure of 15km of access road and facilities for water capture and treatment. Construction of a powerline (12.8 km, 138 kV) from an existing substation is placed under sustaining capital to allow for construction time of the power grid.

Table 2: Capex Estimates 1

Cost ElementBase Case
Mine CostsC$25M
ProcessingC$84M
InfrastructureC$27.7M
TailingsC$14.7M
EPCM and Indirect CostsC$34.1M
Sub total CapexC$185 M
Sustaining CapitalC$130.M
ContingencyC$35.0M
Reclamation and ClosureC$5.0M

1 All values stated are undiscounted.

Operating Costs

Operating costs estimates were developed using first principles methodology, vendor quotes received in Q3 2022, and productivities being derived from benchmarking and industry best practices. Over the LOM, the average operating cost for the Project is estimated at C$3.16/t mined and C$18.30/t processed. Tailings costs are included in processing costs.

The average cash operating costs over the LOM is US$1.76/lb CuEq and the average AISC is US$2.57 /lb CuEq.

Economic Analysis and Sensitivities

The PEA indicates that the potential economic returns from the Project justify advancing to a feasibility study.

The Project generates cumulative cash flow of C$371.2 million on an after-tax basis and C$505.8 million pre-tax at a base case of $3.75/lb Cu based on an average mill throughput of 7,000 t/day over the 9-year life of mine.

Table 3: Summary of Economic Analysis 1,2

ElementBase CaseCase 1
Metal Price Assumptions (US$) Copper, Gold Silver$3.75, $1800, $22$4.25, $2000, $25
Exchange Rate0.750.75
Average annual cash flowC$61.8MC$76.9M
Payback Period2.5 years1.5 years
EBITDAC$505.8MC$710M
LOM Undiscounted Net Cash Flow After TaxC$371.2MC$505M
NPV (5% discount) After TaxC$230.5MC$328M
IRR After Tax29%38%

1 The analysis assumes that the Project is 100% equity financed (unlevered).
2 Appropriate deductions are applied to the concentrate produced, including treatment, refining, transport and insurance costs.

The PEA is significantly influenced by copper price assumptions. Using the Case 1 metal price scenario consists of near current prices of US$4.25/lb Cu, US$2000/oz Au and US$25/oz silver, the Project generates an after-tax Net Present Value (“NPV”) using an 5% discount rate of $328 million and an after-tax IRR of 38% with a payback period of 1.5 years from the commencement of production. (Table 3), Outlined below in Table 4 is a detailed sensitivity analysis across gold and copper prices with silver kept at $22/ounce. Table 5 below highlights additional sensitivities to foreign exchange, recovery, CAPEX and OPEX.

Table 4: Copper and Gold Metal Price Sensitivity Analysis NPV- Pre-Tax values in Million CDN$

Copper Price per pound US$
Gold price per ounce
US$ 1		3.253.503.75
Base Case		4.004.25
Case 1		4.50$4.75$5.00$5.25
1500$165.7$227.6$289.4$351.3$413.1$474.9$536.8$598.6$660.5
1600$177.3$239.1$301.0$362.8$424.7$486.5$548.3$610.2$672.0
1700$188.9$250.7$312.5$374.4$436.2$498.0$559.9$621.7$683.6
1800 Base$200.4$262.2$324.1$385.9$447.8$509.6$571.4$633.3$695.1
1900$212.0$273.8$335.6$397.5$459.3$521.1$583.0$644.8$706.7
2000 Case 1$223.5$285.3$347.2$409.0$470.9$532.7$594.5$656.4$718.2
2100$235.1$296.9$358.7$420.6$482.4$544.3$606.1$667.9$729.8
2200$246.6$308.4$370.3$432.1$494.0$555.8$617.6$679.5$741.3

Table 5: Multiple variable sensitivity analysis (all values $CDN)

VariablePre-Tax NPV 5%After – Tax NPV 5%
-20 %Base+20%-20 %Base+20%
Copper Price$138.6M$324.1M$509.6M$88.3M$230.5M$361.0M
FX Rate$129.7M$324.1M$615.6M$118.6M$230.5M$381.8M
Recovery$138.6M$324.1M$509.6M$88.3M$230.5M$361.0M
CAPEX$381.9M$324.1M$266.2M$243.5M$230.5M$215.6M
OPEX$452.2M$324.1M$196.0M$318.9M$230.5M$131.2M

Opportunities

  • The third conceptual pit, 2000S as identified in the Mineral Resource Estimate (“MRE), could be brought into the mine plan if sufficient additional resources were defined by drilling to offset pre-stripping costs.
  • Electrification of the mining fleet. Significant cost saving and reduction in greenhouse gas production may be possible through the sourcing of electric vs. diesel haul trucks for the Project. The PEA envisions using a contract mining fleet for the Project and preference will be given to suppliers that can provide either fully electric or hybrid equipment.
  • Further discovery. Exploration conducted in 2022 consisting of geophysics, trenching and soil sampling identified four areas proximal to the proposed mine plan that if successfully drilled could enable longer mine life beyond nine years or provide additional sulphide mill feed earlier in the mine’s life. Four targets on the Property require evaluation, all located within 1km of the current deposits. Two of the targets are located beneath the current resource and there is higher geological certainty that these may contain appreciable copper mineralization.
    • Zone 1213 shallow:
      Downward continuation of Zone 12 and 13. Estimated dimensions are 360m long, 15 – 40m wide, starting at approximately 65m below the current drilling.
    • Zone 12 deep:
      Downward continuation of Zone 12. Estimated from geophysics to be continuing for an additional 170m below current resource modelling. Approximated to be 580m long and 15-40m wide.
    • Gap Zone target:
      Geophysical anomaly that fits with current geological understanding of the fault offset between 147 and 2000S Zone. Estimated to be 500m long, up to 400m deep, and 30-50m wide.
    • Sourtoe target:
      Estimated from geophysics to be a lensoidal body of similar size to known deposits at 370m long x 370m deep with an estimated width of 15-50m. It has been lightly tested at surface by trenching and is weakly mineralized.
  • In addition, the Carmacks North target area is host to several mineralized zones that have the potential to add resources to the mine plan, all within 15 km of the proposed mill site.
  • Additional recovery through metallurgical improvements. The Company has retained Kemetco Laboratories to complete additional leaching and copper precipitating testing to evaluate the processing of tailings. The calculated grade of copper in tailings averages 0.32% with over 140 Mlbs of copper not recovered LOM. Recovery sensitivity show an additional $180M pretax NPV based of a 20% increase in recovery rates. Review of historical metallurgical testing has indicated that copper minerals present in oxidized material respond well to leaching. Once the copper is in solution the copper would be chemically precipitated to produce sulphide minerals that can be added back into the flotation cells.

Mineral Resources

The basis for the PEA uses an updated mineral resource estimate (“MRE”) for the Carmacks deposit (effective date March 30, 2022). The mine plan contemplates processing 62% of resources outlined in the MRE. The MRE includes inferred resources that are too speculative to have economic parameters applied to them. Resources are not reserves and there is no certainty that the resources outlined on the Project can be converted to reserves.

Table 6: Mineral Resource Estimates

CATEGORYCut -Off
Cu (%)		Quantity (Mt)Grade
Cu†AuAgMoCuEq
Total (%)(g/t)(g/t)(%)Total (%)
In Pit Oxide
Measured0.3011.3610.960.404.110.0061.30
Indicated0.304.3300.910.283.370.0071.16
Measured &Indicated0.3015.6910.940.363.910.0061.26
Inferred0.300.2160.520.092.440.0060.63
In Pit Sulphide
Measured0.305.7050.680.162.540.0160.88
Indicated0.3013.4860.720.192.830.0130.93
Measured &Indicated0.3019.1910.710.182.740.0140.92
Inferred0.301.6750.510.132.240.0200.70
Below Pit Sulphide
Measured0.600.0260.710.162.540.0100.88
Indicated0.601.3410.820.192.880.0121.03
Measured &Indicated0.601.3670.820.192.880.0121.03
Inferred0.600.9670.770.172.480.0120.96

Notes:

  1. CIM (2014) definitions were followed for Mineral Resources.
  2. The effective date of the Mineral Resources is March 30, 2022.
  3. Mineral Resources are estimated using an exchange rate of US$0.75/C$1.00.
  4. Mineral Resources are estimated using a long-term gold price of US$1,800/oz Au with a metallurgical gold recovery of 60%, and a long-term copper price of US$3.75/lb with a metallurgical copper recovery of 95% for sulphide material and 60% for oxide material.
  5. Mineral Resources are estimated at a cut-off grade of 0.30 copper equivalent.
  6. Bulk density of 2.83 t/m 3 was used for tonnage calculations.
  7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  8. Numbers may not add up due to rounding.

Mining

The overall mining operation is expected to consist of two open pits completed over three phases. Phase I contemplates development of the 147 zone with low strip ratio. Phase 2 contemplates the mining of 1213 zone with a slightly higher strip ratio. Phase 3 contemplates pushback on the 147 pit to a final LOM strip ratio of 4.6:1, resulting in a total of 9 years of operation, plus one year of pre-stripping. Following this mining period, a low-grade stockpile of 2Mt grading 0.18% Cu, 0.06 g/t Au and 0.8 g/t Ag may be reprocessed once mining operations cease. All waste and tailings will be disposed near the mining infrastructure.

The contract mining operation is planned to be a conventional truck and shovel open pit operation, moving approximately 118Mt of material over the 9-year life of mine. This would provide the floatation processing plant with 21.3Mt of ore at a rate of 7 000 tonnes per day.

Metallurgy and Processing

The processing facilities and saleable mineral products are fundamentally different from the beneficiation procedures that were contemplated in the 2006 Feasibility Study and updated in the 2017 PEA. The processing facilities currently being recommended for the Project would include a simplified flotation circuit, capable of processing three individual types of feed materials, oxide, sulphide, and blended ores, each of which would produce a high grade, premium concentrate.

Metallurgical testing both by Bureau Veritas in 2021 and by SGS Vancouver in preparation for the PEA study support the simplified flotation circuit. Flotation testing of individual oxide copper ores, sulphide copper ores as well as blended ores has been completed in this initial phase of the process investigation.

A test program including mineralogy and flotation was completed on samples from the Carmacks Project. The flotation test program included test work on sulphide, oxide, and blend ores.

  • The sulphide ore assayed 0.92% Cu, 0.67% S, and 0.24 g/t Au. Gold and copper head grades calculated from the flotation test assays agreed well with the direct head assays.
  • The oxide ore assayed, 0.60% Cu, 0.06% S, and 0.25-0.82 g/t Au, indicating that nugget gold may exist. However, the gold head grade calculated from the flotation tests was consistently between 0.20 g/t to 0.23 g/t with an average of 0.21 g/t.
  • Sulphide flotation recovered 93.7% of copper and 69.0% of gold at 42.7 % Cu and 7.7 g/t Au grade (Sulphide F4) while oxide flotation recovered 39.8% of copper and 57.5% of gold at 26.2% Cu and 13.6 g/t Au grade.
  • A 50/50 oxide/sulphide blend batch flotation program recovered 75.3% of copper and 65.7% of gold at 40.8 % Cu and 12.4 g/t Au grade (Blend F4).
  • Locked cycle flotation on blend sample recovered 82.0% of copper and 70.1% of gold at 40.1% Cu and 10.6 g/t Au grade (Blend LCT1).
  • Flotation optimization and an economical evaluation of the target copper grade versus recovery is recommended in future test work.

As mentioned above, the Company has commissioned additional test work to evaluate the potential for further recovery of copper from tailings when material in the mill contains a significant percentage of oxide material. Review of historical metallurgical testing has indicated that copper minerals present in oxidised material respond well to leaching. Once the copper is in solution the copper will be chemically precipitated to produce sulphide minerals that can be added back into the flotation cells.

Infrastructure

The Project lies along the Freegold Road, a Yukon government-maintained gravel road, currently being upgraded as part of the Yukon Resource Gateway Program. The road would ultimately lead to the near by Casino Project and other significant development projects in the area. A 12.8 km transmission line would be constructed to access the 138 kV Carmacks-Stewart transmission at McGregor Creek. Future studies will look at alternate routes for powerlines that could also benefit projects near the proposed Carmacks Project.

Next Steps

Additional Metallurgical work. In addition to the metallurgical work underway to assess further recovery from tailings work will be completed to optimise recoveries of both copper and precious metal. Additional studies will also be completed to identify any metallurgical variability between the two proposed mining areas to assist in further mine plan optimization through sequencing and blending of ore.

Exploration Drilling. Significant resource expansion potential exists within 1 km of the proposed pits. In addition to the new zones identified by 2022 geophysical and geochemical surveys, and trenching, many areas of both the 2000S and 12-13 zones remain open for expansion.

Geotechnical drilling on 1213 pit. In order to advance the Project towards feasibility geotechnical drilling will need to be completed on the proposed 1213 pit. Significant geotechnical drilling in the 147 area dating back to 2006 when a full feasibility study was completed on that portion of the Project will also be reviewed.

Baseline environmental studies. In preparation for advancing the Project towards feasibility existing environmental studies including ongoing water sampling programs will be reviewed and updated.

Continued community engagement. The Company is dedicated to working with communities effected by the Project including Little Salmon Carmacks First Nation and Selkirk First Nation to ensure that the Project advances in a respectful way with maximum benefit to the effected communities.

Technical Report and Qualified Persons

The PEA was prepared by SGS Geological Services. (“SGS”). with several individuals and departments within SGS contributing to sections of the study. William Van Breugel P.Eng., is the lead consultant for this study. SGS Geological Services is known globally as the expert in ore body modelling and resource/reserve evaluation with over 40 years and 1000 consulting projects of experience providing the mining industry with computer-assisted mineral resource estimation services using cutting edge geostatistical techniques. SGS bring the disciplines of geology, geostatistics, and mining engineering together to provide accurate and timely mineral project evaluation solutions.

As part of the larger SGS Natural Resources group, they draw upon their massive network of laboratories, metallurgists, process engineers and other professionals to help bring mineral projects to the next level.

Table 7: Qualified Person

DepartmentArea of ResponsibilityQualified Person
SGSMine DesignJohnny Canosa, P.Eng and William Van Breugel, P.Eng
Mine InfrastructureJohnny Canosa, P.Eng
SGS TucsonMetallurgy. Processing and process plant operating costsJoseph Keane PE
SGS TucsonProcess plant and infrastructure capital costsJoseph Keane PE
Financial analysisWilliam Van Breugel, P.Eng

Note: The Qualified Persons are independent as defined by Canadian Securities Administrators National Instrument 43-101 (“NI 43-101”) “Standards of Disclosure for Mineral Projects”. 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 PEA.

The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.

A NI 43-101 technical report supporting the PEA will be filed on SEDAR within 45 days of this news release and will be available at that time on the Company’s website. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

A presentation summarizing the Project’s PEA results is available on the Company’s website.

Qualified Persons

All scientific and technical data contained in this presentation relating to the PEA has been reviewed and approved by William Van Breugel P.Eng., a Qualified Person for the purposes of NI 43-101. All exploration data including exploration upside potential has been reviewed and approved by Debbie James P.Geo., for the purposes of NI 43-101 The Qualified Persons mentioned above have reviewed and approved their respective technical information contained in this news release.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176-square-kilometer Carmacks Project in the Minto Copper District of Canada’s Yukon Territory. The Project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com .

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Twitter: @yukoncopper

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, potential economic estimates, capital costs, operating costs, potential cash flows, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com .

Neither the 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 release.

SOURCE: Granite Creek Copper Ltd.

Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group Precious Metals

CORRECTING AND REPLACING: Granite Creek Copper Identifies New, High-Priority Resource Expansion Targets at Carmacks Copper-Gold-Silver Project in Yukon Canada

This press release corrects, replaces and entirely supersedes the prior version published on November 21, 2022 at 4:00 PM ET

VANCOUVER, BC / ACCESSWIRE / November 22, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce results from an Induced Polarization (“IP”) survey conducted on the Company’s 100%-owned Carmacks copper-gold-silver project (“Carmacks” or the “Deposit”) in the Minto Copper District of central Yukon, Canada. The large, highly prospective, potential resource expansion targets identified adjacent to or near the proposed open pits warrant follow-up exploration in upcoming campaigns. The Company further announces it has closed the second and final tranche of the private placement financing described in a news release dated October 5, 2022.

President & CEO, Tim Johnson, stated, “These multiple new zones and targets adjacent to the conceptual open pits, as defined by the March NI 43-101 Mineral Resource Estimate update, further highlight the prospectivity of our Carmacks project. Our team continues to do excellent work at Carmacks and we are confident in our ability to expand known mineralization and make new discoveries in the lesser explored parts of the 176km2 project. The current focus is the completion of the upcoming PEA and we look forward to reporting on the robust economics of the Carmacks project in the near term.”

Survey Overview

The first survey line (Line 1100S) was conducted over Zone 147 to investigate the correlation between known copper sulphide mineralization and the chargeability response from the Simcoe Geophysics deep-penetrating IP survey (see Figure 2 below). Subsequent survey lines were conducted over near-deposit target areas.

The results of the survey were enhanced by Resistivity Scaled Chargeability (“RSC”). RSC is a ratio of chargeability to resistivity (electrical properties measured by the IP survey) with the applied ratio determined by comparing various ratios to known mineralized bodies. The well-defined Zone 147 was used as a model to determine the RSC ratio that best fit the known mineralization. (See Figure 4 below).

Figure 1 – Carmacks Copper-Gold Project Location

Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture

To view the full sized image (Click Here)

Figure 2 – Location of 2022 Simcoe IP Lines

Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture

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Select Results

Line 1100S, surveyed over defined sulfide copper mineralization in Zone 147, established a model for the RSC response and identified a new zone ~920 meters to the west. This new zone, named the Sourtoe Zone, extends 200m south to Line 1300S. This zone has been investigated with soil samples and trenching, exposing visually mineralized material close to surface (results pending). The soils and trenching were designed to evaluate the geochemical and geological signatures of this near-surface IP response and their similarities to known mineralized zones.

Figure 3 – 2022 IP Survey Line 1100S

Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture

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Line 1300S shows a potential continuation of the Sourtoe Zone, giving the zone a minimum of 200m strike length as well as a new, deeper target, the 147 Deep Target, several hundred meters below the proposed 147 pit.

Figure 4 – 2022 IP Survey Line 1300S

Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture

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Line 1500S, designed to test the gap area between zones 2000 and 147 (the “Gap Zone”), was successful in identifying a significant anomaly that is offset to the west from both zones. 3D modeling of historic drilling shows that this target has not been drill tested and could represent a southern extension of the 147 zone. The Gap Zone Target is a top candidate for additional near-deposit exploration (See figure 4). Additionally, a new, deeper target area that appears on this line and extends to line 1700S has been identified as the 58 Target.

Figure 5 – 2022 IP Survey Line 1500S

Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture

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Line 1700S, located 200m south of Line 1500S, shows the probable Gap Zone Target continuing southwards towards Zone 2000 as well as the newly identified 58 Target. Additionally, a shallow anomaly east of the proposed pit is identified as a possible continuation of Zone 4 proximal to the 147 pit.

Figure 6 – 2022 IP Survey Line 1700S

Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture

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Line 3300S, the southern most line completed in this survey highlights the potentiality of the area underneath the proposed 1213 pit. Additionally, an anomaly on the western portion of the line has been identified as 1213 west target for further follow up. With the current pit design bottoming out at 180 meters there remains significant room to grow the resource in this area. Additional lines on 200m spacing over the 1213 area are planned for subsequent geophysical campaigns to further define the zone.

Figure 7 – 2022 IP Survey Line 3300S

Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture

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Closing of Second Tranche of Private Placement

The Company announces the completion of the second tranche of the previously announced private placement offering (the “Offering”) which has raised aggregate proceeds of $148,700 through the issuance of a total of 1,142,667 non-flow-through units and 572,727 flow-through shares (the “Offering”). The Offering remains subject to the final approval of the TSX Venture Exchange.

The Company issued an aggregate of 1,933,273 flow-through shares (“FT shares”) at a price of $0.11 per share, to raise proceeds of $212,660.03 to incur Canadian Exploration Expenses (“CEE”) under the Income Tax Act (Canada). The Company raised a further $193,799.93 through the issuance of 2,583,999 non flow-through units at a price of $0.075 with each unit consisting of one common share of the Company and one warrant (a “Warrant”), with each Warrant allowing the holder to purchase one common share of the Company at a price of $0.10 per share for twenty-four months from the Closing Date of the Offering.

All shares issued under the Offering are subject to a hold period of four months and one day from issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Offering remains subject to the final approval of the TSX Venture Exchange.

The Company has agreed to pay finders’ fees totalling of $13,259 in cash or shares on a portion of the Private Placement and to issue 127,042 finder warrants. Each finder warrant is exercisable into one common share of the Company at a price of $0.10 per share for a period of 24 months from the date of closing.

The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as insiders of the Company subscribed for an aggregate of 600,001 units for proceeds of $48,500.08. The Company relied on the exemptions in Section 5.5(b) – Issuer Not Listed on Specified Markets from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) – Fair Market Value Not More Than 25 Per Cent of Market Capitalization from the minority shareholder approval requirements of MI 61-101. The Company did not file a material change report at least 21 days before the expected closing date of the Offering as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Offering as expeditiously as possible.

Qualified Persons

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176km2 Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project hosts a National Instrument 43-101 compliant mineral resource estimate consisting of 36.2 million tonnes grading 0.81% Cu, 0.31 g/t Au and 3.41 g/t Ag on trend with Minto Metals’ high-grade Minto copper-gold mine and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Twitter: @yukoncopper

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the 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 release.

SOURCE: Granite Creek Copper Ltd.



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Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group Precious Metals

Granite Creek Copper Acquires Copper-Nickel-PGM Project in British Columbia, Canada

Granite Creek Copper, Proven and Probable

VANCOUVER, BC / ACCESSWIRE / August 24, 2022 / Granite Creek Copper Ltd. (TSXV:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the acquisition of the Star Cu-Ni-Platinum Group Metal (“PGM”) project, located in the Omineca mineral belt of northern British Columbia.

Granite Creek will secure a 100% interest in the Star project, with no underlying royalty or further obligation, for a total consideration of $10,000 CDN and the issuance of 500,000 common shares of the Company to the estate of Ursula Mowat. The issued shares will have a hold period of 4 months plus one day from the date of issuance. The Company anticipates closing the transaction on or about the August 30, 2022, subject to TSX Venture approval.

Tim Johnson, CEO of Granite Creek Copper, stated, “I was saddened to hear of the passing of Ursula Mowat who had been a pioneer in prospecting for platinum group metals and associated nickel and copper mineralisation in the Omineca region of British Columbia. As one of the first geologists to recognize the potential for the native iron-nickel alloy awaruite to be a significant source of low-cost nickel in the Omineca area, she will be remembered for her ground-breaking work in the industry. To be able to acquire the Star project claims and continue the development work to unlock the potential that Ursula obviously saw is an honour. We look forward to completing our initial work on the claims and relaying to investors the potential for both precious and battery metals on the project.”

“Although Granite Creek’s primary focus remains our flagship Carmacks Copper-Gold-Silver project with the pending updated preliminary economic assessment expected in Q4 2022, the Star project increases our exposure to critical minerals at a time when the Canadian government is incentivizing exploration of listed critical commodities in Canada, as part of a broader push to secure supplies of the minerals in North America for national security and to support the development of carbon free energy sources.”

About the Star Project

The Star project is located 190 kilometers northeast of Smithers, BC and is within 5 kilometers of the Omineca Resource Road and powerline that served the Kemess Mine. The 2500-hectare project is underlain by ultramafic rocks that are prospective for copper, nickel, cobalt, PGMs and gold. Previous work identified multiple showings consisting of copper and nickel sulphide mineralisation with accompanying PGM and gold values. The showings are identified within six distinct zones spread over a 12-kilometer strike length including Queen Zone, GL Zone, HB Zone, HC Zone, Libra Zone, and Ridge Zone (see accompanying Figure 1 for Zone locations as well as additional areas identified for follow up).

Highlights of some of the best mineralised copper and nickel sulfide bearing rock sampled by Ms. Mowat from the various are identified below:

  • 1.18% Cu, 0.17 g/t Au, 0.11 g/t Pd from the Queen Zone
  • 0.78% Cu, 0.25% Ni, 833 ppm Co and 0.27% Cu from the GL Zone.
  • 0.09 % Cu, 1.32 g/t Pt and 1.82 g/t Pd from the HB Zone.
  • 0.87% Cu, 0.18 % Ni, 0.12 g/t Au, 0.41 g/t Pt and 0.83 g/t Pd from the HC Zone.
  • 0.31% Cu Cu from Libra Zone
  • 0.30% Cu, 0.28 g/t Pt, 0.25 g/t Pd from the Ridge Zone.
Granite Creek Copper Ltd., Wednesday, August 24, 2022, Press release picture
Figure 1 Claim Block and Zone Location

Qualified Persons

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager for Granite Creek Copper.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176-square-kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. The project is located within the Traditional Territory of Little Salmon/Carmacks First Nation. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO

Telephone: 1 (604) 235-1982

Toll-Free: 1 (888) 361-3494

E-mail: info@gcxcopper.com

Website: www.gcxcopper.com

Metallic Group: www.metallicgroup.ca

Twitter: @yukoncopper

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the 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 release.

SOURCE: Granite Creek Copper Ltd.



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Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Announces Updated NI 43-101 Mineral Resource Estimate for High Grade Carmacks Copper-Gold-Silver Project in Yukon Canada Highlighted by 43% Increase in Measured and Indicated Contained Copper

VANCOUVER, BC / ACCESSWIRE / March 15, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce an updated mineral resource estimate (the “2022 Resource Estimate”) for the Company’s 100%-owned Carmacks copper-gold-silver deposit (“Carmacks” or the “Deposit”) located in the Minto Copper District of central Yukon, Canada. The 2022 Resource Estimate represents a major increase in tonnage and contained metal at Carmacks compared to the previous resource estimate1,2, with over 8,200 m of infill and expansion drilling in 25 holes completed by Granite Creek since its acquisition in 2020. The project remains open to significant expansion within the resource area and to new discovery at the underexplored, yet highly prospective, Carmacks North target area.

Highlights

  • 43% Increase in Contained Copper – The high grade Carmacks deposit now hosts 36.2 million tonnes (Mt) in Measured and Indicated categories (M&I), grading 1.07% CuEq (0.81% Cu, 0.26g/t Au, 3.23g/t Ag and 0.011% Mo) for a total of 651 million pounds (Mlbs) of contained M&I copper and an additional 38 Mlbs Cu Inferred (see table 1). The previous resource estimate published in 2018 defined 25.0 Mt M&I, grading 0.83% Cu, equating to 457 Mlbs of contained copper. (Figure1)
  • Expansion of Gold and Silver Resources – Contained gold (M&I) increased 24% from 243,000 ounces to 302,000 ounces and contained silver (M&I) increased 41% from 2,684,000 ounces to 3,790,000 ounces.
  • Addition of Molybdenum Resources – For the first time, molybdenum has been included in the resource estimate, with 8.5 Mlbs lbs in M&I.
  • 93% of Resources in the M&I Categories – Only 7% of the 2022 resource remains in the Inferred category.
  • High Proportion of Resources Modeled in Three Conceptual Open Pits – 96% of the 2022 resources are contained within the conceptual pits. (Figure 2)
  • High Grade Copper-Gold in a Producing District – The 2022 Resource Estimate continues to advance the Carmacks project as one of the highest-grade resource-stage copper projects in North America.

Timothy Johnson, Granite Creek President & CEO, stated, “Since completing the acquisition the Carmacks deposit in November 2020, the Company has been successful in significantly growing copper, gold and silver resources through highly targeted drilling in 2020 and 2021. Our conceptual deposit model held up extremely well, with significant mineralized intercepts encountered in 22 of the 25 holes we drilled. The mineral resources contained within the conceptual pits will form the basis for an updated Preliminary Economic Assessment (“PEA”) which the Company intends to initiate immediately. This study will assess the economics of processing both oxide and sulphide material as well as by product credits including gold, silver and molybdenum.”

“From an exploration perspective, there remains the opportunity continue increasing copper resources by continued step out drilling on existing zones, adding to this resource. There is also high potential for discovery of new zones by applying the Company’s increased understanding of the geological controls of mineralization and we remain committed to adding to this mineral inventory through continued exploration. “

Live Webinar

Granite Creek Copper will be hosting a live webinar on Thursday, March 17 at 10am PT (1pm ET), during which President & CEO, Timothy Johnson will be joined by Project Geologist, Dr Jacob Longridge, for a comprehensive update on the Company’s Carmacks copper-gold silver project, including Q&A.

To register, click here.

Figure 1 – Increase in Contained Copper

Table 1 – 2022 Carmacks Copper Project Mineral Resources

Cu=copper, Au=gold, Mo=molybdenum, Ag=silver, Mt=millions of tonnes, Mlbs=millions of pounds, klbs=thousands of pounds, koz=thousands of ounces. Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters: Metal prices of $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo and pit slope angles that vary from 35° for overburden to 55°for granodiorite host, metal prices are in US$. Metallurgical recoveries reflective of prior test work that averages: 85% Cu, 85% Au, 65% Ag in the oxide domain and 90% Cu, 76% Au, 65% Ag in the sulphide domain. Mo recovery is assumed to be 70% in both oxide and sulphide domain. Tonnes are metric tonnes, with Cu and Mo grades as percentages and Au and Ag grades as gram per tonne units. Cu and Mo metal content is reported in lb and Au and Ag content is reported in troy oz. Totals and Metal content may not sum due to rounding and significant digits used in calculations. Cu Eq calculation is based on 100% recovery of all metals using the same metal prices used in the resource calculation: $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo.

Grade Sensitivity

A copper and copper equivalent grade sensitivity analysis for both oxide and sulphide resources contained in the proposed pits is provided in Table 2 below, which demonstrates the variation in grade and tonnage in the deposit at these various cut-off grades. This sensitivity analysis is reflective of the discrete nature of the mineralized bodies. Comparing the cut-off grade of 0.30% Cu with a 0.25% Cu and a 0.35% Cu cut-off, show a <3% variation in contained copper and a ~5% variation in the tonnage.

Table 2 – Grade Sensitivity Table

Mineralization

Mineralization is constrained to discrete tabular bodies of schistose to gneissic metamorphic rock. These tabular bodies are enveloped in granodiorite that dominates the majority of the Carmacks project. The contact between these tabular metamorphic bodies and granodiorite is sharp, with little to no gradation between these units. This sharp contact creates a very distinct geochemical and geophysical pattern between the two rock types assisting in exploration vectoring.

Upon acquiring the Carmacks Deposit in 2020, Granite Creek immediately recognized the potential of the relatively untested sulphide portion that may significantly alter the scope and scale of the deposit. This conceptual understanding has been validated with the sulphide resources now roughly equal in size to the oxide resources and provides the case for an updated PEA, which will evaluate the economics of both the oxide and the sulphide portions of the resource.

Copper mineralization in the oxide domain is primarily malachite and azurite with copper sulphides accounting for up to 20% of the copper tenor in the form of chalcopyrite. A surface representing the boundary between the upper oxide and lower sulphide mineralization was interpolated based on drill hole intersections. The depth of transition between oxide to sulphide is variable in each zone. The boundary between the oxide and sulphide is defined by the solubility of copper in sulphuric acid, when >20% of total copper total tenor is soluble in sulphuric acid, the domain is classified as a copper oxide domain. Conversely, the sulphide domain is defined where <20% of the total copper is soluble in sulphuric acid, as per the previous resource. The previously defined ‘transitional zone’ is largely re-classified as part of the sulphide domain. The copper in the upper 200m of zone 1, is oxidized, whereas in zones 13 and 12, the oxidized zone can be as thin as 40m, zones 4 and 7 are primarily oxide (Figure 2). The copper sulphides in the sulphide domain consist primarily of course grained chalcopyrite, bornite and minor chalcocite and covellite.

Previous metallurgical testing has shown that the oxide copper is very amenable to leach extraction with recoveries of greater than 85% New metallurgical results from 2021 test work showed that a ~67% liberation of copper sulphide minerals is possible at 154um P80 primary grind, considering most two-product copper concentrations operate with 50-60% liberation in floatation feed, this is considered excellent and possibly coarser grinds may be sufficient in liberating copper. Flotation testing showed a 25% copper concentrate grade could be produced with recoveries of up to 95% of copper and 85% for gold, with gold reporting closely to the copper. Continuing metallurgical test work will include determining recoveries for silver and molybdenum as well as additional testing to confirm the copper and gold recoveries.

Figure 2 Oblique view of 2022 resources and proposed pits (total strike length of 2,950 m )

Estimation Methodology and Parameters

The classification of the current Mineral Resource Estimates into Measured, Indicated and Inferred are consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves. All figures are rounded to reflect the relative accuracy of the estimate.

Completion of the 2022 Resource Estimate involved the assessment of a drill hole database, which included all data for surface drilling completed through the fall of 2021, as well as 3D mineral resource models, and available written reports. SGS used 489 surface drillholes and 56,679 meters of drill data from 1970 to 2021 to delineate three deposits (zones 147 combined, zone 2000S and zones 12 and 13 combined) in the 2022 resource estimate. Thirty-six holes (RC and diamond) totalling 9,413m completed by Granite Creek between October 2020 and October 2021 are included.

Composites of 2.0 metre used for the resource estimation procedure have been capped where appropriate. Grades for Cu (oxide, sulphide and total), Ag, Au and Mo for each deposit were interpolated into blocks 5m by 5m by 5m by the Inverse Distance Squared (ID2) calculation method. Appropriate interpolation parameters were generated for each deposit based on drill hole spacing, mineralization style and geometry.

All Resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction. It is envisioned that parts of the Carmacks Project deposits may be mined using open pit mining methods. In- pit mineral resources are reported at a base-case cut-off grade of 0.30 % total copper(“Cu_T”) within conceptual pit shells. A pit slope of 55 degrees for rock and 35 degrees for overburden are used for the pit optimization. It is envisioned that parts of the Carmacks Project deposits may be mined using lower cost underground bulk mining methods. A selected base-case cut-off grade of 0.6 % Cu_T is used to determine the below pit resources.

Cut-off grades are based on metal prices of $3.60/lb Cu, $22.00/oz Ag, $1,750/oz Au and $14.00/lb for Mo, processing and G&A cost of $US23.00 per tonne milled, and variable mining costs including $US2.10 for open pit and $US25.00 for underground. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, mining costs, processing costs etc.).

Metal recoveries used for pit optimization and calculation of base-case cut-off grades include: for oxide material 85% for copper, 65% for Ag, 85% for Au and 70% for Mo; for sulphide material, 90% for copper, 65% for Ag, 76% for Au and 70% for Mo. Fixed specific gravity values of 2.64 for oxide material and 2.71 – 2.78 (depending on deposit) were used to estimate the Mineral Resource tonnage from block model volumes. Waste in all areas was given a fixed density of 2.66.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Carmacks Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.

Quality Control and Quality Assurance

Quality assurance and quality control procedures for drilling completed by the Company and consultants to the Company include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper, molybdenum and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.

Qualified Persons

The Carmacks project 2022 Resource Estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of February 25, 2022. Armitage conducted a site visit to the property on November 9, 2021.

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.

[1]PEA: “NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada” Effective Date 12 October 2016. Report Date: 25 November 2016. SEDAR Filing Date: 9 February 2017

[2]News Release: “Copper North Expands Oxide Mineral resources at Carmacks” Published on SEDAR 9 April 2018.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca
Twitter: @yukoncopper

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the 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 release.

SOURCE: Granite Creek Copper Ltd.



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Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Closes C$1.5 Million Flow-Through Private Placement

VANCOUVER, BC / ACCESSWIRE / December 17, 2021 / Vancouver, B.C., Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) announces the closing of a non-brokered private placement of 8,333,337 flow-through common shares (the “FT Shares”) of the Company at a price of $0.18 per common share for gross proceeds of $1,500,001 (the “Financing”).

Proceeds from the Financing are intended for eligible Canadian Exploration Expenses, within the meaning of the Income Tax Act (Canada), at the Company’s Carmacks project in the Yukon Territory. Shares are subject to a statutory hold period of four months and one day from the date of issuance, under applicable Canadian securities laws.

Two directors and an officer of the Company participated in the private placement for an aggregate of 194,456 FT Shares. The participation by insiders in the private placement is considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued, nor the consideration being paid exceeds 25% of the Company’s market capitalization

Canaccord Genuity Corp. and Research Capital Corp (the “Finders”) acted as finders in connection with the Offering, Granite Creek paid the Finders aggregate cash fees totalling $91,000 and issued 505,554 non-transferable common share purchase warrants of the Company (the “Finder Warrants”). Each Finder Warrant will entitle the holder to purchase one common share in the capital of the Company at a price of $0.27 per share for a period of two years from the date of closing.

The FT Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca
Twitter: @yukoncopper

Neither the 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 release.

SOURCE: Granite Creek Copper Ltd.



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Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Announces Results of Mine Planning & Mineral Processing Work Conducted on the Carmacks Copper-Gold Project by Sedgman and Mining Plus

VANCOUVER, BC / ACCESSWIRE / December 1, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the results of work completed by Sedgman Canada and Mining Plus on the Company’s Carmacks copper-gold-silver deposit in the Minto Copper Belt located in central Yukon, Canada. The Company has received a final report on studies that include review of alternate leach technologies, mine planning, ore sorting and other key elements which are expected to be highly influential on the updated preliminary economic assessment (“PEA”) planned for H1 2022.

Highlights include:

  • Excellent results from initial metallurgical testing on sulfide material;
  • Confirmation of in tank leaching as the preferred method of extraction of both copper and precious metals from oxide ores;
  • Identification of conventional flotation as the preferred method of producing a copper concentrate from sulfide ores;
  • Development of a draft underground mine plan, with sub-level block cave as the preferred underground mining method at Carmacks;

Granite Creek President & CEO, Tim Johnson, stated, “We are extraordinarily pleased with the results provided by Sedgman and Mining Plus and the degree of efficiency, expertise and professionalism they have demonstrated since Granite Creek initially engaged them in May of this year. The studies have provided a great deal of new insight and clarity on the best path forward as we continue to advance Carmacks toward updated economics and, ultimately, production. We are very confident that these elements of mine planning and optimization, combined with the updated 43-101 mineral resource estimate we anticipate in Q1, will form the basis of a robust new PEA. The Yukon is an exceptional mining jurisdiction, the Minto belt has excellent infrastructure and robust mineralization currently being mined by Minto Metals Corp. just to the north of us who are now publicly traded on the Venture Exchange. We look forward to additional announcements soon as the pieces continue to fall into place at Carmacks.”

Virtual Investor Conference – OTC Markets Group

Granite Creek will be presenting at the upcoming Mining & Metals Virtual Investor Conference hosted by OTC Markets Group on Wednesday, December 8th at 11:30 AM PT / 2:30 PM ET. Topics of discussion will include the Company’s 2021 drilling campaign, the mine planning and mineral processing results described herein, and implications for the expected updates to both the existing 43-101 mineral resource estimate and PEA. To register, click here.

Sedgman / Mining Plus Report Discussion

An initial review of geotechnical studies as referenced in the 2017 PEA1,2, has indicated that a sub-level block cave is likely the most cost-effective method of underground mining of Zone 1 at the Carmacks Deposit. Based on this, Granite Creek will now move to initiate costing studies to support an updated PEA that includes potential underground resources not only in Zone 1 but other adjacent zones. In addition, the Company will launch pit design and optimization efforts on mineralized zones that lie outside of the pit contemplated in the 2017 PEA. Specifically, Zones 2000S and 13 will see pit optimization scenarios that will determine how much material could potentially be mined via open pit and what portion of the resources will be extracted by underground mining methods.

Metallurgical testing of sulfide mineralization to determine recovery of copper minerals using conventional flotation technology to create a copper concentrate was highly successful, achieving copper recoveries of up to 95%. Further testing is planned to confirm these recovery rates and to add gold and silver to a concentrate scenario. This work will be used identify the correct sizing of a copper-gold-silver concentrator circuit and the associated economics.

Previous economic assessments did not consider the potential value from processing of the high-grade sulphide material at Carmacks, despite a defined sulfide resource. In conducting a comprehensive review of the Carmacks deposit and the Carmacks North target area, the presence of significant sulfide mineralization became immediately apparent and Granite Creek felt it prudent to examine its potential inclusion as a means to expand the overall resource, extend mine life and improve economics. The majority of the Company’s 2021 drilling campaign focused on delineating and expanding sulfide resources with both near surface and deeper targets explored. Both oxide and sulphide mineralized zones remain open to expansion, with a significant expansion of the sulphide resource anticipated in the upcoming resource estimate update in Q1 2022. The updated PEA will incorporate this expanded resource and will include review of the mining sequence including an assessment of whether any sulfide resources may be mined via open pit and the optimal sequence for sulfide flotation and oxide leaching.

Table 1. Current Mineral Resource Estimate on the Carmacks Copper Project1,2

CategoryTonnes (000)Cu (%)Au (g/t)Ag (g/t)
Oxide & Transition MineralizationMeasured6,4840.860.414.24
Indicated9,2060.970.363.80
M&I15,6900.940.383.97
Inferred9130.450.121.90
Sulphide MineralizationMeasured1,3810.640.192.17
Indicated6,6870.690.172.34
M&I8,0680.680.182.33
Inferred8,4070.630.151.99

[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.

[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca
Twitter: @yukoncopper

Qualified Person

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the 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 release.

SOURCE: Granite Creek Copper Ltd.



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Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Retains SGS for 43-101 Mineral Resource Update on Carmacks Deposit in Yukon, Canada

VANCOUVER, BC / ACCESSWIRE / November 10, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the retention of SGS Geological Services (‘SGS”) to provide an updated National Instrument 43-101 mineral resource estimate on the Company’s Carmacks copper-gold-silver deposit in the Minto Copper Belt located in central Yukon, Canada.

Granite Creek will be incorporating drilling completed in 2017, 2020 and 2021 into an updated resource estimate which will build on the existing NI 43-101 compliant resources last published in 20171,2. Resource expansion drilling completed in 2021 consisted of 22 diamond drill holes primarily targeted at sulfide mineralization in Zones 1, 2000S and 13 and is expected to add to the existing sulfide resource (see news release dated October 28, 2021).

Table 1. Current Mineral Resource Estimate on the Carmacks Copper Project

CategoryTonnes (000)Cu (%)Au (g/t)Ag (g/t)
Oxide & Transition MineralizationMeasured6,4840.860.414.24
Indicated9,2060.970.363.80
M&I15,6900.940.383.97
Inferred9130.450.121.90
Sulphide MineralizationMeasured1,3810.640.192.17
Indicated6,6870.690.172.34
M&I8,0680.680.182.33
Inferred8,4070.630.151.99

About SGS Geological Services

SGS Geological services has a very strong team, with valuable experience, known, renown and respected in the international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. A multidisciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.

Resource Road Update

On November 8th the Yukon government announced the following road construction update that directly effects Granite Creek’s Carmacks Project.

“Whitehorse based company Pelly Construction has been awarded the contract for the Carmacks Bypass Project, a $29.6 million investment to construct a new road and bridge near Carmacks. This project is a key component under the Yukon Resource Gateway Program and a collaborative effort between the Government of Yukon and Little Salmon/Carmacks First Nation.

The project, which is anticipated to be complete in 2024, will allow industrial vehicles to bypass the community of Carmacks, creating an enhanced and safer flow of traffic for residents. It will also improve access to mining activities while enabling the Little Salmon/Carmacks First Nation to benefit from contracting, education and training benefits associated with the project.

The Yukon Resource Gateway Program improves infrastructure to Yukon’s most mineral-rich areas. The Carmacks Bypass project is jointly funded by Canada and the Yukon and is the first project to be awarded under the program.”

Granite Creek President & CEO, Tim Johnson, commented, “We are very pleased to have engaged with a top calibre firm like SGS on this key milestone in the Company’s relatively short history. With the amount of highly targeted new drilling we have completed, we anticipate a robust update to the existing resource estimate and that this, along with the mine planning and trade-off studies being developed by Sedgman and Mining Plus, will have a significant impact on the project economics. In our continuing development of Carmacks, the recent announcement by the Yukon government of the start of construction on the Carmacks Bypass is extremely good news. The incremental improvement in access represented by this road upgrade is welcomed and this, combined with an updated resource estimate, will pave the way for and even more extensive exploration program in 2022.”

[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.

[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca

Qualified Person

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the 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 release.

SOURCE: Granite Creek Copper Ltd.



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Categories
Base Metals Energy Granite Creek Copper Junior Mining

Granite Creek Copper Holds $2.5 Billion Worth of Copper

Bob Moriarty
Archives
Nov 4, 2021

Granite Creek Copper (GCX-V) has 100% ownership of a 176 square km copper/gold/silver property named the Carmacks project located in the Minto Copper Belt in the Yukon. The high-grade copper project is on trend with the Minto copper mine. We shall see why that is very important to the future of the company shortly.

The project had completed a 43-101 in 2018 showing an M&I resource of 23.76 MT of 0.85% Cu, 0.31 g/t Au and 3.41 g/t Ag. A 12,000-meter drill program has been completed in 2021 directed at expanding the resource and converting inferred sulphides material to M&I. An updated 43-101 is expected in early 2022 based on results from the 2021 program. In addition there will be an updated PEA in the first half of 2022 to include both oxide and sulphide material.

At today’s price of copper, that 43-101 resource is worth $104.26/tonne in the ground. Naturally copper going any higher will make this project far more desirable. As we see from the ongoing COP26 conference there seems to be a general agreement that the world needs to reduce its carbon footprint by using more “Green Energy.”

Well, Green Energy requires enormous quantities of copper, lithium and graphite, far more than today. The world is short of copper now and is going to run even shorter. Prices will have to go up. Granite Creek Copper is in the catbird’s seat ready to move to production.

As I mentioned above Minto Exploration is important to GCX for several reasons. Minto is about to build a mill and is in the process of going public imminently. Minto has only three years reserves at presently planned production. In their financing pitch deck they clearly refer to GCX with references to potential M&A activities within the Minto Copper Belt. Guess whom they are talking about?

A week ago Granite Creek released the final results from the Phase 1 of three different phases. The Phase 1 program was designed to add sulfide tonnage to the existing oxide resource. It consisted of 19 diamond core drill holes and totaled 6355 meters. Results from the Phase 2 and Phase 3 programs are still in the lab. Phase 2 did 20 RC holes and about 3000 meters in total. Phase 3 was using the diamond core rig again and did about 2700 meters.

Granite Creek is a really easy call. As of today the company has a $22 million market cap with $1 million in cash and $500,000 in callable warrants. In addition there are a bunch of $.15 warrants expiring in January 2022 so the company is well cashed up.

I’m not a big expert on copper but Granite Creek has to be one of the lowest market cap copper stories with a real asset. When Minto goes public and goes into production, I am certain they will pay attention.

Granite Creek is an advertiser. I have participated in the last private placement so naturally I am biased. Do your own due diligence.

Granite Creek Copper
GCX-V $.18 (Nov 02, 2021)

GCXXF-OTCQB 121 million shares

Granite Creek website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Base Metals Energy Granite Creek Copper Junior Mining

Granite Creek Copper Reports Final Results from Phase 1 of 2021 Drill Program, Including 23.30 Meters of 2.27 % Copper Equivalent, at the Carmacks Copper-Gold-Silver Project in Yukon, Canada

VANCOUVER, BC / ACCESSWIRE / October 28, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the third and final tranche of assay results from Phase 1 of the Company’s three-phase 2021 drill program at the 100%-owned Carmacks project.

The Phase 1 campaign focused on expansion and upgrade of resources in zones 1, 2000S, and 13 by testing the sulfide potential of these priority areas. In addition to the Phase 1 program, the Company also completed Phase 2 RC drilling at early-stage targets, and a Phase 3 diamond drill program to follow up on the success of Phase 1. All activity has been completed at site for the 2021 field season with assays for Phases 2 and 3 pending.

Granite Creek President & CEO, Tim Johnson, commented, “We are extremely pleased with the results of our 2021 exploration program which achieved many of our objectives and exceeded our expectations in several important respects. We expanded sulfide mineralization in three of the main zones at Carmacks which will be reflected in an updated NI 43-101 resource estimate followed by a new mine plan which is being developed to incorporate both oxide and sulfide material. We anticipate the sulfide resources could make a significant difference to the mine life and economics of the Carmacks deposit and we look forward to further defining that potential.”

Highlights

  • In Zone 1, diamond drill hole CRM21-019 intersected 67.35m of 1.23% Copper Equivalent (“CuEq”) mineralization including 23.30m of 2.27 CuEq.
  • In Zone 1, diamond drill hole CRM21-013 intersected 67.90m of 0.90% CuEq including 22.88m of 1.14% CuEq and 12.91m of 1.73% CuEq.
  • In Zone 13, diamond drill hole CRM21-021 intersected 96.85m of 0.84% CuEq including 35.85m of 1.04 CuEq and 21.35m of 1.21 CuEq.
  • Granite Creek believes these intercepts, plus others listed in the table below, have the potential to increase the grade and confidence of the resource model in Zone 1 and increase the grade and total size of Zones 2000S and 13.
  • Updated resource model being developed.

Table 1 – Highlights from of 2021 Phase 1 Diamond Drill Assays at the Carmacks Project

Drillhole
From(m)To(m)Length*(m)Cu(%)Mo(%)Au(g/t)Ag(g/t)CuEq** (%)
CRM21-012400.65415.7515.100.340.0060.112.130.47Zone 1ThisRelease
Including405.85411.205.350.550.0160.153.010.75
CRM21-013311.00378.9067.900.730.0050.182.690.90
Including324.75343.6322.880.920.0060.233.761.14
and including355.09368.0012.911.390.0060.375.291.73
CRM21-014355.70423.4567.750.930.0090.265.161.20
Including398.00423.4524.451.530.0090.416.211.91
CRM21-017317.42363.2045.780.420.0010.152.410.55
Including323.50335.8512.350.670.0020.283.900.92
CRM21-019277.95345.3067.350.930.0110.314.231.23
Including322.00345.3023.301.70.0160.577.512.27
CRM21-004323.50367.0043.501.120.0280.203.411.40Zone 1PreviousRelease
Including338.50367.0028.501.570.0420.294.531.96
and including352.00†367.0015.001.800.0660.334.812.31
CRM21-007222.52226.604.080.910.0060.196.321.13
CRM21-010450.00513.4063.400.270.0030.081.310.35
Including450.00482.2532.250.300.0040.081.410.39
Including488.90513.4024.500.300.0030.091.470.39
CRM21-01892.40110.4018.000.910.0080.176.791.12Zone 2000SThisRelease
and158.80170.0011.200.720.0130.144.270.91
and233.60249.0015.400.390.0240.092.090.56
and263298.9035.900.350.0080.102.620.48
including287.00298.9011.900.670.0170.193.530.90
CRM21-003146.35†214.5068.150.590.0280.143.690.83Zone 2000SPreviousRelease
Including161.40179.8018.040.810.0330.214.801.13
CRM21-005137.05179.8043.240.740.0470.163.821.06
Including142.05158.4016.351.200.0360.266.111.58
CRM21-006194.40278.2083.800.640.0120.133.230.81
Including229.20278.2049.000.870.0180.173.881.10
Including248.76266.2017.441.210.0330.225.111.53
CRM21-008195.80228.4032.600.800.0190.173.881.02
Including201.55215.5514.001.100.0230.244.861.40
CRM21-009190.50243.8553.350.590.0120.142.710.75
Including191.30201.7010.400.870.0040.253.701.09
and including209.00225.9516.950.620.0090.132.760.77
and including229.90235.255.351.210.0640.284.881.68
CRM21-011223.98329.50105.520.960.0130.184.061.18
Including223.98245.2021.222.170.0100.369.132.56
and including260.32260.820.5018.970.0080.4638.319.72
CRM21-01536.6949.3812.690.230.0030.040.960.27Zone 13 ThisRelease
CRM21-01691.30238.50147.200.380.0250.102.280.56
CRM21-021132.15229.0096.850.620.0140.203.040.84
Including132.15168.0035.850.820.0130.203.801.04
and including207.65229.0021.350.800.021`0.433.511.21

** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-sections, are estimated to be typically 60-70% of the intersected widths.

† Part of zone has poor recovery

Figure 1 – Carmacks Copper Project Plan View

Zone 1

Eight holes were drilled in Zone 1 with the objective of increasing confidence in the inferred portion of the sulfide resource of this zone as well as evaluating the down-dip continuation of the inferred resource. Drilling was successful in achieving its objectives of delineating the depth extent of mineralization, expanding the mineralization below the current resource model, and confirming the grade and anticipated thickness in the inferred portion of the sulfide resource in this zone. Of the total reported meterage with significant mineralization, 67% returned mineralized intercepts grading greater than those reported in the inferred category of the resource estimate completed in 2017. While only preliminary, the Company feels that these intercepts have the potential to significantly increase the grade and the confidence in this area of the resource model.

While the Preliminary Economic Assessment (“PEA”) published in 2017(1,2) looked only at the oxide material in Zones 1,4, and 7, work being conducted by Sedgman and Mining Plus (see news release dated May 18, 2021) is looking at various scenarios to process the sulfide portion of Zone 1, and other sulfide zones of the deposit, to build a basis for an updated PEA that would include both oxide and sulfide ore.

Zone 2000S

Zone 2000S has the potential to add tonnage in the sulfide domain of resource category and in doing so could add significant value to an updated PEA that included sulfide resources. During Phase 1, six diamond drillholes were drilled in this zone to evaluate the continuation of bornite-chalcopyrite mineralization down dip, and two additional holes were drilled during Phase 2 with assays still pending. Drill hole CRM21-011, along with all other drillholes from the 2021 program (see release dated August 22, 2021) extended known mineralization in the zone from 30m to 100m below the current block model. CRM21-018, a technical hole drilled subparallel to the mineralization to evaluate the geological concept of a southern W-E striking fault, was successful in locating the fault and extends mineralization to depth beneath the current resource model

Zone 13

Three diamond drill holes were completed at Zone 13 in Phase 1, and an additional two holes were completed in Phase 3 with the intent of evaluating the northern continuity of sulfide mineralization, and infilling an open area of the block model. Building on success from the company’s inaugural drill program in 2020 which included 127 metres of continuous copper mineralization in drillhole CRM20-001, grading 0.85% CuEq and including 28.65m of 1.74% CuEq and 19.2m of 1.19% CuEq (see news release dated February 11,2021), all five diamond drill holes were successful in extending and infilling mineralization from Zone 13 in the Carmacks deposit including CRM21-021 which intercepted 96.85m grading 0.84% CuEq including 35.85m of 1.04% CuEq and 21.35m of 1.21% CuEq. Drill hole CRM21-020 drilled from the same pad as CRM21-021 deviated from planed direction and was not completed.

COVID-19 Protocols

Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.

[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.

[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com

Qualified Person

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Quality Control and Quality Assurance

Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Categories
Base Metals Energy Granite Creek Copper Junior Mining

Granite Creek Copper Receives Positive Metallurgical Results at Carmacks Copper-Gold Project in Yukon, Canada

VANCOUVER BC / ACCESSWIRE / October 14, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the receipt of positive results from metallurgy testing completed on sulfide mineralized core samples from the Company’s Carmacks project.

Testing was completed as part of trade-off studies now underway under the direction of Sedgman Canada and Mining Plus with the objective of developing the basis for an updated Preliminary Economic Assessment (“PEA”) on the project. Two representative samples of copper sulfide material and one sample of copper oxide material were delivered to Bureau Veritas Commodities, Metallurgy Division, for rougher flotation kinetic testing and open cleaner flotation testing. The purpose of the testing was to determine how amenable the sulfide mineralization present at the Carmacks deposit was to concentration by flotation, what recoveries could be expected, and to lay the groundwork for further testing. A preliminary copper flotation recovery model was generated at a fixed 25% copper concentrate grade with test results as summarized below:

  • Recoveries of greater than 95% for copper into a 25% copper concentrate are possible.
  • Copper sulfide minerals are well-liberated for rougher recovery via flotation at P80 of 150 µm.
  • A secondary regrind size at P80 of 25 µm can achieve 25% copper grade and high cleaner stage recovery.
  • Gold is associated primarily with copper sulfide minerals and minor pyrite. Flotation of gold with copper concentrate is likely the most economical way to recover gold.
  • High chalcopyrite content as the copper mineral and low pyrite content within the samples indicate a simple reagent scheme and relatively easy copper flotation upgrade.

The preliminary tests indicate that well-established flotation methods with known reagents will likely be the preferred processing method for sulfide material at Carmacks. The next stage of metallurgical test work will involve greater variability of samples to validate copper and gold recoveries as well as assessing potential levels of silver and molybdenum recoveries.https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html

Granite Creek President and CEO, Tim Johnson, commented, “These initial metallurgical results are very encouraging and are an important step in bringing the sulfide resources present at the Carmacks deposit into an updated mine plan and PEA. The Company’s belief in, and focus on, the copper sulfide potential at Carmacks and Carmacks North is being validated and advanced with every phase of work completed. We look forward to continuing to roll out the Carmacks story with substantive news flow throughout the remainder of the year and into 2022, including drill results from the recently completed, three-phase 2021 campaign.”

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176-square-kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca

Qualified Person

Mr (Sam) Yoon Seong Cho, MASC P.Eng., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting timelines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the 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 release.

SOURCE: Granite Creek Copper Ltd.



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