Tag: Granite Creek Copper

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

Post author By admin
Post date January 19, 2023

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 24^th , 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

Parameter	Unit	Base Case¹	Case 1
Metal Prices
Copper Price	US$/pound	$3.75	$4.25
Gold Price	US$/troy ounce	$1,800.00	$2,000
Silver Price	US/troy ounce	$22.00	$25
Average Recovery to Cu Concentrate²
Copper Recovery	%	64%
Gold Recovery	%	58%
Silver Recovery	%	60%
Concentrate Grade
Copper	%	40%
Gold	g/t	11.0 g/t
Silver	g/t	134.4 g/t
Production Data
Resource Tonnes	21,270,518
Copper Equiv. Grade	1.10%
Daily Mill Throughput	Tonnes / day	7,000 t	7,000 t
Annual Processing Rate	Kilo tonnes/ year	2,495 kt	2,495 kt
LOM Strip ratio	Waste: Ore	4.6:1	4.6:1
Mine Life	Years	9 years	9 years
Average annual production
Copper EQ production⁶	Million Pounds / year	33.9 M
Copper in concentrate	Million Pounds / year	27 M
Gold in copper concentrate	Troy ounces / year	12 385
Silver in copper concentrate	Troy ounces / year	151 584
Operating Costs (LOM avg)²
Mining	C$/t mined	$3.16
Milling	C$/t processed	$18.30
G&A	C$/t processed	$4.93
All in Sustaining Costs^4,5	US$/lb CuEq	$2.57
Capital Costs
Initial Capital Cost	C$	C$220M
LOM Sustaining Capital Cost	C$	C$130M
Financial Analysis
Pre-Tax NPV 5%	C$	C$324M	C$475M
Pre-Tax IRR	%	36%	48%
After Tax NPV 5%	C$	C$228M	C$330M
After Tax IRR	%	29%	38%
Payback period⁷	Years	2.0	1.5

Base case metal prices based on 36-month trailing average from January 15, 2022.
Recovery includes both oxide and sulphide ore and is based on mining 2/3 oxide and 1/3 sulphide LOM.
Total operating costs include mining, processing, tailings, surface infrastructures, transport, and G&A costs.
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.
AISC is a non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this news release.
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.
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 Estimates¹

Cost Element	Base Case
Mine Costs	C$25M
Processing	C$84M
Infrastructure	C$27.7M
Tailings	C$14.7M
EPCM and Indirect Costs	C$34.1M
Sub total Capex	C$185 M
Sustaining Capital	C$130.M
Contingency	C$35.0M
Reclamation and Closure	C$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

Element	Base Case	Case 1
Metal Price Assumptions (US$) Copper, Gold Silver	$3.75, $1800, $22	$4.25, $2000, $25
Exchange Rate	0.75	0.75
Average annual cash flow	C$61.8M	C$76.9M
Payback Period	2.5 years	1.5 years
EBITDA	C$505.8M	C$710M
LOM Undiscounted Net Cash Flow After Tax	C$371.2M	C$505M
NPV (5% discount) After Tax	C$230.5M	C$328M
IRR After Tax	29%	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	3.25	3.50	3.75 Base Case	4.00	4.25 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)

Variable	Pre-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

CATEGORY	Cut -Off Cu (%)	Quantity (Mt)	Grade
Cu†	Au	Ag	Mo	CuEq
Total (%)	(g/t)	(g/t)	(%)	Total (%)
In Pit Oxide
Measured	0.30	11.361	0.96	0.40	4.11	0.006	1.30
Indicated	0.30	4.330	0.91	0.28	3.37	0.007	1.16
Measured &Indicated	0.30	15.691	0.94	0.36	3.91	0.006	1.26
Inferred	0.30	0.216	0.52	0.09	2.44	0.006	0.63
In Pit Sulphide
Measured	0.30	5.705	0.68	0.16	2.54	0.016	0.88
Indicated	0.30	13.486	0.72	0.19	2.83	0.013	0.93
Measured &Indicated	0.30	19.191	0.71	0.18	2.74	0.014	0.92
Inferred	0.30	1.675	0.51	0.13	2.24	0.020	0.70
Below Pit Sulphide
Measured	0.60	0.026	0.71	0.16	2.54	0.010	0.88
Indicated	0.60	1.341	0.82	0.19	2.88	0.012	1.03
Measured &Indicated	0.60	1.367	0.82	0.19	2.88	0.012	1.03
Inferred	0.60	0.967	0.77	0.17	2.48	0.012	0.96

Notes:

CIM (2014) definitions were followed for Mineral Resources.
The effective date of the Mineral Resources is March 30, 2022.
Mineral Resources are estimated using an exchange rate of US$0.75/C$1.00.
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.
Mineral Resources are estimated at a cut-off grade of 0.30 copper equivalent.
Bulk density of 2.83 t/m³ was used for tonnage calculations.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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

Department	Area of Responsibility	Qualified Person
SGS	Mine Design	Johnny Canosa, P.Eng and William Van Breugel, P.Eng
Mine Infrastructure	Johnny Canosa, P.Eng
SGS Tucson	Metallurgy. Processing and process plant operating costs	Joseph Keane PE
SGS Tucson	Process plant and infrastructure capital costs	Joseph Keane PE
Financial analysis	William 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.

Tags #InvestingInBatteryMetals, GCX, Granite Creek Copper, InvestingIngCopper, Tim Johnson

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

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

Post author By admin
Post date August 24, 2022

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.

SOURCE: Granite Creek Copper Ltd.

View source version on accesswire.com:
https://www.accesswire.com/713412/Granite-Creek-Copper-Acquires-Copper-Nickel-PGM-Project-in-British-Columbia-Canada

Tags #InvestingInBatteryMetals, #JuniorMining, #MauriceJackson, #ProvenAndProbable, GCX, Granite Creek Copper, Metallic Group, Tim Johnson

Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

GoldSpot Discoveries Identifies New Targets at Granite Creek’s Carmacks Copper-Gold Project Using Proprietary Artificial Intelligence Technology

Post author By admin
Post date February 15, 2022

Toronto, Ontario–(Newsfile Corp. – February 15, 2022) – GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) (“GoldSpot” or the “Company“), a leading technology services company leveraging machine learning to transform the mineral discovery process, is pleased to announce it has completed work on Granite Creek Copper Ltd.’s (TSXV: GCX) (OTCQB: GCXXF) (“Granite Creek”) Carmacks deposit and Carmacks North target areas, located in the high-grade Carmacks Copper Belt of Canada’s Yukon Territory.

GoldSpot and Granite Creek collaborated to create prioritized exploration and drill targets on the 176 km² Carmacks copper-gold property. The approaches taken during this collaboration include:

Re-interpretation of geophysical data using GoldSpot’s GeoFEZ software;
Supervised learning of various combinations of geophysical, topographic and surface geochemical data;
Detailed statistical analysis of multi-element geochemical data;
Map-based prospectivity analysis and exploration target generation;
Generation of a revamped 3D geological model; and
Initial test study of company core logging compared with historic imagery, using GoldSpot’s LithoLens.

Proof of concept was achieved when GoldSpot identified several grass-roots target areas previously identified by the Granite Creek team, but not shared with the GoldSpot team. Additional regional targets are new to the Granite Creek team and will be evaluated in the coming field season.

GoldSpot’s collaboration with Granite Creek produced several potential new targets for 2022 exploration and resource expansion, including sub-parallel raft-like domains of possible mineralization adjacent to zones 147, 2000S and 13 at the Carmacks deposit. These were initially hinted at through data mining of the drill hole database. Follow-up geochemical analysis and 3D models suggest a previously unrecognized relationship between geochemistry and mineralized zones, specifically a tell-tale halo around mineralization. These halos indicate several areas for follow-up drill testing. New regional targets have also been produced at Carmacks North using multiple geophysical techniques, including aeromagnetic and induced polarity (IP) surveys.

Vincent Dubé-Bourgeois Chief Executive Officer for GoldSpot commented, “The technologies developed by GoldSpot to provide its innovative technology to partners such as Granite Creek and provided excellent results. The targets generated by GoldSpot AI showed the exploration potential on the Carmacks project.”

Granite Creek President and CEO Tim Johnson stated, “The prospectivity of the Carmacks project has been confirmed and expanded on by the excellent work completed by GoldSpot. The number of new targets combined with the existing targets developed from historical data continues to support our assertion that there is a lot of discovery yet to be made on the property. GoldSpot’s work has advanced our understanding of the property and will become an integral part in our planning for our 2022 exploration program. We look forward to discussing our plans for the upcoming field season and we are on track to deliver a significant update to the existing NI 43-101 mineral resource estimate in Q1, as expected.”

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology company using artificial intelligence to revolutionize the future of global mineral exploration with a full suite of data and knowledge-driven SaaS tools and services. GoldSpot works with industry leaders across all commodity and deposit types to identify new exploration targets, develop cutting-edge technologies and to strategically invest in mineral exploration companies. Our leading team of expert scientist’s merge geoscience and data science to deliver bespoke solutions that save time, reduce costs and produce far more accurate results than ever before possible.

For further information please contact:
Vincent Dubé-Bourgeois
CEO and Director
GoldSpot Discoveries Corp.
Tel: 819-592-1195
Email: investors@goldspot.ca

About Granite Creek Copper Ltd.

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 and CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
Email: info@gcxcopper.com

Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Tags #GCX, Carmack Deposit, Granite Creek Copper, Metallic Group of Companies, Tim Johnson

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

Post author By admin
Post date December 1, 2021

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 8^th 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 PEA^1,2, 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 Project^1,2

	Category	Tonnes (000)	Cu (%)	Au (g/t)	Ag (g/t)
Oxide & Transition Mineralization	Measured	6,484	0.86	0.41	4.24
Indicated	9,206	0.97	0.36	3.80
M&I	15,690	0.94	0.38	3.97
Inferred	913	0.45	0.12	1.90
Sulphide Mineralization	Measured	1,381	0.64	0.19	2.17
Indicated	6,687	0.69	0.17	2.34
M&I	8,068	0.68	0.18	2.33
Inferred	8,407	0.63	0.15	1.99

[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

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.

SOURCE: Granite Creek Copper Ltd.

View source version on accesswire.com:
https://www.accesswire.com/675433/Granite-Creek-Copper-Announces-Results-of-Mine-Planning-Mineral-Processing-Work-Conducted-on-the-Carmacks-Copper-Gold-Project-by-Sedgman-and-Mining-Plus

Tags Carmacks, GCX, Granite Creek Copper, maurice jackson, Metallic Group of Companies, proven and probable, Tim Johnson

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

Post author By admin
Post date November 10, 2021

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 2017^1,2. 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

	Category	Tonnes (000)	Cu (%)	Au (g/t)	Ag (g/t)
Oxide & Transition Mineralization	Measured	6,484	0.86	0.41	4.24
Indicated	9,206	0.97	0.36	3.80
M&I	15,690	0.94	0.38	3.97
Inferred	913	0.45	0.12	1.90
Sulphide Mineralization	Measured	1,381	0.64	0.19	2.17
Indicated	6,687	0.69	0.17	2.34
M&I	8,068	0.68	0.18	2.33
Inferred	8,407	0.63	0.15	1.99

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.”

[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.

SOURCE: Granite Creek Copper Ltd.

View source version on accesswire.com:
https://www.accesswire.com/672206/Granite-Creek-Copper-Retains-SGS-for-43-101-Mineral-Resource-Update-on-Carmacks-Deposit-in-Yukon-Canada

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Tags Carmacks, GCX, Granite Creek Copper, maurice jackson, proven and probable, Tim Johnson

Base Metals Energy Granite Creek Copper Junior Mining

Granite Creek Copper Holds $2.5 Billion Worth of Copper

Post author By admin
Post date November 4, 2021

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

Tags 321gold, bob moriarty, Carmacks, GCX, Granite Creek Copper, Greg Johnson, maurice jackson, proven and probable, Tim Johnson

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

Post author By admin
Post date October 28, 2021

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^ (%)**
CRM21-012	400.65	415.75	15.10	0.34	0.006	0.11	2.13	0.47	Zone 1ThisRelease
Including	405.85	411.20	5.35	0.55	0.016	0.15	3.01	0.75
CRM21-013	311.00	378.90	67.90	0.73	0.005	0.18	2.69	0.90
Including	324.75	343.63	22.88	0.92	0.006	0.23	3.76	1.14
and including	355.09	368.00	12.91	1.39	0.006	0.37	5.29	1.73
CRM21-014	355.70	423.45	67.75	0.93	0.009	0.26	5.16	1.20
Including	398.00	423.45	24.45	1.53	0.009	0.41	6.21	1.91
CRM21-017	317.42	363.20	45.78	0.42	0.001	0.15	2.41	0.55
Including	323.50	335.85	12.35	0.67	0.002	0.28	3.90	0.92
CRM21-019	277.95	345.30	67.35	0.93	0.011	0.31	4.23	1.23
Including	322.00	345.30	23.30	1.7	0.016	0.57	7.51	2.27
CRM21-004	323.50	367.00	43.50	1.12	0.028	0.20	3.41	1.40	Zone 1PreviousRelease
Including	338.50	367.00	28.50	1.57	0.042	0.29	4.53	1.96
and including	352.00†	367.00	15.00	1.80	0.066	0.33	4.81	2.31
CRM21-007	222.52	226.60	4.08	0.91	0.006	0.19	6.32	1.13
CRM21-010	450.00	513.40	63.40	0.27	0.003	0.08	1.31	0.35
Including	450.00	482.25	32.25	0.30	0.004	0.08	1.41	0.39
Including	488.90	513.40	24.50	0.30	0.003	0.09	1.47	0.39
CRM21-018	92.40	110.40	18.00	0.91	0.008	0.17	6.79	1.12	Zone 2000SThisRelease
and	158.80	170.00	11.20	0.72	0.013	0.14	4.27	0.91
and	233.60	249.00	15.40	0.39	0.024	0.09	2.09	0.56
and	263	298.90	35.90	0.35	0.008	0.10	2.62	0.48
including	287.00	298.90	11.90	0.67	0.017	0.19	3.53	0.90
CRM21-003	146.35†	214.50	68.15	0.59	0.028	0.14	3.69	0.83	Zone 2000SPreviousRelease
Including	161.40	179.80	18.04	0.81	0.033	0.21	4.80	1.13
CRM21-005	137.05	179.80	43.24	0.74	0.047	0.16	3.82	1.06
Including	142.05	158.40	16.35	1.20	0.036	0.26	6.11	1.58
CRM21-006	194.40	278.20	83.80	0.64	0.012	0.13	3.23	0.81
Including	229.20	278.20	49.00	0.87	0.018	0.17	3.88	1.10
Including	248.76	266.20	17.44	1.21	0.033	0.22	5.11	1.53
CRM21-008	195.80	228.40	32.60	0.80	0.019	0.17	3.88	1.02
Including	201.55	215.55	14.00	1.10	0.023	0.24	4.86	1.40
CRM21-009	190.50	243.85	53.35	0.59	0.012	0.14	2.71	0.75
Including	191.30	201.70	10.40	0.87	0.004	0.25	3.70	1.09
and including	209.00	225.95	16.95	0.62	0.009	0.13	2.76	0.77
and including	229.90	235.25	5.35	1.21	0.064	0.28	4.88	1.68
CRM21-011	223.98	329.50	105.52	0.96	0.013	0.18	4.06	1.18
Including	223.98	245.20	21.22	2.17	0.010	0.36	9.13	2.56
and including	260.32	260.82	0.50	18.97	0.008	0.46	38.3	19.72
CRM21-015	36.69	49.38	12.69	0.23	0.003	0.04	0.96	0.27	Zone 13 ThisRelease
CRM21-016	91.30	238.50	147.20	0.38	0.025	0.10	2.28	0.56
CRM21-021	132.15	229.00	96.85	0.62	0.014	0.20	3.04	0.84
Including	132.15	168.00	35.85	0.82	0.013	0.20	3.80	1.04
and including	207.65	229.00	21.35	0.80	0.021`	0.43	3.51	1.21

^**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.

[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.

Tags #GraniteCreekCopper, GCX, Granite Creek Copper, maurice jackson, Metallic Group of Companies, proven and probable, Tim Johnson

Base Metals Energy Granite Creek Copper Junior Mining

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

Post author By admin
Post date October 14, 2021

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.

SOURCE: Granite Creek Copper Ltd.

View source version on accesswire.com:
https://www.accesswire.com/668103/Granite-Creek-Copper-Receives-Positive-Metallurgical-Results-at-Carmacks-Copper-Gold-Project-in-Yukon-Canada

Tags GCX, Granite Creek Copper, Tim Johnson

Base Metals Energy Granite Creek Copper Junior Mining

Granite Creek Copper Launches Phase 3 of 2021 Drill Program at Carmacks Copper-Gold Project

Post author By admin
Post date September 15, 2021

VANCOUVER, BC / ACCESSWIRE / September 15, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the successful completion of Phase 2 of its 2021 drilling program, consisting of 20 holes of reverse circulation (“RC”) drilling on Zones 2, 5 and 12 at the Carmacks deposit, as well as step-out drilling at Zone A in the Carmacks North target area. The Company has now launched the third and final phase of the 2021 drill campaign, returning to Zone 2000S at the Carmacks deposit to complete offsets of hole CRM21-011 where the Company intercepted a 105.52-meter interval of copper sulphide mineralization grading 1.18% CuEq (0.96% Cu, 0.01% Mo, 0.18 g/t Au, and 4.06 g/t Ag), including a high-grade intercept of 2.55% CuEq (2.17% Cu, 0.01% Mo, 0.36 g/t Au and 9.13 g/t Ag) over 21.22 meters (see news release dated August 24, 2021). The goal of Phase 3 is to continue to expand known resources and confirm the geometry in Zone 2000S to support the development of a mine plan for the sulphide portion of the deposit now underway by Sedgman and Mining Plus.

Granite Creek drilled 19 diamond core holes in the first phase of 2021 drilling, with assays from 9 holes released to date and results from the remaining 10 holes expected in the near term. Samples from the RC program have been sent for assay and will be announced over the next quarter as they become available.

Granite Creek President & CEO, Tim Johnson, commented, “We are very pleased with our 2021 exploration season to date and are excited to enter the final phase of drilling for the year. Given the very strong results we have seen from the first phase of diamond drilling and the positive implications we expect them to have for our resource expansion efforts, the Company adjusted the third phase to return to Zone 2000S where we see substantial opportunity to define additional new areas of mineralization outside the current resource model. Bringing this sulphide material into the model is expected to increase the current NI 43-101 mineral resource estimate in our planned update, with a view to a potentially significant extension of the projected mine life in an updated PEA for Q1 2022. We look forward to continued, substantive news flow throughout the remainder of the year and into 2022.”https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html

Figure 1 – First hole of Phase 3 drill program ready for logging at the Carmacks Project, September 2021

Live Webinar

Granite Creek Copper will be hosting a live webinar with Q&A on Tuesday, September 21 at 9 am Pacific Time. President & CEO, Tim Johnson, will provide a brief overview of the Carmacks Copper-Gold project, followed by an update on progress and discussion of the Company’s near and longer-term development plans. To register, please click here.

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.

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.

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

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.

SOURCE: Granite Creek Copper Ltd.

Tags Carmack Deposit, Carmacks, GCX, Granite Creek Copper, Metallic Group of Companies, Tim Johnson

Base Metals Energy Exclusive Interviews Granite Creek Copper Junior Mining

Granite Creek Copper – Resource Expansion on the High-Grade Copper Carmacks Project

Post author By admin
Post date August 27, 2021

Maurice:

Joining us for conversation is Tim Johnson, the CEO of Granite Creek Copper (TSX.V: GCX | OTCQB: GCXXF).

Tim Johnson:

Thank you, Maurice. It’s always a pleasure to be here.

Maurice:

What an exciting time to be speaking with you as Granite Creek Copper has just released some very exciting results to the market, which look to further extend the resource at the high-grade Carmacks copper-gold project. Before we begin, Mr. Johnson, please introduce us to Granite Creek Copper and the opportunity the company presents to shareholders.

Tim Johnson:

Granite Creek Copper is an exploration stage copper-focused company. We’re focusing on our Carmacks project in the center of Yukon, Canada, which is a great jurisdiction for development and we have excellent access to power and a highway. And just released some very exciting news of which we are very pleased and I appreciate this opportunity to discuss them and put them into context for readers.

Maurice:

Granite Creek Copper began its inaugural drill campaign back in November, which was quite successful, yielding 127 meters of 0.85% copper equivalent at Carmacks’s zone 13, and 4.6 meters of 7.5% copper equivalent at Carmacks north zone A, which was followed up in May with phase one of three drill programs slated for 2021.

In July, Granite Creek released the first string of asset results from phase one and the results were quite impressive. Just the other day, the company released a single hole, hole 11, which has some spectacular results. It would seem that there will be much more bluesky on the horizon on the Carmacks deposit. Mr. Johnson, I have table one from the press release before us. Please walk us through the asset results and in particular, hole 11.

Tim Johnson:

Hole 11 was a bit of an eye-opener for us. It was targeted in zone 2000 south. When we went into the campaign, we knew that there was some significant potential to grow the resources in 2000 South, and I must say Hole 11 delivered, along with a few other holes drilled in the 2000 south zone all intercepted mineralization well below the current resource model, so giving us the potential to significantly expand that resource. We’re pretty pleased. We think not only can we expand the resource, but if you notice that, looking at the resource table in the news release, that just about all the intercepts are of a higher grade than what’s in the table. That gives us the potential to not only grow the resource and as far as tonnage, but also potentially deliver a higher-grade resource on an updated resource estimate that we’re working on right now.

Tim Johnson:

Hole 11 intercepted 105 meters at 1.18% copper on an equivalent basis and above 0.97% copper on its own. Within that, there were 22 meters of over 2% copper. Those grades are pretty spectacular, and we think, again, that’s going to make a significant upgrade to the resource once we can complete a few more holes and model that. We don’t think this is a one-off hole. We think from the geophysics and what we’re seeing that we will be able to expand the resource in a much higher grade. Of course, we’ve got some more drilling to do to be able to deliver that, but we’re pretty bullish about that. We’ve refocused our phase three program, which we expect to start in a week or two, to target that area of 2000 south, and also to see if we can connect the 2000 south up to some of the other zones at Carmacks to make a more continuous ore body.

Maurice:

Now sticking with zone 2000 south, I have table two before us. What do these results seem to indicate?

Tim Johnson:

Table two is a resource calculation done by previous operators. This was published in 2017. You can see it’s quite a small resource, about 600,000 tons in the sulfide domain, which readers should know that the sulfide domain is what we’re targeting. The oxide, there is limited oxide in 2000 south. I think this is one of the reasons why this target is still here, because previous operators, again, we’re more focused on a small oxide operation. So they weren’t targeting the sulfide, but we see the real potential here to be the sulfide. This hole seems to verify that. Again, the grade on this hole is above what the grade of the resource, the current resource is. So good delivery on a couple of fronts, both potential tonnage increase, and potential grade increase.

Maurice:

And I do wish to highlight the geological acumen of Granite Creek Copper, as the Carmacks has had over 50,000 meters of exploration in the past and they were not able to locate the success you have in hole 11. What does that say about GCX and the success of the company moving forward?

Tim Johnson:

There’s a couple of reasons for that. The previous operators and there was nothing wrong with this, felt they had an economic resource in the oxide. The oxide is fairly near surface. Therefore, there was a lot of drilling done to prove up that resource, but there was very little drilling done to expand the resource into the sulfide material or to look for adjacent potential like we have at Carmacks North. Previous operators had quite a small land package for various reasons. They had to let some go in some of the tougher times in the industry, and we benefited from that, by having that land package available for us when we acquired it and then subsequently acquired coper north, of course, to consolidate the district.

Tim Johnson:

So yeah, you’re right. I mean 50,000 meters have been drilled, but a lot of it, as I said, was very near-surface, oxide focused, and left us the opportunity to come in and recognize the potential for significant expansion beneath the oxide into the sulfide, and really not that deep. The transition zone from oxide to sulfide occurs about 200 meters plus or minus below surface, so still well within an economic mining range, and really, a lot of bluesky left and a lot of discovery potential on the combined land package.

Maurice:

In previous interviews, we’ve discussed resource expansion. How does today’s press release increase the impact on the pending 43-101 mineral resource estimate?

Tim Johnson:

It significantly impacts mineral resource estimate. When consider where Hole 11 fits in relation to the current resource, and the entirety of the 105 meters of significant mineralization is below the current resource. So giving us up to 100, maybe 120 meters of down-dip extension on that resource. Now, we do need to infill around it. You can’t build a resource on a single hole, but some of the other holes that we’ve had that we released in July also support that down-dip extension of the resource. So we see significant growth potential here in this zone.

Tim Johnson:

We did drill again this year on Zone 13. We’re still waiting for those assays, but we see potential to grow in 13 as well. We also see potential to grow in the sulfide portion of Zone 1, which some of those assays were also released in our first release in July. So basically, three zones that we have resource growth potential, and we’re working on modeling those right now. We’re working with a third party to bring that resource into view, and we hope to be able to deliver that to the market in a fairly timely manner.

Maurice:

I referenced that Granite Creek will embark on three drill programs this year. When can shareholders expect the remaining results from phase one?

Tim Johnson:

That’s a really tough question to answer. As we move into the fall, the labs get busier and busier. So it’s really hard for me to nail down, but we would expect hopefully by late September to early October, we’d have final results on phase one. The phase two program we’re currently going on is an RC or a reverse circulation program. It’s targeting some of the earlier stage targets both at Carmacks north, which is a northern extension of our land package, and some of the earlier stage targets around the Carmacks deposit itself. Then the phase three program, which is now being re-imagined in and around 2000 south, will be starting in the coming weeks. Then that should give us fairly good assay flow and be able to continue to deliver results to the market as we move through the fall and into the winter months.

Maurice:

By the way, is phase three, is that an RC or is that diamond core, sir?

Tim Johnson:

Phase three is a diamond program. What we did this year, we budgeted for 10,000 meters. We completed 6,300 meters in the initial program, and we kept back some meterage to get the results in and to understand the geology of the orientation of the deposits. Now that those results are coming in as I said, we’re refocusing our efforts to build out where we have the best results and try to get … increase the tonnage and increase the grade in the zones that we think are going to make the most difference to the resource.

Maurice:

When we last spoke, Granite Creek Copper announced that it had entered into a contract with Sedgman and Mining Plus. What are the latest developments there?

Tim Johnson:

We working forward with Sedgman and Mining Plus. One of the big reasons we brought them in is two-fold. One of the reasons we brought them in was to optimize the process for both the oxide and sulfide processing that was initially developed in the 2017 PEA, and then also to develop a mine plan that would bring the sulfide in as well. The previous PEA only spoke to the oxide resource. It contemplated about a 7 mine life. We saw at least double that in the sulfide resource, but there was no mine plan for it. Sedgman and Mining Plus are working very hard to bring that into view. What’s going to happen, we’ll take that information and that will inform our next economic study to be done on the project. We will look at updating the preliminary economic assessment once we have all the results in both from the work that Sedgman and Mining Plus are doing, and of course, with an updated resource that is being currently worked on to bring both the tonnage and the mine plan and the processing plan all into one economic study.

Maurice:

Leaving the Carmacks project, sir, please provide us with an update on the capital structure for Granite Creek Copper.

Tim Johnson:

Granite Creek Copper has 127 million shares issued and outstanding. We’ve have warrants that are right at the strike price of the warrants, about $4.8 million in cash value of those warrants with the strike price at 20 cents. We see strength in the market moving into the fall, and we expect those warrants to assist the company in continuing on with our economic studies and upcoming programs. Meaning that we won’t be looking to conduct a dilutive financing in the near term. We expect strength in the copper market hopefully will allow us to delay any large financing for a while.

Maurice:

Before we close, Mr. Johnson, what would you like to say to shareholders?

Tim Johnson:

I think the copper space is an excellent space for speculative shareholders to be to be looking we think that the copper market is going to have strength moving through the remainder of this year and into next year. We’ve got an excellent project with excellent exposure to copper and to precious metals as well in a very good jurisdiction. I think it’s worth adding granite creek copper to your watch list and making sure you follow along with our story.

Maurice: Last question sir what did i forget to ask?

Tim Johnson:

Well as usual Maurice, you did an excellent job. I think the questions you asked are very good and I appreciate your time.

Maurice:

Thank you sir. Mr Johnson for someone that wants to get more information on granite creek copper please share the contact details.

Tim Johnson:

Please visit us at www.gcxcopper.com.

Maurice:

Mr. Johnson is always a pleasure to speak with you wishing you and Granite Creek Copper the absolute best sir.

And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com. Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.

Tags Carmacks, Carmacks Deposit, Granite Creek Copper, Greg Johnson, maurice jackson, Metallic Group of Companies, proven and probable, Tim Johnson

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Tag: Granite Creek Copper

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