BRITISH COLUMBIA - TERRANE METALS of Vancouver has released numbers indicating that the Mt. Milligan copper-gold deposit northwest of Prince George contains at least 1.9 billion lb of copper and 5.5 million oz of gold. Mt. Milligan was one of the former Placer Dome properties sold when that company was taken over by Barrick Gold in 2006.
Terrane made its resource estimate using conservative commodity prices: US$1.50/lb for copper and US$550/oz for gold. The measured and indicated resource totals 417.1 million tonnes at 0.210% Cu and 0.410 g/t Au. There is also a small (6.6 million oz) inferred resource.
Changing the presumed metal prices to US$2.00/lb for copper and US$600/oz for gold puts the measured and indicated total to 665 million tonnes at 0.19% Cu and 0.33 g/t Au. In terms of contained metal, that is 2.7 billion lb of copper (up 42%) and 7.1 million oz of gold (up 29%).
Terrane based its estimates on a 3-D geologic model that incorporated information from 218,701 metres of core drilling. Cross-sections of the Mt. Milligan deposit are posted at www.TerraneMetals.com.