QUEBEC – Toronto’s Nuinsco Resources has released a 43-101 mineral resource estimate with excellent copper grades for the Corner Bay deposit in the Chibougamau mining camp. The estimate was prepared by Roscoe Postle Associates.
The Corner Bay property belongs to CBay Minerals, a private company jointly owned by Nuinsco and Ocean Partner Investments.
The measured and indicated resource of 825,000 tonnes not only has a copper grade of 3.42% but also a gold grade of 0.32 g/t and a silver grade of 3.71 g/t. The inferred resource is 734,000 grading 3.33% Cu, 0.28 g/t Au and 11.56 g/t Ag. Copper mineralization occurs in two distinct veins and the wall rock adjacent to them. The veins have widths of 2 to 3 metres and a strike length of approximately 700 metres
"With 825,000 tonnes of measured and indicated resources grading 3.42% Cu, the partially developed Corner Bay deposit is the most likely target for first production from CBay's Chibougamau assets," said CBay's CEO Roland Horst.
The deposit has further potential he added, "With drill results including 16.2 metres grading 9.27% Cu at 1,200 metres vertically below surface, RPA highlights the potential to add significant tonnage to the current mineral resources at depth with additional drilling."
The Corner Bay project was partially developed in 2008 by its former owner, with a ramp to a depth of 115 metres to access the deposit at the 55, 75 and 105 metre levels. About 40,000 tonnes of development rock were extracted processed at the Copper Rand mill 45 km away, which is now also owned by CBay. The average recovery rates were 94.04% Cu, 61.59% Au and 65.87% Ag, on an average head grade of 2.48% Cu, 0.47 g/t Au and 6.86 g/t Au. Development was just reaching the bulk sample target when the crash of the financial markets and copper price in 2008 forced the suspension of development to take a bulk sample.
Additional information about the Corner Bay project is posted at Nuinsco.ca.