Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
The Schaft Creek joint venture (SCJV) between Copper Fox Metals (TSXV: CUU) and Teck Resources is currently preparing for a planned 5,000-metre summer drill program, as well as completing rock geochemistry analysis to confirm the scope of the 2022 field program.
“In addition to planning for the 2022 field program, the SCJV is advancing several initiatives to deliver into the overall 2022 program objectives,” said Copper Fox president and CEO Elmer Stewart.
These include finalizing a metallurgical test work contract to process samples from the 2021 and 2022 drilling program, and refining the 2022 environmental baseline data collection to reflect the updated project configuration and current regulatory requirements. The JV is also strengthening its 2022 engagement plan with the Tahltan Nation.
“These activities are focused on further defining and confirming value-add opportunities to inform a decision on initiation of a potential future prefeasibility study,” Stewart added.
The Schaft Creek deposit, located in northwestern BC, is one of the largest undeveloped porphyry copper deposits in North America, and contains significant gold-molybdenum-silver by-products. Teck is the project operator and controls 75% of the SCJV.
The 2021 drilling at Schaft Creek helped to expand the metallurgical sampling coverage in the deposit to better inform metal recoveries and comminution characteristics within the early part of the mine life.
According to a preliminary economic assessment released last September, the project has an estimated life of 21 years, during which time 5 billion lb. of copper, 3.7 million oz. of gold, 226 million lb. of molybdenum, and 16.4 million oz. of silver will be recovered.
