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Canadian Critical Minerals (TSXV: CCMI) now has a 10.4% stake in XXIX Metal (TSXV: XXIX), which controls two of the largest copper projects in Eastern Canada, CCMI confirmed Monday. Formerly known as QC Copper and Gold, XXIX began trading under its new ticker on the TSX Venture Exchange on Dec. 11.
XXIX Metal owns 100% of the past-producing Thierry copper-nickel mine in northwestern Ontario. It also owns the high-grade Opemiska copper project in Quebec.
The company acquired 100% of the Thierry project from privately held Cuprum Corp. on Dec. 9. Canadian Critical Minerals previously held a 29.5% stake in Cuprum.
CCMI describes the Thierry project as “one of the largest known copper resources in northwestern Ontario with over 1.3 billion lb. of contained copper.”
The 79 sq. km Thierry copper project, 15 km west of Pickle Lake, hosts the Thierry mine, which produced 5.8 million tonnes grading 1.13% copper and 0.14% nickel between 1976 and 1982.
Thierry’s K2 deposit has measured and indicated resources of 8.8 million tonnes. It grades 1.66% copper and 0.19% nickel. There is also an inferred resource of 14.9 million tonnes at 1.64% copper and 0.16% nickel. The K1 deposit hosts inferred resources of 53.6 million tonnes grading 0.38% copper and 0.10% nickel.
A 2021 study envisioned an underground mine. It would produce copper and nickel-copper concentrates. The early-stage study estimated an after-tax net present value (at a 6% discount rate) of C$287 million and internal rate of return of 25%.
The Opemiska project hosts 97.4 million measured and indicated tonnes grading 0.81% copper and 10.9 million inferred tonnes grading 0.53% copper.
Besides its stake in XXIX Metal, CCMI is advancing its 100%-owned Bull River copper-gold-silver project near Cranbrook, BC.
The company plans to restart the mine, which originally operated from 1971 to 1974. The mine has underground infrastructure to a depth of 350 metres below surface with 21,000 metres of underground workings.
Currently, CCMI is earning revenue from selling concentrated ore from a stockpile at surface.
The project hosts 2.26 million indicated tonnes grading 1.80% copper, 0.42 gram gold per tonne, 15.3 grams silver per tonne (2.13% copper-equivalent) and 1.36 million tonnes grading 1.60% copper, 0.42 gram gold and 13.6 grams silver (1.92% copper-equivalent).
Over the last year, Canadian Critical Minerals has traded in a range of C$0.03 and C$0.07, and in mid-day trading in Toronto was changing hands at C$0.04. The junior explorer has a market cap of about C$11.5 million.
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