Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
QC Copper and Gold (TSXV: QCCU) has updated the resource estimate for its Opemiska project to over 1.88 billion lb. of copper and 915,000 oz. of gold. The project is located in the Chapais-Chibougamau district of Quebec.
The pit-constrained measured and indicated resource is 87.3 million tonnes grading 0.77% copper (0.93% copper equivalent), containing 1.49 billion lb. copper, 762,000 oz. of gold and 762,000 oz. of silver. The pit-constrained inferred resource is 9.8 million tonnes at 0.48% copper (0.59% copper equivalent), containing 104 million lb. copper, 55,000 oz. of gold and 689,000 oz. of silver. A cut-off of 0.15% copper equivalent was used in this estimate.
Opemiska also has out-of-pit resources calculated with a cut-off of 0.8% copper equivalent. The measured and indicated portion is 10.1 million tonnes grading 1.20% copper (1.37% copper equivalent), containing 268 million lb. of copper, 83,000 oz. of gold and 5.5 million oz. of silver. The inferred portion is 11.0 million tonnes at 0.53% copper (0.54% copper equivalent), containing 127 million lb. of copper, 70,000 oz. of gold and 907,000 oz. of silver.
“We are proud to deliver to shareholders an MRE that defines Canada’s highest grade copper open pit deposit,” said QC Copper CEO and chair Stephen Stewart. “This MRE details the immense value of owning such a sizable, high-grade asset with excellent accessibility and infrastructure.
“Furthermore, QC Copper and Gold’s Opemiska is in the heart of northwestern Quebec, a stable mining jurisdiction, where we see Opemiska as the anchor to revitalizing the storied Chapais-Chibougamau copper-gold district in Eastern Canada.”
The project has a starter pit of 19.1 million tonnes at 1.1% copper equivalent, with confirmed potential to expand the pit and go underground. Potential satellite pits to the east as well as the former Cooke and Robitaille mines have been identified. As well, preliminary metallurgical tests have confirmed favourable recovery characteristics.
The Opemiska project includes the former Springer and Perry copper-gold mines, operated by Falconbridge from 1953 to 1991. Together, they produced 23 million tonnes of ore grading 2.4% copper and 0.3 g/t gold.
QC Copper acquired the property in 2021, and the company is aiming to outline resources containing at least 2 billion lb. of copper equivalent.
