Mining Explorers 2012: Imperial Metals Corp.
Last updated 11/11/2012 at Noon
Chairman: Pierre Lebel (mug)
President and COO: J. Brian Kynoch, P.Eng.
Vice President, Exploration: Patrick M. McAndless, P.Geo.
Imperial Metals Corp. focused in 2012 on expanding resources at its Mount Polley open-pit copper-gold mine located 56 kilometers northeast of Williams Lake in central British Columbia and developing the Red Chris copper-gold property in northwest British Columbia.
The mid-tier producer also owns 50 percent interest in the Huckleberry open pit copper-molybdenum mine in central British Columbia and 65 percent interest in the Ruddock Creek lead-zinc property in southern B.C. In the second quarter, Imperial spent C$4.3 million on exploration at Mount Polley, completing 9,405 meters of diamond drilling in 19 drill holes with two rigs.
The company reported Aug. 21 that copper-gold mineralization extends to at least 500 meters depth below the bottom of the proposed phase 5 Springer pit, and the exploration area had been expanded to include drilling beneath the Cariboo pit and on the North Block, about 4 kilometers (2.5 miles) north of the current mining area.
The deep mineralization is strongly dominated by sulphide minerals with an average ratio of 12.68 percent oxide copper to total copper in reported intervals.
The successful drilling below the Springer pit indicates high potential to extend known mineralization at depth below the adjacent Cariboo pit.
In May, Imperial reported a 73 percent increase in an updated measured and indicated resource estimate for Mount Polley to 361 million metric tons grading 0.284 percent copper, 0.297 grams per metric ton gold and 0.846 g/t silver.
At Red Chris, Imperial reported in May that the Province of British Columbia issued a Mines Act permit for the project authorizing development of a 30,000-metric-tons-per-day milling operation and related open-pit mine with reserves of 301.5 million metric tons grading 0.359 percent copper and 0.274 g/t gold.
Electrical power will be supplied by a connection to the Northwest Transmission Line at Bob Quinn.
The transmission line is expected to be complete by May 2014.
Red Chris exploration expenditures, primarily drilling, totaled C$1.4 million in the second quarter with 2,572 meters drilled in a five-hole program.
Exploration drilling at Red Chris was suspended in May in anticipation of the start of mine construction.
Cash flow: C$28.58 million (June 30, 2012)
Working capital: C$ $46.4 million (June 30, 2012)
Market capitalization: C$848.49million (Aug. 25, 2012)
200 - 580 Hornby Street
Vancouver, BC V6C 3B6
Tel: 604-669-8959 Fax: 604-687-4030