The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
CopperBank Resources Corp. June 5 announced plans to complete at least 1,500 meters of drilling at its Pyramid copper-gold-molybdenum project in Southwest Alaska.
The Pyramid project covers 94,830 acres of Aleut Native Corporation lands on the Alaska Peninsula. This property hosts 122 million metric tons of inferred resource averaging 0.41 percent copper, 0.1 grams per metric ton gold and 0.021 percent molybdenum.
While completed by a reputable engineering firm in 2013, CopperBank is not treating this historical estimate as current mineral resources.
The primary objective of this year's drilling is to expand this resource area at Pyramid in advance of infill drilling planned for 2018.
Expansion of high-grade resources around hole PY11-16, which cut 155 meters of 0.71 percent copper, 0.18 grams per metric ton gold and 0.018 percent molybdenum, is the primary target area for this year's drilling. The bottom 34 meters of this hole returned 0.844 percent copper, indicating the depth extension of this deposit.
The North zone will also be tested to verify the lateral extensions of known mineralization -particularly around hole 11PY007, which cut 104 meters averaging 0.56 percent copper and 0.13 g/t gold from a depth of six meters.
CopperBank hopes this program will provide a better understanding of the distribution and the controls of the mineralization, and verify the continuity of higher grade zones, particularly with overlap between supergene chalcocite mineralization hypogene chalcopyrite mineralization.
"This long anticipated drilling program will give our technical team the direction for next steps in the development of the project, and specifically a better view of the higher grade sections of the deposit," said CopperBank Executive Chairman Gianni Kovacevic. "The superior location and ownership structure further demonstrate that Pyramid is one of only a handful of established copper projects that is located on private property in the United States, with the added benefit of being located only four kilometers to all-year ice-free deep tide water."
-SHANE LASLEY
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