Mineral Resources
A Mineral Resource estimate of PPS mineralization was updated in January 2022. The estimate used updated
drill hole results together with an updated 3D geology model of the spatial distribution of copper, lead, zinc and
silver mineralization. Grade interpolation parameters were guided by geology, styles of mineralization, drill hole
spacing and geo-statistical analysis of sample data. The Mineral Resource estimate was classified according
to geological and grade continuity ("QAQC"), density data, drill hole grid spacing and confidence in the panel
grade estimate.
Mineral Resources are reported in accordance with the guidelines of the Standards on Mineral Resources and Reserves of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines, CIM November 2019). Minor tonnages of secondary sulfide and gossan gold mineralization that remain from open pit mining and stockpiles are tabled for completeness.
Reasonable prospects for eventual economic extraction are based upon the positive economics of surrounding underground operations of similar styles of mineralization together with the recent successful development of new technology related to industrial scale poly metallurgical refining.
The Mineral Resource estimate for CLC presented in the table below is consistent with the estimate produced
for the CLC Technical Report.
Mineral Resource - as at December 31, 2024
| Classification |
Tonnes (Mt) |
CuEq (%) |
Cu (%) |
Au (g/t) |
Pb (%) |
Ag (g/t) |
Zn (%) |
| Polymetallic Primary Sulphide (1% CuEq cutoff grade*) |
| Total Measured |
20.0 |
2.62 |
1.21 |
- |
1.29 |
31.66 |
2.92 |
| Total Indicated |
21.4 |
1.97 |
1.13 |
- |
0.79 |
23.36 |
1.65 |
| Subtotal Meas. plus Ind. | 41.4 |
2.29 |
1.17 |
- |
1.03 |
27.37 |
2.26 |
| Total Inferred |
9.43 |
1.66 |
1.08 |
- |
0.61 |
26.13 |
0.94 |
| Secondary Sulphide (1% Cu cutoff grade) |
| Total Measured |
0.86 |
- |
6.23 |
- |
- |
- |
- |
| Total Indicated |
0.06 |
- |
2.51 |
- |
- |
- |
- |
| Subtotal Meas. plus Ind. |
0.91 |
- |
6.01 |
- |
- |
- |
- |
| Total Inferred |
- |
- |
- |
- |
- |
- |
- |
| Gossan (1 g/t Au cutoff grade) |
| Total Measured |
- |
- |
- |
- |
- |
- |
- |
| Total Indicated |
0.01 |
- |
- |
1.54 |
0.83 |
100.47 |
- |
| Subtotal Meas. plus Ind. |
0.01 |
- |
- |
1.54 |
0.83 |
100.47 |
- |
| Total Inferred |
- |
- |
- |
- |
- |
- |
- |
The current depleted Mineral Resource as at December 31, 2024, was estimated and verified under the supervision of David Gray of the Company who is a
qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, FAIG (#7323).
Mineral Resource Statement for Cobre Las Cruces stockpiles - as at December 31, 2024
| Classification |
Tonnes (Mt) |
CueQ (%) |
Cu (%) |
Au (g/t) |
Pb (%) |
Ag (g/t) |
Zn (%) |
| Primary Stockpiles |
| Total Measured |
- |
- |
- |
- |
- |
- |
- |
| Total Indicated |
5.0 |
2.46 |
1.19 |
- |
1.63 |
29.40 |
2.21 |
| Total Meas. plus Ind. |
5.0 |
2.46 |
1.19 |
- |
1.63 |
29.40 |
2.21 |
| Gossan Stockpiles |
| Total Measured |
- |
- |
- |
- |
- |
- |
- |
| Total Indicated |
2.7 |
- |
- |
2.58 |
3.30 |
82.3 |
- |
| Total Meas. plus Ind. |
2.7 |
- |
- |
2.58 |
3.30 |
82.3 |
- |
The current stockpile Mineral Resource inventory as at December 31, 2024, was verified under the supervision of Carmelo Gomez of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geology), EurGeol.
The CLC secondary sulfide copper reserves were depleted by end of February 2021.