Executing a world-class, high-grade copper silver project, catalyzing development of the Botswana Kalahari Copper Belt
Cupric Canyon's flagship Zone 5 deposit is one of the most significant high-grade copper developments in recent years with a total Mineral Resource of 91,7Mt at 2.1% Cu and 22g/t Ag (in-situ). This forms a subset of the total property sulphide resource of 502Mt @ 1.4% Cu and 17g/t Ag, including high grade deposits in the North East of the property of 185Mt @ 2.0% Cu and 27g/t Ag. †
Zone 5 re-defines Botswana's Kalahari Copper Belt as a key emerging trend in a stable and pro-mining jurisdiction. Cupric has consolidated a core land position over the most prospective portion of this belt and is continuing exploration on several proximal high-grade targets.
The Starter Project currently under construction will produce more than 155,000 tonnes of copper concentrate at 38% - 42% copper content (more than 60,000 tonnes of copper metal) and 2 million ounces of silver annually*. The project is fully permitted and expects to conclude financing activities during Q1 2019, supporting ongoing construction activities and ensuring first concentrate production and export during Q2 2021. The Starter Project development plan now involves the fully mechanised underground mining of sulphide ores at Zone 5 at a rate of 3.65 million tonnes per annum using the upgraded Boseto processing facility for crushing, milling, flotation and production of a high-grade copper silver concentrate.
A staged Expansion Project is also being assessed with the objective of increasing annual production to over 100,000 tonnes of copper concentrate and three million ounces of silver.
† The Mineral Resource estimate as set out in this Report has been estimated by a Competent Person as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code (2012 Edition) (“JORC Code”). The JORC Code is a Code for Public Reporting, not a Code that regulates the way a Competent Person estimates Mineral Resources or Ore Reserves. This Report has not been prepared for public reporting or public disclosure as might be defined pursuant to any relevant law, stock exchange rule or International Standard in respect of the Public Reporting of Exploration Results, Mineral Resources and Ore Reserves
* Based upon first 10 years of average production.
The Company’s short-term plan is to achieve safe and reliable production of the Starter Project. The long-term plan is to expand Khoemacau to approximately 5.8 million tonnes per annum, via the Expansion Project whereby a new standalone process plant will be built at Zone 5. A pre-feasibility study was completed on the Expansion Project in 2015 and the Company intends on advancing this to a definitive feasibility study and then full engineering for this in conjunction with the construction of the Starter Project. The Expansion Project is expected to produce approximately 100,000 tonnes of copper per annum and 3 million ounces of silver.
In addition to Zone 5, the Company has multiple high-grade deposits on the Khoemacau
and Boseto land packages that it intends to exploit. The most immediate
targets are the Zone 5 North and Zeta North East deposits, which have
total inferred resources of 54 million tonnes grading 2.1% copper and
41g/t silver. It is envisaged that these resources can be used to fill
the Boseto processing facility once the Expansion Project is complete.
In total, the Khoemacau and Boseto assets combined have 500mt of ore resources grading 1.4% copper and 17g/t silver.