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Thierry Copper Project
About Thierry
Thierry spans 4,670 hectares across 27 mineral leases. The Thierry Project also contains 163 contiguous cell claims and 16 boundary claims totalling 3,258 hectares. The total combined Property area is 7,907 hectares. The property hosts a past-producing copper and nickel mine with underground and open-pit operations—producing 5.8Mt @ 1.13% Cu, 0.14% Ni between 1976 – 1982 by UMEX Inc. Historically, copper concentrate was shipped to the Horne Smelter in Rouyn-Noranda, QC. Significant infrastructure is already in place, with the property being accessible via all-season road, a municipal airport within five kilometers, a nearby rail system, and a provincial power grid within eight kilometers.
Location
Thierry (K2-1) underground deposit:
Classification Tonnes Cu (%) Ni (%) Au (g/t) Pt (g/t) Pd (g/t) Ag (g/t) Measured 3,233,000 1.65 0.19 0.03 0.03 0.09 4.6 Indicated 5,582,000 1.66 0.19 0.05 0.05 0.14 3.8 Measured & Indicated 8,815,000 1.66 0.19 0.05 0.04 0.13 4.0 Inferred 14,922,000 1.64 0.16 0.10 0.07 0.21 6.4 Table 1) 2021 Thierry underground mineral resource estimate. K1-1 Zone open pit deposit:
$12/tonne Cut-off NSR Tonnes Cu (%) Ni (%) Au (g/t) Pt (g/t) Pd (g/t) Ag (g/t) Inferred 53,614,000 0.38 0.10 0.03 0.05 0.14 1.8 Table 2) 2021 K1-1 open pit inferred resource estimate. J & G Zones open pit deposit historical resources:
Classification Tonnes Cu (%) Ni (%) Historical 55,000,000 0.40 0.11 Thierry 2022 PEA
An updated PEA study by P&E Mining Consultants in April 2022 focused on the Thierry underground deposit, revealing a 14-year mine life. With a production rate of 4,000 tpd, the project is set to recover 567M lbs of copper and 21M lbs of nickel. The PEA projected an impressive after-tax NPV6% of $287M, an IRR of 25%, and a payback period of just 3.1 years. This 2022 updated PEA did not include the K1-1 open pit deposit.
In February 2021, P&E Mining Consultants’ PEA study provided a Mineral Resource Estimate for the Thierry underground deposit, detailing 8,815,000 tonnes in the Measured and Indicated classification at 1.66% Cu, 0.19% Ni, and 0.13 g/t Pd, along with 14,922,000 tonnes in the Inferred classification at 1.64% Cu, 0.16% Ni, and 0.21 g/t Pd. Additionally, the K1-1 near-surface open pit deposit was estimated to have 53,614,000 tonnes in the Inferred classification at 0.38% Cu, 0.10% Ni, and 0.14 g/t Pd, with smaller quantities of platinum, gold, and silver.
Cuprum Corp will seek to drill the K1-1 open pit resources, aiming to elevate the confidence level of the Inferred Mineral Resource to Measured or Indicated status and explore a larger bulk tonnage scenario for the project. (see disclosure on PEA in Historical Resources and PEA).
Exploration Upside
In addition to the current resources, the Thierry property hosts large discovery and expansion potential including at the J & G Zones, which hosts a historical resource of 55,000 kt at 0.40% Cu, 0.11% Ni (see disclosure on Historical Resources). Previous geophysical studies and drilling has shown significant upside throughout the property to delineate additional mineralized zones and resources. Moving forward, Cuprum Corp will focus on reinterpreting the geology at the Thierry property and delineate further resources that can then culminate into a comprehensive PEA representative of the property’s potential.
Historical Resource Disclosure
The scientific and technical information regarding the J and G Zones resource estimate contained herein is historical in nature and was prepared prior to the implementation of National Instrument 43-101 (NI 43-101) of the Canadian Securities Administrators. While this information is considered reliable, it does not comply with the standards of NI 43-101 and should not be relied upon.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the issuer is not treating the historical estimate as current mineral resources or mineral reserves. The historical estimate should not be relied upon until it is verified and supported by a current NI 43-101 technical report.
The issuer is not aware of any more recent resource estimates or data that would supersede the historical estimate, but it is recommended that the reader exercise caution and consult the original historical reports and related technical documentation for a more complete understanding of the project’s geology, sampling, and estimation procedures.
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