Key Highlights
- Completed key Copperwood site impacts and initiated related environmental mitigation projects.
- Satisfied initial wetland permit obligations and maintained permits in good standing.
- Site work performed on budget with no lost time or reportable environmental incidents.
- Increased regional and State stakeholder engagement levels; considerable project support demonstrated.
- Focus over the coming months shifting to key technical optimizations to improve economic strength of the Copperwood project.
Copperwood Site Update
The Copperwood project is Highland’s 100%-owned, fully-permitted copper project in the Upper
Table 1 - Metal Price Sensitivities - After-Tax Results1
1 Source: Technical report entitled “Feasibility Study Update Copperwood Project Michigan, USA” with an effective date of
As previously disclosed by Highland, certain early site works needed to be completed during 2023 to meet obligations under the Wetlands and Streams Permit. Highland is pleased to report that all work required to maintain that permit has been completed to the satisfaction of the
“Initiating work at the Copperwood site is a significant step for
Community Relations
While initiating on-the-ground activity, Highland has kept all key stakeholders appropriately informed. This includes periodic stakeholder meetings to deliver project updates. As a demonstration of support, a range of local authorities have provided resolutions of support for the Copperwood project. This includes resolutions from
“It is important to Highland that we are aligned to local communities and State authorities. Since joining Highland, I have had the opportunity to attend numerous meetings of local cities, townships and county boards. I have been pleased to see the level of engagement and support. We are also continuing to develop a healthy working relationship at the State level to ensure we operate to the standards expected by the State,” said
Copperwood Regional Economic Impact
The western
Copperwood Optimizations
While the economic returns of Copperwood are robust, Highland is evaluating key opportunities identified in the Feasibility Study with a goal of demonstrating potentially improved economic returns. These opportunities include:
- Potential Life of Mine Extensions: The Copperwood Measured and Indicated Resource, on which the initial 11-year mine life is based, is 54 million ore tonnes at a copper grade of 1.51%. There is a further 79 million ore tonnes of Inferred resource at a copper grade of 1.09%. Highland is evaluating the cost and economic impact of converting Inferred tonnage to Measured and Indicated.
- Application of Bulk Ore Sorting: Initial test work, based on a limited ore sample, demonstrated that Copperwood ore may be amenable to bulk ore sorting technology. Bulk ore sorting can have the impact of lowering mill throughput and increasing copper grade. Highland is currently evaluating potential methods for extracting a sufficient bulk ore sample to test ore sorting at a feasibility study level.
- Metallurgical Recoveries and Reagent Usage: If access is available to a bulk ore sample, Highland will also assess metallurgical test work to evaluate the recoveries and reagent usage presented in the Copperwood Feasibility Study for potential optimizations.
- Government Funding Opportunities: In addition to technical optimizations, Highland is continuing to pursue sources of State and federal funding to assist with the development of Copperwood. In
August 2023 , theUS Department of Energy added copper to the Critical Metals List. Highland is assessing its eligibility for tax credits, in addition to federal funding.
Highland looks forward to updating the market on these initiatives in the coming months.
White Pine North Update
Following the joint venture transaction with Kinterra in July this year, Highland has been very pleased to see Kinterra’s level of engagement while transitioning control. Kinterra has allocated considerable resources to understanding all technical aspects of the project and developing plans for environmental baselining, technical studies and preparation for a potential winter drilling campaign. Kinterra have also hired a
Copperwood Site Photos
The following photos demonstrate the scale and scope of work performed:
Stream diversion and mitigation: East stream diversion to divert water around future site infrastructure. Note the wetland mitigation construction within the stream diversion / mitigation area and the hydroseeded former wetland in the background.
Wetland Creation: Site preparation work for the construction of 18.3 acres on-site mitigation wetlands. An additional off-site 717-acre wetland preservation area is part of wetland mitigation obligations.
Reseeded Wetland: Impacted wetland areas are hydroseeded to maintain soil erosion capabilities.
About
More information about the Company is available on the Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking statements” and “forward-looking information” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. These statements include, without limitation, statements with respect to: (a) the Company’s expectations and beliefs for the development of its mineral projects, including the timing and ultimate economic results thereof; (b) the anticipated time-frame for continuation of mitigation works (c) the Company’s plans for Copperwood optimization, included converting inferred mineral resources to measured or indicated mineral resources, potential for bulks sorting of ore and potential economic benefits to the Copperwood project as a result, and potential to secure additional government funding activities; (d) the existing resources identified on the Company’s mineral projects; and (e) the sensitivity of the Copperwood project to copper price fluctuations . Such forward looking statements are based on a number of assumptions, which may prove to be incorrect. Important assumptions with respect to Copperwood project are contained in the Technical Report. Important factors that could materially impact the Company's expectations include: uncertainties involving the availability of financing in the debt and capital markets; uncertainties involved in the estimation of reserves and resources, including uncertainties in the interpretation of drilling results and other geological and geotechnical data, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined; availability of skilled labour; effects of regulation by governmental agencies; unanticipated variation in geological structures, metal grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs and the effects of inflation; fluctuations in metal prices and currency exchange rates; and general market and industry conditions. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company undertakes no obligation to update forward-looking statements except as required by law.
Neither the
For further information, please contact:
Barry O’Shea, Interim CEO
Email: info@highlandcopper.com
Website: www.highlandcopper.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a4fd379-0987-4fc8-95a0-769870e510e6
https://www.globenewswire.com/NewsRoom/AttachmentNg/caf7be61-4ded-461a-8a49-0b17bcbe0a30
https://www.globenewswire.com/NewsRoom/AttachmentNg/e99d5926-ed50-49e1-a4e3-1c6c0d234341
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa83b0e8-451f-47eb-bb9a-ce424317c41e
Table 1
Metal Price Sensitivities - After-Tax Results
Stream diversion and mitigation:
East stream diversion to divert water around future site infrastructure. Note the wetland mitigation construction within the stream diversion / mitigation area and the hydroseeded former wetland in the background.
Wetland Creation:
Site preparation work for the construction of 18.3 acres on-site mitigation wetlands. An additional off-site 717-acre wetland preservation area is part of wetland mitigation obligations.
Reseeded Wetland:
Impacted wetland areas are hydroseeded to maintain soil erosion capabilities.
2023 GlobeNewswire, Inc., source