IDAHO COPPER CORPORATION The TruScan mobile scanning unit, which is about the size of a cargo van, contains sophisticated software and XRF scanning equipment that analyzes drill core to detect and measure copper and molybdenum grades. Each element present in a sample produces a set of characteristic fluorescent X-rays (a fingerprint) that is unique to that specific element. Currently, six holes have been scanned, namely holes C09-39, C09-47, C11-49, C11-52, C11-64 and C12-67. A total of 37 holes are available for scanning.
Veracio, a subsidiary of
The CuMo deposit is a vein stockwork system in which the vast majority of the metals (Mo, Cu, Ag, Re and W) are contained in very thin veins and veinlets, irregularly spread throughout the deposit. The Company intends to utilize and optimize industry-proven ore-sorting technology, which is designed to separate waste and lower grade material from smaller volume, higher grade ore that will enter a mill for further processing. Since a large part of the waste will be rejected, and lower grade ore will be sent to a stockpile, ore sorting substantially improves the grade of material being fed to a mill. Importantly, the elimination, removal and separation of a significant percentage of waste material prior to processing will allow a smaller mill or concentrator than would be needed without ore sorting. This is expected to translate into material savings in capital and operating expenditures.
Stage 1 ore sorting tests performed for our 2020 Preliminary Economic Assessment (PEA) successfully established that XRF can be used to identify the grade of mined material and thereby exclude from the mill portions of waste and stockpile material. The current results are extremely encouraging because they validate the possibility of separating the metal bearing veins from the host rock. This means a large portion of waste and lower grade material could be separated immediately after mining, and therefore the head grade fed to the mill could be substantially higher than the grade found in the in-situ resource.
The Preliminary Economic Assessment (PEA)1 completed in
Notes: 1The PEA is preliminary in nature. It includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable categorization as mineral reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves and do not have demonstrated economic viability. Ore-Sorting is an industry technical term only and does not imply that there is any disclosure of Reserves currently at the CuMo project.
The results of the analysis on the first six scanned drillholes also show the potential grade enhancements that are possible should ore sorting technology produce the same results as XRF Scanning. The table below shows the potential grade enhancements that may be possible.
Table 2a Original in-situ grade of all composites in holes scanned.
| Zone | Volume | Mo | Cu | Cu | |
| % | % | % | Equiv. % | ||
| 100.00 | % | 0.014 | 0.11 | 0.19 | |
| 100.00 | % | 0.034 | 0.12 | 0.31 | |
| 100.00 | % | 0.064 | 0.05 | 0.42 | |
| Overall | 100.00 | % | 0.041 | 0.08 | 0.36 |
Table 2b Potential mill feed grades based on XRF Scan results using a
| Zone | Volume | Mo | Cu | Cu | |
| % | % | % | Equiv. % | ||
| 3.21 | % | 0.092 | 0.36 | 0.89 | |
| 7.41 | % | 0.197 | 0.23 | 1.38 | |
| 13.57 | % | 0.253 | 0.05 | 1.53 | |
| Overall | 10.12 | % | 0.232 | 0.11 | 1.46 |
Table 2c Potential mill feed grades based on XRF Scan results using a
| Zone | Volume | Mo | Cu | Cu | |
| % | % | % | Equiv. % | ||
| 4.58 | % | 0.076 | 0.33 | 0.77 | |
| 9.74 | % | 0.167 | 0.22 | 1.20 | |
| 17.19 | % | 0.220 | 0.05 | 1.34 | |
| Overall | 13.00 | % | 0.200 | 0.11 | 1.28 |
Notes: For the RCV and equivalent calculation, recoveries (Rec) are the same ones used in the 2020 PEA; metal prices used are:
RCV stands for “recovered metal value,” and “Rec” denotes recoveries attributable to each metal
RCV = (%Cu x 20 x $(Cu) x Rec(Cu) + %Mo x 20 x $(Mo) x Rec(Mo))
%Cu Equiv. = (%Cu x 20 x $(Cu) x Rec(Cu) + %Mo x 20 x $(Mo) x Rec(Mo)) / ($(Cu) x Rec(Cu) x 20)
Overall, the results are as follows, comparing the in-situ metal grades to a
From 0.041% Mo…XRF scanning indicates a potential mill feed grade of 0.232% Mo
From 0.08% Cu…XRF scanning indicates a potential mill feed grade of 0.11% Cu
From 0.36% Cu Equivalent, XRF scanning indicates a potential mill feed grade of 1.46% Cu-equivalent
Under these initial scanning results and calculations, a total of 10.12% of the material would be mill feed under a
The grade enhancement effect for mill feed after scanning and separation of waste results in a reduction in volume of material routed to the mill, which in turn should allow a much smaller mill size than proposed in the 2020 PEA. This change is projected to yield a significant reduction in capital and overall operating costs.
The targets and the potential grade enhancements are conceptual in nature as there has been insufficient work done to confirm the target values and it is uncertain that further work would result in realizing these targets.
The Company is proceeding with XRF scanning of additional drill core and plans further testing using existing scanners and additional technology. The goal is to determine the optimal scanning and sorting techniques to produce results similar to those described herein.
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Source: 2024 GlobeNewswire, Inc., source
