Mining News: Confirming, expanding Pyramid

CopperBank Resources Corp. Oct. 30 reported drill results that continue to confirm and expand copper mineralization in the Main and North zones of its Pyramid project on the Alaska Peninsula. DDH 17PY035 cut 251 meters averaging 0.41 percent copper over two intervals in the Main zone – a near surface intercept of 137 meters of 0.45 percent copper, 0.02 percent molybdenum and 0.15 grams per metric tons gold from a depth of 42 meters and 114 meters of 0.37 percent copper, 0.01 percent molybdenum and 0.08 g/t gold from 205 meters. The two zones encountered in hole 35 were separated by a 26-meter fault zone of clay altered quartz diorite porphyry. CopperBank said the results from this and previously reported holes confirm a minimum length of 800 meters for the Main zone. DDH 17PY036 cut 179.5 meters of 0.37 percent copper, 0.03 percent molybdenum and 0.12 g/t gold in the North zone. CopperBank completed 3,690 meters of drilling in 13 holes at Pyramid this year. “Six holes have now been reported, representing phase one of our 2017 drilling program, and we look forward to reporting the results of our final seven holes that test open areas in the Central and West Zones in due course,” said CopperBank Executive Chairman Gianni Kovacevic. According to a 2013 calculation, Pyramid hosts roughly 1.1 billion pounds of copper in 122.5 million metric tons of inferred resource averaging 0.41 percent copper, 0.1 grams per metric ton gold and 0.021 percent molybdenum. CopperBank is treating this resource as historical and plans to update it once all the results from the 2017 program are received. Kovacevic said “numerous high-grade intercepts received to date from the 2017 program fall outside of the historical resource envelope, which should help further our goal of expanding upon the historic resource estimate at Pyramid.”

–SHANE LASLEY