Toronto, Ontario – November 17, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce it has submitted to the Administrator of the James Bay and Northern Quebec Agreement the Preliminary Information Statement for the Environmental and Social Impact Assessment (ESIA) for the commencement of its proposed hub-and spoke operation near Chibougamau, Québec. The Preliminary Information Statement includes the Corner Bay and Devlin mines, the Copper Rand mill, the tailings management facility and associated roads and electrical power connections. The vast majority of the sites described in the Preliminary Information Statement have existing infrastructures.
The Preliminary Information Statement is the first step of the environmental and social assessment and review procedure under the Environment Quality Act. On behalf of the Administrator, the Environmental and Social Impact Evaluating Committee (COMEV) will review the Preliminary Information Statement then issue a project Directive, the proponent roadmap under which the ESIA will be carried out.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. The Corporation has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian and United States securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the use of proceeds of the Offering, the timing and ability of the Corporation to receive necessary regulatory approvals, including the final acceptance of the Offering from the TSX Venture Exchange, the renunciation to the purchasers of the Flow-Through Shares and timing thereof, the tax treatment of the Flow-Through Shares, the Corporation’s ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to United States news wire services or for dissemination in the United States
Toronto, Ontario – October 21, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSX-V:DCMC; OTCQB:DRCMF; FRA:DRM) is pleased to announce that it has closed its previously announced “best efforts” private placement (the “Offering“), pursuant to which the Corporation sold an aggregate of (i) 7,666,820 common shares in the capital of the Corporation (the “Offered Common Shares“) at a price of $0.30 per Offered Common Share for gross proceeds of $2,300,046 and (ii) 9,583,525 common shares in the capital of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the “Flow-Through Shares“) at a price of $0.36 per Flow-Through Share for gross proceeds of $3,450,069, for aggregate gross proceeds to the Corporation of $5,750,115, including the full exercise of the agents’ option.
Cormark Securities Inc., Desjardins Securities Inc. and Paradigm Capital Inc. acted as agents (collectively, the “Agents“) in connection with the Offering pursuant to the terms of an agency agreement dated October 21, 2022. In consideration for their services in connection with the Offering, the Corporation paid the Agents a cash commission equal to $329,555, being 6% of the aggregate gross proceeds from the sale of Offered Common Shares and Flow-Through Shares, and a reduced cash commission equal to 3% of the aggregate gross proceeds from the sale of Offered Common Shares to certain subscribers on the President’s List. In addition, the Corporation also paid fees in the aggregate amount of approximately $35,753 (plus applicable taxes) in respect of two subscriptions under the Offering.
The net proceeds from the sale of the Offered Common Shares will be used for exploration and development activities and for working capital and general corporate purposes. The Corporation will (a) use an amount equal to the gross proceeds received by the Corporation from the sale of the Flow-Through Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur, directly or indirectly, expenses (“Qualifying Expenditures“) related to the Corporation’s projects in Québec, on or before December 31, 2023, that are eligible “Canadian exploration expenses” (as defined in the Income Tax Act (Canada)), of which (i) at least 50% will qualify, if available under applicable law, as “flow-through critical mineral mining expenditures” (as proposed to be defined in the legislative proposals relating to the Income Tax Act (Canada) published by the Department of Finance on August 9, 2022 (the “Tax Proposals“)), and (ii) the remainder will qualify as “flow-through mining expenditures” (as defined in the Income Tax Act (Canada), as proposed to be amended by the Tax Proposals), and (b) renounce all the Qualifying Expenditures in favour of the subscribers of the Flow-Through Shares effective December 31, 2022. In addition, with respect to Québec resident subscribers who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec).
Joseph de la Plante, a director of the Corporation, and funds managed by Equinox Partners Investment Management, LLC (“Equinox Partners“), an insider of the Corporation, subscribed for 135,000 Flow-Through Shares and 3,450,000 Offered Common Shares, respectively, under the Offering on the same terms as arm’s length investors. The participation of Mr. de la Plante and Equinox Partners in the Offering constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Corporation is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering in reliance on sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities issued to the related parties nor the fair market value of the consideration for the securities issued to the related parties exceeds 25% of the Corporation’s market capitalization as calculated in accordance with MI 61-101. The Corporation did not file a material change report more than 21 days before the expected closing date of the Offering as the aforementioned insider participation had not been confirmed at that time and the Corporation wished to close the Offering as expeditiously as possible.
The Offering was made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements and, in the case of the Offered Common Shares, in certain other jurisdictions, in each case in accordance with all applicable laws. The Offering of the Offered Common Shares was conducted on a private placement basis to persons in the United States who are “qualified institutional buyers”, as such term is defined in Rule 144A under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), who are also “accredited investors”, as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act (“Regulation D“), and, in each case, in compliance with Rule 506(b) of Regulation D and applicable United States securities laws. The securities issued under the Offering are subject to a four month hold period under applicable Canadian securities laws which will expire on February 22, 2023. The Offering is subject to final acceptance of the TSX Venture Exchange.
The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The securities referenced herein have not been approved or disapproved by any regulatory authority.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. The Corporation has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of the Corporation’s Copper Rand Mill.
For further information, please visit the Corporation’s website at www.dorecopper.com or refer to Doré Copper’s SEDAR filings at www.sedar.com or contact:
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian and United States securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the use of proceeds of the Offering, the timing and ability of the Corporation to receive necessary regulatory approvals, including the final acceptance of the Offering from the TSX Venture Exchange, the renunciation to the purchasers of the Flow-Through Shares and timing thereof, the tax treatment of the Flow-Through Shares, the Corporation’s ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to UnitedStates newswire services or for dissemination in the United States
Toronto, OntarioSeptember 29, 2022 Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSX-V:DCMC; OTCQB:DRCMF; FRA:DRM) is pleased to announce that it has entered into an agreement pursuant to which Cormark Securities Inc. (“Cormark“), as lead agent, on behalf of a syndicate of agents (collectively, the “Agents“), has agreed to with a private placement of: (i) up to 6,666,800 common shares in the capital of the Corporation (the “Offered Common Shares“) at a price of $0.30 per Offered Common Share (the “Common Share OfferingPrice“) for gross proceeds of up to approximately $2,000,040 and (ii) up to 8,333,500 common shares in the capital of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the “Flow-Through Shares“) at a price of $0.36 per Flow-Through Share for gross proceeds of up to approximately $3,000,060, for aggregate gross proceeds to the Corporation of up to approximately $5,000,100 (collectively, the “Offering“).
The Agents will have the option, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering, to arrange for the purchase of up to an additional 1,000,020 Offered Common Shares at the Common Share Offering Price and 1,250,025 Flow-Through Shares at a price of $0.36 per Flow-Through Share.
The net proceeds from the sale of the Offered Common Shares will be used for exploration and development activities and for working capital and general corporate purposes. The Corporation will (a) use an amount equal to the gross proceeds received by the Corporation from the sale of the Flow-Through Shares, pursuant to the provisions in the IncomeTaxAct(Canada), to incur, directly or indirectly, expenses (“Qualifying Expenditures“) related to the Corporation’s projects in Québec, on or before December 31, 2023, that are eligible “Canadian exploration expenses” (as defined in the Income Tax Act (Canada)), of which (i) at least 50% will qualify, if available under applicable law, as “flow-through critical mineral mining expenditures” (as proposed to be defined in the legislative proposals relating to the Income Tax Act (Canada) published by the Department of Finance on August 9, 2022 (the “Tax Proposals“)), and (ii) the remainder will qualify as “flow-through mining expenditures” (as defined in the Income Tax Act (Canada), as proposed to be amended by the Tax Proposals), and (b) renounce all the Qualifying Expenditures in favour of the subscribers of the Flow-Through Shares effective December 31, 2022. In addition, with respect to Québec resident subscribers who are eligible individuals under the TaxationAct(Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the TaxationAct(Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec).
The Offering is expected to close on or about October 21, 2022, or such other date as the Corporation and Cormark, on behalf of the Agents, may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the acceptance of the TSX Venture Exchange.
The Offering will be made way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements and, in the case of the Offered Common Shares, such other jurisdictions, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities issued under the Offering will be subject to a four month hold period under applicable Canadian securities laws.
The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit the Preliminary Information Statement of the Environmental and Social Impact Assessment (ESIA) in Q3 2022. The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. The land package includes 13 former producing mines, deposits and resource target areas within a 60-
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation.Forward-lookingstatementsinclude,butarenotlimitedto,statementswithrespecttotheterms of the Offering, the use of proceeds of the Offering, the timing and ability of the Corporation to close the Offering, the timing and ability of the Corporation to receive necessary regulatory approvals, including the acceptanceoftheOfferingfromtheTSXVentureExchange,therenunciationtothepurchasersoftheFlow- Through Shares and timing thereof, the tax treatment of the Flow-Through Shares, and the plans, operations and prospects of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differmateriallyfromthoseexpressedorimpliedbysuchforward-lookingstatements.Suchfactorsinclude, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failuretoreceiveregulatory approvals;thepriceofgoldandcopper;andtheresults ofcurrentexploration. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue relianceon forward-looking statements. The Corporation disclaims anyintention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Toronto, Ontario – September 12, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce its plan to drill at Joe Mann, part of the preliminary economic assessment (“PEA”), and at the Doré Ramp gold-copper deposit located 2.5 kilometers from the existing Copper Rand mill, near Chibougamau, Québec (Figure 1). This drilling is expected to start in the fourth quarter and is in addition to the ongoing infill drill program at Corner Bay and Devlin for the upcoming feasibility study (latest news release August 11, 2022).
Earlier this summer, at the Doré Ramp exploration target, Doré Copper completed one diamond drill hole (LDR-22-01) and intersected two veins with one grading 4.37% Cu, 0.87 g/t Au and 13.0 g/t Ag over 2.4 meters, including 17.6% Cu, 1.76 g/t Au and 43.90 g/t Ag over 0.5 meter, at a vertical depth of 880 meters, which is approximately 500 meters deeper than the historical estimate (Figure 2). This hole indicates the potential to extend the currently known Doré Ramp mineralized system at depth. This initial drilling plan consists of four wedge cuts from hole LDR-22-01 to test for vein extensions and new veins.
Joe Mann Deposit
Doré Copper’s drilling plan for the fall is to extend the plunge of a mineralized shoot in the Main Zone at depths between 1,100 and 1,300 meters. Pending the results, a more detailed drilling plan will be designed to further upgrade and expand the current mineral resources. The Corporation has an option agreement to acquire 100% of the Joe Mann property by January 2, 2023 (news release January 2, 2020).
In the PEA released on May 10, 2022, the former Joe Mann gold mine is one of the three projects feeding the Copper Rand mill in its hub-and-spoke operation model. The mine produced a total of 1,173,238 ounces of gold, 28.7 million pounds of copper, and approximately 607,000 ounces of silver from 1956 to 2007 (4.75 million tonnes grading 8.26 g/t Au, 0.25% Cu and 5.0 g/t Ag)1. The current mineral resources stand at 680,000 tonnes averaging 6.78 g/t Au and 0.24% Cu (133,000 ounces) in the inferred category and are located in eastern part of the Main Zone and the West Zone at depths below 870 meters (news release July 28, 2021 and Technical report June 15, 20222).
Doré Ramp Deposit
The immediate vicinity of the Copper Rand mill is showing strong potential for the discovery of new copper and gold mineralization. The Doré Ramp deposit (previously called Lac Doré Ramp) is within the Chibougamau Central mining camp and as many other deposits and mineral occurrences it is within a wide (from 100 to 400 meters) shear zone perpendicular to the Lac Doré fault. In the Chibougamau Central camp, the copper and gold-rich mineralized zones are in contact with acidic to intermediate dykes interpreted as coming from the Chibougamau Pluton. The Doré Ramp deposit starts at 80 meters below surface and has been tested over a strike length of approximately 500 metres. It consists of a series of subparallel pinch and swell veins, varying in thickness from 0.3 to 7.7 meters, that extend from 150 to 300 meters along strike. A number of mineralized lenses are displaced by northeast faults at 15 to 30 metres intervals.
The Doré Ramp deposit was drilled in a few different phases from 1984 to 1992. A total of 47 drill holes from surface are reported during that period. A double ramp of approximately 1 kilometer was excavated in 1991-92 to a vertical depth of 160 meters, followed by an underground drilling campaign of 46 holes totaling 10,200 meters testing the deposit mainly to a depth of 240 meters (only five holes tested the deposit between 300 and 600 meters). At the end of 1992, Westminer Canada reported a historical estimate of 209,120 tonnes at 1.23% Cu and 5.4 g/t Au, from a depth of 115 meters (surface pillar limit) to 350 meters (Source: Westminer Canada Limited, Project Lac Doré, November 1992). This estimate is considered to be historical in nature and should not be relied upon. A Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. The Company is not treating the historical estimate as current mineral resources or mineral reserves). No subsequent exploration programs were carried out on the Doré Ramp deposit. The deposit remains open at depths below 400 meters and along strike towards the Lac Doré fault.
The Doré Ramp deposit has several geological and mineralization characteristics similar to the past producing Copper Rand and Cedar Bay mines. The Copper Rand mine is the largest past producing mine in the Central Chibougamau mining camp having produced 1.5 million ounces of gold and 0.5 billion pounds of copper from 1959 to 2008 (16.4 million tonnes at an average grade of 1.8% Cu and 2.8 g/t Au)1. From surface, the mineralization at Copper Rand and Doré Ramp begins at 450 meters from the Doré Lake fault and plunges to the west (Figure 2). At Copper Rand, at depths below 650 meters, the mineralization extends next to the contact with the Doré Lake fault. This conceptual target has never been tested at the Doré Ramp deposit. With the first deeper hole (LDR-22-01) having intersected copper-gold mineralization, the next drilling phase will indicate if the mineralization system extends up dip along strike.
Doré Ramp North Zone
The Doré Ramp North Zone is located 450 meters northeast of the Doré Ramp deposit and is defined by a shear corridor parallel to the Doré Ramp shear. Information collected from 11 historical drill holes targeting the Doré Ramp North show similar mineralization to the Doré Ramp. The best intersections reported were 2.13% Cu and 1.25 g/t Au over 2.3 metres (hole S4-91-6) and 1.43% Cu and 1.68 g/t Au over 2.75 metres (hole S4-91-9) (Source: Westminer Canada Limited, drill logs March 1991). Doré Copper intends to follow up on this target after completing the drilling program at the Doré Ramp and continue its compilation work on the area around the large Copper Rand property in the Central Chibougamau Camp.
Figure 1. Location map of the Doré Ramp and Doré Ramp North shear zones with respect to the past producing Copper Rand mine and mill and Cedar Bay mine.
Figure 2. Long sections of Copper Rand mine and Doré Ramp showing similarities of the two deposits.
Drilling and Quality Control
The Company is using Miikan Drilling as the drilling contractor. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
Sample preparation and analysis are completed at AGAT Laboratories in Mississauga, Ontario. For AGAT, samples are weighed, dried, crushed to 75% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 microns. Samples are then fire assayed for Au (50 g) and 4 acid digest ICP-OES finish for 43 elements.
QA/QC is done in house by Doré Copper Geologists with oversight from the Vice President Exploration. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed.
Sylvain Lépine, M.Sc, P.Geo., Vice President Exploration of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit the Preliminary Information Statement of the Environmental and Social Impact Assessment (ESIA) in Q3 2022.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to drilling Joe Mann and Lac Doré Ramp in the fourth quarter of 2022, aiming to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually; implementing a hub-and spoke operation model; plans to commence a feasibility study and submit the Preliminary Information Statement of the Environmental and Social Impact Assessment (ESIA) in Q3 2022.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Toronto, Ontario – August 19, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce the appointment of Mr. Nicholas (Nick) Kwong to the role of Chief Operating Officer effective immediately.
Mr. Kwong, P. Eng, MBA, has more than 15 years of experience in the mining industry, predominantly in gold and base metals in North American, Australia, Latin American and Saudi Arabia. He joined New Gold Inc. in 2005 as a project engineer for the design and construction of the New Afton underground mine. He then held numerous site and corporate roles for New Gold, including Manager Mining Engineering, Director Business Improvement, and Director Technical Services up to 2019. He subsequently joined Ma’aden Gold in Saudi Arabia as General Manager of the Sukhaybarat & Bulghah gold mines. There he completed the mine and mill expansion and modernization which resulted in a significant increase in production and decrease in unit costs, all while controlling capital costs during the COVID 19 pandemic.
Ernest Mast, President and CEO of Doré Copper stated, “We welcome Nick to our Company in the newly created position of COO. Nick’s hands-on experience in mine and mill design, project engineering, execution and start-up will be beneficial as we advance our hub-and spoke operation to the feasibility stage with the aim of being in production by 2025-26.”
Doré Copper has granted 1,100,000 stock options to employees and consultants. The stock options have an exercise price of $0.41 per share and a term of five years from the date of grant and are subject to the policies of the TSX Venture Exchange. The options were issued in accordance with the Corporation’s omnibus share incentive plan.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit the Preliminary Information Statement of the Environmental and Social Impact Assessment (ESIA) in Q3 2022.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to aiming to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually; implementing a hub-and spoke operation model; plans to commence a feasibility study and submit the Preliminary Information Statement of the Environmental and Social Impact Assessment (ESIA) in Q3 2022.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Toronto, Ontario – August 11, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce the second set of results from its 2022 drilling program of 45,000 meters at its flagship Corner Bay property, located in the Chibougamau mining camp, approximately 40 kilometers by road from Chibougamau, Québec. As of August 10, 2022, Doré Copper has completed 37 holes totaling 36,135 meters and is reporting today the assay results from 14 holes.
This drilling program is part of the feasibility study work to upgrade the Inferred Mineral Resource to the Indicated category. Another infill drilling program of approximately 2,000 meters is planned at Devlin.
Drilling Highlights
Main Vein below dyke
CB-22-71: 6.7 meters of 5.41% Cu, 0.45 g/t Au, and 29.7 g/t Ag, including 1.6 meters of 12.14% Cu, 0.10 g/t Au, and 67.6 g/t Ag
CB-22-90: 6.2 meters of 3.10% Cu and 10.2 g/t Ag, including 2.8 meters of 6.14% Cu, 0.19 g/t Au, and 20.2 g/t Ag
CB-22-69: 3.4 meters of 2.54% Cu, 0.24 g/t Au, 8.6 g/t Ag, and 1,038 ppm Mo
Main Vein above dyke
CB-22-84: 3.0 meters of 3.39% Cu, 25.2 g/t Ag, and 419 ppm Mo
CB-22-89: 4.6 meters of 2.54% Cu, 20.3 g/t Ag, and 346 ppm Mo
Ernest Mast, President and CEO of Doré Copper, commented, “The second set of assay results from the infill drilling program at Corner Bay continue to confirm the continuity of the copper mineralization. In addition, a representative bulk sample of ¼ core is being shipped to a supplier’s facility in the United States for additional ore sorting tests. This is to confirm the sorter performance that was reported in the PEA and to produce material for additional communition, flotation and geochemical testwork.”
Corner Bay Drilling Program
The 2022 drilling program is designed to infill the Corner Bay deposit at a 50 to 60 meter spacing from surface to a depth of 1,000 meters. From today’s results, six holes intersected the Main Vein above the dyke and the remaining eight holes intersected the Main Vein below the dyke, with three holes intersecting the East Vein with lower grade copper mineralization. The results are continuing to confirm the continuity of the copper mineralization for the Main Vein above and below the dyke (Figure 1 and Table 1).
Corner Bay Deposit
In the Preliminary Economic Assessment announced on May 10, 2022, the Mineral Resource estimate (“MRE”) for Corner Bay contains an Indicated Resource of 2.68 Mt at 2.66% Cu and 0.26 g/t Au containing 157 million pounds of copper and 22,000 ounces of gold and an Inferred Resource of 5.86 Mt at 3.43% Cu and 0.27 g/t Au containing 443 million pounds of copper and 51,000 ounces of gold, based on a cut-off grade of 1.3% Cu and a copper price of US$3.75 per pound (refer to Technical Report dated June 15, 2022)1. The Corner Bay deposit contains significant silver and molybdenum which have not been included in the prior MREs. The feasibility study will include the addition of silver and molybdenum as by-products.
The Corner Bay deposit is hosted by the intrusive Lac Doré Complex on the southern flank of the Chibougamau anticline. A regional north-northeastern diorite dyke also cuts the area. Several significant shear zones oriented north-south and northwest-southeast have been identified in the area. The Corner Bay area is characterized by copper porphyry style mineralization and by copper mineralization in shear zones commonly associated with dykes related to the Chibougamau Pluton.
Figure 1. Long Section of the Corner Bay Deposit Showing the 2022 Drill Results
Table 1. Corner Bay Recent Drill Assays Highlights from the 2022 Drill Program
Hole
From (m)
To (m)
Width1 (m)
Cu (%)
Au (g/t)
Ag (g/t)
Mo (ppm)
Zone
CB-22-65
991.8
993.5
1.7
3.63
0.37
15.3
1,060
MV below dyke
1,007.6
1,010.4
2.8
1.42
0.38
6.5
452
MV below dyke
CB-22-69
1,027.4
1,030.8
3.4
2.54
0.24
8.6
1,038
MV below dyke
CB-22-71
924.0
930.7
6.7
5.41
0.45
29.7
209
MV below dyke
Including
929.1
930.7
1.6
12.14
0.10
67.6
86
“
CB-22-72
1,070.6
1,073.0
2.4
1.29
0.15
4.5
218
MV below dyke
CB-22-73
684.4
685.6
1.2
1.15
0.09
-
-
MV above dyke
CB-22-80
987.5
989.4
1.9
1.93
0.22
6.9
403
MV below dyke
CB-22-81
593.3
595.1
1.8
0.54
0.14
6.0
111
MV above dyke
CB-22-84
658.1
661.1
3.0
3.39
0.22
25.2
419
MV above dyke
Including
658.8
660.2
1.4
7.17
0.46
52.9
888
“
868.4
869.5
1.1
2.03
0.09
6.4
384
East Vein
CB-22-85
981.4
984.5
3.1
1.56
0.20
5.1
549
MV below dyke
CB-22-87
554.0
555.5
1.5
1.18
0.2
15.9
887
MV above dyke
565.8
568.0
2.2
1.21
0.19
12.0
75
MV above dyke
CB-22-88
1,128.0
1,129.6
1.6
1.48
0.09
5.6
359
MV below dyke
CB-22-89
704.5
709.1
4.6
2.54
0.12
20.3
346
MV above dyke
CB-22-90
1,006.3
1,012.5
6.2
3.10
0.10
10.2
161
MV below dyke
Including
1,008.7
1,011.5
2.8
6.14
0.19
20.2
283
“
CB-22-91
620.9
623.5
2.6
2.35
0.05
15.1
100
MV above dyke
The true width of the structures intersected is estimated at approximately 60-75% of the downhole width. Main Vein = MV.
Drilling and Quality Control
The Company is using Miikan Drilling as the drilling contractor. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
Sample preparation and analysis within the mineralized zones are completed at AGAT Laboratories in Mississauga, Ontario. For AGAT, samples are weighed, dried, crushed to 75% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 microns. Samples are then fire assayed for Au (50 g) and 4 acid digest ICP-OES finish for 43 elements. Outside the mineralized zones, sample preparation is completed at SGS Canada Inc. in Val-d’Or, Québec and analysis (fire assay and ICP analysis) is completed at SGS Canada Inc. in Burnaby, B.C. Samples are weighed, dried, crushed to 75% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 microns. Samples are then fire assayed for Au (50 g) and sodium peroxide fusion ICP-MS finish for 34 elements.
QA/QC is done in house by Doré Copper Geologists with oversight from the Vice President Exploration. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed.
Sylvain Lépine, M.Sc, P.Geo., Vice President Exploration of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit the Preliminary Information Statement of the Environmental and Social Impact Assessment (ESIA) in Q3 2022.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to aiming to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually; implementing a hub-and spoke operation model; plans to commence a feasibility study and submit permit applications in Q3 2022.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Toronto, Ontario – July 11th, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce the first set of results from its 2022 drilling program of 45,000 meters at its flagship Corner Bay property, located in the Chibougamau mining camp, approximately 40 kilometers by road from Chibougamau, Québec. As of July 4, 2022, Doré Copper has completed 32 holes totaling 33,900 meters and is reporting today the results from 13 holes.
This drilling program is part of the feasibility study work to upgrade the Inferred Mineral Resource to the Indicated category. Another infill drilling program of approximately 2,000 meters is planned at Devlin.
Drilling Highlights
Main Vein above dyke
CB-22-77: 2.6 meters of 2.33% Cu, and 10.7 g/t Ag
Main Vein below dyke
CB-22-63: 2.5 meters of 5.07% Cu, 0.17 g/t Au, 14.3 g/t Ag and 889 ppm Mo
CB-22-64: 13.3 meters of 3.47% Cu, 0.13 g/t Au and 20.0 g/t Ag, including 1.8 meters of 11.07% Cu, 0.17 g/t Au, 57.3 g/t Ag and 3.1 meters of 5.15% Cu, 0.24 g/t Au and 29.6 g/t Ag
CB-22-68: 10.9 meters of 4.24% Cu, 0.62 g/t Au, 15.2 g/t Ag, and 1,226 ppm Mo, including 4.0 meters of 7.36 % Cu, 0.45 g/t Au and 23.4 g/t Ag
CB-22-76: 5.4 meters of 3.37% Cu, 1.0 g/t Au, 23.7 g/t Ag and 1,597 ppm Mo
CB-22-78: 4.7 meters of 2.3 % Cu, 0.14 g/t Au and 7.7 g/t Ag
Ernest Mast, President and CEO of Doré Copper, commented, “As part of the feasibility study, Dore Copper is completing a 45,000 meter drilling program in 2022 at its flagship high-grade Corner Bay copper-gold deposit. Results from the first infill holes are confirming the continuity of the copper mineralization. The next part of the program will target the infill and expansion drilling of the highest grade part of the deposit where a number of intercepts returned greater than 8% copper and were announced during the second half of 2021.”
Corner Bay Drilling Program
The 2022 drilling program is designed to infill the Corner Bay deposit at a 50 to 60 meter spacing from surface to a depth of 1,000 meters and to potentially expand the higher grade copper zone in the Main Vein above the dyke.
From today’s results, three holes intersected the Main Vein above the dyke and the remaining 10 holes intersected the Main Vein below the dyke. The results are confirming the continuity of the copper mineralization at Corner Bay (Figure 1 and Table 1).
Corner Bay Deposit
In the Preliminary Economic Assessment announced on May 10, 2022, the Mineral Resource estimate for Corner Bay contains an Indicated Resource of 2.68 Mt at 2.66% Cu and 0.26 g/t Au containing 157 million pounds of copper and 22,000 ounces of gold and an Inferred Resource of 5.86 Mt at 3.43% Cu and 0.27 g/t Au containing 443 million pounds of copper and 51,000 ounces of gold, based on a cut-off grade of 1.3% Cu and a copper price of US$3.75 per pound (refer to Technical Report dated June 15, 2022). Silver and molybdenum have not been included in the previous Mineral Resource estimates. Due to their consistent presence in the intersections, they will be included in future estimates.
The Corner Bay deposit is hosted by the intrusive Lac Doré Complex on the southern flank of the Chibougamau anticline. A regional north-northeastern diorite dyke also cuts the area. Several significant shear zones oriented north-south and northwest-southeast have been identified in the area. The Corner Bay area is characterized by copper porphyry style mineralization and by copper mineralization in shear zones commonly associated with dykes related to the Chibougamau Pluton.
Figure 1. Long Section of the Corner Bay Deposit Showing the 2022 Drill Results
Table 1. Corner Bay Drill Assays Highlights from the 2022 Drill Program
Hole
From (m)
To (m)
Width1 (m)
Cu (%)
Au (g/t)
Ag (g/t)
Mo (ppm)
Zone
CB-22-75
626.5
628.7
2.2
1.43
0.07
14.0
107
MV above dyke
CB-22-77
549.0
551.6
2.6
2.33
0.08
10.7
382
MV above dyke
CB-22-70
628.5
632.0
3.5
1.03
0.06
7.4
-
MV above dyke
CB-22-63
1107.2
1109.7
2.5
5.07
0.17
14.3
889
MV below dyke
CB-22-64
905.8
919.1
13.3
3.47
0.13
20.0
163
MV below dyke
Including
909.3
911.1
1.8
11.07
0.17
57.3
160
914.2
917.3
3.1
5.15
0.24
29.6
420
CB-22-66
895.4
897.8
2.4
1.47
0.18
12.1
365
MV below dyke
CB-22-67
991.8
994.1
2.3
1.49
0.50
5.0
466
MV below dyke
CB-22-68
924.6
935.5
10.9
4.24
0.62
15.2
1,226
MV below dyke
Including
931.5
935.5
4.0
7.36
0.45
23.4
573
CB-22-74
982.6
984.7
2.1
1.19
0.16
4.8
132
MV below dyke
CB-22-76
954.8
960.2
5.4
3.37
1.00
23.7
1,597
MV below dyke
CB-22-78
1049.1
1053.8
4.7
2.30
0.14
7.7
150
MV below dyke
CB-22-79
1051.7
1054.2
2.5
2.00
0.13
6.1
1,011
MV below dyke
CB-22-82
1123.2
1125.6
2.4
2.25
0.05
5.1
335
MV below dyke
The true width of the structures intersected is estimated at approximately 55-60% of the downhole width.
Drilling and Quality Control
The Company is using Miikan Drilling as the drilling contractor. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
Sample preparation and analysis within the mineralized zones are completed at AGAT Laboratories in Mississauga, Ontario. For AGAT, samples are weighed, dried, crushed to 75% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 microns. Samples are then fire assayed for Au (50 g) and 4 acid digest ICP-OES finish for 43 elements. Outside the mineralized zones, sample preparation is completed at SGS Canada Inc. in Val-d’Or, Québec and analysis (fire assay and ICP analysis) is completed at SGS Canada Inc. in Burnaby, B.C. Samples are weighed, dried, crushed to 75% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 microns. Samples are then fire assayed for Au (50 g) and sodium peroxide fusion ICP-MS finish for 34 elements.
QA/QC is done in house by Doré Copper Geologists with oversight from the Vice President Exploration. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed.
Sylvain Lépine, M.Sc, P.Geo., Vice President Exploration of the Corporation and a “Qualified Person” within the meaning of National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit permit applications in Q3 2022.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to aiming to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually; implementing a hub-and spoke operation model; plans to commence a feasibility study and submit permit applications in Q3 2022.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Toronto, Ontario – June 15, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to announce that further to its news releases dated May 10, 2022, it has filed a technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)
The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit permit applications by mid-year.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to aiming to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually; implementing a hub-and spoke operation model; plans to commence a feasibility study and submit permit applications in Q3 2022.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Toronto, Ontario – May 12, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) has granted 765,000 stock options to management, consultants and advisors. The stock options have an exercise price of $0.59 per share and a term of five years. The Company has also granted an aggregate total of 150,000 deferred share units (“DSU’s”) to the independent directors of the Company. The DSUs are payable in common shares of the Company upon the holder ceasing to be a director of the Company. Both issuances were done in accordance with the Company’s omnibus share incentive plan.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit permit applications by mid-year.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Toronto, Ontario – May 10, 2022 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) is pleased to report positive results from its Preliminary Economic Assessment (“PEA“) for the restart of the Chibougamau mining camp. The PEA supports a hub-and-spoke operation with the high-grade Corner Bay copper-gold deposit as its main underground mine along with the Devlin copper deposit and the former Joe Mann gold mine providing feed to its Copper Rand mill (collectively, the ”Project”). The PEA demonstrates attractive project economics with optionality for expansion into a significantly larger operation, re-establishing the Chibougamau mining camp as a long-life copper and gold producer.
All values in this news release are reported in Canadian dollars (C$) unless otherwise noted.
Doré Copper will be hosting a webinar to review the PEA results on Tuesday, May 10 at 10:00AM EST:
Base case metal prices of US$3.75/lb Cu and US$1,820/oz Au: Pre-tax NPV8% of C$367 million and 30.7% IRR After-tax NPV8% of C$193 million and 22.1% IRR
Spot metal prices of US$4.20/lb Cu and US$1,854/oz Au: Pre-tax NPV8% of C$555 million and 40.1% IRR After-tax NPV8% of C$303 million and 29.4% IRR
Mine life of 10.5 years: Metal production of 492 Mlbs Cu, 142,000 oz Au
Average cash operating costs of US$1.35/lb CuEq and all-in sustaining costs of US$2.24/lb CuEq
Light capital intensity: Initial capital ofC$180.6 million (including C$24 million contingency), translating to a Tier 1 Capital Intensity Index (initial capital / annual CuEq produced) of US$2.64/lb CuEq or US$0.25/lb CuEq LOM
Scalable operation: Mill has 25% excess grinding capacity (over the maximum annual throughput) providing opportunities to add, discover, or acquire other properties in the Chibougamau mining camp
Long life tailings storage option with minimal environmental impact: Implementation of dry stack tailings and ore sorting technology provides for a maximum capacity of 12 Mt on the existing Copper Rand tailings management facility (“TMF”)
Modernization of the mill and TMF: PEA study modernizes the existing Copper Rand mill and TMF so that they are productive and cost efficient and minimizes impact on the environment
Opportunities for mine life extension: Corner Bay and Joe Mann deposits remain open at depth with strong potential to add additional resources and extend the mine life. Potential for additional mill feed during mine life with the advancement of its exploration projects in Chibougamau mining camp.
Ernest Mast, President and CEO commented, “The completion of the PEA is a major accomplishment from our team and gets us closer to our near-term objective of restarting the Chibougamau mining camp. This achievement has come with the excellent exploration results from Corner Bay over the last few years where we have been able to significantly grow the mineral resources. The PEA represents today’s status of the projects but we envision scaled expansions and future growth at both Corner Bay and Joe Mann while eventually sequencing in other deposits across our large land package in the Chibougamau mining camp. With three projects in the PEA, the average annual production over the mine life is approximately 50 Mlbs of copper equivalent, with a high of 90 Mlbs of copper equivalent. Our vision is to operate a viable sustainable hub-and-spoke operation over multi-decades to become a significant copper producer in Québec.”
“Our next steps include commencing a feasibility study and submitting permit application with the provincial government. We look forward to working with Ouje-Bougoumou Cree Nation and the towns of Chibougamau and Chapais with the support of the government to advance the restart of the Chibougamau mining camp.”
PEA Study Approach
The PEA envisions a hub-and-spoke model operation starting first with the underground development of the Devlin deposit via a ramp and secondly with the underground development of the Corner Bay deposit (main asset) via a ramp. Once the Devlin deposit is mined out (approximately 4 years), production at the Joe Mann mine would start and be funded out of cash flow from operations. Joe Mann benefits from an existing headframe and shaft, including all surface infrastructures.
A fixed crushing circuit and ore sorter plant (XRT) would be installed at Corner Bay and would reject the low-grade and dilution material from the Devlin and Corner Bay mines. The high-grade material would be transported by trucks to the refurbished and optimized Copper Rand mill. The filtered tailings would be transported to a dry stack tailings facility, which uses part of the footprint at the existing TMF.
The copper and gold concentrate produced would be transported to the port of Québec City for onward shipping to international smelters, or to a local smelter. Ocean Partners Ltd. has the off-take agreement (treatment and refining charges terms are within standard market rates).
Table 1: PEA Summary of Key Metrics
Description
Unit
Base Case124-month Trailing Avg
Spot PricesMay 9, 2022
Metal Prices/FX
Copper (Cu)
US$/lb
3.75
4.20
Gold (Au)
US$/oz
1,820
1,854
Currency Exchange Rate
USD/CAD
1.28
1.30
Production Data
Resource Tonnes
T
9,150,710
9,150,710
Copper Equiv. Grade
%
2.98
2.98
Daily Mill Throughput
Tpd
1,350
1,350
Annual Processing Rate
Ktpa
490
490
Mine Life
Years
10.5
10.5
Avg Annual Production (in concentrate)
Mlbs CuEq
53
53
Operating Costs (LOM avg)
Total Operating Costs2
C$/t mined
106
106
C$/t milled
186
186
All-in Sustaining Costs3,4
US$/lb CuEq
2.24
2.24
Capital Costs5
Initial Capital
C$M
180.6
180.6
LOM Sustaining Capex
C$M
402.4
402.4
Financial Analysis (unlevered)
Pre-Tax NPV 8%
C$M
367
555
Pre-Tax IRR
%
30.7
40.1
After-Tax NPV 8%
C$M
193
303
After-Tax IRR
%
22.1
29.4
Payback Period (Production Start)
years
5.5
4.2
Base case metal prices based on 24-month trailing average from March 31, 2022.
Total operating costs include mining, processing, tailings, surface infrastructures, transport, and G&A costs. See Table 3.
AISC includes cash operating costs, sustaining capital expenses to support the on-going operations, concentrate transport and treatment charges, royalties and closure and rehabilitation costs divided by copper equivalent pounds produced. See Table 3.
AISC is a non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this news release.
See Table 2.
Capital Cost
The PEA for the Project outlines an initial (pre-production) capital cost estimate of C$180.6 million and sustaining capital costs over the life of mine (“LOM”) of C$402.4 million, which includes the capital to restart Joe Mann and overall closure costs of C$53.6 million. Initial underground capital costs include the rehabilitation of the portals at Corner Bay and Devlin, facilities for water capture and treatment at both locations, construction of a powerline (16 km, 34 kV powerline to Corner Bay, and 3.25 km, 34 kV powerline to Devlin), a crushing circuit and ore sorter at Corner Bay, improvements to existing roads and 4 km of new roads connecting Corner Bay and Devlin, a new feed material reception and mill feed conveyor, ball milling and gravity circuit, rehabilitated flotation and concentrate filtration circuit and new tailings filtration circuit at the mill, and preparation of an area on the existing TMF for the placement of filtered tailings and a water treatment facility.
Table 2: Capex Estimates
Cost Element
Initial Capital (C$M)1
Sustaining Capital (C$M)1,3
Mine Costs
Corner Bay
14.8
247.3
Devlin
7.0
0.4
Joe Mann2
0.0
51.9
Processing (including Ore Sorting)
54.2
1.1
Infrastructure
34.5
15.5
Tailings
13.8
16.7
EPCM and Indirect Costs4
22.8
5.5
Owner’s Costs4
9.9
3.1
Subtotal Capex
$157.1
$341.6
Contingency5
23.6
7.2
Reclamation and Closure
0.0
53.6
Total Capex
$180.6
$402.4
All values stated are undiscounted. No inflation or depreciation of costs were applied.
Contingency, owner’s costs, EPCM and indirect costs on Joe Mann’s initial capital also included in the sustaining capital.
Sustaining capital does not include salvage values, estimated at C$17 M for all sites.
Includes owner’s costs of 8%, construction indirects of 10%, and EPCM of 12% for mill and tailings and 4% for mining of direct costs.
Includes contingency of 15% for all initial capital, owner’s costs, construction indirects, and EPCM.
Operating Costs
Operating costs estimates were developed using first principles methodology, vendor quotes received from Q4 2021 to Q1 2022, and productivities being derived from benchmarking and industry best practices. Over the LOM, the average operating cost for the Project is estimated at C$106/t mined and C$186/t milled.
The average cash operating costs over the LOM is US$1.35/lb CuEq and the average AISC is US$2.24 /lb CuEq.
Table 3: Operating Cost Summary
Average LOM
Mining
C$61/t mined / C$108/t milled
Processing (including Ore Sorting)
C$32/t milled
Tailings1
C$7/t milled
Infrastructure and Transport G&A
C$28/t milled C$12/t milled
Total operating costs
C$186/t milled
Cash operating costs 2,4,5
US$1.35 /lb CuEq
All-in sustaining costs 3,4,5
US$2.24 /lb CuEq
Tailings filtration costs are in processing costs.
Cash operating cost includes mining, processing, tailings, surface infrastructures, transport, and G&A to the point of production of the concentrate at the Copper Rand site divided by copper equivalent pounds produced. It excludes off-site concentrate costs, sustaining capital expenses, closure/rehabilitation and royalties. CuEq calculation assumes metal base case prices.
AISC includes cash operating costs, sustaining capital expenses to support the on-going operations, concentrate transport and treatment charges, royalties and closure and rehabilitation costs divided copper equivalent pounds produced.
Copper equivalent (CuEq) costs uses only payable gold in concentrate and is applied as a credit against costs.
Cash operating cost and AISC are non-IFRS financial performance measures with no standardized definition under IFRS. Refer to note at end of this news release.
Numbers may not add up due to rounding.
Economic Analysis and Sensitivities
The PEA indicates that the potential economic returns from the Project justify its further evaluation by advancing to a feasibility study.
Table 4: Summary of Economic Analysis 1,2
Base Case
Metal Price Assumptions (US$)
$3.75/lb Cu, $1,820/oz Au
Exchange Rate (USD/CAD)
1.28
Pre-tax
After-tax
NPV (8% discount)
C$366 M
C$193 M
IRR
30.7%
22.1%
Payback Period
4.2 yrs
5.5 yrs
EBITDA
C$1,313 M
C$1,313 M
LOM Undiscounted Net Cash Flow
C$747 M
C$455 M
The analysis assumes that the Project is 100% equity financed (unlevered).
Appropriate deductions are applied to the concentrate produced, including treatment, refining, transport and insurance costs.
The Project generates cumulative cash flow of C$455 million on an after-tax basis and C$747 million pre-tax at a base case of $3.75/lb Cu based on an average mill throughput of 1,350 tpd over 10.5 years. The 2% net smelter return (“NSR”) royalty over the Joe Mann mine, and the 15% net operating profits interest (NPI) royalty and the 2% NSR on the gross value of the mineral products exceeding US$60 million over Devlin have been applied to the cash flow model for a total of C$13.3 million undiscounted.
The PEA economic analysis is significantly influenced by copper prices. At spot metal prices of US$4.20/lb Cu and US$1,854/oz Au, the Project generates an after-tax Net Present Value (“NPV”) using an 8% discount rate of $303 million and an after-tax IRR of 29.4% with a payback period of 4.2 years from the commencement of production. Outlined below in Table 5 is a detailed sensitivity analysis across various commodity prices.
Table 5: Sensitivity Analysis
Base Case
Spot
Copper Prices (US$/lb)
3.40
3.75
4.10
4.20
Gold Prices (US$/oz)
1,650
1,820
1,820
1,854
Pre-tax NPV (8% discount) (C$M)
228
367
494
555
After-tax NPV (8% discount) (C$M)
107
193
269
303
Pre-tax IRR (%)
23.2
30.7
37.2
40.1
After-tax IRR (%)
16.1
22.1
27.2
29.4
Opportunities
Add Corner Bay’s silver and molybdenum content (currently excluded for mineral resources)
Potential to extend mine life by expanding mineral resources at both Corner Bay and Joe Mann once operation starts
Surplus grinding capacity at the Copper Rand mill
Underpins potential for low-cost organic production growth (other nearby assets, including Cedar Bay and Copper Rand) to be evaluated during LOM)
Potential to increase Corner Bay and Devlin concentrate grades which would decrease treatment charges and shipping costs
Potential labour cost savings by self-performance for various mill rehabilitation activities
Potential to install a 25 kV line from the Québec grid to Corner Bay (PEA design has a 34 kV line)
Potential for a carbon neutral operation with PEA design to utilize power from the Québec grid, minimizing trucked material with ore sorting technology and implementing trolley-assist hauling technology at the Corner Bay mine site. In the feasibility study, the Corporation will attempt to be carbon neutral by the end of Devlin’s mine life (approximately 4 years).
Mineral Resources
The basis for the PEA uses an updated mineral resource estimate for the Corner Bay deposit (effective date March 30, 2022) and previously published MRE for Devlin and Joe Mann, respectively October and July 2021, restated with an updated effective date of March 30, 2022. The PEA reports on mineral resources, not mineral reserves.
Table 6: Mineral Resource Estimates
Deposit
Category
Tonnage
Grade
Contained
000 tonnes
% Cu
g/t Au
M lbs Cu
000 oz Au
Corner Bay
Indicated
2,675
2.66
0.26
157
22
Inferred
5,829
3.44
0.27
442
51
Devlin
Measured
121
2.74
0.29
7.3
1
Indicated
654
2.06
0.19
29.7
4
Measured & Indicated
775
2.17
0.20
37.0
5
Inferred
484
1.79
0.17
19.2
3
Joe Mann
Inferred
608
0.24
6.78
3.3
133
Total
Measured & Indicated
3,450
2.55
0.25
194.0
27
Total
Inferred
6,921
3.04
0.83
464.5
187
Notes:
CIM (2014) definitions were followed for Mineral Resources.
The effective date of the Mineral Resources is March 30, 2022.
Mineral Resources are estimated using an exchange rate of US$0.75/C$1.00.
Mineral Resources at Joe Mann are estimated using a long-term gold price of US$1,800/oz Au, and a metallurgical gold recovery of 83%. Mineral Resources at Corner Bay and Devlin are estimated using a long-term copper price of US$3.75/lb, and a metallurgical copper recovery of 95%.
Mineral Resources are estimated at a cut-off grade of 2.60 g/t Au at Joe Mann, 1.3% Cu at Corner Bay and 1.2% Cu at Devlin.
A minimum mining width of 1.2 m was used at Joe Mann and a small number of lower grade blocks have been included for continuity. A minimum mining width of 2.0 m was used at Corner Bay, and a minimum height of 1.8 m was applied at Devlin.
Bulk density ranges by deposit and vein from 2.84 t/m3 to 3.1 t/m3.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Numbers may not add up due to rounding.
Mining
Projected mined tonnes from the Project (Corner Bay, Devlin and Joe Mann) are expected to total 9.15 Mt, ramping up to a maximum capacity of 3,000 tpd over a mine life of 10.5 years.
Figure 1: Annual Mining Rates (tpd)
Corner Bay Mine
Underground mining at Corner Bay would use the existing single portal and two kilometers of development to three levels down to 115 meters. The development would extend the decline ramps to a depth of 1,326 meters. Most of the material would be mined by longhole open stoping with pillars then backfilled and AVOCA, a longitudinal longhole retreat mining method. A fleet of nine battery electric haul trucks with trolley assist and six loaders would be required at maximum capacity. Trade off studies were completed to evaluate between a shaft, 42 tonne battery electric trucks with BaaS (Battery as a Service) technology and 50 tonne diesel trucks and it was concluded that the use of 42 tonne battery electric trucks was the best economic option. In addition, the electric truck technology will provide benefits related to less ventilation requirements, better air quality and lower diesel consumption.
The mined material would be transported to surface and crushed at site with an integrated XRT (X-ray transmission) ore sorting circuit. Test work on material selected from the development mineralized material stockpiled at surface, which was extracted during the preparation of the 2008 bulk sample, indicated that the average grade of the mineralized material is upgraded 1.54 times and 47% of the crushed mined material would be rejected. The high-grade material pre-concentrate would be transported by trucks to the Copper Rand mill located approximately 47 km from the mine site.
Total projected mined tonnes from Corner Bay are expected to be 7.60 Mt ramping up to a maximum capacity of 2,600 tpd over a mine life of 10.5 years.
Devlin Mine
Access to the shallow Devlin deposit would require the enlargement of the existing decline ramp (305 meters) and existing drifts (364 meters). Underground mining would use a combination of room and pillar and drift and fill mining methods. Devlin will produce 951,000 tonnes of material over a mine life of four years and reach a maximum mining rate of 760 tpd. Mining and surface activities at Devlin will be done by a contractor.
The mined tonnes would be trucked 15.6 km to the Corner Bay site for crushing and sorting in combination with the Corner Bay mined tonnes. With the mineralized material having a thickness of 1 to 2 meters and the wall rock being essentially barren, ore sorting technology is expected to work well. Preliminary test work on core from drilling simulating a 2.3 meter mining height resulted in upgrading the grade by 65% and rejecting 40% of the material.
Joe Mann Mine
As the Devlin mine become depleted, the Joe Mann mine would be restarted. Once the mine would be dewatered, the Corporation would start an underground exploration program with the objective of augmenting the mineral resources to increase the mine life beyond the PEA study.
Longhole mining method was chosen for Joe Mann with the mined material to be brought to surface using the existing shaft and hoist. The mined material would be transported by trucks to the Corner Bay site (total of 43.5 km) for crushing and then transported by trucks to the Copper Rand mill for processing.
In the PEA, the Joe Mann mine has a mine life of four years with maximum production of 590 tpd. It is anticipated that additional mineral resource can be defined to increase mine life.
Metallurgy and Processing
The PEA relies on the metallurgical results of the operational data from the processing of a Corner Bay bulk sample in 2008 at the Copper Rand mill, historical flotation tests done on Corner Bay mineralized material, recent material sorting test results completed by Corem on Corner Bay and Devlin mineralized material, recent flotation tests on Devlin completed by SGS Canada Inc., and historical operational data from Joe Mann when it was treated in the Copper Rand mill. The expected metal recoveries for the three proposed mines are shown in Table 7.
Table 7: LOM Recovery Rate
Project
Cu Recovery %
Au Recovery, %
Cu Grade in Concentrate, %
Corner Bay
93.2
78.0
24.7
Devlin
95.5
72.5
20.5
Joe Mann
93.9
83.6
15.9
The PEA proposes to refurbish the Copper Rand mill, which closed in 2008 after approximately 50 years of operation. The mill was constructed in 1959 and expanded twice in the early 1980s and again in 2001. Historically, the mill operated with a mixture of local ores at an instantaneous rate of 2,700 tpd.
The existing crushing and conveying circuit at the Copper Rand mill will not be used or upgraded since it is more efficient to install a new crushing circuit and ore sorting plant at Corner Bay. The sorted pre-concentrate will be trucked to the Copper Rand site and stockpiled by the mill building where it will be reclaimed in a hopper and fed via a single conveyor to a new 1,500 kW ball mill (4.0 meters diameter by 7.15 meters long) to be located in the 1984 expansion area of the existing mill. This new ball mill will replace the existing 1950’s rod mill and four ball mills in the circuit. This will result in significantly less project execution risk and a mill that will require less manpower and be superior in terms of energy efficiency, process control and safety. The ball mill discharge will be pumped to a new hydro-cyclone in closed circuit. The hydro-cyclone underflow will flow to a screen and the undersize will feed two gravity concentrators. The hydro-cyclone overflow, at an 80% passing size of 100 µm, will flow by gravity to the existing flotation area where sequential rougher and scavenger flotation will recover the copper. The rougher concentrate treated by regrinding and cleaner flotation will produce a copper concentrate with an average grade of 23.7% Cu over LOM. The gravity gold bearing concentrate will be blended into the copper concentrate. The concentrate is considered very clean as it does not contain any elevated deleterious elements. The moisture content of the concentrate will be reduced to approximately 8% before being transported to the port of Québec City for onward shipping to international smelters, or to a local smelter.
Figure 2: Annual Copper Equivalent (CuEq) Production (in-concentrate) Schedule
Infrastructure and TMF
The Project benefits greatly from substantial infrastructure in place, including the mill facility, all weather access roads, 25 kV powerline and a 10.5 MW substation sufficient for the mill power requirements, TMF, office building, core shack and water supply.
A 16 km forestry road from Québec Highway 167 will be upgraded and constructed to access the Corner Bay mine site, decreasing the distance between Corner Bay and Copper Rand mill by over 9 km one way. The Devlin mine site will be accessed via a 3.25 km upgraded road branching off from the Corner Bay road. Both mine sites are designed to be compact with required infrastructure near the portal. A substation connected to the Québec grid and a 34 kV powerline will supply power to the Corner Bay and Devlin mines. The Joe Mann mine will utilize the existing logging roads and powerline to site.
The TMF is located 1.5 km by road from the Copper Rand mill within the existing Copper Rand TMF. The tailings will be thickened and pumped to a newly constructed filtration plant at the mill site. The filtered tailings will then be trucked 1.5 km, placed and compacted to the targeted density. The dry stack tailings facility (filtered tailings) will be built within the footprint of the existing Copper Rand TMF. A liner will be used to separate the filtered tailings from the in-situ tailings. The run-off water from the filtered tailings facility will be treated in a water treatment plant and discharged into the existing Copper Rand TMF polishing pond. Water will flow by gravity from the polishing pond into Lac Doré as it presently occurs. The proposed TMF has capacity to be expanded to approximately 12 Mt of tailings, representing an increase of 7.5 Mt from the current design of 4.5 Mt.
Workforce
The Project plans to source most of its workforce locally. The peak workforce during operations is estimated at approximately 320 persons.
Next Steps
Doré Copper is currently completing a 45,000 meter exploration drilling program at Corner Bay, which will be followed by a 5,000 meter exploration drilling program at Devlin. This exploration drilling program is focused on upgrading the Inferred Resource to Indicated Resource for the feasibility study, which is expected to commence during Q3. Doré Copper has engaged Englobe, based in Québec City, to assist the Corporation in submitting a provincial environmental impact study later this year. Baseline work is already underway and community consultation is expected to commence in Q2.
Technical Report and Qualified Persons
The PEA was prepared by BBA Inc. (“BBA”) with several consulting firms contributing to sections of the study. BBA Inc., the leading consulting firm for this study, recently completed the refurbishment of Eldorado Gold’s Sigma mill that included upgrading most of the existing mechanical equipment and preparing a detailed commissioning strategy.
Consulting Firms
Area of Responsibility
Qualified Person1
BBA Inc.
Mine and plant design, mines capital costs and operating costs
Priyadarshi Hem, M.Eng, P.Eng
Infrastructure
David Willock P.Eng
Metallurgy, processing and process plant operating costs
Patrica Dupuis P.Eng
Process plant and infrastructure capital cost
Mathieu Bélisle, P.Eng
Financial analysis
Colin Hardie P.Eng (ON), M.Eng, MBA
SLR Consulting (Canada) Ltd.
Mineral Resource Estimate Geological technical information QA/QC review of drilling and sampling data
Luke Evans, M.Sc., P.Eng, ing., Valerie Wilson, M.Sc., P.Geo, and Marie-Christine Gosselin, B.Sc., P.Geo
SRK Consulting
Tailings design and water management
Jean-François St-Laurent, ing., P.Eng (ON), M.Sc.
WSP
Environmental studies and permitting Restauration and closure
Simon Latulippe, P.Eng
1. The Qualified Persons are independent as defined by Canadian Securities Administrators National Instrument 43-101 (“NI 43-101”) “Standards of Disclosure for Mineral Projects”. The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the PEA.
All scientific and technical data contained in this presentation has been reviewed and approved by Ernest Mast, P.Eng., President and CEO, a Qualified Person for the purposes of NI 43-101. The Qualified Persons mentioned above have reviewed and approved their respective technical information contained in this news release.
The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized.
A NI 43-101 technical report supporting the PEA will be filed on SEDAR within 45 days of this news release and will be available at that time on the Corporation’s website. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. The Corporation has delivered its PEA in May 2022 and plans to commence a feasibility study and submit permit applications by mid-year.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Corporation’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Information Concerning Estimates of Mineral Resources
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an inferred mineral resource could ever be mined economically. It cannot be assumed that all or any part of “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” will ever be upgraded to a higher category. The mineral resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
Non-IFRS Financial Measures
Doré Copper has included certain non-IFRS financial measures in this news release, such as capital intensity index, initial capital cost, cash operating cost and AISC per pound of copper equivalent produced, unit operating costs, and EBITDA which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
A description of the significant cost components that make-up the forward-looking non-IFRS financial measures cash operating cost and AISC per pound of copper equivalent produced is shown in the table below.
Cautionary Note to United States Investors
Doré Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that Doré Copper may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had Doré Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. Specific forward-looking statements in this press release include, but are not limited to the results of the PEA, including the projected production, operating costs, capital costs, sustaining costs, metal price assumptions, cash flow projections, processing mineralized material, metal recoveries and grades, concentrate grade, mine life projections, production rates at each project, process capacity, mining and processing methods, changes to the existing TMF, proposed PEA production schedule and metal production profile, estimation of mineral resources, estimated NPV and IRR, payback period, sensitivities, opportunities outlined in the PEA, potential to further enhance the economics of the Project, securing the required permits and licenses for further studies to consider operation, PEA demonstrating attractive project economics with optionality for expansion into a significantly larger operation, re-establishing the Chibougamau mining camp as a long-life copper and gold producer, existing mill having 25% excess capacity, PEA study modernizing the existing Copper Rand mill and TMF so that they are productive and cost efficient and minimizing impact on the environment, potential for additional mill feed during mine life with the advancement of the Corporation’s exploration projects in Chibougamau mining camp, operating a viable hub-and spoke operation over multi-decades to become a significant copper producer in Quebec, commencing a feasibility study in Q3, submitting permit application with the provincial government later this year, potential labour cost savings by self-performance for various mill rehabilitation activities, potential for a carbon neutral operation, Corporation attempting in the feasibility study to be carbon neutral by the end of Devlin’s mine life (approximately 4 years), aiming to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually; implementing a hub-and spoke operation model; and initiating a feasibility study and permit applications after the PEA.
All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the timing and ability of the Corporation to receive necessary regulatory approvals, and the plans, operations and prospects of the Corporation and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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