Majuba Hill Copper Completes Copper Global Mineral Inventory Estimate
Vancouver, September 20, 2022 - Majuba Hill Copper Corp. (CSE: JUBA) (OTC Pink: JUBAF) (FSE: 4NP) ("Majuba Hill Copper" or the "Company") is pleased to report results from the Company program to evaluate the mineral potential at the Majuba Hill Porphyry Copper Project in Pershing County, Nevada.
A property-wide mineral inventory was completed as an exploration guide for Majuba Hill Copper's on-going drilling program. It is a non-compliant NI43-101 global estimate; these are not mineral resources or mineral reserves and they do not demonstrate economic viability. The inventory of potential tons and grade has had insufficient exploration to estimate a current mineral resource. The range of tons and grade could change as additional drilling is completed.
Figure 1
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The CuEQ mineral inventory outlined:
- 491 million tons averaging 0.16% CuEQ, using a 0.06% CuEQ cutoff
- 180 million tons averaging 0.28% CuEQ, using a 0.16% CuEQ cutoff
- 136 million tons averaging 0.31% CuEQ, using a 0.20% CuEQ cutoff
The copper only ("Cuppm") mineral inventory outlined:
- 193 million tons averaging 0.13% Cu, using a 0.06% Cu cutoff
- 44 million tons averaging 0.24% Cu, using a 0.16% Cu cutoff
- 27 million tons averaging 0.28% Cu, using a 0.20% Cu cutoff
These results do not include the ongoing 2022 deep drill hole assays. Which are currently in the assay process.
Figure 2
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Mineral Inventory Estimate Process
The inventory was done using GeoSoft® 3D software with these parameters:
- Used all drill assays through 2021 and all historic drill assays (92 holes total) to assign CuEQ and Cuppm values to voxels.
- 1/d2 calculation to assign CuEQ and Cuppm values to 20 cubic meter volumes ("Voxels").
- CuEQ values calculated from Cu, Ag, Au, Mo, Pb, and Zn using CuEQ values were calculated by for each drill hole assay values for Cu, Ag, Au, Mo, Pb, and Zn based on metal prices taken from Kitco.com and DailyMetalPrice.com on July 27, 2022 (Cu-$3.43/lb, Ag-$18.66/oz, Au-$1719.50/oz, Mo-$19.73/lb, Pb-$0.91/lb, and Zn-$1.41/lb).
- Drill hole spacing varies from 5 feet (1.5 m) to 3700 feet (1128 m).
Buster Hunsaker, Consulting Geologist to Majuba Hill Copper and a member of the Advisory Board, commented: "This mineral potential estimation indicates that results from the current drilling and future drill holes will lead to a 3x to 5x increase in the tonnage. Significant thicknesses of higher grades reported in the News Release dated September 7, 2022, shows that CuEQ values in recent drilling are very encouraging.
Utilizing these results will help guide and focus our drilling to expand mineralization at Majuba and evaluate the economic potential."
David Greenway, President and CEO, commented: "I am very encouraged. This global mineral inventory indicates that Majuba Hill has the potential we expected to grow into the next large scale copper deposit in the Western United States."
Quality Assurance/Quality Control ("QA/QC") Measures, Chain of Custody
The Company has implemented a QA/QC program using best industry practices at the Majuba Hill Project. The samples are transported from the JUBA secure warehouse or directly from the drill to the ALS Sample Prep Facility in Reno or Elko, Nevada. ALS then transports the prepared pulps to their analytical lab in Reno, Nevada or Vancouver, B.C. Soil and rock chip samples are transported by the company directly to Elko or Reno, Nevada.
Drill core samples are sawn in half lengthwise and one half is placed in labeled cloth sample bags. All samples are analyzed for copper, gold, silver, and 33 other elements. Gold is determined by ALS method Au-AA23 which is a fire assay with an AAS finish on a 30 gram split. Copper, silver and the remaining 31 elements are determined by ALS method ME-ICP61 which is a four acid digestion and ICP-AES assay. Approximately 5% of the submitted samples are drill duplicates and copper-gold-porphyry commercial standard reference material pulps. The sample rejects and remaining pulps will be retrieved from ALS.
Qualified Person
The scientific and technical information contained in this news release has been reviewed by E.L. "Buster" Hunsaker III, CPG 8137, a non-independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
About Majuba Hill Copper Corp.
Majuba Hill Copper Corp. is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
On Behalf of the Board of Majuba Hill Copper Corp.
"David Greenway"
David C. Greenway
President & CEO
For further information, please contact:
Joel Warawa
VP of Corporate Communications
E: jw@majubahillcopper.com
P: 1 (855) 475-0745
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Majuba Hill Copper Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Majuba Hill Copper Corp. management on the date the statements are made. Except as required by law, Majuba Hill Copper Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137717