Orecap Portfolio Company, QC Copper, Delivers Canada's Highest-Grade Copper Open Pit
Highlights:
- Mineral Resource in Measured and Indicated Mineral Resources of 2.09 billion lbs of copper equivalent contained in 97.5 million tonnes or
- 1.75 billion lbs of copper,
- 845 thousand ounces of gold,
- 5.5 million ounces of silver
- Additionally, Inferred Mineral Resources of 157 million lbs of copper equivalent contained in 11.0 million tonnes,
- 127 million lbs of copper,
- 70 thousand ounces of gold,
- 907 thousand ounces of silver
- Grade and Mineral Resource Increase: Achieved a remarkable 26% increase in the Copper total grade, an 11% increase in CuEq total grade, and a 16% rise in CuEq pounds compared to the 2021 Measured and Indicated Mineral Resource Estimate.
- Significant Starter Pit: A sizable starter pit comprises 19.1 million tonnes at 1.1% CuEq, all in the Measured and Indicated Mineral Resources categories.
- Favorable Metallurgy: Preliminary test work has confirmed very favorable metallurgical characteristics.
- Expansion Potential: Confirmed potential for Opemiska's expansion within the pit, at depth with an out-of-pit (underground) mining scenario, and growth of the satellite pits to the east, as well as in proximity to the Cooke and Robitaille Mines.
Toronto, January 9, 2024 - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to announce that QC Copper and Gold (TSXV: QCCU) (OTC: QCCUF), an Orecap portfolio company in which it owns 5 million shares, released an updated Mineral Resource Estimate (MRE) for the Opemiska Project in Quebec's Chapais-Chibougamau District. This MRE reflects a significant increase in grade and contained metal, attributed to extensive drilling and QC Copper's technical team's two-year recompilation and reinterpretation of geological data. Significant qualitative improvements within the project's geological model have also been made. With this MRE, Opemiska has the highest copper grade among open pit copper deposits, with over 1 billion pounds of copper contained in Canada.
Full Details on QC Copper's updated MRE can be found on QC Copper's news release:
QC Copper Presents Canada's Highest Grade Open Pit Copper Deposit with Opemiska's Updated Mineral Resource Estimate
Orecap's Current Equity Holdings include:
| Company (Ticker) | Shares Owned (% of Outstanding Shares) |
| QC Copper and Gold (TSXV: QCCU) (OTCQB: QCCUF) | 5,059,752 / (~3%) |
| Awale Resources (TSXV: ARIC) | 8,333,332 / (~15%) |
| Mistango River Resources (CSE: MIS) | 24,708,975 / (~14%) |
| American Eagle Gold (TSXV: AE) (OTCQB: AMEGF) | 11,863,244 / (~11%) |
| Cuprum Corp. (PrivateCo) | 29,500,000 / (~43%) |
About Orecap Invest Corp.
Orecap seeks Special Situation investments in the natural resource sector that offer shareholders diverse exposure to high returns in precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies, such as American Eagle Gold (TSXV: AE) (OTCQB: AMEGF), QC Copper and Gold (TSXV: QCCU) (OTCQB: QCCUF), Mistango (CSE: MIS), Awale Resources (TSXV: ARIC), and Cuprum Corp. in addition to owning a broad portfolio of land packages focussed on gold, copper and zinc. Agnico Eagle Mines Ltd. is a 9.9% shareholder and holds an option to acquire up to a 75% interest in Orecap's Knight and McGarry projects in exchange for spending $60 million on the Projects.
About QC Copper and Gold and the Opemiska Copper Complex
The Opemiska Copper Complex is adjacent to Chapais, Quebec, within the Chibougamau district. Opemiska is also within the Abitibi Greenstone Belt and within the boundaries of the Province of Quebec's Plan Nord, which promotes and funds infrastructure and development of natural resource projects. The 100%-QC Copper owned Opemiska Property covers 24,544 hectares and includes the past-producing Springer, Perry, Robitaille and Cooke mines, previously-owned and operated by Falconbridge between 1953-1991. The project hosts excellent on-site infrastructure, including a power station and direct access to Highway 113 and the Canadian National Railway. The Cooke and Robitaille Mines are situated on the Cooke-Robitaille option claims and QC Copper is working through its obligations regarding the option and has the financial resources and expects to exercise the option in due course. All the other claims that comprise the Greater Opemiska Project are wholly-owned by QC Copper and Gold Inc.
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QP Statement
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and Vice President Exploration for QC Copper & Gold, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact us:
Orecap Invest Corp.
Stephen Stewart, Chief Executive Officer
416.644.1567
sstewart@oregroup.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements)", including details about the business of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements, including, but not limited to, the receipt by the Company of the approval of the TSX Venture Exchange for the name change. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in the Company's public disclosure documents available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193624