Vancouver — Drilling has enabled
Combined proven and probable reserves at the Wight, Bell and Springer Pit zones have increased 10% to 44.2 million tonnes grading 0.45% copper and 0.3 gram gold per tonne. Most of that is due to a 50% increase in reserves at the Wight pit, which now has about 9.1 million tonnes grading 0.88% copper.
Measured and indicated resources at Mount Polley rose 25% to 68.5 million tonnes grading 0.37% copper and 0.26 gram gold, or roughly 253,000 tonnes copper and 573,000 oz. gold. The estimates are based on a cutoff grade of 0.3% copper-equivalent. Resources in the inferred category stand at 28.3 million tonnes grading 0.3% copper and 0.29 gram gold.
The Northeast zone hosts some of the highest copper and gold grades yet encountered, along with elevated silver values. No less prospective is the Green zone, which returned 15-25 metres grading 4-6% copper, plus 1-3 grams gold and 25-40 grams silver per tonne. The higher-grade intervals generally occurred at depths of 350-400 metres and may be amenable to underground mining.
Milling at Mount Polley is expected to resume in March, with initial feed coming from the Bell pit and low-grade stockpiles. Ore from the planned Wight pit will be processed starting in July.
To fund work at Mount Polley, Imperial Metals is raising $20 million by means of a private placement.
The company has 28 million shares outstanding and recently traded at $7.25.
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