Hudbay drills three new zones at Copper World project, near Rosemont

Hudbay Minerals (TSX: HBM; NYSE: HBM) has drilled more high-grade copper sulphide and oxide mineralization at its near-surface Copper World project, 7 km from the Rosemont project in Arizona. Drilling this year has identified three new deposits, bringing the total of deposits to seven over a seven-km strike.

The three new deposits are called Bolsa, South Limb and North Limb.

Bolsa returned three intersections: 80 metres of 1.11% copper, 62.5 metres of 1.39% copper, and 123 metres of 1.5% copper; all with mineralization beginning at surface. A portion of the oxide material may be suitable for leach recovery, the company says. There is also potential for continuity across the 1,500-metre gap between the Bolsa and Rosemont deposits.

The North and South Limbs returned three additional intersections: 32 metres at 0.69% copper, 23.5 metres at 0.88% copper, and 38 metres of 1.34% copper. Both occur at or near the surface in skarn at the contact between the porphyry intrusive and limestone units.

Drilling at the Copper World deposit confirmed earlier results, returning 82 metres of 0.69% copper (starting at surface), including 74.5 metres of 1% copper; 74.5 metres of 0.62% copper, including 35 metres of 0.94% copper; and 88.4 metres of 0.75% copper, including 48.8 metres at 1.15% copper.

Two holes were also drilled at the Broad Top Butte target, returning 229 metres at 0.6% copper, including 137 metres at 0.72%; and 192 metres of 0.48% copper, including 67 metres at 0.77% copper. Both holes encountered mineralization at surface. Copper oxides and sulphides were found in a quartz-monzonite porphyry intrusive and in surrounding skarns in a similar geological setting as Rosemont.

Results encouraging

“Our 2021 drill program at Copper World proved that the previously discovered deposits remained open along strike, and we are highly encouraged by the identification of three new deposits in the area,” Peter Kukielski, Hudbay’s president and CEO, stated in a news release. “Copper World is growing into an attractive copper development project in our organic pipeline, and we remain on track for an initial inferred resource estimate before the end of the year and a preliminary economic assessment in the first half of 2022.”

The development-stage Rosemont project has measured and indicated resources of 536.2 million tonnes grading 0.29% copper, 0.011% molybdenum and 2.65 grams silver per tonne. The inferred resource stands at 62.3 million tonnes grading 0.3% copper, 0.01% molybdenum and  1.58 grams silver per tonne.