Owned by Corner Bay Explorations, a private company controlled by Terry Flanagan and Jack McAdam, the men behind Muscocho Explorations, the deposit hosts drill-indicated reserves of 1.52 million tons grading 4.2% copper. The grade is based on a cutoff grade of 2%. Reserves have been defined along 3,000 ft of strike and to a depth of 1,300 ft.
Hillsborough can earn its interest by spending $2.6 million on exploration. The joint venture plans to conduct exploration via a decline ramp, diamond drilling and bulk sampling. A production decision will be made following completion of the program.
According to a study completed by Watts, Griffis and McOuat, geological consultants, the main zone on the Corner Bay property is capable of producing 122 million lb of copper during a 4-year mine life assuming a recovery of 95%. At current copper prices of $1.33(US) per lb, the project would be capable of generating a profit of $60 million before taxes during the life of the mine, Hillsborough says.
Hillsborough, which provides contract engineering services to the mining industry, is also involved with a 20% interest in the Mt Hundere zinc-lead deposit in the Yukon. The project is a potential mine controlled by Curragh Resources, a private Canadian zinc mining company.
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