Vancouver – An extensive 2004 drilling campaign has led to Imperial Metals (III-T) boosting the reserve and resource base at its wholly owned Mount Polley copper mine in central British Columbia, about 56 kilometres northeast of Williams Lake.
Proven and probable reserves of the Wight, Bell and Springer Pit zones have now been increased by about 10%, to 44.2 million tonnes grading 0.45% copper and 0.3 grams gold per tonne. The bulk of the overall increase is attributable to an almost 50% increase in Wight Pit reserves to 9.1 million tonnes grading 0.88% copper.
Resource figures were significantly enlarged, again particularly around the Northeast zone that hosts the planned Wight Pit. Total measured and indicated resources at Mount Polley saw a 25% boost to 68.5 million tonnes of 0.37% copper and 0.26 grams gold, at a 0.30% copper equivalent cut-off grade. Contained metals now stand at approximately 554 million pounds of copper and 563,000 ounces of gold. Additional inferred resources, primarily contained in the Springer deposit, were up almost 93% at 28.3 million tonnes averaging 0.3% copper and 0.29 grams gold.
Exploration and drilling continues to focus on the Northeast zone that hosts some of the highest copper and gold grades yet encountered on the Mount Polley project, along with elevated silver values. Drilling recently discovered an area of high-grade copper mineralization (the Green zone) that returned intersections of up to 15 metres averaging 5.9% copper, 3.1 grams gold and 39 grams silver per tonne. The higher-grade intervals generally occurred between 350-400 metres depth and may be amenable to underground mining.
The company plans milling operations at Mount Polley to recommence in early-March, with initial feed coming from the Bell Pit and low grade stockpiles. Processing of ore from the planned Wight Pit is scheduled for July-2005.
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