New Canamin ups Huckleberry reserve

New Canamin Resources (VSE) has revised its reserve estimate for the Huckleberry property, near Kemano, B.C.

The drill-indicated and drill-inferred mineral inventory is now pegged at about 69 million tonnes grading 0.57% copper. This estimate includes a higher-grade core of 31 million tonnes grading 0.64% copper. About 33,000 ft. of drilling have been completed on the East zone, which is a new discovery about 1,000 metres east of the Main zone established by Kennecott. (New Canamin completed a 100% earn-in on the property from owner Kennecott earlier this year.)

Preliminary reserves in the Main zone are estimated at 31 million tonnes grading 0.52% copper, using a 0.4% copper cutoff.

Drilling will continue to the end of October and resume in mid-January. The program will concentrate on bringing the East zone up to proven status, as well as optimizing the overall Huckleberry reserve.

Kennecott can retain a 60% interest in the property at the time of a production decision by paying New Canamin 150% of its development costs over and above the original $1.5-million earn-in.