QC Copper says Opemiska resource tops 1.7B lb copper

Shares in QC Copper and Gold (TSXV: QCCU) rose 31% Monday after a resource update for its Opemiska project in Quebec gave it more than 1.7 billion lb. of copper and 915,000 oz. of gold.

The pit-constrained measured and indicated resource is 87.3 million tonnes grading 0.77% copper (0.93% copper equivalent), containing 1.5 billion lb. copper, 762,000 oz. of gold, and 762,000 oz. of silver, QC said in a news release on Monday. Pit-constrained inferred resources come to 9.8 million tonnes at 0.48% copper (0.59% copper equivalent), containing 104 million lb. copper, 55,000 oz. of gold, and 689,000 oz. of silver. A cut-off of 0.15% copper equivalent was used in this estimate.

Opemiska also has out-of-pit resources calculated with a cut-off of 0.8% copper equivalent. The measured and indicated portion is 10.1 million tonnes grading 1.2% copper (1.37% copper equivalent), containing 268 million lb. of copper, 83,000 oz. of gold, and 5.5 million oz. of silver. The inferred portion is 11 million tonnes at 0.53% copper (0.54% copper equivalent), containing 127 million lb. of copper, 70,000 oz. of gold, and 907,000 oz. of silver.

The update raises the total copper grade at Opemiska by 26%, the copper-equivalent grade by 11% and the copper-equivalent pounds by 16% over the initial resource for the project released three years ago. Opemiska is located in the Chapais-Chibougamau district of Quebec.

Company CEO and chair Stephen Stewart said QC is proud to present a resource to shareholders that defines the country’s highest grade open pit deposit. 

“This (resource) details the immense value of owning such a sizable, high-grade asset with excellent accessibility and infrastructure. Furthermore, QC Copper and Gold’s Opemiska is in the heart of NW Quebec, a stable mining jurisdiction, where we see Opemiska as the anchor to revitalizing the storied Chapais-Chibougamau copper-gold district in Eastern Canada.”

The project has a starter pit of 19.1 million tonnes at 1.1% copper equivalent and confirmed potential to expand the pit and go underground. Potential satellite pits to the east as well as the former Cooke and Robitaille mines have been identified. As well, preliminary metallurgical tests have confirmed favourable recovery characteristics.

The Opemiska project includes the former Springer and Perry copper-gold mines, operated by Falconbridge from 1953 to 1991. Together they produced 23 million tonnes of ore grading 2.4% copper and 0.3 grams gold per tonne. QC Copper acquired the property in 2021, and the company is aiming to outline resources containing at least 2 billion lb. of copper equivalent.

QC shares traded at 15¢ apiece on Monday afternoon in Toronto, valuing the company at $27.3 million. Its shares traded in a 52-week range of 11¢ and 19¢.