Vancouver, BC – May 24, 2023 – Majuba Hill Copper Corp. (CSE:JUBA) (OTC:JUBAF) (FWB:4NP) (“Majuba Hill Copper” or the “Company”) is pleased to report the exciting results for the National Instrument 43-101 (“NI 43-101”) that is in-progress for the Majuba Hill Porphyry Copper Project in Pershing County Nevada. These results indicate a very distinct “Exploration Target” that the Company believes incorporates very robust mineralization and geologic characteristics. The Company plans to advance the project with the 2023 drilling program. Drilling is designed to improve and upgrade the tonnage and grade, and move the results into an economic resource category.
RESPEC reported: “The Majuba Hill conceptual block model was evaluated by applying conceptual pit optimizations at various copper prices. Resulting conceptual open-pit scenarios for the mineralized material do not meet the test for “reasonable prospects for eventual economic extraction” with currently appropriate economic inputs. The mineralized volumes of the grade domains and interpolated grades in the block model were considered as well as RESPEC’s understanding of the project mineralization to develop an Exploration Target.
Based on these considerations, a range of between 50 million tonnes and 100 million tonnes has been established for the target. Estimated tonnage and grade ranges of the Exploration Target are shown in the table.
Table: Exploration Target Size Range from Conceptual Block Model
|Model (1)||Tonnage RangeMillion (Tons metric)||Grade Range Copper (%)||Copper Range (pounds)|
|Exploration Target – All||50-100||0.15% to 0.30%||165,000,000to660,000,000|
|Exploration Target – High Grade||10-20||0.40% to 0.80%||88,185,000to352,739,000|
- (1)Conceptual open-pit scenarios for the mineralized material do not meet the test for “reasonable prospects for eventual economic extraction” with currently appropriate economic inputs.
Drilling in 2023 on the Exploration Target will concentrate on drilling around the conceptual pits for additional high-grade copper zones using recommendations provided:
- Drillhole Locations outside of the clustered drilling that makes up the core of the Exploration Target
- Shallower angled drillholes to test and extend the narrow, high-grade zones outlined in the block model.
- Orient the 2023 drilling to be more perpendicular to the high-grade zones and the geologic controls for the high-grade zones.
David Greenway, CEO stated, “I am excited that we have been able to get Majuba Hill to this critical point in the development of a copper deposit in just three years. Having such a significant Exploration Target with the potential of 10 million tonnes and 20 million tonnes of material grading between 0.40 % Cu and 0.80% copper grades is tremendous for the future of the company. This puts the Majuba Hill Copper Corp. in a rare position for a company of our size. We now know we have conceptual pits that can be advanced towards development. The 2023 Target Corridor outlines what we believe will ultimately contain over 1 billion tons of copper mineralization.”
Mineral Domains and Block Modeling
Cross Section 1110 Showing Geology,
Copper Domains, and Block Model
Mineral domains were modeled on cross sections for total copper using three different grade populations. A domain 0 was utilized for material outside the 100, 200, and 300 domains. The cross-sectional mineral domains were sliced horizontally on 10 meter level plans. From this the copper domain polygons were constructed
|Domain||Total Copper (%)|
|100||0.02 – 0.05|
|200||0.05 – 0.5|
Copper-domain polygons were used to code a three-dimensional block model with a model bearing of 040° comprised of 10 x 10 x 10-meter blocks (model x, y, z). Copper grades were interpolated by inverse distance methods using three-meter composites.
Majuba Project showing Surface Footprint of Copper Block Model
Projected to Surface
The scientific and technical information contained in this news release has been reviewed by E.L. “Buster” Hunsaker III, CPG 8137, a non-independent consulting geologist who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”).
About Majuba Hill Copper Corp.
Majuba Hill Copper Corp. is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Majuba Hill Copper Corp.
David C. Greenway
President & CEO
For further information, please contact:
VP of Corporate Communications
P: 1 (855) 475-0745
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Majuba Hill Copper Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Majuba Hill Copper Corp. management on the date the statements are made. Except as required by law, Majuba Hill Copper Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.