Highlights for US Copper:
- Current NI 43-101 indicated resources greater than 2.5 billion pounds, and inferred resources greater than 400 million pounds in 3 large IOCG-style copper deposits in NE California near Reno, Nevada. Plus, 21M ounces of silver indicated resource and 1.4M ounces inferred resource.
- Placer worked the property in the 1960’s and estimated a resource of greater than 4 billion pounds of copper.
- Historical production was 160 million pounds/Cu @ a 2.2% grade in the 1920’s.
- A 2024 PEA had the following highlights:
- After tax NPV of US$1.075 billion at $4.15 copper
- After tax IRR of 23%
- Life of Mine production of 1.8 billion pounds of copper and 12 million ounces of silver
- Initial Capex of US$956 million
- All-in sustaining cost of US$2.51/pound of copper
- There are multiple opportunities to expand the resource as all 3 deposits are open on strike and at depth. As an example,
- at Moonlight:
- 50 of 200 drill holes were still in mineralization when terminated at target depths,
- Placer’s average drill hole depth was 450’ but we know Engels was mined to a depth of 2400’.
- At Engels:
- In 1929 they drilled 12 feet of 4.5% copper 250’ below 15th level
- In 2007 they drilled 335 feet of 0.95% (07E 24) to the north of stopes
- In 2008 they drilled 50 feet of 2.49% (E42) 100’ to the west of stope
- At Superior:
- Average hole depth was 550 feet and numerous holes were terminated while still in mineralization. DDH S1L13 reported 114’ at 1.46% Cu, and the end of hole assayed 16’ at 0.88% Cu.
- at Moonlight:
The next steps involve beginning a Pre-Feasibility Study with associated permitting and metallurgical studies. USCU is looking for a JV partner to help finance this stage. Alternatively, the company could raise additional funds to commence further drilling to expand on the current resources, creating more value in the project and for our shareholders.