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Selkirk Copper Mines (TSXV: SCMI) is nearing a milestone in its push to revive the Minto Mine, reporting a significant expansion of mineralization across four key resource zones as completion of the Phase 1 drill program nears.
The company announced Wednesday that its 50,000 metre Phase 1 drill program is now 97% complete, with 48,751 metres of drilling completed across 164 holes. The latest assay results from the Yukon-based copper-gold-silver project suggest the deposit is larger and higher-grade than previously modeled, easing the path for a future mine restart.
Highlights from assay results released on Wednesday include:
- 25SCM057: 29.7 metres of 1.15% copper equivalent (0.76% copper, 0.42 g/t gold, 3.56 g/t silver) from a depth of 212 metres at Area 118
- 25SCM065: 30.4 metres of 0.84% copper equivalent (0.64% copper, 0.24 g/t gold, 2.62 g/t silver) from a depth of 38 metres at Ridgetop
- 25SCM080: 29.7 metres of 2.1% copper equivalent (1.33% copper, 0.97 g/t gold, 5.48 g/t silver) from a depth of 197 metres at Minto North
- Including 8.1 metres of 4.0% copper equivalent (2.26% copper, 2.23 g/t gold, 10.39 g/t silver)
- 25SCM082: 5.8 metres of 3.4% copper equivalent (2.45% copper, 1.18 g/t gold, 8.44 g/t silver) from a depth of 484 metres at Minto East
The most striking results came from the Minto North zone, where drilling hit a high-grade pocket yielding 4.0% copper equivalent over 8.1 metres. CEO M. Colin Joudrie noted that the high-grade mineralization remains open to both the north and south, suggesting the sweet spot of the deposit may still have room to grow.
READ: Selkirk Copper Drills 4.96% Copper Over 9.9 Metres At Minto
Further east, step-out drilling at Minto East confirmed the presence of multiple stacked mineralized lenses. One hole intersected a high-grade zone at a depth of 484 metres, a 90-metre step out from previous drilling, which hit 3.4% copper equivalent over 5.8 metres. This depth discovery indicates that the Minto system persists much further down than historical data suggested, with historical intercepts ranging from depths of 70 metres to 450 metres at this zone.
While the deep hits offer long-term upside, the company is also looking for mineralization closer to surface. Results from the Ridgetop and Area 118 zones showed shallow mineralization suitable for open-pit mining. These areas could provide the low-cost, near-surface tonnage required to jumpstart the mill’s 4,100-tonne-per-day processing capacity.
The technical data is now being funneled into a preliminary economic assessment scheduled for completion by mid-2026, which is expected to guide further development of the past producing mine.
“As we near completion of the planned 50,000 m Phase 1 drill program, and we continue to advance engineering trade off studies, the restart plan is getting better defined. The current phase of drilling is continuing to define and expand zones of high-grade mineralization at Minto North and step-out drilling at Minto East has confirmed the presence of multiple stacked lenses and demonstrates continuity beyond previously drilled areas which is further defining underground development plans,” commented Colin Joudrie, CEO of Selkirk Copper Mines.
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The current exploration program is expected to be completed by the end of March. Assay results for just 48% of the program have been released so far.
Selkirk Copper Mines last traded at $1.13 on the TSX Venture.
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