Canadian Copper has made significant strides in its quest for dominance at the Murray Brook copper-zinc deposit in New Brunswick’s Bathurst camp, securing a 28% interest from Metalquest Mining (TSXV: MQM). The company’s ambition to claim full ownership materialized further when it initiated acquisition talks to buy out 72% majority owner Votorantim Metals Canada. Upon the completion of the title transfer, Murray Brook will fall entirely under the wing of Canadian Copper.
In a pivotal move, Canadian Copper has inked an offtake agreement with Ocean Partners, solidifying its market presence. The deal dictates that Ocean Partners will purchase a minimum of one-third of the Murray Brook copper concentrate at prevailing market rates. Additionally, the agreement grants Ocean Partners the right of first refusal for the remaining production, streamlining the operational dynamics for Canadian Copper.
The Murray Brook project boasts measured and indicated sulphide resources totaling 21.1 million tonnes, boasting a grade of 0.45% copper (equivalent to 211.7 million lb.) and 2.49% zinc (equivalent to 1.2 million lb.). Moreover, the deposit holds lead, gold, and silver. When considering the copper-equivalent grade within the M+I resource, it stands at 1.41%. Translating to zinc-equivalent metrics, the grade reaches an impressive 8.63%. Additionally, an inferred resource of 110,000 tonnes at Murray Brook grades at 0.41% copper and 1.82% zinc.
Not content with resting on its laurels, Canadian Copper has initiated drilling at the early-stage exploration project in Murray Brook West. The discovery of a copper stringer zone, extending over a remarkable 180 meters at the surface and to a depth of 170 meters, is yet another testament to the project’s potential. The zone’s continuous openness along strike and at depth reaffirms the company’s zeal for further advancements.
