43% copper increase for Granite Creek

Granite Creek Copper Ltd. March 15 announced an updated NI 43-101 mineral resource estimate, showing a major increase in tonnage and contained metal at its wholly-owned Carmacks copper-gold-silver and now added molybdenum project in the highly prospective Minto Copper Belt of central Yukon, Canada.

After acquiring Copper North Mining Corp. in late 2020, Granite Creek expanded its land position within Yukon's Minto Copper Belt to 176 square kilometers (68 square miles). This merged land package included the Carmacks deposit, which at the time hosted 23.76 million metric tons of resource averaging 0.85% (446 million pounds) copper, 0.31 grams per metric ton (237,000 ounces) gold, and 3.14 g/t (2.4 million oz) silver.

"Since completing the acquisition [of] the Carmacks deposit in November 2020, the company has been successful in significantly growing copper, gold, and silver resources through highly targeted drilling in 2020 and 2021," said Granite Creek President and CEO Timothy Johnson.

As a result, the company has grown the copper resource by 43%, gold by 24%, silver by 41%, and has added molybdenum to the estimate.

According to the new calculation, Carmacks now hosts 36.2 million metric tons of measured and indicated resource averaging 0.81% (651 million lb) copper, 0.26 g/t (302,000 oz) gold, 3.23 g/t (3.8 million oz) silver, and 0.011% (8.5 million lb) molybdenum.

Roughly 96% of the 2022 resources are contained within the conceptual pits for future mining.

"Our conceptual deposit model held up extremely well, with significant mineralized intercepts encountered in 22 of the 25 holes we drilled," Johnson added. "The mineral resources contained within the conceptual pits will form the basis for an updated Preliminary Economic Assessment which the company intends to initiate immediately. This study will assess the economics of processing both oxide and sulphide material as well as byproduct credits including gold, silver, and molybdenum."

Granite Creek notes that the project is one of the highest-grade resource-stage copper projects in North America, a welcome addition to the ongoing clean energy transition.

"From an exploration perspective, there remains the opportunity [to] continue increasing copper resources by continued step out drilling on existing zones, adding to this resource," continued Johnson. "There is also high potential for discovery of new zones by applying the company's increasing understanding of the geological controls of mineralization and we remain committed to adding to this mineral inventory through continued exploration."

With over 8,200 meters of infill and expansion drilling in 25 holes completed by Granite Creek since acquiring Carmacks in 2020, the project remains open to significant expansion within the resource area and to new discoveries at the underexplored, yet highly prospective Carmacks North target area.