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Murray Brook
- The Murray Brook Project is one of the largest NI43-101 compliant mineral resources in the Bathurst Mining Camp. In January 2024, the Company sold its minority interest, received $300,000 cash and now owns 2.5 million units of Canadian Copper (CCI). The 2.5 million warrants are for 5 years. The Company has 2 NSR royalties totaling 1% in the Murray Brook PEA Stage Zinc-Polymetallic Deposit. Canadian Copper Inc (CCI) has the right to purchase half of a 0.33% royalty for $1 million dollars and must pay MQM a pre- production cash payment of $1 million after the project goes into production.~
- In 2011, ELN (now MQM) and VMC spent $2.1 million on exploration and completed 10,000 metres of drilling. Drill results formed the basis of the first NI43-101 compliant mineral resource estimation for the Murray Brook deposit, which was announced on February 28, 2012. The exploration and development program for 2012 consisted of an additional 18,500 meters of drilling on the Murray Brook deposit, metallurgical studies of drill core material from the deposit, and exploration on the adjacent Camel Back property, which is included in the Murray Brook Joint Venture. VMC and MQM released a positive Preliminary Economic Assessment (PEA or Scoping Study) in June 2013. The PEA was prepared by P&E Mining Consultants Inc., a leading independent consulting firm based in Brampton, Ontario. The results (see Table 1 below) demonstrate the potential technical and economic viability of establishing a new open pit mine and mill complex on the Murray Brook property.
- Table 1 — Murray Brook After-Tax Financial Results Summary
Item Discount NPV 5% C$96,440,000 NPV 7% C$59,570,000 IRR 11.40% Payback 5.43 years
- The financial summary is based on a mill throughput of 6000 tonnes of ore per day (or 2Mt/year) and a Life of Mine of 9.5 years. The PEA is based on an updated NI 43-101 Mineral Resource Estimation (see Table 2 below).
Zone | Category | Tonnes | Zn% | Zn Mlb | Pb% | Pb Mlb | Cu% | Cu Mlb | Ag g/t | Ag Moz | Au g/t | Au Koz |
Oxide | Measured | 981,000 | 2.73 | 59.0 | 0.89 | 19.2 | 0.90 | 19.5 | 39.8 | 1.3 | 0.33 | 10.5 |
Oxide | Indicated | 302,000 | 2.05 | 13.7 | 0.69 | 4.6 | 1.02 | 6.8 | 33.9 | 0.3 | 0.54 | 5.3 |
Oxide | M+I | 1,283,000 | 2.57 | 72.7 | 0.84 | 23.8 | 0.93 | 26.3 | 38.4 | 1.6 | 0.38 | 15.8 |
Oxide | Inferred | 4,000 | 0.57 | 0.1 | 0.17 | 0 | 3.69 | 0.3 | 25.4 | 0 | 0.43 | 0.1 |
Sulphide | Measured | 11,306,000 | 2.97 | 741.2 | 1.04 | 258.3 | 0.40 | 100.7 | 42.5 | 15.4 | 0.50 | 182.7 |
Sulphide | Indicated | 6,578,000 | 2.32 | 336.8 | 0.91 | 131.6 | 0.57 | 82.9 | 40.3 | 8.5 | 0.74 | 155.5 |
Sulphide | M+I | 17,884,000 | 2.73 | 1078.1 | 0.99 | 389.9 | 0.47 | 183.6 | 41.7 | 23.9 | 0.59 | 338.2 |
Sulphide | Inferred | 284,000 | 1.36 | 8.5 | 0.50 | 3.1 | 1.57 | 9.8 | 28.7 | 0.3 | 0.47 | 4.3 |
- Mineral Resources which are not mineral reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
- The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
- “M” means millions; “K” means thousands.
* Murray Brook’s 2013 PEA is preliminary in nature and its mineable tonnage includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary assessment will be realized.
Mineralized Resources that are not mineral reserves do not have demonstrated economic viability.
- The mineral resource estimation incorporates metal price, foreign exchange and NSR calculation as follows:
- 3-year trailing average metal prices (US$) as of January 31, 2013: Copper $3.68/lb, Lead $1/lb, Zinc $0.95/lb, Gold $1500/oz, Silver $29/oz.
- Exchange Rate (US$/C$): 1.00
- NSR = (Cu% x 38.54 + Pb% x9.13 + Zn% x 15.81 + Ag g/t x 0.44 + Au g/t x 0.0) — 11.43