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Orecap Invest Corp. has announced notable results from Cuprum Corp's five drill holes at the Thierry copper project. Key highlights include a 114-metre intercept of 1.1% Copper Equivalent (CuEq) within a 171-metre interval grading 0.98% CuEq. Other significant results encompass 231 metres of 0.74% CuEq and 79 metres of 0.81% CuEq. Cuprum owns 100% of the Thierry Copper Project, Ontario's largest copper resource. Orecap holds 29.5 million shares of Cuprum Corp., while QC Copper, another Orecap portfolio company, owns 6 million shares. The drilling program suggests substantial potential for expanding the K1 Open Pit Zone, with the step-out holes revealing extended mineralization trends expected to continue beyond current depths.
The K1 deposit has a current inferred mineral resource of 53.6 million tonnes grading 0.38% Cu, 0.10% Ni, 1.8 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, and 0.14 g/t Pd. An updated PEA from April 2022 for the Thierry underground deposit outlined a 14-year mine life, producing 567 Mlbs Cu and 21 Mlbs Ni, with an after-tax NPV6% of $287M and an IRR of 25%. Cuprum aims to further delineate open pit resources and evaluate a larger bulk tonnage scenario for the project.
Orecap Invest Corp. (TSXV: OCI, OTCQB: ORFDF) updates on Cuprum Corp.'s Thierry Copper Project, the largest copper resource in Ontario. Cuprum owns 100% of the project and recently raised $1.2M through financing rounds at 12 and 15 cents per share. Orecap holds 29.5 million shares in Cuprum, valuing its investment at $3.54 million.
Technical progress includes assays commissioned for five drill holes from the Summer 2023 program, with results for two holes already indicating significant copper mineralization. Cuprum has completed an updated NI 43-101 technical report and is validating historical data for future development.
The Thierry project boasts a 2021 NI 43-101 compliant resource and a 2022 PEA outlining a 14-year mine life, a $287M after-tax NPV, and a 25% IRR. Cuprum plans to further delineate resources, aiming for a bulk tonnage scenario. Cuprum has also applied for a grant that could match up to $200,000 of exploration costs.
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