Location: Quebec, Canada
Project Status: Development/Exploration
CBay Minerals Inc. was created to advance the copper/gold mining, processing and exploration assets located in and near Chibougamau, Quebec (the “CBay Assets”) that were jointly acquired by Nuinsco Resources Limited (TSX: NWI) & Ocean Partners Holdings Limited.
CBay’s asset base includes a vast 96,000 acre property position, eight past producing mines and physical assets (3,000 TPD mill and permitted tailings facility), giving it a dominant position in Quebec’s Chibougamau mining camp.
- Chibougamau is a significant Quebec mining camp with copper and gold production dating back to the early1900’s
- CBay is owned equally by Nuinsco Resources (TSX: NWI) and Ocean Partners, a private metals trading entity.
- CBay’s dominant asset position provides an excellent vehicle for revival of the Chibougamau region.
- Put three mines into production by 2016, beginning with the high-grade Corner Bay copper deposit.
- Develop sufficient resources to feed, partially or fully, 3,000 TPD mill, possibly including custom milling.
- Embark on exploration program to evaluate camp’s full potential.
- Create employment and growth in Chibougamau mining camp.
THE LAC DORÉ COMPLEX
In addition to the mill, tailings facility and an extensive package of known copper and gold exploration properties, most of which have not been explored for decades, CBay’s assets include eight past-producing mines (with exploration upside) representing 75% of total copper and gold production from the Lac Doré Complex. The Lac Doré Complex has produced 47.6 million tons of ore containing 1.6 billion pounds of copper and 3.2 million ounces of gold. The CBay assets also incorporate several development-stage properties, including the partially developed high-grade (5%) Corner Bay copper deposit.
CBay’s land position covers the core of the Lac Doré Complex, much of which is highly prospective exploration ground that has not been systematically explored.
Drill-ready targets exist at Corner Bay and elsewhere on the land package, including Portage island where excellent grades over mineable widths were returned when it was last drilled in 1956-’57 - a time at which the gold price was only $35 per ounce. A MegaTEM survey flown over the entire land package in 2002 correlates well with known mineralization and identifies many new showings but has never been fully interpreted. The lack of systematic exploration in the camp over the past several decades presents CBay with exciting potential for new discoveries.
TABLE: HISTORIC PRODUCTION
|Mine||Production Period||Production (tons)||Cu Grade(%)||Au Grade(oz/ton)||Historic Resource|
|Copper Rand Mine||1960 - 2008||16,445,493||1.80||0.089||Yes|
|Cedar Bay Mine||1958 - 1990||3,782,850||1.57||0.091||Yes|
|Jaculet Mine||1960 - 1971||1,202,119||1.93||0.055||Yes|
|Portage Mine||1959 - 1997||6,212,934||1.77||0.114||Yes|
|Henderson 2 Mine||1960 - 1988||6,483,479||1.60||0.041||Yes|
|Henderson 1 Mine||1960 - 1971||1,818,976||2.23||0.045||Yes|
|Mine: Shaft #3||1960's||245,000||2.15||-||Yes|
|Copper Cliff Mine||1970 - 1974||951,830||1.60||0.028||Yes|
The Corner Bay copper deposit is located approximately 45 kilometres from CBay’s Copper Rand mill. Development of the high-grade Corner Bay deposit began in 2007. Development ceased in 2008 due to the previous operator’s deteriorating financial situation. A National Instrument 43-101-compliant estimate of resources at Corner Bay, dated July 12, 2006, is available under the Campbell Resources Inc. profile at www.sedar.com and is being updated.
The Corner Bay deposit remains open to depth and is a priority near-term target. In addition to the exploration upside, Corner Bay represents a source of mill feed for any future Chibougamau Camp mining plan and also has the potential to be a standalone mining operation.
› High-grade copper (5%)
› $25 million spent prior to 2009
› 500 TPD to 650 TPD possible
› Potential for production within six months to one year after financing
› Trucking to Copper Rand Mill (45 km)
› Main Zone 1-4 m thick but continuous along 700m strike length and to depth
› At least four other zones need to be fully evaluated
Corner Bay Resource Calculation
(2006 43-101 using 2% Cu cutoff*)
Measured 208,000T @ 4.73% Cu
Indicated 334,000T @ 5.22% Cu
Inferred 1,861,000T @ 5.84% Cu
* Geostat Systems International Inc., prepared for Campbell Resources Inc. 12/07/06.
CBay Minerals Inc.
Roland Horst, CEO
Jean Tanguay, General Manager
Paul Jones, President,
Dr. David Mchaina, VP Environment & Sustainable Development
Sean Stokes, Corporate Secretary & VP, Public Affairs
Alison Sutcliffe, VP Finance & CFO
René Galipeau - Nuinsco - Chairman
Jeffrey Beck - Ocean Partners
Walter Cimowsky - Ocean Partners
Roland Horst - CBay
Paul Smith - Ocean Partners
Sean Stokes - Nuinsco
CHF Invstor Relations
T: 416.868.1079 x 239