Kutcho Project

Kutcho is an accessible project with on-site and nearby infrastructure situated within subtle terrain

The Kutcho property is located approximately 120 km east of Dease Lake in northern British Columbia, and consists of one mining lease and 46 mineral exploration claims covering an area of approximately 17,060 hectares. The site is accessible via a 900 m long gravel airstrip located 10 km from the deposit and a 100 km long seasonal road from Dease Lake suitable for tracked and low-impact vehicles.

Property Highlights

High Grade Copper Zinc development project with 22.8 millions tonnes in the Measured and Indicated Category at 2.26% CuEq¹ representing over 1.1 billion pounds of copper equivalent contained metal (“CuEq”)¹

Top Tier Jurisdiction – situated in northern British Columbia, Canada, one of the safest mining jurisdictions globally with producing mines in the region including Brucejack (Pretium) and Red Chris (Imperial Metals)

Infrastructure – Existing field camp and airstrip; 100km of year-round ground access to be upgraded to haul road; port facilities within 400km paved highway access; subtle terrain

Permitting – Transparent and prescribed process, supportive First Nations, local stakeholders and Government. Subject only to the British Columbia Environmental Assessment review process

Exploration Upside Potential – Significant upside potential through near resource expansion and  drill infilling of current Inferred resources.  Blue sky green fields/regional exploration potential

Strong Financial support – Major Shareholders, Capstone Mining and Wheaton Precious Metals, support with financing package of C$100 million; over C$34 million already invested

¹  Click here to view more information on  Kutcho Resource

Accessibility

120 km of existing ground access; Airstrip on property

Port facilities

in Stewart ~400 km from Dease Lake via Highway 37

Existing field camp

with 900m long gravel airstrip adjacent to camp

First Nations

ongoing engagement with Tahltan & Kaska First Nations

2021 Feasibility Study Highlights

1 Base case metal prices: Cu US$3.50/lb, Zn US$1.15/lb, Ag US$20/oz. Au US$1,600/oz
2 Spot metal prices: Cu US$4.50/lb, Zn US$1.57/lb, Ag US$24/oz. Au US$1,788/oz
5 Click here to view more information on Kutcho Resource

1 2 3 4 5   Click here to view technical notes on Feasibility Study parameters

Kutcho resource

Resource Table

Click here to view more information on  Kutcho Resource

The Kutcho project covers 90% of the prospective Kutcho formation rocks

The prospective volcanic rocks are folded, repeating the mineralized horizon threefold on the project, including the deposit.

The massive sulphide deposits are aligned East-West and plunge at
15° towards the West.

Geological Setting

The Kutcho property lies within the King Salmon Allochthon, a narrow belt of Permo-triassic island arc volcanic rocks and Jurassic sediments, situated between two northerly-dipping thrust faults: the Nahlin fault to the north, and the King Salmon fault to the south. The belt of volcanic rocks is thickest in the area where it hosts the VMS deposits, partly due to primary deposition, but also to stratigraphic repetition by folding and possibly thrusting.

Mineralization & Alteration

Mineralization at Kutcho comprises three known “Kuroko-type” VMS deposits aligned in a westerly plunging linear trend. The largest, the Main deposit, comes to surface to the eastern end, followed by Sumac down plunge, and Esso to the western end which occurs at depths of about 400 m below surface.

“Kuroko-type” VMS deposits are typically related to felsic volcanism in island arc or back-arc tectonic settings. Features of the Kutcho deposits suggest that they formed at or near the water-seafloor interface in a structurally controlled depression, such as a half-graben type structure. The chemical composition of the alteration around the Kutcho deposits is well zoned about the hydrothermal vent areas. Mineralization consists of a pyritic footwall with zoned copper and zinc towards a sharp hanging wall contact.

Kutcho also has strong upside potential

Near resource (brownfields) drill targets

Open Pit Shell

459,000 tonnes Main deposit Inferred Mineral resources resides within the current open pit shell and are available for potential conversion into the Measured and Indicated Mineral resource categories

The Main-Sumac Gap

Identifies a 400 m by 380m panel between Main and Sumac that is untested by drilling

Open Down Dip

36% of Main and 50% of Esso are open down dip and outside of the current resource model

FWZ Expansion

Lies beneath Main and is open in all directions. Drill hole E057, on its eastern margin, intersected 1.5 m of 3.54% Cu, 6.94% Zn, 316.9 g/t Ag and 1.47 g/t Au

Esso-West Expansion

Target lies 300 m west of Esso where drilling returned 7.2 m of 2.0% Cu, 5.2% Zn and ~17 g/t Ag in hole E094B3

Sumac

The entire Inferred Mineral resource at the Sumac deposit, consisting of 9,086,000 tonnes is available for potential resource expansion and resource conversion from the Inferred to Measured and Indicated resource categories

No significant exploration on the property since 1990

Multiple repeated VMS sulphide horizons are under-explored

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5

Target 5

The I-PC is associated with cherts hosted in crystal lithic tuffs and is interpreted as a hydrothermal exhalative horizon. E024 and 90K16 are proximal drill holes which show alteration in lithic tuffs and the presence of massive to laminated pyrite with minor disseminated sphalerite and chalcopyrite, indicating proximity to a productive VMS environment.

4

Target 4

B-C East is a 3.5 km long conductor inferred to be overlain by 30 m of silica exhalite. Host rocks comprise a narrow band of sericite schist with narrow lenses of massive pyrite and silica exhalite hosted in mafic rocks. Gravity surveys produced a broad and shallow response that suggests a diffuse zone of increased density that could indicate disseminated or stringer-style sulphide mineralization.

3

Target 3

A significant VMS-type showing located on the flank of a felsic dome. A prospect pit was excavated and reached “mineralized bedrock” at a depth of 1.6 m, assaying 0.3% Cu, 0.1% Pb, 0.1% Zn and 7 g/t Ag. Soil sampling has defined a 400 x 500 m cluster of strong Cu-Zn anomalies that are coincident with a strong, linear, chargeability anomaly.

2

Target 2

IRJ Northeast. Three holes drilled in 1990 returned massive to semi-massive sulphide layers up to 1 m in width and associated with argillaceous material. Hole E017 returned ~3 m of a stringer zone with an average of 20% pyrite that includes some massive bands.

1

Target 1

The IRJ Northwest was first identified as a conductor in a 1990 ground-based survey and was tested with two drill holes. The holes intersected intensely altered and weakly copper- mineralized intervals. The size and strength of the alteration in both holes suggests a prospective target down dip from prior drilling efforts.

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Priority Targets

Target 1

The IRJ Northwest was first identified as a conductor in a 1990 ground-based survey and was tested with two drill holes. The holes intersected intensely altered and weakly copper- mineralized intervals. The size and strength of the alteration in both holes suggests a prospective target down dip from prior drilling efforts.

Target 2

IRJ Northeast. Three holes drilled in 1990 returned massive to semi-massive sulphide layers up to 1 m in width and associated with argillaceous material. Hole E017 returned ~3 m of a stringer zone with an average of 20% pyrite that includes some massive bands.

Target 3

A significant VMS-type showing located on the flank of a felsic dome. A prospect pit was excavated and reached “mineralized bedrock” at a depth of 1.6 m, assaying 0.3% Cu, 0.1% Pb, 0.1% Zn and 7 g/t Ag. Soil sampling has defined a 400 x 500 m cluster of strong Cu-Zn anomalies that are coincident with a strong, linear, chargeability anomaly.

Target 4

B-C East is a 3.5 km long conductor inferred to be overlain by 30 m of silica exhalite. Host rocks comprise a narrow band of sericite schist with narrow lenses of massive pyrite and silica exhalite hosted in mafic rocks. Gravity surveys produced a broad and shallow response that suggests a diffuse zone of increased density that could indicate disseminated or stringer-style sulphide mineralization.

Target 5

The I-PC is associated with cherts hosted in crystal lithic tuffs and is interpreted as a hydrothermal exhalative horizon. E024 and 90K16 are proximal drill holes which show alteration in lithic tuffs and the presence of massive to laminated pyrite with minor disseminated sphalerite and chalcopyrite, indicating proximity to a productive VMS environment.

Qualified Persons

Mr. Garth Kirkham, P.Geo., a Qualified Person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained on this Website.

Technical Reports

2021 Project Feasibility Study

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