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Opemiska Project

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Summary

Mine TypeOpen Pit
Study CompletedPreliminary Economic Assessment
Commodities
  • Copper
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotOpemiska is a one of the highest-grade open pit copper projects in North America.

The results of 2025 Preliminary Economic Assessment clearly indicate Opemiska's potential as a profitable operation.

The mine plan has been optimized across four phases for a rapid payback on initial capital supported by strong annual cash flow. The four mining phases are detailed as follows: starter pits in both Springer and Perry (Phase 1), an intermediate pushback in Springer (Phase 2), the depletion of Perry (Phase 3), and the depletion of Springer (Phase 4). The 17-year LOM incorporates 13 years of direct mill feed from open pit operations and 4 years of stockpile rehandling.

Opemiska Upside:
• Significant potential to expand economics: PEA uses just 51% of the resource estimate;
• Extensive drilling at Cooke gold zone for additional near surface resources visible gold in cored holes;
• Chibougamau copper zone is new copper exploration target;
• Progress towards PFS.
Latest NewsXXIX Metal Publishes Opemiska's Preliminary Economic Assessment Technical Report     December 3, 2025

Owners

SourceSource
CompanyInterestOwnership
XXIX Metal Corp. 100 % Direct
XXIX Metal Corp. owns the Opemiska project.

XXIX owns a group of 241 mining titles covering a total of 12,431 ha. The mining titles are recorded under XXIX.

XXIX is in the process of acquiring 175 additional mining titles covering a total of 9,068 ha from 2736-1170 Quebec Inc. (85%), Ovalbay Geological Services Inc. (10%), and Melissa Darveau (5%), together referred to as the "Cooke/Robitaille Option" agreement. XXIX is still in the earn-in process with approximately $900,000 of work obligations to complete by July 13, 2026.

Contractors

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Deposit type

  • Breccia pipe / Stockwork
  • Vein / narrow vein

Summary:

The mineral deposit type on the project is structurally controlled copper-gold veins. The veins occur in east-west trending axial planar faults and northwest-trending radial structures within the folded mafic-ultramafic Ventures Sill and Bourbeau Sill. The folds postdate the main east-west trending regional isoclinal folds (D2a), but predate the third phase of deformation (D3), and are interpreted to represent drag folding during sinistral movement (D2b) along the Gwillim Fault (Leclerc et al., 2012). Progressive deformation of the Ventures Sill caused rupturing of the unit, which produced axial planar and radial fractures and faults, some of which were subsequently mineralized when the regional compression rotated from north-south to northwest-southeast, opening up the existing structures and providing pathways for circulation of mineralizing hydrothermal fluids.

Mineralization
The mineralization at Opémiska consists largely of chalcopyrite-bearing quartz veins that occupy fracture systems in the folded and faulted gabbroic portions of two conformable, regionally extensive, layered Archean ultramafic-mafic sills. The veins are generally restricted to the fracture system and in lower grade halos around the main fractures/veins. The width and frequency of the veins tend to increase toward the dilated nose of the main structure at the Springer mine (Watkins and Riverin, 1982).

The mineralization at the Springer mine is associated to a series of east-trending (090°), steeply (65°) north-dipping, sets of axial plane faults and fractures with right-handed (dextral) displacement that developed in areas of maximum inflexion of folds (Watkins and Riverin, 1982). Plan and cross-section views of Springer show at least three different orientations for the mineralized veins which could indicate a conjugate fault system or separate fracture systems. A disseminated halo (stockwork) surrounds most of the higher-grade zones.

The deposit extends over 1,900 m from east to west and 1,400 m from north to south, reaching 975 m below the surface.

Most of the high-grade mineralized zones are between 5 m and 15 m thick. Locally, these zones can have a minimum thickness of 2 m and a maximum thickness above 50 m. The lower-grade stockwork zones surrounding the high-grade zones can reach up to 100 m in total thickness.

Geological continuity and grade continuity are considered good in the high-grade zones, and grade continuity remains good above both the open-pit cut-off grade of 0.15% CuEq and the underground cut-off grade of 1.00% CuEq, with little internal dilution between the high-grade material. Grade continuity for the lower grade Stockwork zones is also considered good above the open pit cut-off grade of 0.15% CuEq. As expected for low-grade zones, it becomes more irregular above the underground cut-off grade of 1.00% CuEq.

In the limb of the fold at Perry mine, the mineralization is associated to northwest-trending faults and fractures, developed perpendicular to stratigraphy.
Generally, mineralization of economic interest appears within more fractured/sheared sections of the host gabbro. These sections are generally strongly chloritized and variably silicified.
A detailed description of the mineralization intersected in the 2016 drilling further classified the veins as follows:
• massive pyrite veinlets (cut by magnetite);
• magnetite veins (minor associated disseminated chalcopyrite);
• sulphide veins (massive chalcopyrite) with magnetite-rich margins, also with disseminated fragments of massive magnetite within chalcopyrite;
• high-sulphide veins with 30% to 50% quartz with massive chalcopyrite and some magnetite - anomalous W values are sometimes found associated to these veins;
• quartz veins within gabbro with higher gold values and low copper;
• quartz veining within felsic tuffs with associated gold and minor copper and minor arsenopyrite;
• gold-rich quartz-arsenopyrite veins north of vein nos. 1 and 2 that cross-cut the copper-rich veins.

Although most of the mineralization historically mined at Springer and Perry was hosted in the upper part of the Ventures Sill, the regional and local structures are also important controls on mineralization at Opémiska. At Springer, the fold nose corresponding to the overturned anticline in the mafic-ultramafic sills controls significant amount of mineralization. A 6.0 m wide zone containing disseminated pyrrhotite and chalcopyrite occurs locally at the top of the Ventures Sill, where it is dilated at the nose of the fold (Watkins and Riverin, 1982).

The mineralized veins at Springer were described as restricted to fractures hosted in gabbro at the stratigraphic top of the Ventures Sills. The mineralization is generally massive, but locally disseminated. The main fractures trend 090° and dip 70° north. The main veins are up to 1,200 m long, average 6.0 m thick, and have been followed to >1,000 m depth. Vein No. 3 is the most important one, along with Vein No. 7 farther to the south. Additional, less important veins (six additional veins) have also been exploited. The mineralization consists mainly of chalcopyrite, pyrite, and pyrrhotite with smaller amounts of sphalerite, magnetite, galena, molybdenite, arsenopyrite, and gersdorffite (NiAsS). Native gold occurs in association with chalcopyrite and pyrite. The non-metallic gangue minerals are quartz, calcite and chlorite and minor amounts of biotite, stilpnomelane, and actinolite. Locally significant amounts of scheelite and molybdenite are present. Later cross-cutting veins carry pitchblende-uraninite and molybdenite (DV 98-03). The alteration surrounding the veins is described as chlorite and carbonate.

At the time of the start of operations at Springer (1952), five major copper-gold bearing veins or zones had been explored in the shaft area, either underground or by surface drilling. The veins consisted of chalcopyrite accompanied by quartz and magnetite. These veins generally strike east to west and dip steeply to the north. Some silver is present and locally important cobalt values have been obtained (e.g., surface drill hole S-57). In addition to the five veins, there are many other important drill intersections that are as yet uncorrelated. Included in these intersections are some carrying important zinc, lead and gold values, but in some cases with little copper present (GM-02098).

When mapping the area in 2009, the Ministère des Ressources naturelles et de la Faune (MRNF) sampled a mineralized quartz vein in gabbro outcrop (Sigeom à la Carte, 32G15 sample No. 2009050061). This vein is likely the same one intersected in drill hole OP-16-08. The sample graded >5.0 g/t Au, 740 parts per million (ppm) Co, 60 ppm Mo, 260 ppm Ni, 0.14% Zn, 20.49% Cu, 35.65% Fe and 0.29% W. This result confirms the multi-element association in some of the veins at Springer.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Copper Payable metal M lbs 715 *
Copper Metal in concentrate M lbs 44 *753 *
Copper Concentrate kt 1,707 *
Gold Payable metal koz 409 *
Gold Metal in concentrate koz 27 *464 *
Silver Payable metal koz 2,008 *
Silver Metal in concentrate koz 131 *2,231 *
Copper Equivalent Payable metal M lbs 1,043 *
Copper Equivalent Metal in concentrate M lbs 64 *
* According to 2025 study.

Operational metrics

Metrics
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Daily milling capacity  ....  Subscribe
Annual milling capacity  ....  Subscribe
Stripping ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes milled, LOM  ....  Subscribe
* According to 2025 study.

Production Costs

CommodityUnitsAverage
C1 cash costs Copper USD  ....  Subscribe
C3 fully allocated costs Copper USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2025 study / presentation.
** Net of By-Product.

Operating Costs

CurrencyAverage
OP mining costs ($/t mined) USD  ....  Subscribe
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
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* According to 2025 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscribe
Sustaining CapEx $M CAD  ......  Subscribe
Closure costs $M CAD  ......  Subscribe
Total CapEx $M CAD  ......  Subscribe
OP OpEx $M CAD  ......  Subscribe
Processing OpEx $M CAD 819.9
Refining and treatment costs $M CAD  ......  Subscribe
Transportation (haulage) costs $M CAD 286.2
G&A costs $M CAD 244
Total OpEx $M CAD  ......  Subscribe
Income Taxes $M CAD  ......  Subscribe
Total Taxes $M CAD  ......  Subscribe
Royalty payments $M CAD  ......  Subscribe
Gross revenue (LOM) $M CAD  ......  Subscribe
Net revenue (LOM) $M CAD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscribe
After-tax Cash Flow (LOM) $M CAD  ......  Subscribe
Pre-tax NPV @ 8% $M CAD  ......  Subscribe
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Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

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Workforce

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Aerial view:

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