Mining Intelligence and News
Peru

Canariaco Project

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Overview

Mine TypeOpen Pit
StagePreliminary Economic Assessment
Commodities
  • Copper
  • Gold
  • Silver
  • Molybdenum
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotAlta Copper’s Cañariaco project, within which Cañariaco Norte, is the 10th largest late-stage copper resource in the world and 6th highest in grade (RFC Ambrian, December 2021 and Haywood, December 2021). In addition to Cañariaco Norte, the Cañariaco Project, includes the Cañariaco Sur deposit and Quebrada Verde prospect, all within a 4km NE-SW trend in northern Peru’s prolific mining district.

Over the mine's life, Cañariaco Norte and Cañariaco Sur will be mined in separate pits, with the majority of feed coming from Norte.

The development integrates best-practice technologies and is supported by external factors that make Cañariaco a responsible, attractive, and sustainable project.

Owners

SourceSource
CompanyInterestOwnership
Alta Copper Corp. 100 % Indirect
Alta Copper Corp., through its Peruvian subsidiary Cañariaco Copper Perú S.A. (CCPSA) and other entities, holds a 100% interest in the Cañariaco Project.

Contractors

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Deposit type

  • Breccia pipe / Stockwork
  • Porphyry
  • Intrusion related

Summary:

Canariaco Project covers a north-easterly 4–5 km long structural trend that hosts three porphyry centres, Cañariaco Norte, Cañariaco Sur and Quebrada Verde, as delineated by geophysics, geochemistry and geological mapping and drilling. The Cañariaco Norte and Cañariaco Sur deposits are considered to be porphyry-copper systems.

In each of these centres various intrusive bodies have been mapped. The host rocks to the mineralized intrusions are Calipuy Group andesite volcanic rocks.

Large, coincident magnetic highs, IP/resistivity lows, and chargeability highs are identified coincident with stream sediment and soil geochemical anomalies and areas of altered rocks that are typical of porphyry deposits.

Cañariaco Norte
The Cañariaco Norte deposit is hosted within a multiphase intrusive–breccia complex approximately 1.7 km in strike extent and 1.1 km wide. The deposit has been drill-tested to a depth of approximately 770 m and remains open at depth. The majority of the copper–gold mineralization is hosted within the intrusive and breccia units, but locally extends for variable distances into the enclosing volcanic units. Intrusive units comprise approximately 55 to 60% of the deposit, breccias approximately 30 to 35%, and pre-mineral volcanic rocks approximately 5 to 10%.

The intrusive units are nested and collectively oval in shape, with older intrusive rocks being cut by successively younger intrusive bodies. In general, the intrusive units are north–south-trending, steeply-dipping bodies. The breccia units cut the intrusive units, are oval to circular in shape, and are steeply plunging. The dykes generally strike northwest– southeast with a steep southwesterly dip.

Mineralization occurs primarily as sulfide disseminations and in fractures, sulfide and quartz veins, faults, and breccias. Fracture density is the single most important factor influencing copper grades and alteration intensity, although breccias and faults can locally be important.

Copper mineralization was introduced as a series of events closely following the emplacement of each of the intrusive units and the polymictic breccia unit. Initially, copper mineralization comprised chalcopyrite and minor bornite, introduced following emplacement of each of the crowded quartz–feldspar porphyry and biotite–feldspar porphyry units, with the greatest amount introduced following emplacement of the biotite–feldspar porphyry unit.

Near surface, the deposit has been intensely weathered, resulting in the formation of a leached cap that contains less than 0.05% Cu, trace pyrite and tenorite, and variable concentrations of limonite, goethite, jarosite, and hematite. The leached cap varies significantly in thickness, ranging from less than a metre to as much as 120 m, averaging approximately 40 to 50 m in thickness. The water table is at, or near, surface.

Cañariaco Sur
The Cañariaco Sur deposit is centred approximately 2 km southwest of Cañariaco Norte and is at an earlier stage of exploration than Cañariaco Norte.

Cañariaco Sur lacks the later stage brecciation event that introduced arsenic into Cañariaco Norte and does not have the other breccias that complicated the copper grade controls at Cañariaco Norte. Cañariaco Sur also has a higher gold content than Cañariaco Norte. A large, coincident magnetic high, IP/resistivity low, and chargeability high was identified coincident with the soil geochemical anomaly and area of potassic alteration. Alta Copper has interpreted the prospect as a porphyry-copper-gold centre dominated by potassic alteration with chalcopyrite–bornite–molybdenite mineralization and anomalous copper–gold–molybdenum grades.

The deposit has a potassic core surrounded by phyllic, silicic and propylitic alteration with a coincident copper–gold– molybdenum soil geochemical anomaly outcropping over 1,400 m x 900 m. The host rocks to the mineralized intrusions are the same as with Norte. Andesite to dacite tuffs and flows belonging to the Calipuy Group volcanic rocks were intruded by an intrusive complex which has similar but less intrusive events than those hosting Cañariaco Norte. Only four intrusive events have been identified which include the CQFP intruded by BFP and followed by CQP then minor amounts of the IBXP breccia. Cañariaco Sur also lacks the later stage brecciation event that introduced arsenic into Cañariaco Norte and does not have the other breccias that complicated the copper grade controls at Cañariaco Norte. Overall drilling to date indicates that the Cañariaco Sur deposit has a lower copper grade, a higher gold content and lower arsenic content than Cañariaco Norte.

Mineralization at Cañariaco Sur is predominantly chalcopyrite and bornite with minor pyrite. The depth of oxidation averages 40 to 50 m and contains copper oxides in the form of copper wads.

Quebrada Verde Prospect
The Quebrada Verde prospect is 3.2 km south of Cañariaco Norte and 1.5 km south of Cañariaco Sur. Strongly anomalous levels of copper and gold in soil samples cover an area of 0.7 km x 0.9 km. A large IP chargeability high centred on a resistivity anomaly and magnetic high, and covering an area of 0.8 x 2.0 km, occurs coincident with the soil geochemical anomalies. Alta Copper staff have interpreted the prospect as a porphyry copper–gold centre. The one historic drill hole did not test the geochemical/geophysical target.

Quebrada Verde host rocks known to date are predominated by a diorite porphyry (BFP) intruding Calipuy Group andesite volcanic rocks. The BFP is exposed on surface in two areas, the largest extending over an area of 1 km x 750 m and a second over 400 m x 400 m approximately 200 m northeast of the larger exposure. In addition, an east–west striking, post-mineralization granodiorite dyke, with dimensions of approximately 1 km x 100 m, intruded the volcanic rocks and the larger BFP diorite porphyry stock.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityProductUnitsAvg. AnnualLOM
Copper Payable metal M lbs 2837,717
Copper Metal in concentrate M lbs 8,026
Copper Concentrate kt 14,002
Gold Payable metal koz 561,538
Gold Metal in concentrate koz 1,674
Silver Payable metal koz 1,09429,897
Silver Metal in concentrate koz 33,219
Copper Equivalent k lbs 315,000

Operational metrics

Metrics
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Annual ore mining rate  ....  Subscribe
Annual mining capacity  ....  Subscribe
Annual processing capacity  ....  Subscribe
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Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2024 study.

Production Costs

CommodityUnitsAverage
Credits (by-product) Copper USD  ....  Subscribe
Cash costs Copper USD  ....  Subscribe
Total cash costs Copper USD  ....  Subscribe
All-in sustaining costs (AISC) Copper USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2024 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 2024 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 5,847
G&A costs $M USD 532
Total OpEx $M USD  ......  Subscribe
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Gross revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
Pre-tax NPV @ 10% $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
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Pre-tax payback period, years  ......  Subscribe
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Required Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNamePhoneEmailProfileRef. Date
....................... Subscription required ....................... Subscription required ........... Subscription required ........... Subscription required Nov 30, 2024
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EmployeesContractorsTotal WorkforceYear
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Aerial view:

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