Similco expands under Princeton

Additional mineralization found by Princeton Mining (PMC-T) at the Similco copper mine in British Columbia will be included in a new mine plan.

The best results from an ongoing first phase of drilling were encountered in the SP zone, which encompasses existing reserves in the formerly producing Pit 2 and Pit 3 areas, as well as extensions of known mineralization occurring between the two pits.

By including the zone in its mine plan, the company hopes to increase the minable reserve to more than 100 million from 98 million tons grading 0.45% copper at a reduced stripping ratio of 1.5-to-1.

Existing mineral reserves in abandoned Pits 2 and 3 include 39 million tons grading 0.33% copper and 0.12 gram gold per tonne at a stripping ratio of 1.78-to-1, and 59 million tons grading 0.48% copper at a stripping ratio of 2.32-to-1, respectively.

Recent drill results include: 161 ft. grading 0.49% copper and 0.06 gram gold in hole 1; 11 ft. grading 0.42% copper and 0.27 gram, and 75 ft. grading 0.61% copper and 0.16 gram in hole 2; 175 ft. grading 0.65% copper and 0.09 gram in hole 3; 269 ft. grading 0.63% copper in hole 4; and 33 ft. of 0.34% copper and 83 ft. of 0.44% copper in hole 6. Gold assays for holes 4 and 6 are pending, as are results from nine others. Two drill holes had no significant intersections.

The 3-phase exploration drill program is intended to establish sufficient reserves for a 10-year mine plan.

Meanwhile, the company plans to close the Similco gold-copper mine in December because of weak copper prices. Princeton is nevertheless spending $1 million on 40,000 ft. of drilling to revitalize the mine.