Calgary, Alberta--(Newsfile Corp. – November 13, 2023) – Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") is pleased to announce that it has accepted delivery of an ore sorter at the Bull River Mine (“BRM” or the “Project”) on November 11, 2023, from Bayhorse Silver Inc. (TSXV: BHS). The Company has agreed to rent a Steinert KSS 100 X-Ray Transmissive Ore-Sorter from Bayhorse to upgrade stockpiled mineralized material at BRM.
Previously, the Company announced that it had entered into an Ore Purchase Agreement (“OPA”) with New Afton (see press release dated October 5, 2023, on Sedar+). Under the terms of the OPA, CCMI will deliver up to 90,000 tonnes of mineralized material from the Bull River Mine to the New Afton Mine near Kamloops, British Columbia over a period of two years. The Company currently has a large stockpile of approximately 180,000 tonnes of mineralized copper, gold and silver material on surface at BRM. Material will be screened and crushed and then sorted prior to transporting to the New Afton mill facility. Ore sorting will separate low grade and waste from higher grade material so that only higher-grade material will be trucked.
CCMI began crushing and screening of stockpiled material in early November 2023. The Company plans to begin reassembly and re-commissioning of the ore sorter in November 2023. The Company is currently reviewing options for transportation of concentrated mineralized material to New Afton by truck and/or rail.
Ian Berzins, President and CEO of CCMI commented, “We are extremely pleased to have the ore sorter safely delivered to the mine site. Once the sorter is operational, we can begin sending concentrated material to New Afton, thereby generating revenues from the surface stockpile. Proceeds from the OPA will be used to continue with final permitting of the Project, on-going care and maintenance costs and further capital upgrades at the Project. We are very interested to assess the applicability of ore sorting on our mineralized material on a large-scale basis as a grade control strategy. Bull River may become the first copper mine in North America to utilize X-Ray Transmissive Ore Sorting technology on a commercial scale. Potentially, ore sorting can be integrated into the BRM milling operation in the longer term. By first renting the ore sorter from BHS, we can gain operational knowledge prior to purchasing a new machine”.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term copper production assets in Canada. CCMI’s main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 39% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Canadian Critical Minerals Inc.
President & Chief Executive Officer
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.