Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX,
NYSE: HBM) today announced the intersection of additional
high-grade copper sulphide and oxide mineralization at its Copper
World project located on wholly-owned private land in Arizona. The
Copper World project is located within seven kilometres of Hudbay’s
Rosemont copper project and has mineralization located closer to
surface than Rosemont. The results are from drilling completed
between January and June 2021, following an initial program
conducted in 2020 to confirm historical drilling in this
past-producing copper region. The 2021 drilling has identified
three new deposits, for a total of seven deposits at Copper World,
covering a combined seven kilometers with mineralized occurrences.
“Our 2021 drill program at Copper World proved
that the previously discovered deposits remained open along strike,
and we are highly encouraged by the identification of three new
deposits in the area,” said Peter Kukielski, Hudbay’s President and
Chief Executive Officer. “Copper World is growing into an
attractive copper development project in our organic pipeline, and
we remain on track for an initial inferred resource estimate before
the end of the year and a preliminary economic assessment in the
first half of 2022.”
Located on Expanded Private Land
Package
The Copper World deposits are located on private
land parcels adjacent to the Rosemont deposit as shown in the plan
view in Figure 1. To date, seven deposits have been identified with
a combined strike length of over seven kilometres, representing a
significant increase in mineralization compared to the results from
the 2020 program. Hudbay recently increased its private land
package to approximately 2,400 acres in the west, which together
with patented mining claims, now totals approximately 4,500 acres
to support an operation entirely on private land (please refer to
Figure 2). The mineralization continues to occur at depths
shallower than at Rosemont, as shown in Figure 3, indicating the
possibility of lower strip ratios at Copper World. Hudbay is also
drilling a 1,500-foot area along strike where there has been no
previous drilling coverage between the newly discovered Bolsa
deposit and the Rosemont deposit.
An updated three-dimensional visualization of
the Copper World drill results can be found at the link below. This
visual shows the location of the seven deposits, the drill holes
from 2020 and 2021, the historical mine sites and historical
drilling coverage (the results of which are under review and will
be reported once the data is validated by Hudbay in accordance with
NI 43-101), as well as new geophysical targets identified from the
2021 winter ground surveys.
https://vrify.com/decks/10520?auth=8dc679ba-5093-4b34-be74-afaa07e76efd
2021 Drill Program Discovers Three New
Deposits and Confirms the Size and Quality of Existing
Deposits
Hudbay’s 2021 drill program has consisted of
condemnation, exploration and confirmation drilling over the
company’s patented private land claims at Copper World. As of June
30, 2021, approximately 166 holes were completed totaling over
91,000 feet of drilling. As of August 31, 2021, Hudbay has received
and validated the assay results for 130 of these holes and the
results continue to exceed the company’s expectations. The program
resulted in the discovery of three new deposits, including
significant volumes of high-grade copper sulphide and oxide
mineralization starting, in most cases, near surface or at shallow
depth. These three new deposits are called Bolsa, South Limb and
North Limb. The program also confirmed and increased the confidence
in the size and quality of the Copper World, Broad Top Butte, Peach
and Elgin deposits.
Bolsa Deposit
- Drill hole #186 intersected 263 feet of 1.11% copper starting
at surface
- Drill hole #190 intersected 205 feet of 1.39% copper starting
at surface
- Drill hole #191 intersected 404 feet of 1.50% copper starting
at surface
The 2021 drilling completed to-date resulted in
the discovery of the Bolsa deposit located between the Broad Top
Butte and Rosemont deposits. The results confirmed the occurrence
of significant shallow copper oxide and sulphide mineralization.
This mineralization occurs in the footwall zone of the lower
Paleozoic sequence composed of skarn in limestone and quartzite
which is also found at Rosemont where this footwall zone hosts
approximately 10% of the Rosemont mineral resource. A significant
portion of the copper oxide mineralization in this zone occurs in
rocks with lower carbonate content than is typical at Rosemont and
is expected to be recoverable by proven low-cost leaching
technology. Drill holes #186, #190 and #191 intersected very
high-grade copper zones starting from surface with grades above
1.0%. Please refer to Figure 4 for a visual of the Bolsa deposit
and select drill core.
There also remains the potential for continuity
between the Bolsa discovery and the Rosemont deposit as highlighted
by three new holes drilled on the western edge of Rosemont, which
intersected high-grade copper mineralization similar to the
mineralization intersected at Bolsa. Drill hole #177 intersected
833 feet of 0.40% copper, including 121 feet at 1.32% copper.
Similarly, hole #194 intersected 602 feet at 0.53% copper. As shown
in Figure 5, there remains a 1,500-foot gap in drilling coverage
between these three holes and the Bolsa discovery, and Hudbay is
actively developing additional access roads and drill pads to test
this unexplored area.
South & North Limb Deposits
- Drill hole #72 intersected 105 feet of 0.69% copper
- Drill hole #132 intersected 77 feet of 0.88% copper
- Drill hole #139 intersected 125 feet of 1.34% copper
One focus of the 2021 drill program was to test
an area between the Elgin and Copper World deposits surrounding a
porphyry intrusive where several small mines operated in the past,
but for which no historical drill results were available. Hudbay’s
drill program intersected two new mineralized areas called the
South and North Limbs, each occurring at or near surface in skarn
at the contact between the porphyry intrusive and limestone units
similar to the ones found elsewhere on the property. Please refer
to Figure 6 for visuals of the deposits and drill core.
Broad Top Butte Deposit
- Drill hole #117 intersected 751 feet of 0.60% copper starting
at surface, including 450 feet of 0.72% copper
- Drill hole #195 intersected 630 feet of 0.48% copper, including
220 feet of 0.77% copper starting at surface
The 2021 drilling at Broad Top Butte continued
to intersect significant shallow copper oxide and sulphide
mineralization in a quartz-monzonite porphyry intrusive and in
surrounding skarns at the contact with carbonate units in a similar
geological setting as Rosemont. Drill hole #195 intersected 630
feet of 0.48% copper starting at surface, including 220 feet of
0.77% copper in a massive sulphide zone with chalcopyrite and
bornite in skarn. Please refer to Figure 7 for a visual of the
deposit and select drill core.
Copper World Deposit
- Drill hole #70 intersected 270 feet of 0.69% copper, including
145 feet of 1.0% copper starting at surface
- Drill hole #73 intersected 230 feet of 0.62% copper, including
115 feet of 0.94% copper
- Drill hole #118 intersected 290 feet of 0.75% copper, including
160 feet of 1.15% copper
The 2021 drilling at the Copper World deposit
confirmed the results from the previous program. Copper oxide
mineralization continued to be found in the upper portion of the
mineralized zones in the hanging wall of a regional fault that runs
along the west side of the Rosemont, Bolsa and Broad Top Butte
deposits known as the Backbone Fault. Drill hole #73 intersected
230 feet of 0.62% copper with 77% of the copper in oxides. This
intersection included 115 feet of 0.94% copper with 76% of the
copper in oxides. A visual can be found in Figure 8.
The ongoing drill program includes some
additional isolated intercepts that have not yet been incorporated
into the interpretation of the known deposits. For example, drill
hole #106 is located near the old Leader mine and intersected 91
feet at 1.50% copper, which indicates a separate zone exists in the
footwall of the Backbone Fault. Field mapping confirmed the
potential extension of this mineralization to the southeast in a
trend parallel to the Copper World deposit. Figure 9 shows the
historical underground workings at the Leader mine and the location
of hole 106.
Geophysical surveys have also identified several
new targets north and south of Copper World. A large portion of
Hudbay’s property in this prolific region has yet to be explored
and provides the potential for further discoveries.
Peach and Elgin Deposits
- Drill hole #76 intersected 130 feet of 0.87% copper
- Drill hole #86 intersected 295 feet of 0.53% copper starting at
surface
At the Peach and Elgin deposits, the 2021
drilling confirmed shallow mineralization at or near surface and
slightly extended the known mineralization to the east. Drill hole
#76 intersected 130 feet of 0.87% copper and hole #86 intersected
295 feet of 0.53% copper from surface.
On Track to Deliver Upcoming Catalysts
at Copper World
Given the continued positive results from the
exploration program at Copper World, the 2021 drill program was
expanded from an original 70,000 feet of drilling to over 200,000
feet to be completed by the end of the year with four drill rigs
continuing to operate at site. The company is testing the
opportunity to use reverse circulation drilling to fast-track
future infill drilling programs. This drilling is intended to
delineate and upgrade the resource for the seven deposits, while
focusing on bridging the gap between the Bolsa discovery and the
area west of the Rosemont deposit. The drill program will also
continue to explore prospective areas outside of the known
deposits. Hudbay expects to publish an initial inferred mineral
resource estimate for the seven deposits at Copper World before the
end of 2021. These mineral resource estimates will form the basis
for a preliminary economic assessment (“PEA”) expected to be
released in the first half of 2022. Mineralogical studies and
metallurgical testing programs are underway, and the preliminary
results are expected to be incorporated into the PEA. The company
continues to progress geotechnical and hydrogeological studies over
the Copper World area.
The exploration budget for Copper World in 2021
is expected to total approximately $34 million, which increased
from the original $10 million budget to fund the larger drill
program and complete the various technical studies. Hudbay will
also continue to examine future potential synergies with an
operation at Rosemont.
Detailed Assay Results of 2021 Drill
Program
Bolsa – Rosemont West
Hole ID# |
From (ft) |
To (ft) |
Intercept (ft) |
Estimated True Width
(ft)1 |
Estimated True Width
(m)1 |
Cu2,3 (%) |
CuSS2.3,4
(%) |
Mo2,3 (g/t) |
Ag2.3 (g/t) |
Location |
162 |
11 |
219 |
208 |
n/a |
n/a |
0.20 |
0.16 |
100 |
0.7 |
Bolsa |
163 |
0 |
242 |
242 |
n/a |
n/a |
0.21 |
0.14 |
108 |
0.7 |
Bolsa |
165 |
0 |
631 |
631 |
317 |
97 |
0.34 |
0.18 |
73 |
1.9 |
Bolsa |
173 |
12 |
170 |
158 |
112 |
34 |
0.22 |
0.17 |
58 |
1.3 |
Bolsa |
174 |
0 |
312 |
312 |
n/a |
n/a |
0.17 |
0.13 |
60 |
0.7 |
Bolsa |
179 |
9 |
390 |
381 |
178 |
54 |
0.89 |
0.74 |
69 |
5.8 |
Bolsa |
180 |
9 |
501 |
492 |
n/a |
n/a |
0.43 |
0.28 |
12 |
1.7 |
Bolsa |
184 |
12 |
282 |
270 |
139 |
42 |
0.68 |
0.35 |
38 |
2.9 |
Bolsa |
185 |
0 |
160 |
160 |
117 |
36 |
0.28 |
0.14 |
68 |
10.3 |
Bolsa |
186 |
0 |
263 |
263 |
185 |
56 |
1.11 |
0.95 |
47 |
2.4 |
Bolsa |
190 |
0 |
205 |
205 |
148 |
45 |
1.39 |
1.15 |
65 |
4.1 |
Bolsa |
191 |
0 |
404 |
404 |
285 |
87 |
1.50 |
0.82 |
68 |
9.5 |
Bolsa |
210 |
0 |
360 |
360 |
256 |
78 |
0.89 |
0.77 |
102 |
3.9 |
Bolsa |
161 |
0 |
518 |
518 |
363 |
111 |
0.15 |
0.11 |
15 |
2.2 |
Rosemont West |
including |
370 |
518 |
148 |
102 |
31 |
0.25 |
0.16 |
17 |
2.9 |
Rosemont West |
177 |
0 |
833 |
833 |
588 |
179 |
0.40 |
0.25 |
122 |
1.4 |
Rosemont West |
including |
20 |
141 |
121 |
87 |
27 |
1.32 |
0.82 |
57 |
4.1 |
Rosemont West |
194 |
505 |
1107 |
602 |
438 |
133 |
0.53 |
0.13 |
82 |
2.8 |
Rosemont West |
- True widths are estimated based on drill angle and intercept
geometry of mineralization. “n/a” indicates insufficient knowledge
of the geometry of the mineralization to estimate true width at
this stage.
- All copper, molybdenum and silver values are uncut.
- No specific gravity data is available, so assay results are
length weighted.
- CuSS shows the average grade of soluble copper in sulfuric
acid.
South Limb – North Limb
Hole ID# |
From (ft) |
To (ft) |
Intercept (ft) |
Estimated True Width
(ft)1 |
Estimated True Width
(m)1 |
Cu2,3 (%) |
CuSS2.3,4
(%) |
Mo2,3 (g/t) |
Ag2.3 (g/t) |
Location |
109 |
0 |
74 |
74 |
74 |
23 |
0.19 |
0.06 |
156 |
0.9 |
South Limb |
127 |
75 |
195 |
120 |
85 |
26 |
0.35 |
0.01 |
255 |
1.8 |
South Limb |
130 |
11 |
106 |
95 |
67 |
21 |
0.38 |
0.30 |
15 |
3.6 |
South Limb |
132 |
107 |
184 |
77 |
56 |
17 |
0.88 |
0.09 |
11 |
6.0 |
South Limb |
138 |
85 |
154 |
69 |
49 |
15 |
0.34 |
0.04 |
4 |
3.8 |
South Limb |
139 |
5 |
130 |
125 |
90 |
27 |
1.34 |
1.12 |
32 |
6.8 |
South Limb |
171 |
102 |
144 |
42 |
30 |
9 |
0.37 |
0.05 |
1 |
8.9 |
South Limb |
172 |
75 |
107 |
32 |
32 |
10 |
0.24 |
0.03 |
4 |
4.4 |
South Limb |
183 |
260 |
400 |
140 |
99 |
30 |
0.17 |
0.00 |
59 |
0.9 |
South Limb |
67 |
147 |
195 |
48 |
34 |
10 |
0.32 |
0.30 |
4 |
1.8 |
North Limb |
72 |
180 |
285 |
105 |
75 |
23 |
0.69 |
0.66 |
23 |
3.9 |
North Limb |
201 |
120 |
390 |
270 |
190 |
58 |
0.19 |
0.01 |
173 |
1.1 |
North Limb |
202 |
122 |
222 |
100 |
100 |
30 |
0.47 |
0.13 |
105 |
6.7 |
North Limb |
216 |
278 |
388 |
110 |
79 |
24 |
0.25 |
0.00 |
107 |
2.5 |
North Limb |
- True widths are estimated based on drill angle and intercept
geometry of mineralization.
- All copper, molybdenum and silver values are uncut.
- No specific gravity data is available, so assay results are
length weighted.
- CuSS shows the average grade of soluble copper in sulfuric
acid.
Broad Top Butte
Hole ID# |
From (ft) |
To (ft) |
Intercept (ft) |
Estimated True Width
(ft)1 |
Estimated True Width
(m)1 |
Cu2,3 (%) |
CuSS2.3,4
(%) |
Mo2,3 (g/t) |
Ag2.3 (g/t) |
69 |
440 |
588 |
148 |
98 |
30 |
0.24 |
0.07 |
38 |
1.3 |
74 |
301 |
871 |
570 |
347 |
106 |
0.24 |
0.02 |
65 |
1.2 |
80 |
343 |
767 |
424 |
299 |
91 |
0.24 |
0.03 |
83 |
1.1 |
82 |
206 |
413 |
207 |
142 |
43 |
0.41 |
0.03 |
99 |
3.4 |
85 |
215 |
525 |
310 |
98 |
30 |
0.45 |
0.32 |
71 |
1.8 |
92 |
220 |
396 |
176 |
169 |
51 |
0.33 |
0.02 |
31 |
2.6 |
94 |
0 |
138 |
138 |
138 |
42 |
0.22 |
0.11 |
27 |
2.1 |
97 |
30 |
380 |
350 |
128 |
39 |
0.18 |
0.12 |
50 |
1.1 |
117 |
0 |
751 |
751 |
291 |
89 |
0.60 |
0.14 |
38 |
4.1 |
including |
90 |
540 |
450 |
174 |
53 |
0.72 |
0.19 |
40 |
5.0 |
122 |
345 |
432 |
87 |
71 |
21 |
0.70 |
0.03 |
28 |
5.1 |
129 |
426 |
624 |
198 |
145 |
44 |
0.48 |
0.01 |
62 |
2.5 |
131 |
208 |
509 |
301 |
n/a |
n/a |
0.14 |
0.09 |
25 |
0.6 |
133 |
442 |
665 |
223 |
164 |
50 |
0.34 |
0.02 |
102 |
1.5 |
13A |
0 |
443 |
443 |
313 |
95 |
0.26 |
0.14 |
18 |
2.7 |
142 |
210 |
550 |
340 |
n/a |
n/a |
0.32 |
0.22 |
25 |
1.7 |
143 |
169 |
854 |
685 |
408 |
124 |
0.27 |
0.02 |
64 |
1.6 |
including |
669 |
733 |
64 |
38 |
12 |
1.41 |
0.03 |
114 |
8.2 |
148 |
170 |
555 |
385 |
n/a |
n/a |
0.33 |
0.26 |
48 |
1.7 |
including |
170 |
230 |
60 |
n/a |
n/a |
1.18 |
1.07 |
209 |
3.8 |
195 |
0 |
630 |
630 |
630 |
192 |
0.48 |
0.16 |
70 |
7.8 |
including |
0 |
220 |
220 |
220 |
67 |
0.77 |
0.43 |
20 |
7.5 |
- True widths are estimated based on drill angle and intercept
geometry of mineralization. “n/a” indicates insufficient knowledge
of the geometry of the mineralization to estimate true width at
this stage.
- All copper, molybdenum and silver values are uncut.
- No specific gravity data is available, so assay results are
length weighted.
- CuSS shows the average grade of soluble copper in sulfuric
acid.
Copper World
Hole ID# |
From (ft) |
To (ft) |
Intercept (ft) |
Estimated True Width
(ft)1 |
Estimated True Width
(m)1 |
Cu2,3 (%) |
CuSS2.3,4
(%) |
Mo2,3 (g/t) |
Ag2.3 (g/t) |
Location |
70 |
0 |
270 |
270 |
270 |
82 |
0.69 |
0.20 |
130 |
3.6 |
Copper World |
including |
0 |
145 |
145 |
145 |
44 |
1.00 |
0.32 |
182 |
5.5 |
Copper World |
71 |
200 |
285 |
85 |
80 |
25 |
0.30 |
0.07 |
102 |
3.7 |
Copper World |
73 |
85 |
315 |
230 |
214 |
65 |
0.62 |
0.47 |
42 |
10.8 |
Copper World |
including |
95 |
210 |
115 |
107 |
33 |
0.94 |
0.72 |
57 |
18.1 |
Copper World |
78 |
30 |
160 |
130 |
107 |
33 |
0.35 |
0.19 |
86 |
5.3 |
Copper World |
78 |
515 |
835 |
320 |
255 |
78 |
0.54 |
0.06 |
72 |
4.0 |
Copper World |
83 |
210 |
425 |
215 |
200 |
61 |
0.20 |
0.08 |
75 |
2.7 |
Copper World |
88 |
no significant mineralization |
Copper World |
89 |
130 |
565 |
436 |
335 |
102 |
0.30 |
0.16 |
44 |
2.9 |
Copper World |
90 |
60 |
335 |
275 |
260 |
79 |
0.40 |
0.31 |
56 |
7.2 |
Copper World |
93 |
205 |
365 |
160 |
112 |
34 |
0.20 |
0.16 |
73 |
5.0 |
Copper World |
118 |
90 |
380 |
290 |
205 |
62 |
0.75 |
0.17 |
117 |
2.2 |
Copper World |
including |
220 |
380 |
160 |
113 |
34 |
1.15 |
0.18 |
191 |
3.0 |
Copper World |
128 |
0 |
370 |
370 |
261 |
80 |
0.52 |
0.14 |
156 |
1.9 |
Copper World |
including |
215 |
370 |
155 |
109 |
33 |
0.90 |
0.14 |
287 |
1.9 |
Copper World |
134 |
205 |
360 |
155 |
102 |
31 |
0.46 |
0.12 |
29 |
2.6 |
Copper World |
155 |
0 |
215 |
215 |
154 |
47 |
0.38 |
0.18 |
127 |
2.4 |
Copper World |
156 |
85 |
350 |
265 |
176 |
54 |
0.39 |
0.08 |
33 |
4.3 |
Copper World |
175 |
0 |
261 |
261 |
185 |
56 |
0.31 |
0.19 |
59 |
2.3 |
Copper World |
178 |
170 |
560 |
390 |
365 |
111 |
0.23 |
0.12 |
95 |
3.1 |
Copper World |
106 |
89 |
180 |
91 |
78 |
24 |
1.50 |
0.24 |
557 |
1.3 |
Other |
- True widths are estimated based on drill angle and intercept
geometry of mineralization.
- All copper, molybdenum and silver values are uncut.
- No specific gravity data is available, so assay results are
length weighted.
- CuSS shows the average grade of soluble copper in sulfuric
acid.
Peach - Elgin
Hole ID# |
From (ft) |
To (ft) |
Intercept (ft) |
Estimated True Width
(ft)1 |
Estimated True Width
(m)1 |
Cu2,3 (%) |
CuSS2.3,4
(%) |
Mo2,3 (g/t) |
Ag2.3 (g/t) |
76 |
80 |
210 |
130 |
130 |
40 |
0.87 |
0.10 |
122 |
10.1 |
77 |
240 |
652 |
412 |
289 |
88 |
0.32 |
0.22 |
26 |
1.9 |
81 |
0 |
281 |
281 |
281 |
86 |
0.20 |
0.06 |
59 |
1.9 |
84 |
79 |
295 |
216 |
215 |
66 |
0.22 |
0.02 |
97 |
2.1 |
86 |
0 |
295 |
295 |
295 |
90 |
0.53 |
0.07 |
178 |
2.5 |
- True widths are estimated based on drill angle and intercept
geometry of mineralization.
- All copper, molybdenum and silver values are uncut.
- No specific gravity data is available, so assay results are
length weighted.
- CuSS shows the average grade of soluble copper in sulfuric
acid.
Qualified Person and NI
43-101
The scientific and technical information
contained in or incorporated by reference into this news release
has been prepared under the supervision of Olivier Tavchandjian, P.
Geo., Hudbay’s Vice President, Exploration and Geology. Mr.
Tavchandjian is a “Qualified Person” for purposes of National
Instrument 43-101 — Standards of Disclosure for Mineral Projects
(“NI 43-101”).
Mr. Tavchandjian has verified the exploration
data disclosed in this news release, including sampling,
analytical, and test data underlying the information or opinions
expressed herein. The data verification and quality assurance /
quality control (QA/QC) measures that were used as part of the
Copper World drill program are summarized below:
- Drill core was removed from the core tube by drilling
contractors and placed in labelled core boxes. Core was logged by
geologist, photographed, measured for conductivity, and tagged with
sample tags. Core was cut in half and placed in labeled sample bags
with the sample tags and transported to the sample preparation lab
of Skyline and ALS Chemex in Tucson, Arizona and of SGS in
Vancouver, Canada by courier in locked trucks.
- Samples were prepared and assayed following standard analytical
protocols at the Skyline and ALS Chemex laboratories (AZ) and at
the SGS laboratory in Vancouver (BC). Samples were dried, crushed
to 70% -passing 2mm (10 mesh), then riffle split and pulverized
until 85% passing 75μm (-200 mesh). Analyses were carried at
Skyline laboratory in Tucson and ALS Chemex and SGS laboratories in
Vancouver using a combination of Inductively Coupled Plasma Mass
Spectrometry (ICP-MS) and Inductively Coupled Plasma Emission
Spectroscopy (ICP-ES), following multi acid digestion (Methods
TE-5, ME-MS61 and GE_ICM40Q12, respectively) to achieve near total
dissolution. Gold was analyzed by fire assay with AAS finish
(Methods FA-01, FAU-AA23, GE_FAA30V5). Samples with concentration
of Cu>8000 ppm and Mo>1000 ppm were reanalyzed multi acid
(Methods SEA-Cu/Mo/CuT, Cu/Mo-OG62, Cu/Mo-GO_ICP42Q100) for base
metal sulphide and precious metal ores. Non-sulphide Cu (Soluble
Cu) was analyzed by sulphuric acid leach (Methods CuAs-SEQ,
Cu-AA05, GC SQL01D) with AAS finish. QA/QC included the insertion
of 5% of samples as blanks, 5% as standards (from 4 certified
reference materials) and 5% as pulp duplicates.
- Failure rates were nominal in all cases and no significant
QA/QC issue was identified.
Further details on the drill holes reported in
this news release, including the location, azimuth, and dip of the
drill holes and the depth of the sample intervals, can be found in
the section titled “Supplemental Drill Hole Information” at the end
of this news release.
Hudbay is not aware of any drilling, sampling,
recovery, or other factors that could materially affect the
accuracy or reliability of the data disclosed in this news
release.
Forward-Looking Information
This news release contains forward-looking
information within the meaning of applicable Canadian and United
States securities legislation. Forward-looking information
includes, but is not limited to, Hudbay’s expectations regarding
the future potential of the Copper World deposits, its plans for
additional drilling and other exploration work on the Copper World
deposits, its expectations regarding the declaration of a mineral
resource estimate and PEA for Copper World, the potential to use
low-cost leaching technology as a processing solution, and Copper
World’s potential synergies with Rosemont. Forward-looking
information is not, and cannot be, a guarantee of future results or
events. Forward-looking information is based on, among other
things, opinions, assumptions, estimates and analyses that, while
considered reasonable by the company at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies and other factors
that may cause actual results and events to be materially different
from those expressed or implied by the forward-looking
information.
The material factors or assumptions that Hudbay
identified and were applied by the company in drawing conclusions
or making forecasts or projections set out in the forward-looking
information include, but are not limited to, the company’s ability
to continue to operate safely and at full capacity during the
COVID-19 pandemic; no disruptions to supply chains, contractor
availability or technical services due to COVID-19 related
challenges and no unanticipated litigation or legal challenges
related to Copper World or Rosemont.
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to, risks associated with the
COVID-19 pandemic and its effect on Hudbay’s operations, financial
condition, projects and prospects, the possibility of a global
recession arising from the COVID-19 pandemic and attempts to
control it, risks generally associated with the mining industry,
such as economic factors (including future commodity prices,
currency fluctuations, energy prices and general cost escalation),
risks associated with the Rosemont litigation as well as the risks
discussed under the heading “Risk Factors” in Hudbay’s most recent
Annual Information Form.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, you should not place undue reliance on forward-looking
information. Hudbay does not assume any obligation to update or
revise any forward-looking information after the date of this news
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a diversified mining
company primarily producing copper concentrate (containing copper,
gold and silver) and zinc metal. Directly and through its
subsidiaries, Hudbay owns three polymetallic mines, four ore
concentrators and a zinc production facility in northern Manitoba
and Saskatchewan (Canada) and Cusco (Peru), and copper projects in
Arizona and Nevada (United States). The company’s growth strategy
is focused on the exploration, development, operation and
optimization of properties it already controls, as well as other
mineral assets it may acquire that fit its strategic criteria.
Hudbay’s vision is to be a responsible, top-tier operator of
long-life, low-cost mines in the Americas. Hudbay’s mission is to
create sustainable value through the acquisition, development and
operation of high-quality, long-life deposits with exploration
potential in jurisdictions that support responsible mining, and to
see the regions and communities in which the company operates
benefit from its presence. The company is governed by the Canada
Business Corporations Act and its shares are listed under the
symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange
and Bolsa de Valores de Lima. Further information about Hudbay can
be found on www.hudbay.com.
For further information, please
contact:
Candace Brûlé Director, Investor Relations (416)
814-4387 candace.brule@hudbay.com
Figure 1: Plan View of Copper
World is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb60f3ad-159d-4390-b6d7-8241c4bc25c4Hudbay
has identified a total of seven deposits at the Copper World
project through drilling completed in 2020 and 2021. The 2020 drill
program defined the Copper World, Broad Top Butte, Peach and Elgin
Deposits. The 2021 drill program increased the confidence in the
size and quality of these known deposits and identified three new
deposits called Bolsa, North Limb and South Limb, which indicates
seven kilometres of continuous mineralization at the Copper World
project.
Figure 2: Expanded Private Land Package
to Support an Operation Entirely on Private Land is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a531899-d0dd-41bc-873b-968f0634b6d0Hudbay’s
private land package was recently increased to approximately 2,400
acres in the west and now totals approximately 4,500 acres with the
inclusion of patented mining claims.
Figure 3: Copper World Located Closer to
Surface than Rosemont is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/669c320d-64a1-4664-97d1-4d573412976bThe
mineralization at the Copper World deposits begins closer to
surface than Rosemont, as shown by the 0.1% copper grade shells
below, which is expected to lead to a significantly lower strip
ratio during mining.
Figure 4: Bolsa Drill
Core is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f46dcd03-e91f-41ab-b6ab-60d15a42adb6Bolsa
drill core from holes #186 and #191, which intersected 263 feet at
1.11% copper and 404 feet at 1.50% copper, respectively.
Figure 5: Potential for Continuity
between Rosemont and Bolsa is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/83f7b4cf-328d-47c3-978b-624f736e15a0There
remains a 1,500-foot area between Rosemont and Bolsa that has not
yet been drilled. Three new holes drilled on the western edge of
Rosemont intersected high-grade copper mineralization similar to
the mineralization intersected at Bolsa, indicating the potential
for continuity between the two deposits.
Figure 6: South and North Limb Drill
Core is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c43bd932-af4f-4c06-83d1-f2c6310218bbSouth
and North Limb drill core from holes #72, #132 and #139, which
intersected 105 feet at 0.69% copper, 77 feet at 0.88% copper and
125 feet at 1.34% copper, respectively.
Figure 7: Broad Top Butte Drill
Core is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cde5b6be-d2fc-4535-b806-56179ef410e1Broad
Top Butte drill core from holes #117 and #195, which intersected
751 feet at 0.60% copper and 630 feet at 0.48% copper,
respectively.
Figure 8: Copper World Drill
Core is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/eb126a62-7e4f-496b-9165-869f53ed8954Copper
World drill core from holes #70 and #73, which intersected 270 feet
at 0.69% copper and 230 feet at 0.62% copper, respectively.
Figure 9: New Zone near the Copper World
Deposit is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c2a79fec-c5c2-437b-8cf2-f0f4da8309e2Drill
hole #106 is located near the old Leader mine and represents a
separate zone in the footwall of the Copper World deposit.
Supplemental Drill Hole
Information
Hole ID# |
From (m) |
To (m) |
Azimuth at Intercept |
Dip at Intercept |
Core Size |
Easting |
Northing |
Elevation |
Easting |
Northing |
Elevation |
67 |
1,706,817 |
11,565,996 |
4,572 |
1,706,819 |
11,565,995 |
4,570 |
126 |
-45 |
HQ |
69 |
1,715,532 |
11,562,669 |
5,288 |
1,715,421 |
11,562,660 |
5,190 |
266 |
-41 |
HQ |
70 |
1,712,582 |
11,565,425 |
4,979 |
1,712,587 |
11,565,432 |
4,709 |
34 |
-88 |
HQ |
71 |
1,712,795 |
11,565,385 |
4,856 |
1,712,793 |
11,565,384 |
4,851 |
238 |
-71 |
HQ |
72 |
1,706,631 |
11,565,974 |
4,579 |
1,706,587 |
11,565,915 |
4,504 |
216 |
-45 |
PQ |
73 |
1,713,417 |
11,564,738 |
5,036 |
1,713,343 |
11,564,697 |
4,822 |
241 |
-68 |
HQ |
74 |
1,715,665 |
11,562,576 |
5,388 |
1,715,285 |
11,562,331 |
5,042 |
237 |
-37 |
HQ |
76 |
1,705,798 |
11,565,944 |
4,408 |
1,705,800 |
11,565,944 |
4,278 |
93 |
-89 |
PQ |
77 |
1,705,795 |
11,565,774 |
4,318 |
1,705,785 |
11,565,481 |
4,029 |
182 |
-45 |
PQ |
78 |
1,713,433 |
11,564,738 |
5,090 |
1,713,378 |
11,564,690 |
4,983 |
229 |
-55 |
HQ |
80 |
1,715,551 |
11,562,600 |
5,368 |
1,715,371 |
11,562,359 |
5,070 |
217 |
-45 |
HQ |
81 |
1,705,330 |
11,565,838 |
4,297 |
1,705,333 |
11,565,833 |
4,016 |
149 |
-89 |
PQ |
82 |
1,715,621 |
11,562,918 |
5,473 |
1,715,550 |
11,563,051 |
5,331 |
332 |
-43 |
HQ |
83 |
1,712,883 |
11,565,252 |
4,910 |
1,712,815 |
11,565,214 |
4,709 |
241 |
-69 |
HQ |
84 |
1,705,221 |
11,565,009 |
4,205 |
1,705,222 |
11,565,011 |
3,989 |
14 |
-89 |
PQ |
85 |
1,714,566 |
11,561,887 |
5,659 |
1,714,363 |
11,562,101 |
5,561 |
316 |
-18 |
HQ |
86 |
1,705,694 |
11,564,782 |
4,343 |
1,705,696 |
11,564,779 |
4,048 |
141 |
-89 |
PQ |
88 |
1,712,645 |
11,565,712 |
4,566 |
1,712,633 |
11,565,707 |
4,531 |
248 |
-69 |
PQ |
89 |
1,713,064 |
11,564,746 |
5,029 |
1,712,841 |
11,564,579 |
4,694 |
233 |
-50 |
HQ |
90 |
1,713,416 |
11,564,907 |
5,016 |
1,713,335 |
11,564,867 |
4,756 |
244 |
-71 |
PQ |
92 |
1,715,642 |
11,562,825 |
5,406 |
1,715,602 |
11,562,855 |
5,238 |
307 |
-74 |
HQ |
93 |
1,712,994 |
11,564,849 |
4,984 |
1,712,887 |
11,564,888 |
4,872 |
290 |
-44 |
HQ |
94 |
1,715,845 |
11,562,702 |
5,593 |
1,715,845 |
11,562,703 |
5,455 |
13 |
-89 |
HQ |
97 |
1,714,720 |
11,561,769 |
5,719 |
1,714,882 |
11,562,051 |
5,591 |
30 |
-22 |
HQ |
106 |
1,712,277 |
11,565,275 |
4,893 |
1,712,231 |
11,565,266 |
4,815 |
258 |
-59 |
HQ |
109 |
1,707,870 |
11,565,094 |
4,428 |
1,707,870 |
11,565,095 |
4,354 |
308 |
-90 |
HQ |
117 |
1,715,394 |
11,561,544 |
5,612 |
1,716,062 |
11,561,722 |
5,321 |
75 |
-23 |
HQ |
118 |
1,712,538 |
11,565,704 |
4,899 |
1,712,335 |
11,565,732 |
4,695 |
278 |
-45 |
PQ |
122 |
1,715,536 |
11,562,909 |
5,335 |
1,715,496 |
11,562,941 |
5,265 |
308 |
-54 |
HQ |
127 |
1,707,436 |
11,564,709 |
4,250 |
1,707,436 |
11,564,706 |
4,247 |
180 |
-45 |
HQ |
128 |
1,712,533 |
11,565,912 |
4,943 |
1,712,271 |
11,565,919 |
4,682 |
272 |
-45 |
PQ |
129 |
1,715,554 |
11,562,514 |
5,282 |
1,715,458 |
11,562,608 |
5,137 |
315 |
-47 |
HQ |
130 |
1,708,304 |
11,564,140 |
4,518 |
1,708,304 |
11,564,073 |
4,451 |
180 |
-45 |
HQ |
131 |
1,714,878 |
11,561,861 |
5,738 |
1,715,125 |
11,562,031 |
5,721 |
55 |
-3 |
HQ |
132 |
1,708,019 |
11,564,299 |
4,404 |
1,708,012 |
11,564,351 |
4,348 |
353 |
-47 |
HQ |
133 |
1,715,490 |
11,562,415 |
5,266 |
1,715,346 |
11,562,464 |
5,103 |
289 |
-47 |
HQ |
134 |
1,712,466 |
11,566,347 |
4,743 |
1,712,352 |
11,566,328 |
4,640 |
261 |
-41 |
PQ |
Hole ID# |
From (m) |
To (m) |
Azimuth at Intercept |
Dip at Intercept |
Core Size |
Easting |
Northing |
Elevation |
Easting |
Northing |
Elevation |
138 |
1,707,985 |
11,564,267 |
4,421 |
1,707,950 |
11,564,300 |
4,373 |
314 |
-45 |
HQ |
139 |
1,708,726 |
11,564,151 |
4,534 |
1,708,733 |
11,564,064 |
4,444 |
175 |
-46 |
HQ |
142 |
1,715,501 |
11,561,694 |
5,678 |
1,715,701 |
11,561,944 |
5,791 |
39 |
20 |
HQ |
143 |
1,715,639 |
11,562,328 |
5,487 |
1,715,090 |
11,562,343 |
5,080 |
272 |
-37 |
HQ |
148 |
1,715,480 |
11,561,656 |
5,581 |
1,715,723 |
11,561,948 |
5,526 |
40 |
-8 |
HQ |
155 |
1,713,107 |
11,563,953 |
5,013 |
1,712,995 |
11,563,853 |
4,859 |
228 |
-46 |
HQ |
156 |
1,713,211 |
11,564,133 |
4,856 |
1,713,026 |
11,564,060 |
4,681 |
248 |
-42 |
PQ |
161 |
1,714,073 |
11,556,110 |
5,578 |
1,713,722 |
11,555,996 |
5,215 |
252 |
-45 |
PQ |
162 |
1,714,235 |
11,560,907 |
5,792 |
1,714,027 |
11,560,906 |
5,793 |
270 |
0 |
HQ |
163 |
1,714,246 |
11,560,909 |
5,792 |
1,714,099 |
11,560,761 |
5,671 |
225 |
-30 |
HQ |
165 |
1,715,036 |
11,559,688 |
5,752 |
1,714,592 |
11,559,678 |
5,304 |
269 |
-45 |
HQ |
171 |
1,708,061 |
11,564,162 |
4,410 |
1,708,074 |
11,564,135 |
4,380 |
153 |
-45 |
HQ |
172 |
1,708,029 |
11,564,224 |
4,407 |
1,708,029 |
11,564,223 |
4,375 |
162 |
-88 |
HQ |
173 |
1,714,821 |
11,559,500 |
5,819 |
1,714,663 |
11,559,499 |
5,816 |
270 |
-1 |
HQ |
174 |
1,714,842 |
11,559,500 |
5,819 |
1,714,566 |
11,559,511 |
5,674 |
272 |
-28 |
HQ |
175 |
1,713,107 |
11,563,953 |
5,013 |
1,713,087 |
11,563,770 |
4,828 |
186 |
-45 |
HQ |
177 |
1,714,657 |
11,557,211 |
5,659 |
1,714,243 |
11,557,632 |
5,072 |
315 |
-45 |
HQ |
178 |
1,713,072 |
11,564,793 |
4,967 |
1,712,936 |
11,564,784 |
4,602 |
266 |
-69 |
HQ |
179 |
1,714,763 |
11,560,010 |
5,724 |
1,714,420 |
11,559,879 |
5,722 |
249 |
0 |
HQ |
180 |
1,714,764 |
11,560,009 |
5,719 |
1,714,343 |
11,560,006 |
5,466 |
270 |
-31 |
HQ |
183 |
1,709,048 |
11,564,986 |
4,538 |
1,708,962 |
11,564,937 |
4,439 |
240 |
-45 |
PQ |
184 |
1,714,764 |
11,560,003 |
5,721 |
1,714,633 |
11,559,874 |
5,524 |
225 |
-47 |
HQ |
185 |
1,714,256 |
11,560,907 |
5,791 |
1,714,179 |
11,560,991 |
5,679 |
317 |
-45 |
HQ |
186 |
1,714,272 |
11,560,397 |
5,898 |
1,714,140 |
11,560,523 |
5,709 |
314 |
-46 |
HQ |
190 |
1,714,282 |
11,560,383 |
5,899 |
1,714,180 |
11,560,280 |
5,755 |
225 |
-45 |
HQ |
191 |
1,714,777 |
11,560,006 |
5,719 |
1,714,780 |
11,559,722 |
5,432 |
179 |
-45 |
HQ |
194 |
1,714,631 |
11,556,799 |
5,149 |
1,714,260 |
11,556,619 |
4,712 |
244 |
-47 |
HQ |
195 |
1,715,822 |
11,561,721 |
5,724 |
1,715,825 |
11,561,727 |
5,094 |
30 |
-89 |
HQ |
201 |
1,707,375 |
11,565,716 |
4,391 |
1,707,506 |
11,565,856 |
4,201 |
43 |
-45 |
PQ |
202 |
1,707,373 |
11,566,177 |
4,425 |
1,707,372 |
11,566,179 |
4,325 |
323 |
-89 |
PQ |
210 |
1,714,834 |
11,559,236 |
5,847 |
1,714,835 |
11,559,236 |
5,487 |
89 |
-90 |
HQ |
216 |
1,707,273 |
11,566,011 |
4,347 |
1,707,233 |
11,565,946 |
4,267 |
212 |
-46 |
PQ |
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