Hudbay Announces Initial Mineral Resource Estimate at Copper World

  • Indicated mineral resources of 272 million tonnes at 0.36% copper and inferred mineral resources of 142 million tonnes at 0.36% copper

  • Includes near surface, higher grade indicated mineral resources of 96 million tonnes at 0.57% copper and inferred mineral resources of 31 million tonnes at 0.71% copper, with the potential to be mined earlier in the mine life

  • Resource estimate includes recent additional drilling at Copper World which has continued to define shallow high-grade mineralization and continuity between Peach-Elgin and North-South Limb, as well as between Bolsa and Rosemont

  • Resources comprise both oxide and sulphide mineralogy and are potentially amenable to heap leach and flotation processing methods, respectively

  • Preliminary economic assessment is progressing well and is on track for the first half of 2022

 

Toronto, Ontario, December 15, 2021 – Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) today announced a National Instrument 43-101 (“NI 43-101”) initial mineral resource estimate for the recently discovered Copper World deposits located near the company’s Rosemont copper project in Arizona. The 100% owned Copper World project is located in close proximity to the 100% owned Rosemont deposit, with mineralization closer to surface than Rosemont. The Copper World project consists of seven deposits extending over seven kilometres, including Bolsa, Broad Top Butte, Copper World, Peach, Elgin, South Limb and North Limb.

“The initial resource for our Copper World project is larger and at a higher level of geological confidence than we expected at this stage due to the exploration team’s success in discovering several quality deposits through an extensive drill program this year,” said Peter Kukielski, President and Chief Executive Officer. “The indicated and inferred resources at Copper World include a significant higher-grade component located near surface, which has the potential to form part of an attractive, low-cost copper operation located predominantly on private land. The metallurgical testing and mineralogical studies on Copper World are well-advanced and we look forward to releasing a preliminary economic assessment in the first half of 2022.”

 

“We are very encouraged by the initial resource estimate for Copper World, where we have seven meaningful deposits with relatively low strip ratios, and the project has the potential to be an exciting operation for our Arizona business,” said Andre Lauzon, incoming Senior Vice President and Chief Operating Officer. “If Copper World is developed, it will support America’s efforts to reduce greenhouse gas emissions by producing the copper needed for renewable energy and electric vehicles, in a sustainable and socially responsible manner. In addition, it would generate many direct and indirect jobs in the region. There remains the potential for further copper discoveries in the area and we look forward to continuing the exploration and permitting process in 2022.”

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