Management has produced a very lengthy and detailed reportof the Chu Chua project I will post an abbreviated summary But only real proof will be coming assays
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("Newport" NI43-101 Technical Report (the "Report") and an updated mineral resource estimate for the Chu Chua massive sulphide deposit ("Chu Chua"), located near Barriere, BC, as estimated by APEX Geoscience Ltd. ("APEX") of Vancouver, BC. Newport has a 100 percent (%) interest in Chu Chua which is subject to two separate 1% Net Smelter Return ("NSR") royalties. An updated pit constrained mineral resource estimate for Chu Chua completed by Mr. Nicholls of APEX comprises an inferred mineral resource of 2.29 million tonnes averaging 2.11% copper, 0.3% zinc, 9.99g/t silver and 0.5g/t gold, at a copper block cut-off grade of 1.0%.
The report has been prepared for Newport for the purpose of a valuation for Chu Chua and for planning future technical work on the project in 2022. This news release summarizes the highlights of the Report titled: Technical Report on the Chu Chua Property, Kamloops Mining Division, British Columbia, which is available under Newport's Issuer Profile on SEDAR (www.sedar.com).
NI 43-101 Technical Report
During 2021, APEX was retained by Newport to complete an updated NI 43-101 report and update the mineral resource estimate for Chu Chua. The authors of the report, Mr. Kristopher Raffle, B.Sc., P. Geo., Mr. Steve Nichols, BA.Sc (Geology) MAIG, and Mr. Alfonso Rodriguez, M.Sc., P. Geo., of APEX are all independent qualified persons as defined by the Canadian Securities Administration (CSA) National Instrument43-101. Specifically, Mr. Raffle supervised the 2011 re-sampling of historic core and data verification and conducted property visits during 2008 and 2012, Mr. Rodriguez conducted the most recent property visit in July 2021, and the mineral resource estimation of the Chu Chua mineralized zone was completed by Mr. Nichols.
The Report has been written in accordance with the requirements of the NI43-101 Standards of Disclosure for Mineral Projects, and is a technical summary of the available geological, geophysical, and geochemical data relevant to the Project. Mr. Raffle P.Geo., of APEX Geoscience Ltd. is the Qualified Person who has reviewed and verified the technical information contained in this new release.
The Chu Chua Property
Chu Chua consists of two active mineral claims totaling 282.5 hectares (ha); located 24 km northeast of Barriere, BC. The property is host to the Chu Chua deposit; a Cyprus-type volcanogenic massive sulphide body first discovered in 1978. Chu Chua comprises several mineralized lenses oriented along a north-south trend and dipping from vertical to very steeply to the west.
A total of 99 diamond drill holes, totaling 19,707m were completed to delineate the Chu Chua deposit between 1978 and 1982 by Craigmont Mines Ltd. ("Craigmont") and between 1988 and 1991 by Minnova Inc. ("Minnova").
Within the current boundaries of Chu Chua, 89 drill holes totalling 17,782.51m have been drilled for mineral exploration. The drilling defined two areas of relatively thick, high grade sulphide mineralization occurring within 100 m of the surface.
Additional drilling to test the grade, thickness, lateral and depth extent, and continuity of the deposit was completed by Minnova Inc. (Minnova) between 1988 and 1991. Minnova drilled a total of 46 holes (8,887 m) during the period. Selected significant drilling at Chu Chua included intercepts[1] of:
- Drill hole CCF-37 which yielded 10.04% copper, 46.3 g/t silver, and 3.44g/t gold over 1 m.
- Drill hole CCF-33 which yielded 10.37% copper, 27.1g/t silver and 1.23g/t gold over 3.4 m.
- Drill hole CC-17 which yielded 14.54% copper, 9.3g/t silver and 1.03g/t gold over 4.2 m.
- Drill hole CC-31 which yielded 8.62% copper, 62.0g/t silver and 0.69g/t gold over 1.6 m.
- Drill hole CCF-19 which yielded 4.53% copper, 13.9g/t silver and 0.36g/t gold over 25.0 m.
- Drill hole CCF-22 which yielded 3.89% copper, 16.35 g/t silver and 1.2 g/t gold over 28.5 m.
Updated Mineral Resource Estimate
The mineral resource modelling and estimation was carried out using a 3-dimensional block model, using commercial mine planning software Micromine. The mineral resource estimate comprises an inferred mineral resource of 2.3 million tonnes averaging 2.11 % copper, 0.30 % zinc, 9.99 g/t silver, 0.50 g/t gold at a copper block cut-off grade of 1.0% (Table 1).
Mineral resources were classified in accordance with guidelines established by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Council in "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" dated November 29, 2019, and "Definition Standards for Mineral Resources and Mineral Reserves" dated May 10th, 2014, and prescribed by the Canadian Securities Administrators' NI 43-101 and Form 43-101F1, Standards of Disclosure for Mineral Projects. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future.
The mineral resources are sensitive to the selection of the reporting cut-off grade as demonstrated in Table 2. The reader is cautioned that the figures provided in Table 2 should not be interpreted as a statement of mineral resources. Quantities and estimated grades for different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to the choice of a specific cut-off grade.
Table 2. Reported Resource with various cut-off grades
Risks and Uncertainties
Factors that may affect the mineral resource estimates include: metal price assumptions, changes in interpretations of mineralization geometry, continuity of mineralization zones, changes to kriging assumptions, metallurgical recovery assumptions, operating cost assumptions, confidence in the modifying factors, including assumptions that surface rights to allow mining infrastructure to be constructed will be forthcoming, delays or other issues in reaching agreements with regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting requirements.
There is no guarantee that diamond drilling will result in the discovery of additional mineralization, or an economic mineral deposit. However, there are no significant risks or uncertainties that could reasonably be expected to affect the reliability or confidence in the currently available exploration information with respect to the Chu Chua Property.
Metallurgy
Past metallurgical flotation tests achieved copper recoveries to a maximum of 92.2%; with gold and silver recoveries of 35.5% and 61.3% respectively. A single preliminary cleaner flotation test produced a 22.4% copper concentrate.
Further Exploration Drilling
To date, mineralization has been modeled over a 450M strike length and to a depth of 180M from surface. Additional drilling is warranted to define the extent of near surface mineralization at the north end of the deposit at depth within and beneath the currently modelled Main Lens, and to the south of the property where limited deep drilling encountered sulphide intercepts. Drilling will be aimed at converting some of the resource into an indicated category and to test the lateral and depth extent of known sulphide mineralization.
At this time a total of twelve holes are recommended for a total of 3,000m, with an estimated cost of approximately Cdn$1,050,000.
Other Considerations
The Chu Chua project has a favorable location for access, power, water, a labor force, and other assumptions derived from deposits of similar type and scale, as well as projects currently being operated in the area. Accordingly, APEX considers Chu Chua to be prospective for development.
"Some of the drill intercepts at Chu Chua have yielded spectacular copper and silver grades, and with current metal prices, as well as its location and infrastructure, it is worth exploring Chu Chua's enormous potential, and we could do this ourselves or by way of joint venture opportunities", stated Ian Rozier, President and CEO of Newport.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Chu Chua Property has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.