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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Barkerville Gold- 338 million sale

The pilot test goes to the heart of the surface rights issue. From the 2017 year end MDA :

The optimal site for the proposed ISL test is on land to which Copper Fox owns the mineral rights and another company owns the surface rights. Because the information required by the regulatory authorities for the UIC and AP applications is site specific, Copper Fox suspended the work on the permit applications pending the outcome of discussions with the surface owner. As of the date of this MD&A, discussions with the surface owner have not resumed. 

The pilot test is necessary to de-risk the project and would form part of the PFS. Any potential buyer would want details from Elmer about the surface access and probably talk to the rights holder. The frustrating part is that the planned mine approach does not have a  surface rights issue as they would excavate an underground ramp from a site they have access and drill the ESL holes underground. Directional drilling the ESL holes from surface was rejected as too expensive and had other risks. Then there's the $ 8 million cost of the pilot, so CUU needs to bring in a third party. That's probably why they are working on a resource update although I'm guessing about that since Elmer has been very careful not to explain publically the purpose of any activity for over 6 years and counting.

 

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