US Copper Corp is a junior exploration and development company listed on the TSX Venture Exchange (symbol: USCU). The Company is focused on advancing its Moonlight-Superior Copper Project in Plumas County, California to the production stage. The Project includes copper sulfide and copper oxide resources with silver and gold credits in three deposits – Moonlight, Superior and Engels – hosted in Jurassic intrusive rocks within a 13 square miles area.
Copper was discovered in the Lights Creek District in 1883, and it was mined underground on a large scale from 1915 until 1930. Placer-Amex explored the property from 1960 to 1972, drilling over 400 holes and estimating a resource of over 4 billion pounds of copper (this resource predates NI 43-101 and cannot be relied on).
PEA & UPCOMING Drill PROGRAM
“ We are excited about the opportunity to be an integral supplier of copper metal in the United States.”
— Steve Dunn, President
A Preliminary Economic Assessment (2018) demonstrated positive economics at US$3 copper for the Moonlight deposit, which has a NI 43-101 indicated resource of 252 million tons at 0.25% copper and an inferred resource of 109 million tons at 0.24% copper. US Copper is now preparing for a drill program to initiate a longer term effort to include the smaller, but higher grade Superior and/or Engels deposits to improve the economics of the project. The Superior deposit has a NI 43-101 resource of 54 million tonnes at 0.41% copper and the Engels deposit has an unconfirmed historical resource of 19 million tons at 0.63% copper sulfide at surface.
Oxide deposits at Moonlight and Engels also present upside opportunities. The oxide cap at Moonlight is presently treated as waste in our PEA and a drill program will be needed to delineate the oxide resource for inclusion in the PEA. Placer-Amex calculated an oxide resource at Moonlight of 12 million tons at 0.54% copper in 1968 (non-compliant; historic estimate). At Engels, a NI 43-101 inferred oxide resource of 2.5 million tonnes at 1.05% copper remains open in all directions.
US Copper has designed a drilling program to commence in the first half of 2021. The program will focus on defining a high-grade starter pit, expanding and upgrading mineral resources and establishing silver and gold credits.
- Company was incorporated as Rykala Resources.
- Rykala Resources acquired copper and nickel properties in Timmins, Ontario and a silver property in Nevada.
- Rykala Resources was listed on the TSX-V in January 2009 as Crown Minerals Inc. via a reverse takeover of Pocono Capital Inc.
- Crown Minerals merged with Gold Summit Corporation in August 2010.
- Crown Minerals changed its name to Crown Gold Corporation.
- Crown began a drill program at the McKenzie gold property in the Red Lake Gold Camp of northwestern Ontario.
- Crown continued its exploration program in Red Lake.
- Crown sold the Monte Cristo gold property to Hecla Mining for $4.5 million.
- Dividend paid of $3.6 million, equivalent to 4 cents per share, in September of 2012.
- Crown acquired the Superior-Engels copper project from Starfield Resources Inc.
- A NI 43-101 Technical Report was prepared on the Superior-Engels property.
- Crown consolidated its shares on a 1 for 10 basis and changed its name to Crown Mining Corp.
- A mapping and sampling survey was completed on the Superior property.
- Crown optioned the Moonlight copper deposit from Canyon Copper.
- Independent study analyzed economic viability under various scenarios in preparation for a PEA.
- Metallurgical testing was done at the Moonlight and Superior deposits.
- Preliminary Economic Assessment (PEA) on the Moonlight deposit was commissioned in October.
- The Moonlight property option was exercised and fully paid for in March.
- The PEA on the Moonlight deposit was filed on SEDAR in April.
- Crown prepared drill program to define oxide resource at Moonlight.
- Crown prepared drill program at Superior to identify silver and gold credits.
- Company announces name change to US Copper Corp.
- US Copper to undertake drill program of 7 holes at Superior and Engels.
President, CEO & Director
CFO & Director
US Copper Corp and its board of directors (the “Board”) recognize the importance of corporate governance to the effective management of the Company and to the protection of its employees and shareholders.
The Company’s approach to significant issues of corporate governance is designed with a view to ensuring that the business and affairs of the Company are effectively managed so as to enhance shareholder value. The Board fulfills its mandate directly and through its committees at regularly scheduled meetings or as required. Frequency of meetings may be increased and the nature of the agenda items may be changed depending upon the state of the Company’s affairs and in light of opportunities or risks which the Company faces. The directors are kept informed of the Company’s operations at these meetings as well as through reports and discussions with management on matters within their particular areas of expertise.
The Company currently has three committees: the Audit Committee, the Corporate Governance Committee and the Compensation Committee. The Audit Committee is comprised of Martin Vydra, James Fairbairn and Rich Morrow. The members of the Corporate Governance Committee are James Fairbairn, Stephen Dunn and George Cole. The Compensation Committee is comprised of James Fairbairn, Martin Vydra and George Cole.