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Doré Copper Mining Corp.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  130 King St W., Suite 1800
Toronto, ON
Canada M5X 1E3
Tel No.: 416-792-2229
Web Site: www.dorecopper.com
E-mail: info@dorecopper.com
Contact Person: Laurie Gaborit
416-219-2049
Position: Vice President, Investor Relations


Company Data

Traded Market: TSX-V
Traded Symbol: DCMC
Outstanding Shares: 66.8 million
Public Float: 25%
52 Week High: $ 1.28
52 Week Low: $ 0.61
Present Price: Click Here


Introduction

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Dore Copper Mining Corp. aims to be the next copper producer in Quebec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized 2,700 tonnes per day Copper Rand Mill. The Company is expected to deliver a preliminary economic assessment (PEA) at the end of the first quarter of 2022 and then initiate a feasibility study and permit applications.

The Company has consolidated a large land package (~12,100 ha) in the prolific Lac Dore/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company's Copper Rand Mill.

Investment Highlights

One of Canada's premier, under-valued, near-term re-development opportunities in mine-friendly Quebec

Brownfield Assets in Top Mining Jurisdiction

  • Tier 1 mining jurisdiction (Québec ranking 6th worldwide by Fraser Institute in 2020)
  • Favorable business climate
  • Strong support from Quebec government
  • Key player in prolific Chibougamau mining camp

Established Mining Infrastructure

  • 2,700 tpd Copper Rand Mill with tailings facility (8 Mt capacity)
  • Mine infrastructure in place
  • Projected low capital requirements
  • Permitting timeline ~2 years

High-Grade Quality Copper & Gold Projects

  • Among highest grade projects in North America
  • Projected low operating costs with significant gold credit
  • Growth & exploration upside
  • Pipeline of projects to feed mill

Highly Experienced Team

  • High insider ownership (10%)
  • Decades of mining & operational experience
  • Advisory board of industry veterans
  • Financial support from key shareholders


HIGH-GRADE COPPER & GOLD PROJECTS

Corner Bay Project (Main Asset for Hub-and-Spoke)

(100%-owned)

Corner Bay Deposit

Significant increase in mineral resource estimate (MRE) update

  • October 2021 MRE:
    • Indicated Resource of 2.66 Mt at 2.68% Cu and 0.26 g/t Au, containing 157 M lbs of copper and 22,000 oz of gold
    • Inferred Resource of 4.54 Mt at 3.20% Cu and 0.27 g/t Au, containing 320 M lbs of copper and 39,000 oz of gold, at a cut-off grade of 1.3% Cu
  • Now one of the few undeveloped high-grade copper deposits (+3% Cu) in the world today
  • Significant potential to grow deposit to over 10 Mt:
    • Recent drilling results confirmed continuity between Main Vein (below dyke) and Lower Deep Vein
    • Open down plunge (below 1,100m) and parallel veins
    • Recent high-grade intercepts in Main Vein above dyke (See news releases dated Feb. 8 & March 10, 2022):
      • 3.7 m at 9.41% Cu, 2.84 g/t Au and 36.5 g/t Ag
      • 3.9 m at 8.03% Cu, 0.86 g/t Au and 42.1 g/t Ag
      • 6.2 m at 5.77% Cu, 0.51 g/t Au and 32.2 g/t Ag
      • 2.1 m at 8.85% Cu, 0.16 g/t Au and 52.1 g/t Ag
      • 3.7 m at 8.61% Cu, 0.16 g/t Au and 56.5 g/t Ag
    • 2022 infill drilling program of 45,000m underway

Preliminary Economic Assessment (PEA) Underway

  • MRE update to include remainder of 2021 drill results

Devlin Project (Secondary Asset for Hub-and-Spoke)

(100%-owned)

Near-Surface and Partially Developed

  • ~10km west of Corner Bay on contiguous property
  • Near-surface (within 100m), flat-lying (horizontal) copper deposit
  • 2,490 tonnes of development muck average 1.26% Cu processed with overall recovery of 96.9% Cu
  • Limited potential for expansion
  • 2022 infill drilling program of 5,000m

PEA Underway – Corner Bay and Devlin would be developed first in hub-and-spoke model

  • MRE updated in October 2021
    • Measured & Indicated: 0.77 Mt at 2.17% Cu and 0.20 g/t AuInferred: 0.48 Mt at 1.79% Cu and 0.17 g/t Au
  • Metallurgical testing in 2021 confirmed 1981 bulk test
  • Ore sorting test underway

Joe Mann Project (Secondary Asset for Hub-and-Spoke)

(Option to acquire 100%)

  • 2020 drilling program totaled 8,343 m
  • Positive 2020 Drilling Results
    • West Zone: extended 100 m down plunge
    • Main Zone: extension confirmed below mined levels (1,050 m)
    • Far West Zone: high-grade potential confirmed

Maiden Mineral Resources in July 2021:

  • Inferred: 608,000 tonnes at 6.78 g/t Au and 0.24% Cu, containing 133,000 ounces of gold

Next Steps and Potential Timeline to Production

Well funded for 2022 drilling and start of Feasibility Study

2022

  • PEA targeted for end of Q1
  • Corner Bay MRE update for PEA
  • Infill drilling at Corner Bay and Devlin for Feasibility Study
  • Feasibility Study commencing after PEA
  • Advance mine design and rehabilitation plans for mill
  • Continue permitting process
  • Complete project development agreement with Ouje-Bougoumou Cree Nation

2023

  • Complete Feasibility Study by Q4
  • Evaluate project financing initiatives
  • Advance other assets for hub-and-spoke
  • Continue regional consolidation (M&A)
  • Continue permitting and First Nations IBA

2024

  • Complete financing
  • Start underground development
  • Commence mill refurbishment

2025

  • Start Production at Corner Bay and Devlin


Management

Management and Directors

Mario Stifano, Executive Chairman and Co-Founder

CEO of Galantas Gold Corporation, Former CEO of Cordoba Minerals and Former CFO of Lake Shore Gold

Ernest Mast, President, CEO, Director and Co-Founder

Former President and CEO of Primero Mining, and Minera Panama (Inmet Mining); 20 years with Xstrata/Noranda/Falconbridge

Gavin Nelson, Chief Financial Officer

CPA with experience in management of junior and small cap mining companies

Laurie Gaborit, Vice President of Investor Relations

Former VP Investor Relations at Detour Gold

Sylvain Lépine, Vice President of Exploration

Former VP Exploration at Yorbeau Resources

Jean Tanguay, General Manager

Former Operations Manager with Campbell Mines

Steve Simard, Project Director

Former Technical Superintendent and Mining Operation at Endeavour Mining's Mana mine in Burkina Faso

Andrey Rinta, Exploration Manager

Former Senior Exploration Geologist with Kinross

Frank Balint, Director

Former VP Corporate Development and Exploration of Inmet Mining

Sara Heston, Director

Former VP Investments of ASA Gold and Precious Metal

Martha Manuel, Director

Former Manager of Indigenous Relations at New Gold

Brent Omland, Director

CFO of Ocean Partners

Joseph de la Plante, Director

Chief Investment Officer of Nomad Royalty. Former VP Corporate Development of Osisko Gold Royalties

Advisory Board

Ewan Downie (Co-Founder)

Director & CEO of i-80 Gold Corp.

André Gaumond

Former President and CEO of Virginia Mines


News Update

November 22, 2022, Dore Copper Mining Corp. has released the final results from its 2022 drilling program on its flagship Corner Bay property, located in the Chibougamau mining camp, approximately 40 kilometres by road from Chibougamau, Que. In 2022, Dore Copper has completed 44 holes totalling 38,405 metres and is releasing today the assay results from the last 12 holes.

This drilling program is part of the feasibility study work to upgrade the inferred mineral resource to the indicated category. Another infill drilling program of approximately 2,000 metres is planned at Devlin for the first quarter of 2023. Drilling highlights :

Main Vein below dyke:

  • CB-22-86: 5.1 meters of 5.68 per cent Cu, 0.32 g/t Au, 18.3 g/t Ag, and 510 ppm Mo;
  • CB-22-83: 2.6 meters of 3.69 per cent Cu, 10.3 g/t Ag, and 414 ppm Mo.

Main Vein above dyke:

  • CB-22-96: 3.3 meters of 2.53 per cent Cu, 0.40 g/t Au and 2.1 meters of 4.73 per cent Cu, 0.23 g/t Au, 45.5 g/t Ag, and 401 ppm Mo.
On November 18, 2022, Dore Copper Mining Corp. entered into an agreement on Oct. 28, 2022, to amend the earn-in option agreement dated Jan. 2, 2020, between the company and Ressources Jessie Inc. pursuant to which the company has an option to acquire the Joe Mann property from Ressources Jessie, as previously announced on Jan. 2, 2020. The Joe Mann mine, located 60 kilometres south of Chibougamau, Que., produced 1.12 million ounces of gold at an average grade of 8.26 grams per tonne from the 1950s to 2007. The deposit has an inferred resource of 680,000 tonnes grading 6.78 g/t Au and 0.24 per cent copper, which was included in the company's preliminary economic assessment (PEA) of its hub-and-spoke operation announced on May 10, 2022.

Pursuant to the terms of the amending agreement, the company has agreed to accelerate the final scheduled cash and share payments under the option agreement. The company has made the final scheduled cash payment of $1.5-million to Ressources Jessie (thus fulfilling the scheduled cash payment obligations), and will issue 3,333,333 common shares in the capital of the company to Legault Metals Inc. at a deemed price of 30 cents per common share for an aggregate value of $1-million upon acceptance of the TSX Venture Exchange (thus fulfilling all scheduled share payment obligations). The deadline for the company to incur the remaining exploration expenditures on the property, totalling approximately $830,000, has also been extended to Feb. 28, 2023.

On November 17, 2022, Dore Copper Mining Corp. has submitted to the administrator of the James Bay and Northern Quebec agreement the preliminary information statement for the environmental and social impact assessment (ESIA) for the commencement of its proposed hub-and-spoke operation near Chibougamau, Que. The preliminary information statement includes the Corner Bay and Devlin mines, the Copper Rand mill, the tailings management facility, and associated roads and electrical power connections. The vast majority of the sites described in the preliminary information statement have existing infrastructures.

The preliminary information statement is the first step of the environmental and social assessment and review procedure under the Environment Quality Act. On behalf of the administrator, the environmental and social impact evaluating committee (COMEV) will review the preliminary information statement, then issue a project directive, the proponent road map under which the ESIA will be carried out.

On November 03, 2022, The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced on Sept. 29, 2022.

Number of shares: 7,666,820 non-flow-through (NFT) shares; 9,583,525 flow-through (FT) shares

Purchase price: 30 cents per common share; 36 cents per FT share

Number of placees: 18 placees

Total existing insider involvement: 3,585,000 (two placees)

On September 29, 2022, Dore Copper Mining Corp. has entered into an agreement pursuant to which Cormark Securities Inc., as lead agent, on behalf of a syndicate of agents, has agreed to act as agent on a best effort basis in connection with a private placement of: (i) up to 6,666,800 common shares in the capital of the corporation at a price of 30 cents per offered common share for gross proceeds of up to approximately $2,000,040; and (ii) up to 8,333,500 common shares in the capital of the corporation that will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec)) at a price of 36 cents per flow-through share for gross proceeds of up to approximately $3,000,060, for aggregate gross proceeds to the corporation of up to approximately $5,000,100. The net proceeds from the sale of the offered common shares will be used for exploration and development activities and for working capital and general corporate purposes.

On September 12, 2022, Dore Copper Mining Corp. announced that its plan to drill at Joe Mann, part of the preliminary economic assessment ("PEA"), and at the Dore Ramp gold-copper deposit located 2.5 kilometers from the existing Copper Rand mill, near Chibougamau, Quebec . This drilling is expected to start in the fourth quarter and is in addition to the ongoing infill drill program at Corner Bay and Devlin for the upcoming feasibility study (latest news release August 11, 2022).

On August 19, 2022, Dore Copper Mining Corp. has appointed Nicholas (Nick) Kwong to the role of chief operating officer, effective immediately.

Nicholas Kwong, PEng, MBA, has more than 15 years of experience in the mining industry, predominantly in gold and base metals in North American, Australia, Latin American and Saudi Arabia. He joined New Gold Inc. in 2005 as a project engineer for the design and construction of the New Afton underground mine. He then held numerous site and corporate roles for New Gold, including manager, mining engineering; director, business improvement; and director, technical services, up to 2019. He subsequently joined Ma'aden Gold in Saudi Arabia as general manager of the Sukhaybarat and Bulghah gold mines. There, he completed the mine and mill expansion and modernization, which resulted in a significant increase in production and decrease in unit costs, all while controlling capital costs during the COVID-19 pandemic.

On August 11, 2022, Dore Copper Mining Corp. has released its second set of results from its 2022 drilling program of 45,000 metres at its flagship Corner Bay property, located in the Chibougamau mining camp, approximately 40 kilometres by road from Chibougamau, Que. As of Aug. 10, 2022, Dore Copper has completed 37 holes totalling 36,135 metres and is reporting today the assay results from 14 holes. This drilling program is part of the feasibility study work to upgrade the inferred mineral resource to the indicated category. Another infill drilling program of approximately 2,000 metres are planned at Devlin. Drilling highlights:

Main vein below dike

  • CB-22-71: 6.7 metres of 5.41 per cent Cu (copper), 0.45 gram per tonne Au (gold) and 29.7 g/t Ag (silver), including 1.6 metres of 12.14 per cent Cu, 0.10 g/t Au and 67.6 g/t Ag;
  • CB-22-90: 6.2 metres of 3.10 per cent Cu and 10.2 g/t Ag, including 2.8 metres of 6.14 per cent Cu, 0.19 g/t Au and 20.2 g/t Ag;
  • CB-22-69: 3.4 metres of 2.54 per cent Cu, 0.24 g/t Au, 8.6 g/t Ag and 1,038 parts per million Mo (molybdenum).

Main vein above dike

  • CB-22-84: 3.0 metres of 3.39 per cent Cu, 25.2 g/t Ag and 419 ppm Mo;
  • CB-22-89: 4.6 metres of 2.54 per cent Cu, 20.3 g/t Ag and 346 ppm Mo.

On July 11, 2022, Doré Copper Mining Corp. announced that the first set of results from its 2022 drilling program of 45,000 meters at its flagship Corner Bay property, located in the Chibougamau mining camp, approximately 40 kilometers by road from Chibougamau, Québec. As of July 4, 2022, Doré Copper has completed 32 holes totaling 33,900 meters and is reporting today the results from 13 holes. This drilling program is part of the feasibility study work to upgrade the Inferred Mineral Resource to the Indicated category. Another infill drilling program of approximately 2,000 meters is planned at Devlin. Drilling Highlights:

Main Vein above dyke

  • CB-22-77: 2.6 meters of 2.33% Cu, and 10.7 g/t Ag

Main Vein below dyke

  • CB-22-63: 2.5 meters of 5.07% Cu, 0.17 g/t Au, 14.3 g/t Ag and 889 ppm Mo
  • CB-22-64: 13.3 meters of 3.47% Cu, 0.13 g/t Au and 20.0 g/t Ag, including 1.8 meters of 11.07% Cu, 0.17 g/t Au, 57.3 g/t Ag and 3.1 meters of 5.15% Cu, 0.24 g/t Au and 29.6 g/t Ag
  • CB-22-68: 10.9 meters of 4.24% Cu, 0.62 g/t Au, 15.2 g/t Ag, and 1,226 ppm Mo, including 4.0 meters of 7.36 % Cu, 0.45 g/t Au and 23.4 g/t Ag
  • CB-22-76: 5.4 meters of 3.37% Cu, 1.0 g/t Au, 23.7 g/t Ag and 1,597 ppm Mo
  • CB-22-78: 4.7 meters of 2.3 % Cu, 0.14 g/t Au and 7.7 g/t Ag

On June 15, 2022, Doré Copper Mining Corp. announced that further to its news releases dated May 10, 2022, it has filed a technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)

A copy of the technical report is available on the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at https://www.dorecopper.com. The Technical Report focuses on the results of the PEA which includes the Corner Bay, Devlin, and Joe Mann projects feeding the Company’s centralized Copper Rand mill, all located in the vicinity of Chibougamau, Québec.

On May 12, 2022, Doré Copper Mining Corp. has granted 765,000 stock options to management, consultants and advisors. The stock options have an exercise price of $0.59 per share and a term of five years. The Company has also granted an aggregate total of 150,000 deferred share units (“DSU’s”) to the independent directors of the Company. The DSUs are payable in common shares of the Company upon the holder ceasing to be a director of the Company. Both issuances were done in accordance with the Company’s omnibus share incentive plan.

On May 10, 2022, Doré Copper Mining Corp. reported the positive results from its Preliminary Economic Assessment (“PEA“) for the restart of the Chibougamau mining camp. The PEA supports a hub-and-spoke operation with the high-grade Corner Bay copper-gold deposit as its main underground mine along with the Devlin copper deposit and the former Joe Mann gold mine providing feed to its Copper Rand mill (collectively, the ”Project”). The PEA demonstrates attractive project economics with optionality for expansion into a significantly larger operation, re-establishing the Chibougamau mining camp as a long-life copper and gold producer.

All values in this news release are reported in Canadian dollars (C$) unless otherwise noted.

PEA Highlights:

  • Attractive project economics:
    • Base case metal prices of US$3.75/lb Cu and US$1,820/oz Au:
      Pre-tax NPV8% of C$367 million and 30.7% IRR
      After-tax NPV8% of C$193 million and 22.1% IRR
    • Spot metal prices of US$4.20/lb Cu and US$1,854/oz Au:
      Pre-tax NPV8% of C$555 million and 40.1% IRR
      After-tax NPV8% of C$303 million and 29.4% IRR
  • Mine life of 10.5 years: Metal production of 492 Mlbs Cu, 142,000 oz Au
  • Average cash operating costs of US$1.35/lb CuEq and all-in sustaining costs of US$2.24/lb CuEq
  • Light capital intensity: Initial capital ofC$180.6 million (including C$24 million contingency), translating to a Tier 1 Capital Intensity Index (initial capital / annual CuEq produced) of US$2.64/lb CuEq or US$0.25/lb CuEq LOM
  • Scalable operation: Mill has 25% excess grinding capacity (over the maximum annual throughput) providing opportunities to add, discover, or acquire other properties in the Chibougamau mining camp
  • Long life tailings storage option with minimal environmental impact: Implementation of dry stack tailings and ore sorting technology provides for a maximum capacity of 12 Mt on the existing Copper Rand tailings management facility (“TMF”)
  • Modernization of the mill and TMF: PEA study modernizes the existing Copper Rand mill and TMF so that they are productive and cost efficient and minimizes impact on the environment
  • Opportunities for mine life extension: Corner Bay and Joe Mann deposits remain open at depth with strong potential to add additional resources and extend the mine life. Potential for additional mill feed during mine life with the advancement of its exploration projects in Chibougamau mining camp.

On April 21, 2022, Doré Copper Mining Corp. announced the positive results from two drill holes totaling 819 metres completed in late 2021 on the western part of the Gwillim property, which is under a 50/50 joint venture with Argonaut Gold Inc. (through its wholly owned subsidiary Prodigy Gold Inc.). Gwillim is located approximately 8 kilometers by road northwest of Chibougamau, Québec. Drilling Highlights

KOD-21-02

  • 3.33 g/t Au over 13.3 meters, including 26.8 g/t Au over 1.0 metre and 23.2 g/t Au over 0.5 meter
  • 3.39 g/t Au over 3.0 meters
  • 10.14 g/t Au over 4.0 meters

KOD-21-03

  • 3.03 g/t Au over 4.0 meters
  • 4.64 g/t Au over 6.0 meters, including 11.69 g/t Au over 2.0 meters

On March 10, 2022, Dore Copper Mining reported more high-grade copper results from 2021 drilling program at its flagship Corner Bay copper-gold project.

High-Grade Drilling Highlights:

Main Vein above dyke

  • Hole CB-21-50: 6.2 metres at 5.77% Cu, 0.51 g/t Au, 32.2 g/t Ag, and 1,373 ppm Mo
  • Hole CB-21-58: 2.1 metres at 8.85% Cu, 0.16 g/t Au, 52.1 g/t Ag
  • Hole CB-21-60: 3.7 metres at 8.61% Cu, 0.16 g/t Au, 56.5 g/t Ag.


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