- Imperial Metals (TSX:III) released its 2024 metal production results from its Mount Polley Mine, achieving its annual targets with a production of 35.7 million pounds of copper and 39,108 ounces of gold
- During Q4 2024, Mount Polley treated 1,660,937 tonnes of ore, marking a 6 per cent increase compared to the same period in 2023
- The quarter’s production included 9.242 million pounds of copper, an 11 per cent rise from Q4 2023, and 9,564 ounces of gold, which represents a 7.6 per cent decrease from the previous year’s Q4
- Imperial Metals stock (TSX:III) last traded at C$1.98
Imperial Metals (TSX:III) released its 2024 metal production results from its Mount Polley Mine, achieving its annual targets with a production of 35.7 million pounds of copper and 39,108 ounces of gold. These figures fall within the projected ranges of 34–37 million pounds for copper and 37–41 thousand ounces for gold.
Q4 production highlights
During Q4 2024, the company stated in a media release that Mount Polley treated 1,660,937 tonnes of ore, marking a 6 per cent increase compared to the same period in 2023. The quarter’s production included 9.242 million pounds of copper, an 11 per cent rise from Q4 2023, and 9,564 ounces of gold, which represents a 7.6 per cent decrease from the previous year’s Q4.
Exploration update
The Mount Polley Phase 2 exploration program in 2024, consisting of 6,758 metres in 27 diamond drill holes, had two primary objectives: near-pit drilling targeting the Springer Pit rim and the C2 Zone, and testing high-priority targets outside the active pit area.
The highlight of this drilling campaign is hole C2-24-115, which intersected 127.5 metres grading 0.72 per cent copper and 1.43 g/t gold, starting from 302.5 metres. This hole targeted deeper, higher-grade C2 mineralization previously intersected by three historic drill holes, including:
- Hole C2-11-101: 34.5 metres of 0.54 per cent copper and 0.95 g/t gold from 297.5 metres
- Hole C2-11-97: 57.5 metres of 1.16 per cent copper and 2.07 g/t gold from 340.0 metres
- Hole C2-11-100: 64.3 metres of 0.72 per cent copper and 0.99 g/t gold from 382.5 metres
This mineralization is deep, but the grades may be sufficient to consider underground mining, and the zone remains open to depth.
Other Phase 2 holes in the C2 Zone targeted near-surface mineralization, including a notable interval of 222 metres grading 0.45 per cent copper and 0.62 g/t gold starting from a depth of 18 metres in diamond drill hole C2-24-110. Historically, a small pit was excavated in the C2 Zone adjacent to the ramp into the Cariboo pit, and mineralization in this zone has a high gold-to-copper ratio. The 2024 near-surface drilling aimed to explore the potential expansion of the small C2 pit design to capitalize on the current high gold prices.
It was a decade ago when B.C.’s-then mines minister, Bill Bennett, opened the Toronto Stock Exchange following the destructive Mount Polley tailings pond breach earlier that summer, to tout to an intrepid reporter (and the country at large) that B.C. was still a worthy place of continued mineral investment.
Imperial Metals Corp. is a mine development and operating company with holdings that include the Mount Polley mine in North-Central British Columbia.
Imperial Metals stock (TSX:III) last traded at C$1.98.
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(Top image: Mount Polley Mine workers. Source: Imperial Metals.)