Mineral recources and mineral reserves
Copperstone's mineral resources and mineral reserves form the basis for the company's future operations. Together with detailed plans for how the operations are to be conducted, the nature of the mineral asset forms the basis for decisions for future investments.
Through a solid exploration work, knowledge of a deposit increases. The exploration work aims both to identify new deposits and to increase knowledge of the mineralisations that have already been found. Since Viscaria was acquired in 2019, Copperstone has conducted exploration in the area, which has gradually contributed to increased knowledge and thereby improved conditions for future mining operations. In 2023, the focus has been on detailed drilling, meaning the precision is improved in terms of assessed grades and the appearance and character of the mineralisations.
Copperstone is currently conducting exploration work mainly in the Viscaria area in Kiruna, but also in the projects in Arvidsjaur and Tvistbo.
Mineral Resources
Mineral Resources are the concentration or occurrence of minerals in or on the earth’s crust in such a form, grade and quantity that it has a reasonable prospect for eventual economic extraction. Geological properties such as location, density, quantity, grade or specific geological properties are being considered.
The Mineral Resources have the classes inferred, indicated and measured, depending on the degree of knowledge of the mineralisation. The highest classification category is measured.
Mineral reserves
Mineral Reserves are the part of measured and/or indicated mineral resources that are profitable for extraction. Consideration is given to, among other things, dilutive materials and allowance for losses that may occur when the material is mined or extracted and is defined in a study that includes all modifying factors. Such studies aim to demonstrate that, at the time of reporting, extraction could reasonably be justified.
Mineral Reserves are divided into probable or proven resources depending on their level of confidence, where proven has the highest classification.
Coppersone presented an update on the company’s mineral resources in November 2022. By then, a transition to PERC Standard had started. The transition to the PERC standard is a process that requires a transition period. The current report has been made to the extent that it is possible to comply with the PERC standard, but will not be fully in line with the regulations. Copperstone therefore urges caution when assessing the report.
Mineral assets and Mineral reserves
(table acc. to updates in November 2022)
“For us, it is important to measure and assess the value of our deposits in a systematic and transparent way. Quality should permeate all the work we do and it is therefore natural that we now use the latest PERC standard, which places high demands on the reporting of our assets.”
Karin Lindgren, Head of Geology, Copperstone
Copperstone follows the industry organization Svemin’s recommendations when reporting exploration results, mineral resources and mineral reserves. Svemin prescribes the use of internationally accepted standards and recommends in particular the PERC Standard, which is based on The Template developed by CRIRSCO. Work is currently underway to upgrade the reporting of Copperstone’s mineral resources and mineral reserves to PERC Standard 2021, which is the latest published standard.
More about PERCAwarded exploitation concessions
| Name | Area (ha) | Valid from | Valid to | Mineral | Municipality | Owner (100%) |
|---|---|---|---|---|---|---|
| Svartliden K nr 1 | 36,0 | 2000-12-27 | 2025-12-27 | lead, gold, copper, silver, zinc | Arvidsjaur | Copperstone Resources AB |
| Viscaria K nr 3 | 115,7 | 2012-01-16 | 2037-01-16 | gold, iron, copper, silver, zinc | Kiruna | Copperstone Viscaria AB |
| Viscaria K nr 4 | 30,0 | 2012-01-16 | 2037-01-16 | gold, iron, copper, silver, zinc | Kiruna | Copperstone Viscaria AB |
| Tvistbogruvan K nr 1 | 11,4 | 2012-04-17 | 2037-04-17 | lead, gold, copper, manganese, silver, tungsten, zinc | Smedjebacken | Copperstone Tvistbo AB |
| Eva K nr 1 | 34,2 | 2017-11-13 | 2042-11-13 | lead, gold, copper, silver, zinc | Arvidsjaur | Copperstone Resources AB |
| Viscaria K nr 7 | 63,8 | 2018-03-26 | 2043-03-26 | copper | Kiruna | Copperstone Viscaria AB |
| Total [hectare]: | 291,1 |
Applied exploitation concessions
Awarded exploitation permits
18170,8Applied exploitation permits
Competent Person
The information provided in accordance with the PERC regulations must be reviewed by a so-called competent person who is an expert in what is reported and who is a member of an independent expert organization, for example in FAMMP (Fennoscandian Association for Metals and Minerals Professionals). At Copperstone, Thomas Lindholm is a competent person. He holds a Master’s degree in Geotechnics/Geophysics and is approved as a qualified person under FAMMP. Thomas Lindholm is also a Fellow AusIMM (Australasian Institute of Mining and Metallurgy) which means that he can report in accordance with both PERC and JORC regulations. Svemin’s review board continuously reviews that companies comply with organizational rules and that reporting is done correctly according to standards.
Technical documentation
Mineral Resource Statement of the Eva Zn-Au-Cu-Ag- Pb VMS Deposit, Sweden
Table 1 for the PERC-compliant Mineral Resource Estimate for the Eva deposit (February 2024)
Technical description -Table 1 for the Mineral Resource update November 2022
Viscaria Tailings PERC 2017 Feb 3 2022
Technical report May 2018
Eva deep drilling update August 2017
Perc reporting standard 2017
Mineral resource inventory Viscaria D-zone 30 Nov 2020
Geophysics report 12 december 2017
Copperstone drilling report 24th jan 2017