Viscaria Copper Project

The Viscaria Project is located approximately 1,200km north of the Swedish capital Stockholm in the Kiruna region, which is regarded as a world-class mining province. The Viscaria Project area is located approximately 5km west of the town of Kiruna. It is close to major infrastructure, including the E10 highway, the Luleå-Kiruna-Narvik railway, and the established hydro-power grid.

Kiruna is home to the world’s largest underground iron ore mine called Kirunavaara, operated by LKAB (owned by the Swedish Government). Kirunavaara has been in production since 1899 and has already produced more than a billion tons of magnetite.

From a historical point of view, the Viscaria Copper Project has produced 12.5 Mton of ore at 2.3% copper and has excellent potential to become a producing mine again by Copperstone Viscaria AB, the owner of three exploitation concessions according to the Swedish Minerals Act. In addition, Copperstone Viscaria AB owns exploration permits over a 17 km regional area adjacent to the future mine site. The Viscaria project contains of approx. 363,000 core drill meters, whereof Copperstone has drilled in excess of 20,000 meters. The Viscaria Copper Project is currently in feasibility stage and an environmental permit application is expected to be handed in to the Swedish Land and Environment Court during the spring of 2022. First copper can be extracted if/when the permit has been awarded, and the construction of the processing plant will then commence. After ramp-up, the production is expected to reach 30,000 tons of copper in concentrate per year.

Mineral Resources

The Viscaria Project is currently divided into three deposits: A Zone, B Zone and D Zone, containing 74 Mton of copper-bearing rock*. Copperstone is also investigating the opportunity to extract and recycle mineral from the existing waste rock deposit (4-5 Mton) and from old tailings (+10 Mton).

A Zone (21.6 Mton copper-bearing rock*)

The A Zone is a copper-rich deposit with minor concentrations of zinc and gold that was mined by LKAB and Outokumpu OYJ between 1983 and 1997. Development primarily consisted of underground mining utilising sub-level stoping methods. The A Zone mineralisation has been interpreted as being a Volcanogenic Massive Sulphide (VMS) style deposit.

B Zone (19.7 Mton copper-bearing rock*)

B Zone is interpreted to be a second lens of the A Zone mineralisation. Some very minor material was mined from one level of B Zone during the Outokumpu period with access via a development drive from the A Zone underground development.

D zone (32.8 Mton copper-bearing rock*)

D Zone is a copper and iron deposit and although directly adjacent to A Zone and B Zone, has a different mineralisation style. It has previously been interpreted as an IOCG style deposit, or a VMS deposit. D Zone has not been mined and constitutes a significant part of Copperstone´s life-of-mine plan at Viscaria, containing higher-than average copper grades and is hosted in magnetite that could prove to become a valuable by-product.

* For more detailed information, please refer to About Copperstone / Mineral Resources.