The Ox deposit is located 4 km northeast of the Seel deposit and contains a crescent-shaped zone of disseminated and vein-controlled porphyry Cu-Mo mineralization. Mineralization contains pyrite, chalcopyrite and molybdenite hosted in hornfelsed sedimentary rocks near the western margin of a granodiorite porphyry stock.  


Drill Hole Location map, Ox Deposit

A simplified cross section through the Ox deposit is shown below with geology and drill intersections indicated.   Mineralization occurs within clastic sedimentary rocks and feldspar porphyry dikes and sills along the margin of a crowded feldspar-biotite porphyritic intrusion.   


Simplified Cross Section K-K’ Through the Ox Deposit

The geometry of the Ox mineralized zone and the resource constraining pit are shown in the figures below. The mineralized zone at Ox starts at surface and has a shallow geometry favorable for potential open pit exploitation.  The highest grades at Ox occur close to surface.


Geometry of the Ox Mineralized Zone and the Conceptual Resource Constraining Pit


Cross Section Through the Ox Mineralized Zone Showing the Outline of the Conceptual Resource Constraining Pit

The open pit constrained resources at Ox and contained metals are summarized in the tables below.

Ox Open Pit Constrained Measured Plus Indicated Resources


Cut-off
(CUEQ)
Tonnes
(x1000)
Grade  > Cut-off
Cu (%)
Mo (%)
Au (g/t)
Ag (g/t)
CuEq (%)
0.10
48,140
0.18
0.024
0.04
1.39
0.29
0.15
44,640
0.19
0.025
0.04
1.44
0.30
0.20
37,620
0.21
0.027
0.04
1.53
0.33
0.25
28,630
0.23
0.029
0.04
1.66
0.36
0.30
20,230
0.25
0.031
0.04
1.80
0.39
0.35
13,160
0.28
0.033
0.05
1.95
0.43
0.40
7,710
0.31
0.035
0.05
2.10
0.47
0.45
3,870
0.34
0.037
0.06
2.24
0.51

Ox Open Pit Constrained Inferred Resources


Cut-off
(CUEQ)
Tonnes
(x1000)
Grade  > Cut-off
Cu (%)
Mo (%)
Au (g/t)
Ag (g/t)
CuEq (%)
0.10
17,780
0.16
0.018
0.03
1.20
0.24
0.15
15,720
0.17
0.020
0.03
1.25
0.25
0.20
12,180
0.18
0.021
0.03
1.31
0.28
0.25
7,690
0.20
0.024
0.03
1.41
0.31
0.30
3,570
0.23
0.027
0.04
1.55
0.35
0.35
1,300
0.26
0.030
0.04
1.69
0.39
0.40
370
0.30
0.033
0.04
1.86
0.44
0.45
130
0.33
0.034
0.04
2.03
0.48

Ox Pit Constrained Contained Metals AT 0.2% Cu Eq. Cut Off

Element
Measured and Indicated
Inferred
Copper
174,169,596 pounds
48,334,146 pounds
Molybdenum
22,393,234 pounds
5,638,984 pounds
Gold
48,380 ounces
11,748 ounces
Silver
1,850,552 ounces
512,991 ounces
 
 
 
Cu Eq.
273,695,080 pounds
75,186,450 pounds

Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves.  A ‘Measured Mineral Resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit.   An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit.  An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified.  CuEq = Copper equivalent.   Copper equivalent values were calculated using metal prices of $3.00 lb for Cu, $1300 ounce Au, $22 ounce Ag, and $10 lb for Mo. Recoveries used assume 94.3% recovery for Cu, 70.7% recovery for Au, 84.1% recovery for Ag, and 92.4% recovery for Mo.  The effective date for the Ox resource is January 2014.

Ox Deposit by Resource Category

Deposit

Class

Cut-off
CuEq

Tonnes
(x1000)

Grade> Cut-off
Cu (%) Au (g/t) Mo (%) Ag (g/t) CuEq (%)
Ox 2014 Measured 0.20 10,560 0.21 0.04 0.029 1.64 0.34
Ox 2014 Indicated 0.20 27,070 0.20 0.04 0.026 1.49 0.32
Ox 2014 Inferred 0.20 12,180 0.18 0.03 0.021 1.31 0.28
                 
Ox 2014 Measured 0.40 2,890 0.31 0.06 0.037 2.25 0.48
Ox 2014 Indicated 0.40 4,820 0.31 0.05 0.034 2.02 0.46
Ox 2014 Inferred 0.40 370 0.30 0.04 0.033 1.86 0.44

Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. A ‘Measured Mineral Resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified. M&I = measured and indicated.