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Hudbay Announces Extension of Mineralization at its Copper World Project in Arizona

Nachrichtenquelle: globenewswire
22.09.2021, 22:45  |  445   |   |   

  • Exploration results from drilling completed during the first half of 2021
  • Identified three new deposits for a total of seven deposits at Copper World
  • Confirmed the size and quality of the previously discovered Copper World, Broad Top Butte, Peach and Elgin deposits
  • Expanded Hudbay’s private land package to support an operation entirely on private land
  • Drill hole #186 intersected 263 feet of 1.11% copper starting from surface
  • Drill hole #190 intersected 205 feet of 1.39% copper starting from surface
  • Drill hole #191 intersected 404 feet of 1.50% copper starting from surface
  • Drill hole #139 intersected 125 feet of 1.34% copper
  • Drill hole #177 intersected 121 feet of 1.32% copper
  • Drill hole #118 intersected 160 feet of 1.15% copper

TORONTO, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) today announced the intersection of additional high-grade copper sulphide and oxide mineralization at its Copper World project located on wholly-owned private land in Arizona. The Copper World project is located within seven kilometres of Hudbay’s Rosemont copper project and has mineralization located closer to surface than Rosemont. The results are from drilling completed between January and June 2021, following an initial program conducted in 2020 to confirm historical drilling in this past-producing copper region. The 2021 drilling has identified three new deposits, for a total of seven deposits at Copper World, covering a combined seven kilometers with mineralized occurrences.

“Our 2021 drill program at Copper World proved that the previously discovered deposits remained open along strike, and we are highly encouraged by the identification of three new deposits in the area,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer. “Copper World is growing into an attractive copper development project in our organic pipeline, and we remain on track for an initial inferred resource estimate before the end of the year and a preliminary economic assessment in the first half of 2022.”

Located on Expanded Private Land Package

The Copper World deposits are located on private land parcels adjacent to the Rosemont deposit as shown in the plan view in Figure 1. To date, seven deposits have been identified with a combined strike length of over seven kilometres, representing a significant increase in mineralization compared to the results from the 2020 program. Hudbay recently increased its private land package to approximately 2,400 acres in the west, which together with patented mining claims, now totals approximately 4,500 acres to support an operation entirely on private land (please refer to Figure 2). The mineralization continues to occur at depths shallower than at Rosemont, as shown in Figure 3, indicating the possibility of lower strip ratios at Copper World. Hudbay is also drilling a 1,500-foot area along strike where there has been no previous drilling coverage between the newly discovered Bolsa deposit and the Rosemont deposit.

An updated three-dimensional visualization of the Copper World drill results can be found at the link below. This visual shows the location of the seven deposits, the drill holes from 2020 and 2021, the historical mine sites and historical drilling coverage (the results of which are under review and will be reported once the data is validated by Hudbay in accordance with NI 43-101), as well as new geophysical targets identified from the 2021 winter ground surveys.

https://vrify.com/decks/10520?auth=8dc679ba-5093-4b34-be74-afaa07e76ef ...

2021 Drill Program Discovers Three New Deposits and Confirms the Size and Quality of Existing Deposits

Hudbay’s 2021 drill program has consisted of condemnation, exploration and confirmation drilling over the company’s patented private land claims at Copper World. As of June 30, 2021, approximately 166 holes were completed totaling over 91,000 feet of drilling. As of August 31, 2021, Hudbay has received and validated the assay results for 130 of these holes and the results continue to exceed the company’s expectations. The program resulted in the discovery of three new deposits, including significant volumes of high-grade copper sulphide and oxide mineralization starting, in most cases, near surface or at shallow depth. These three new deposits are called Bolsa, South Limb and North Limb. The program also confirmed and increased the confidence in the size and quality of the Copper World, Broad Top Butte, Peach and Elgin deposits.

Bolsa Deposit

  • Drill hole #186 intersected 263 feet of 1.11% copper starting at surface
  • Drill hole #190 intersected 205 feet of 1.39% copper starting at surface
  • Drill hole #191 intersected 404 feet of 1.50% copper starting at surface

The 2021 drilling completed to-date resulted in the discovery of the Bolsa deposit located between the Broad Top Butte and Rosemont deposits. The results confirmed the occurrence of significant shallow copper oxide and sulphide mineralization. This mineralization occurs in the footwall zone of the lower Paleozoic sequence composed of skarn in limestone and quartzite which is also found at Rosemont where this footwall zone hosts approximately 10% of the Rosemont mineral resource. A significant portion of the copper oxide mineralization in this zone occurs in rocks with lower carbonate content than is typical at Rosemont and is expected to be recoverable by proven low-cost leaching technology. Drill holes #186, #190 and #191 intersected very high-grade copper zones starting from surface with grades above 1.0%. Please refer to Figure 4 for a visual of the Bolsa deposit and select drill core.

There also remains the potential for continuity between the Bolsa discovery and the Rosemont deposit as highlighted by three new holes drilled on the western edge of Rosemont, which intersected high-grade copper mineralization similar to the mineralization intersected at Bolsa. Drill hole #177 intersected 833 feet of 0.40% copper, including 121 feet at 1.32% copper. Similarly, hole #194 intersected 602 feet at 0.53% copper. As shown in Figure 5, there remains a 1,500-foot gap in drilling coverage between these three holes and the Bolsa discovery, and Hudbay is actively developing additional access roads and drill pads to test this unexplored area.

South & North Limb Deposits

  • Drill hole #72 intersected 105 feet of 0.69% copper
  • Drill hole #132 intersected 77 feet of 0.88% copper
  • Drill hole #139 intersected 125 feet of 1.34% copper

One focus of the 2021 drill program was to test an area between the Elgin and Copper World deposits surrounding a porphyry intrusive where several small mines operated in the past, but for which no historical drill results were available. Hudbay’s drill program intersected two new mineralized areas called the South and North Limbs, each occurring at or near surface in skarn at the contact between the porphyry intrusive and limestone units similar to the ones found elsewhere on the property. Please refer to Figure 6 for visuals of the deposits and drill core.

Broad Top Butte Deposit

  • Drill hole #117 intersected 751 feet of 0.60% copper starting at surface, including 450 feet of 0.72% copper
  • Drill hole #195 intersected 630 feet of 0.48% copper, including 220 feet of 0.77% copper starting at surface

The 2021 drilling at Broad Top Butte continued to intersect significant shallow copper oxide and sulphide mineralization in a quartz-monzonite porphyry intrusive and in surrounding skarns at the contact with carbonate units in a similar geological setting as Rosemont. Drill hole #195 intersected 630 feet of 0.48% copper starting at surface, including 220 feet of 0.77% copper in a massive sulphide zone with chalcopyrite and bornite in skarn. Please refer to Figure 7 for a visual of the deposit and select drill core.

Copper World Deposit

  • Drill hole #70 intersected 270 feet of 0.69% copper, including 145 feet of 1.0% copper starting at surface
  • Drill hole #73 intersected 230 feet of 0.62% copper, including 115 feet of 0.94% copper
  • Drill hole #118 intersected 290 feet of 0.75% copper, including 160 feet of 1.15% copper

The 2021 drilling at the Copper World deposit confirmed the results from the previous program. Copper oxide mineralization continued to be found in the upper portion of the mineralized zones in the hanging wall of a regional fault that runs along the west side of the Rosemont, Bolsa and Broad Top Butte deposits known as the Backbone Fault. Drill hole #73 intersected 230 feet of 0.62% copper with 77% of the copper in oxides. This intersection included 115 feet of 0.94% copper with 76% of the copper in oxides. A visual can be found in Figure 8.

The ongoing drill program includes some additional isolated intercepts that have not yet been incorporated into the interpretation of the known deposits. For example, drill hole #106 is located near the old Leader mine and intersected 91 feet at 1.50% copper, which indicates a separate zone exists in the footwall of the Backbone Fault. Field mapping confirmed the potential extension of this mineralization to the southeast in a trend parallel to the Copper World deposit. Figure 9 shows the historical underground workings at the Leader mine and the location of hole 106.

Geophysical surveys have also identified several new targets north and south of Copper World. A large portion of Hudbay’s property in this prolific region has yet to be explored and provides the potential for further discoveries.

Peach and Elgin Deposits

  • Drill hole #76 intersected 130 feet of 0.87% copper
  • Drill hole #86 intersected 295 feet of 0.53% copper starting at surface

At the Peach and Elgin deposits, the 2021 drilling confirmed shallow mineralization at or near surface and slightly extended the known mineralization to the east. Drill hole #76 intersected 130 feet of 0.87% copper and hole #86 intersected 295 feet of 0.53% copper from surface.

On Track to Deliver Upcoming Catalysts at Copper World

Given the continued positive results from the exploration program at Copper World, the 2021 drill program was expanded from an original 70,000 feet of drilling to over 200,000 feet to be completed by the end of the year with four drill rigs continuing to operate at site. The company is testing the opportunity to use reverse circulation drilling to fast-track future infill drilling programs. This drilling is intended to delineate and upgrade the resource for the seven deposits, while focusing on bridging the gap between the Bolsa discovery and the area west of the Rosemont deposit. The drill program will also continue to explore prospective areas outside of the known deposits. Hudbay expects to publish an initial inferred mineral resource estimate for the seven deposits at Copper World before the end of 2021. These mineral resource estimates will form the basis for a preliminary economic assessment (“PEA”) expected to be released in the first half of 2022. Mineralogical studies and metallurgical testing programs are underway, and the preliminary results are expected to be incorporated into the PEA. The company continues to progress geotechnical and hydrogeological studies over the Copper World area.

The exploration budget for Copper World in 2021 is expected to total approximately $34 million, which increased from the original $10 million budget to fund the larger drill program and complete the various technical studies. Hudbay will also continue to examine future potential synergies with an operation at Rosemont.

Detailed Assay Results of 2021 Drill Program

Bolsa – Rosemont West

Hole ID# From
(ft)
To
(ft)
Intercept
(ft)
Estimated True Width
(ft)1
Estimated True Width
(m)1
Cu2,3
(%)
CuSS2.3,4
(%)
Mo2,3
(g/t)
Ag2.3
(g/t)
Location
162 11 219 208 n/a n/a 0.20 0.16 100 0.7 Bolsa
163 0 242 242 n/a n/a 0.21 0.14 108 0.7 Bolsa
165 0 631 631 317 97 0.34 0.18 73 1.9 Bolsa
173 12 170 158 112 34 0.22 0.17 58 1.3 Bolsa
174 0 312 312 n/a n/a 0.17 0.13 60 0.7 Bolsa
179 9 390 381 178 54 0.89 0.74 69 5.8 Bolsa
180 9 501 492 n/a n/a 0.43 0.28 12 1.7 Bolsa
184 12 282 270 139 42 0.68 0.35 38 2.9 Bolsa
185 0 160 160 117 36 0.28 0.14 68 10.3 Bolsa
186 0 263 263 185 56 1.11 0.95 47 2.4 Bolsa
190 0 205 205 148 45 1.39 1.15 65 4.1 Bolsa
191 0 404 404 285 87 1.50 0.82 68 9.5 Bolsa
210 0 360 360 256 78 0.89 0.77 102 3.9 Bolsa
161 0 518 518 363 111 0.15 0.11 15 2.2 Rosemont West
including 370 518 148 102 31 0.25 0.16 17 2.9 Rosemont West
177 0 833 833 588 179 0.40 0.25 122 1.4 Rosemont West
including 20 141 121 87 27 1.32 0.82 57 4.1 Rosemont West
194 505 1107 602 438 133 0.53 0.13 82 2.8 Rosemont West
  1. True widths are estimated based on drill angle and intercept geometry of mineralization. “n/a” indicates insufficient knowledge of the geometry of the mineralization to estimate true width at this stage.
  2. All copper, molybdenum and silver values are uncut.
  3. No specific gravity data is available, so assay results are length weighted.
  4. CuSS shows the average grade of soluble copper in sulfuric acid.

South Limb – North Limb

Hole ID# From
(ft)
To
(ft)
Intercept
(ft)
Estimated True Width
(ft)1
Estimated True Width
(m)1
Cu2,3
(%)
CuSS2.3,4
(%)
Mo2,3
(g/t)
Ag2.3
(g/t)
Location
109 0 74 74 74 23 0.19 0.06 156 0.9 South Limb
127 75 195 120 85 26 0.35 0.01 255 1.8 South Limb
130 11 106 95 67 21 0.38 0.30 15 3.6 South Limb
132 107 184 77 56 17 0.88 0.09 11 6.0 South Limb
138 85 154 69 49 15 0.34 0.04 4 3.8 South Limb
139 5 130 125 90 27 1.34 1.12 32 6.8 South Limb
171 102 144 42 30 9 0.37 0.05 1 8.9 South Limb
172 75 107 32 32 10 0.24 0.03 4 4.4 South Limb
183 260 400 140 99 30 0.17 0.00 59 0.9 South Limb
67 147 195 48 34 10 0.32 0.30 4 1.8 North Limb
72 180 285 105 75 23 0.69 0.66 23 3.9 North Limb
201 120 390 270 190 58 0.19 0.01 173 1.1 North Limb
202 122 222 100 100 30 0.47 0.13 105 6.7 North Limb
216 278 388 110 79 24 0.25 0.00 107 2.5 North Limb
  1. True widths are estimated based on drill angle and intercept geometry of mineralization.
  2. All copper, molybdenum and silver values are uncut.
  3. No specific gravity data is available, so assay results are length weighted.
  4. CuSS shows the average grade of soluble copper in sulfuric acid.

Broad Top Butte

Hole ID#

From
(ft)
To
(ft)
Intercept
(ft)
Estimated True Width
(ft)1
Estimated True Width
(m)1
Cu2,3
(%)
CuSS2.3,4
(%)
Mo2,3
(g/t)
Ag2.3
(g/t)
69 440 588 148 98 30 0.24 0.07 38 1.3
74 301 871 570 347 106 0.24 0.02 65 1.2
80 343 767 424 299 91 0.24 0.03 83 1.1
82 206 413 207 142 43 0.41 0.03 99 3.4
85 215 525 310 98 30 0.45 0.32 71 1.8
92 220 396 176 169 51 0.33 0.02 31 2.6
94 0 138 138 138 42 0.22 0.11 27 2.1
97 30 380 350 128 39 0.18 0.12 50 1.1
117 0 751 751 291 89 0.60 0.14 38 4.1
including 90 540 450 174 53 0.72 0.19 40 5.0
122 345 432 87 71 21 0.70 0.03 28 5.1
129 426 624 198 145 44 0.48 0.01 62 2.5
131 208 509 301 n/a n/a 0.14 0.09 25 0.6
133 442 665 223 164 50 0.34 0.02 102 1.5
13A 0 443 443 313 95 0.26 0.14 18 2.7
142 210 550 340 n/a n/a 0.32 0.22 25 1.7
143 169 854 685 408 124 0.27 0.02 64 1.6
including 669 733 64 38 12 1.41 0.03 114 8.2
148 170 555 385 n/a n/a 0.33 0.26 48 1.7
including 170 230 60 n/a n/a 1.18 1.07 209 3.8
195 0 630 630 630 192 0.48 0.16 70 7.8
including 0 220 220 220 67 0.77 0.43 20 7.5
  1. True widths are estimated based on drill angle and intercept geometry of mineralization. “n/a” indicates insufficient knowledge of the geometry of the mineralization to estimate true width at this stage.
  2. All copper, molybdenum and silver values are uncut.
  3. No specific gravity data is available, so assay results are length weighted.
  4. CuSS shows the average grade of soluble copper in sulfuric acid.

Copper World

Hole ID# From
(ft)
To
(ft)
Intercept
(ft)
Estimated True Width
(ft)1
Estimated True Width
(m)1
Cu2,3
(%)
CuSS2.3,4
(%)
Mo2,3
(g/t)
Ag2.3
(g/t)
Location
70 0 270 270 270 82 0.69 0.20 130 3.6 Copper World
including 0 145 145 145 44 1.00 0.32 182 5.5 Copper World
71 200 285 85 80 25 0.30 0.07 102 3.7 Copper World
73 85 315 230 214 65 0.62 0.47 42 10.8 Copper World
including 95 210 115 107 33 0.94 0.72 57 18.1 Copper World
78 30 160 130 107 33 0.35 0.19 86 5.3 Copper World
78 515 835 320 255 78 0.54 0.06 72 4.0 Copper World
83 210 425 215 200 61 0.20 0.08 75 2.7 Copper World
88 no significant mineralization Copper World
89 130 565 436 335 102 0.30 0.16 44 2.9 Copper World
90 60 335 275 260 79 0.40 0.31 56 7.2 Copper World
93 205 365 160 112 34 0.20 0.16 73 5.0 Copper World
118 90 380 290 205 62 0.75 0.17 117 2.2 Copper World
including 220 380 160 113 34 1.15 0.18 191 3.0 Copper World
128 0 370 370 261 80 0.52 0.14 156 1.9 Copper World
including 215 370 155 109 33 0.90 0.14 287 1.9 Copper World
134 205 360 155 102 31 0.46 0.12 29 2.6 Copper World
155 0 215 215 154 47 0.38 0.18 127 2.4 Copper World
156 85 350 265 176 54 0.39 0.08 33 4.3 Copper World
175 0 261 261 185 56 0.31 0.19 59 2.3 Copper World
178 170 560 390 365 111 0.23 0.12 95 3.1 Copper World
106 89 180 91 78 24 1.50 0.24 557 1.3 Other
  1. True widths are estimated based on drill angle and intercept geometry of mineralization.
  2. All copper, molybdenum and silver values are uncut.
  3. No specific gravity data is available, so assay results are length weighted.
  4. CuSS shows the average grade of soluble copper in sulfuric acid.

Peach - Elgin

Hole ID#

From
(ft)
To
(ft)
Intercept
(ft)
Estimated True Width
(ft)1
Estimated True Width
(m)1
Cu2,3
(%)
CuSS2.3,4
(%)
Mo2,3
(g/t)
Ag2.3
(g/t)
76 80 210 130 130 40 0.87 0.10 122 10.1
77 240 652 412 289 88 0.32 0.22 26 1.9
81 0 281 281 281 86 0.20 0.06 59 1.9
84 79 295 216 215 66 0.22 0.02 97 2.1
86 0 295 295 295 90 0.53 0.07 178 2.5
  1. True widths are estimated based on drill angle and intercept geometry of mineralization.
  2. All copper, molybdenum and silver values are uncut.
  3. No specific gravity data is available, so assay results are length weighted.
  4. CuSS shows the average grade of soluble copper in sulfuric acid.

Qualified Person and NI 43-101

The scientific and technical information contained in or incorporated by reference into this news release has been prepared under the supervision of Olivier Tavchandjian, P. Geo., Hudbay’s Vice President, Exploration and Geology. Mr. Tavchandjian is a “Qualified Person” for purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”).

Mr. Tavchandjian has verified the exploration data disclosed in this news release, including sampling, analytical, and test data underlying the information or opinions expressed herein. The data verification and quality assurance / quality control (QA/QC) measures that were used as part of the Copper World drill program are summarized below:

  • Drill core was removed from the core tube by drilling contractors and placed in labelled core boxes. Core was logged by geologist, photographed, measured for conductivity, and tagged with sample tags. Core was cut in half and placed in labeled sample bags with the sample tags and transported to the sample preparation lab of Skyline and ALS Chemex in Tucson, Arizona and of SGS in Vancouver, Canada by courier in locked trucks.
     
  • Samples were prepared and assayed following standard analytical protocols at the Skyline and ALS Chemex laboratories (AZ) and at the SGS laboratory in Vancouver (BC). Samples were dried, crushed to 70% -passing 2mm (10 mesh), then riffle split and pulverized until 85% passing 75μm (-200 mesh). Analyses were carried at Skyline laboratory in Tucson and ALS Chemex and SGS laboratories in Vancouver using a combination of Inductively Coupled Plasma Mass Spectrometry (ICP-MS) and Inductively Coupled Plasma Emission Spectroscopy (ICP-ES), following multi acid digestion (Methods TE-5, ME-MS61 and GE_ICM40Q12, respectively) to achieve near total dissolution. Gold was analyzed by fire assay with AAS finish (Methods FA-01, FAU-AA23, GE_FAA30V5). Samples with concentration of Cu>8000 ppm and Mo>1000 ppm were reanalyzed multi acid (Methods SEA-Cu/Mo/CuT, Cu/Mo-OG62, Cu/Mo-GO_ICP42Q100) for base metal sulphide and precious metal ores. Non-sulphide Cu (Soluble Cu) was analyzed by sulphuric acid leach (Methods CuAs-SEQ, Cu-AA05, GC SQL01D) with AAS finish. QA/QC included the insertion of 5% of samples as blanks, 5% as standards (from 4 certified reference materials) and 5% as pulp duplicates.
     
  • Failure rates were nominal in all cases and no significant QA/QC issue was identified.

Further details on the drill holes reported in this news release, including the location, azimuth, and dip of the drill holes and the depth of the sample intervals, can be found in the section titled “Supplemental Drill Hole Information” at the end of this news release.

Hudbay is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data disclosed in this news release.

Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, Hudbay’s expectations regarding the future potential of the Copper World deposits, its plans for additional drilling and other exploration work on the Copper World deposits, its expectations regarding the declaration of a mineral resource estimate and PEA for Copper World, the potential to use low-cost leaching technology as a processing solution, and Copper World’s potential synergies with Rosemont. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.

The material factors or assumptions that Hudbay identified and were applied by the company in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the company’s ability to continue to operate safely and at full capacity during the COVID-19 pandemic; no disruptions to supply chains, contractor availability or technical services due to COVID-19 related challenges and no unanticipated litigation or legal challenges related to Copper World or Rosemont.

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks associated with the COVID-19 pandemic and its effect on Hudbay’s operations, financial condition, projects and prospects, the possibility of a global recession arising from the COVID-19 pandemic and attempts to control it, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), risks associated with the Rosemont litigation as well as the risks discussed under the heading “Risk Factors” in Hudbay’s most recent Annual Information Form.

Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

About Hudbay

Hudbay (TSX, NYSE: HBM) is a diversified mining company primarily producing copper concentrate (containing copper, gold and silver) and zinc metal. Directly and through its subsidiaries, Hudbay owns three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and copper projects in Arizona and Nevada (United States). The company’s growth strategy is focused on the exploration, development, operation and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay’s vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas. Hudbay’s mission is to create sustainable value through the acquisition, development and operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining, and to see the regions and communities in which the company operates benefit from its presence. The company is governed by the Canada Business Corporations Act and its shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Further information about Hudbay can be found on www.hudbay.com.

For further information, please contact:

Candace Brûlé
Director, Investor Relations
(416) 814-4387
candace.brule@hudbay.com

Figure 1: Plan View of Copper World is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb60f3ad-159d-4390 ...
Hudbay has identified a total of seven deposits at the Copper World project through drilling completed in 2020 and 2021. The 2020 drill program defined the Copper World, Broad Top Butte, Peach and Elgin Deposits. The 2021 drill program increased the confidence in the size and quality of these known deposits and identified three new deposits called Bolsa, North Limb and South Limb, which indicates seven kilometres of continuous mineralization at the Copper World project.

Figure 2: Expanded Private Land Package to Support an Operation Entirely on Private Land is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a531899-d0dd-41bc ...
Hudbay’s private land package was recently increased to approximately 2,400 acres in the west and now totals approximately 4,500 acres with the inclusion of patented mining claims.

Figure 3: Copper World Located Closer to Surface than Rosemont is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/669c320d-64a1-4664 ...
The mineralization at the Copper World deposits begins closer to surface than Rosemont, as shown by the 0.1% copper grade shells below, which is expected to lead to a significantly lower strip ratio during mining.

Figure 4: Bolsa Drill Core is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f46dcd03-e91f-41ab ...
Bolsa drill core from holes #186 and #191, which intersected 263 feet at 1.11% copper and 404 feet at 1.50% copper, respectively.

Figure 5: Potential for Continuity between Rosemont and Bolsa is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/83f7b4cf-328d-47c3 ...
There remains a 1,500-foot area between Rosemont and Bolsa that has not yet been drilled. Three new holes drilled on the western edge of Rosemont intersected high-grade copper mineralization similar to the mineralization intersected at Bolsa, indicating the potential for continuity between the two deposits.

Figure 6: South and North Limb Drill Core is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c43bd932-af4f-4c06 ...
South and North Limb drill core from holes #72, #132 and #139, which intersected 105 feet at 0.69% copper, 77 feet at 0.88% copper and 125 feet at 1.34% copper, respectively.

Figure 7: Broad Top Butte Drill Core is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cde5b6be-d2fc-4535 ...
Broad Top Butte drill core from holes #117 and #195, which intersected 751 feet at 0.60% copper and 630 feet at 0.48% copper, respectively.

Figure 8: Copper World Drill Core is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb126a62-7e4f-496b ...
Copper World drill core from holes #70 and #73, which intersected 270 feet at 0.69% copper and 230 feet at 0.62% copper, respectively.

Figure 9: New Zone near the Copper World Deposit is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2a79fec-c5c2-437b ...
Drill hole #106 is located near the old Leader mine and represents a separate zone in the footwall of the Copper World deposit.

Supplemental Drill Hole Information

Hole ID# From (m) To (m) Azimuth at Intercept Dip at Intercept Core Size
Easting Northing Elevation Easting Northing Elevation
67 1,706,817 11,565,996 4,572 1,706,819 11,565,995 4,570 126 -45 HQ
69 1,715,532 11,562,669 5,288 1,715,421 11,562,660 5,190 266 -41 HQ
70 1,712,582 11,565,425 4,979 1,712,587 11,565,432 4,709 34 -88 HQ
71 1,712,795 11,565,385 4,856 1,712,793 11,565,384 4,851 238 -71 HQ
72 1,706,631 11,565,974 4,579 1,706,587 11,565,915 4,504 216 -45 PQ
73 1,713,417 11,564,738 5,036 1,713,343 11,564,697 4,822 241 -68 HQ
74 1,715,665 11,562,576 5,388 1,715,285 11,562,331 5,042 237 -37 HQ
76 1,705,798 11,565,944 4,408 1,705,800 11,565,944 4,278 93 -89 PQ
77 1,705,795 11,565,774 4,318 1,705,785 11,565,481 4,029 182 -45 PQ
78 1,713,433 11,564,738 5,090 1,713,378 11,564,690 4,983 229 -55 HQ
80 1,715,551 11,562,600 5,368 1,715,371 11,562,359 5,070 217 -45 HQ
81 1,705,330 11,565,838 4,297 1,705,333 11,565,833 4,016 149 -89 PQ
82 1,715,621 11,562,918 5,473 1,715,550 11,563,051 5,331 332 -43 HQ
83 1,712,883 11,565,252 4,910 1,712,815 11,565,214 4,709 241 -69 HQ
84 1,705,221 11,565,009 4,205 1,705,222 11,565,011 3,989 14 -89 PQ
85 1,714,566 11,561,887 5,659 1,714,363 11,562,101 5,561 316 -18 HQ
86 1,705,694 11,564,782 4,343 1,705,696 11,564,779 4,048 141 -89 PQ
88 1,712,645 11,565,712 4,566 1,712,633 11,565,707 4,531 248 -69 PQ
89 1,713,064 11,564,746 5,029 1,712,841 11,564,579 4,694 233 -50 HQ
90 1,713,416 11,564,907 5,016 1,713,335 11,564,867 4,756 244 -71 PQ
92 1,715,642 11,562,825 5,406 1,715,602 11,562,855 5,238 307 -74 HQ
93 1,712,994 11,564,849 4,984 1,712,887 11,564,888 4,872 290 -44 HQ
94 1,715,845 11,562,702 5,593 1,715,845 11,562,703 5,455 13 -89 HQ
97 1,714,720 11,561,769 5,719 1,714,882 11,562,051 5,591 30 -22 HQ
106 1,712,277 11,565,275 4,893 1,712,231 11,565,266 4,815 258 -59 HQ
109 1,707,870 11,565,094 4,428 1,707,870 11,565,095 4,354 308 -90 HQ
117 1,715,394 11,561,544 5,612 1,716,062 11,561,722 5,321 75 -23 HQ
118 1,712,538 11,565,704 4,899 1,712,335 11,565,732 4,695 278 -45 PQ
122 1,715,536 11,562,909 5,335 1,715,496 11,562,941 5,265 308 -54 HQ
127 1,707,436 11,564,709 4,250 1,707,436 11,564,706 4,247 180 -45 HQ
128 1,712,533 11,565,912 4,943 1,712,271 11,565,919 4,682 272 -45 PQ
129 1,715,554 11,562,514 5,282 1,715,458 11,562,608 5,137 315 -47 HQ
130 1,708,304 11,564,140 4,518 1,708,304 11,564,073 4,451 180 -45 HQ
131 1,714,878 11,561,861 5,738 1,715,125 11,562,031 5,721 55 -3 HQ
132 1,708,019 11,564,299 4,404 1,708,012 11,564,351 4,348 353 -47 HQ
133 1,715,490 11,562,415 5,266 1,715,346 11,562,464 5,103 289 -47 HQ
134 1,712,466 11,566,347 4,743 1,712,352 11,566,328 4,640 261 -41 PQ


Hole ID# From (m) To (m) Azimuth at Intercept Dip at Intercept Core Size
Easting Northing Elevation Easting Northing Elevation
138 1,707,985 11,564,267 4,421 1,707,950 11,564,300 4,373 314 -45 HQ
139 1,708,726 11,564,151 4,534 1,708,733 11,564,064 4,444 175 -46 HQ
142 1,715,501 11,561,694 5,678 1,715,701 11,561,944 5,791 39 20 HQ
143 1,715,639 11,562,328 5,487 1,715,090 11,562,343 5,080 272 -37 HQ
148 1,715,480 11,561,656 5,581 1,715,723 11,561,948 5,526 40 -8 HQ
155 1,713,107 11,563,953 5,013 1,712,995 11,563,853 4,859 228 -46 HQ
156 1,713,211 11,564,133 4,856 1,713,026 11,564,060 4,681 248 -42 PQ
161 1,714,073 11,556,110 5,578 1,713,722 11,555,996 5,215 252 -45 PQ
162 1,714,235 11,560,907 5,792 1,714,027 11,560,906 5,793 270 0 HQ
163 1,714,246 11,560,909 5,792 1,714,099 11,560,761 5,671 225 -30 HQ
165 1,715,036 11,559,688 5,752 1,714,592 11,559,678 5,304 269 -45 HQ
171 1,708,061 11,564,162 4,410 1,708,074 11,564,135 4,380 153 -45 HQ
172 1,708,029 11,564,224 4,407 1,708,029 11,564,223 4,375 162 -88 HQ
173 1,714,821 11,559,500 5,819 1,714,663 11,559,499 5,816 270 -1 HQ
174 1,714,842 11,559,500 5,819 1,714,566 11,559,511 5,674 272 -28 HQ
175 1,713,107 11,563,953 5,013 1,713,087 11,563,770 4,828 186 -45 HQ
177 1,714,657 11,557,211 5,659 1,714,243 11,557,632 5,072 315 -45 HQ
178 1,713,072 11,564,793 4,967 1,712,936 11,564,784 4,602 266 -69 HQ
179 1,714,763 11,560,010 5,724 1,714,420 11,559,879 5,722 249 0 HQ
180 1,714,764 11,560,009 5,719 1,714,343 11,560,006 5,466 270 -31 HQ
183 1,709,048 11,564,986 4,538 1,708,962 11,564,937 4,439 240 -45 PQ
184 1,714,764 11,560,003 5,721 1,714,633 11,559,874 5,524 225 -47 HQ
185 1,714,256 11,560,907 5,791 1,714,179 11,560,991 5,679 317 -45 HQ
186 1,714,272 11,560,397 5,898 1,714,140 11,560,523 5,709 314 -46 HQ
190 1,714,282 11,560,383 5,899 1,714,180 11,560,280 5,755 225 -45 HQ
191 1,714,777 11,560,006 5,719 1,714,780 11,559,722 5,432 179 -45 HQ
194 1,714,631 11,556,799 5,149 1,714,260 11,556,619 4,712 244 -47 HQ
195 1,715,822 11,561,721 5,724 1,715,825 11,561,727 5,094 30 -89 HQ
201 1,707,375 11,565,716 4,391 1,707,506 11,565,856 4,201 43 -45 PQ
202 1,707,373 11,566,177 4,425 1,707,372 11,566,179 4,325 323 -89 PQ
210 1,714,834 11,559,236 5,847 1,714,835 11,559,236 5,487 89 -90 HQ
216 1,707,273 11,566,011 4,347 1,707,233 11,565,946 4,267 212 -46 PQ

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Hudbay Announces Extension of Mineralization at its Copper World Project in Arizona Exploration results from drilling completed during the first half of 2021Identified three new deposits for a total of seven deposits at Copper WorldConfirmed the size and quality of the previously discovered Copper World, Broad Top Butte, Peach and …

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