Copperbank Resources Corp. initiated a strategic review for its Contact copper oxide project in Nevada's Elko County, based on the assumptions from previous technical reports, including the October 2013 pre-feasibility study.
The company is interviewing consultants with expertise in heap leach copper and, specifically, mine plan optimization, it said Dec. 5.
The review will assess the potential for a two-phase development with the initial phase targeting the higher-grade core of the project, which could allow for improved economics of the second-phase development of lower-grade reserves.
Subject to the outcome, the company would contemplate a cost-effective work program, which could include shallow infill and metallurgical drillholes to assist in greater confidence with the optimization plans. The optimization studies are slated for completion by the end of the first quarter of 2018.
Additionally, CopperBank is reviewing options to unlock shareholder value, including partnering with third parties that have expressed interest in the project and hold experience in developing and operating solvent extraction and electrowinning copper cathode projects.