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Copperbank updates resources at Pyramid in Alaska

Copperbank Resources Corp. completed an updated resource estimate for its Pyramid property in Alaska to incorporate data from 3,660 meters of drilling completed in 2017.

The project hosts inferred resources of 153.4 million tonnes grading 0.37% copper, 0.021% molybdenum and 0.09 g/t of gold for 1.26 billion pounds of copper, 70 million pounds of molybdenum and 457,000 ounces of gold.

The estimate uses a cutoff grade of 0.2% copper and incorporates data from 10,600 meters of drilling on the property, according to a Feb. 2 release.

Copperbank noted that the analysis does not take the molybdenum or gold values into account due to pricing fluctuation and unknown recovery rates, as no metallurgical testing has been completed.

"As we continue to scrutinize the deposit and follow-up on the numerous areas still open to resource expansion, we are layering in further technical information, such as Auracle's structure density study, to guide our team in future drilling campaigns and important next steps towards more detailed economic studies," Executive Chairman Gianni Kovacevic said.

In January, the company extended its exploration agreement for Pyramid for 2018 and 2019.