The Mason project is located in west-central Nevada, approximately 75 km southeast of Reno within the historical Yerington Mining District. Mason is a copper-molybdenum porphyry deposit hosted by granodiorite and quartz monzonite. Projected to the surface, the mineralization greater than 0.15% copper covers an area approximately 2.3 km by 1.3 km. At depth, it extends more than a km and remains open in most directions.
An updated Preliminary Economic Assessment was released in 2017 and envisions an open pit mine and a conventional sulphide flotation mill with a throughput rate of 120,000 tpd. The study estimated initial capital costs to be $1.35 billion with total life of mine production of 5.1 billion pounds of copper, 46 million pounds of molybdenum, 0.4 million ounces of gold, and 9.1 million ounces of silver over 21 years.
The March 2017 Measured and Indicated Mineral Resources at Mason consist of 1,400 Mt at 0.32% copper and 0.01% molybdenum (0.20% Cu cut-off). The Inferred Resource consists of 623 Mt of ore at 0.29% copper and 0.01% molybdenum (0.20% Cu cut-off). Ongoing exploration efforts are focused on identifying new targets of near-surface oxide and sulphide copper mineralization to the west of the Mason deposit and northwest of the Blue Hill deposit.
Hudbay Minerals Inc. entered into an arrangement agreement to acquire Mason Resources and the Mason project.
A seven-year option agreement to acquire groundwater rights and property located 6 km from the Mason deposit was completed. The groundwater will provide a significant portion of the water required for copper mining activities.
An updated Preliminary Economic Assessment was filed for the Mason property.