World Copper Provides Project Updates and Announces an Updated Resource Estimate for the Zonia Project

World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) (FSE: 7LY0) (‘World Copper’ or the ‘Company’) announces, project updates.

Zonia

The Company announces the results of an updated mineral resource estimate (the ‘Updated Resource Estimate’) for the Zonia copper-oxide deposit in Arizona, USA (‘Zonia’ or the ‘Project’). The updated estimate includes 113.2 million short tons grading 0.303% total-copper in the Indicated category (686 million pounds of copper), and 59.2 million short tons grading 0.254% total-copper in the Inferred category, (300 million pounds of copper). This is a significant expansion of the 2023 resource estimate and is a result of using a higher copper price and refined mineralization models and modeling method.

CEO Gord Neal states: ‘This updated resource significantly increases the value of an already prominent copper asse. This new report greatly de-risks the project by expanding the indicated resource classification of the deposit. This new resource definition could significantly extend the life of mine of the project. It also has the potential to substantially increase the throughput of future operations and boost the projected annual production profile. Combined with the resource expansion potential of the Zonia North properties, the Project is now exhibiting the potential to become a large-scale copper producer.’

Highlights:

Updated Resource Estimate with:Indicated Resources of 113.2 million short tons grading 0.303% total-copper containing 686 million pounds of copper; andInferred Resources of 59.2 million short tons grading 0.254 % total-copper containing 300 million pounds of copper.A strip ratio of 3.2 waste to mineralized material at the base case cutoff mineral resource estimate. A low strip ratio of 1.1 waste:mineralized material at the economic cutoff of 0.07% TCuSignificant expansion of the Zonia resource estimate compared to the Historical Resource Estimate.Pre-development revenue from re-processing of historically mined and stockpiled material expected.

The classified resources are outlined in detail in Table 1 at the base case total copper (TCu) cut-off grade of 0.18% and at a range of TCu cut-off grades in Table 2. The Updated Resource Estimate was completed by Sue Bird P.Eng., of Moose Mountain Technical Services (‘MMTS’), an independent qualified person as defined by National Instrument 43-101 (‘NI 43-101’) Standards of Disclosure for Mineral Projects , for World Copper as part of the Company’s overall exploration plan for Zonia (see news release dated May 22, 2022).

Table 1. Updated Zonia Mineral Resource Estimate at the Base Case Cutoff Grade

Notes to the Resource Tables:

The effective date of the Updated Resource Estimate is August 27, 2024.Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines, as required by NI43-101The base case Mineral Resource has been confined by ‘reasonable prospects of eventual economic extraction’ shape using the following assumptions:Metal price of US$4.00/lb of CuMetallurgical recovery of 75% in oxides and 70% in the transitional zoneOffsite costs (transport, smelter treatment and refining) of US$0.05/lb of Cu Processing Costs of US$4/lb milled and General & Administrative (G&A) costs of CDN$ 2.00/ lb milledMining cost of CDN$2.00 / ton48-degree pit slopesThe 150% price case pit shell is used for the resource confining shapeThe resulting NSR = Cu*US$3.95/lb *0.75 for oxides and NSR = Cu*US$3.95/lb *0.70 in the transitional zone.It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration (see ‘Cautionary Note to United States Investors’).Numbers may not add due to rounding.

Table 2. Zonia Mineral Resources Over a Range of Cut-off Grades

Mineral resources that are not mineral reserves do not have demonstrated economic viability; however, a reasonable prospect of eventual economic extraction pit has been used to confine the Resource Estimate using parameters detailed in the table notes.

The QP for the Mineral Resource estimate is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource Estimate. Factors that may affect the estimates include: metal price assumptions, changes in interpretations of mineralization geometry and continuity of mineralization zones, changes to kriging assumptions, metallurgical recovery assumptions, operating cost assumptions, confidence in the modifying factors, including assumptions that surface rights to allow mining infrastructure to be constructed will be forthcoming, delays or other issues in reaching agreements with local or regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting requirement.

Zonia Resource Modelling

Data verification efforts for the Updated Resource Estimate carried out by MMTS included discussions with World Copper personnel, personal inspection of the Project area with the collection and submission of check samples to an external laboratory, an audit of the exploration drillhole database, and a detailed review of additional information obtained from historical reports and information provided by the Company. MMTS also completed checks on the geologic information as compared to the paper logs, and checks of the assay values contained in the exploration database as compared to assay certificates provided by World Copper.

A technical report to support the Updated Resource Estimate for the Project, prepared in accordance with NI43-101, will be filed on SEDAR (www.sedarplus.ca) within 45 days of this news release.

Zonia Norte Exploration Potential

Building from the resource expansion from the Updated Resource Estimate, the next step and largest potential for a new discovery at Zonia is to the north-northeast of the current open pit and resource, where a large (2.5 x 1.5 kilometres) coincident copper-molybdenum-manganese geochemical anomaly has been identified (Zonia Norte; Figure 2). Historical surface rock geochemical sampling has delineated a copper-molybdenum anomaly that is spatially coincident and similar in size/shape with a broad zone of manganese depletion consistent with typical porphyry-copper mineralization. This anomaly is situated 1.5 kilometres to the north-northeast of the Zonia deposit, and exhibits the same pattern and size of geochemical anomalism to that deposit. It is significant that the anomaly is open to the north where outcrops are covered by post-mineral cover. This large geochemical footprint is interpreted to represent a second porphyry centre. Nearby historical drill holes indicate the area is deeply weathered and copper-oxide mineralization is present.

The Zonia Norte porphyry target was fully permitted by the previous operator and is drill-ready once the permitting process is re-started. The drill programme will comprise 18 holes targeting copper oxide mineralization and total over 5,000 metres (18,000 feet). Further mapping over the target and adjacent areas is planned. High-grade historical copper occurrences (Copper Crown and others) along the north and east edges of the Zonia Norte anomaly will be mapped and sampled as part of the ongoing target delineation exploration programme at Zonia. These occurrences of high-grade copper have geological similarities to volcanogenic massive sulphide and/or replacement-type deposits.

The Company remains focused on further advancing the Zonia copper oxide deposit into feasibility and subsequently into production. The project is scheduled to commence copper cathode production within 48 months, as it benefits from a location on private land with existing power and water in Arizona, the most prolific copper state in the US. Zonia’s copper cathode production will assist in closing a portion of the copper supply gap that is essential for a successful global energy transition.

The next corporate milestone is the commencement of a verification drill program on the leach pads (see news release August 24, 2024). Positive results from this drill program could mean significant pre- production cash flow for World Copper. Moving into production faster and with lower costs in the right jurisdiction is the optimal plan in a raising copper market.

Escalones

Further to the Company issued news release on January 23, 2024 related to the Escalones copper project (the ‘Escalones Project’), and the Decree of the President of the Republic of Chile, no. 34 published on November 30th, 2023, which established additional elements to be subject of protection by the Ministry of the Environment of the Republic of Chile in the area of Alto Maipo, where the Escalones project is located, the Company is required to demonstrate that the project is compatible with the conservation objectives for the Sanctuary as specified in a currently pending management plan. The management plan will be prepared by the landowner and will be subject to approval by the Ministry of the Environment. However, it is possible that through the management plan the Sanctuary will be recategorized as a different type of protected area. The landowner of the property on which the Escalones Project is located has been in contact with the Company regarding the same and The Company has been communicating with the landowner to secure a flexible management plan, in order for the area in which the Escalones Project is located to be categorized as a multiple-use conservation area. The Company has also been renegotiating access rights to the Escalones Project due to the lapse of the pre-existing easement. Due to the Company’s uncertainty with respect to the foregoing developments and its lack of certainty on potential impacts on the exploration of the Escalones Project, the Company has made the decision to write down the Escalones Project to a nominal value in its 2024 second quarter financial statements. The Company will continue to monitor the full regulatory and permitting impact of the Decree and the management plan on the Company’s plans to develop the Escalones Project.

QUALIFIED PERSONS

John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for portions of this news release and has approved the disclosure herein. Mr. Drobe is not independent of World Copper as he is a consultant of World Copper. Sue Bird, P.Eng., of Moose Mountain Technical Services (‘MMTS’), an independent qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for the Zonia project portions of this news release and has approved the disclosure herein.

ABOUT World Copper Ltd.

World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Zonia in Arizona and Escalones in Chile. Both projects have estimated resources with significant soluble copper mineralization, and they boast exciting potential to expand the resource base. The company is dedicated to sustainable practices and leveraging technology to develop safe and productive mining operations in stable, mining-friendly jurisdictions.

Detailed information is available at World Copper’s website at https://worldcopperltd.com, and for general Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.

On Behalf of the Board of Directors of

World Copper Ltd.

‘Gordon Neal’

Gordon Neal
President & Chief Executive Officer

Follow us:

Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to impact of the Decree and establishment of the Sanctuary, the results of negotiations with Gasco Inversiones regarding the management plan and access rights to the Escalones Project, exploration plans at the Escalones Project and the anticipated business plans and timing of future activities of World Copper are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-Looking statements are typically identified by words such as: ‘believes’, ‘expects’, ‘anticipates’, ‘intends’, ‘estimates’, ‘plans’, ‘may’, ‘should’, ‘would’, ‘will’, ‘potential’, ‘scheduled’ or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation, market fundamentals will result in sustained copper demand and prices, the availability of financing on suitable terms for the development, construction and continued operation of World Copper’s projects and its ability to comply with environmental, health and safety laws.

Forward-Looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, including with respect to the Decree and the Sanctuary, title disputes, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, including, without limitation, of Gasco Inversiones, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper’s continuous disclosure documents. All of World Copper’s Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222617