Gunnison Copper Project
COMMODITY: | Copper |
LOCATION: | Arizona, USA |
SIZE: | 9,560 Acres |
OWNERSHIP: | 100% |


Industry-Leading Economics
- US$807 million NPV and 40% IRR (After-tax, US$2.75 Cu price, 7.5% discount rate)
- Direct operating costs: $0.65/lb & All-in costs: $1.23/lb
- Low initial capital of $49 million
- 24 years of mine life
- 2.2 billion pounds of pure copper cathode to be produced
Reserves
North Star Mineral Reserves
Short Tons (millions) | Total Copper % | Pounds of Cu (billions) | |
Probable | 782 | 0.29 | 4.5 |
North Star Mineral Resources (as of July 7, 2015)
Short Tons (millions) | Total Copper % | Pounds of Cu (billions) | |
Measured | 199 | 0.36 | 1.43 |
Indicated | 674 | 0.27 | 3.57 |
Measured + Indicated | 873 | 0.29 | 4.99 |
Inferred | 187 | 0.17 | 0.63 |
The Mineral Resources (0.05% cut-off) are inclusive of Mineral Reserves (0.05% cut-off). The oxide and transition portion of the Mineral Reserve has the potential to be mined using in-situ recovery methods with an estimated total copper recovery of 48%.


Johnson Camp Mine (JCM)
The 100% owned Johnson Camp Mine is located just over one mile from the wellfield; copper-bearing solution will be processed here through the SX-EW facility into 99.999% pure copper cathode. Purchased in 2015 for only US$8.4 million, JCM saves Excelsior millions of dollars in capex.
First Copper Production
First Copper Production
Environmentally Friendly Copper Extraction
- Low water consumption (most groundwater is recycled)
- No groundwater contamination; no acid mine drainage
- Excellent mine closure plan
- Remote location


Construction Timeline
The Gunnison Copper Project is the first new copper project to be fully permitted in the United States in over a decade. The federal Class III Underground Injection Control Area Permit was obtained on October 16, 2018. The state operating permit, the Aquifer Protection Permit, was issued by the Arizona Department of Environmental Quality in September, 2017