Perth, Australia – Cyprium Metals Limited is pleased to announce the Company’s first mineral resource estimate for the Nifty copper deposit following the completion of the acquisition of the Paterson copper project in March 2021. The previously disclosed estimate by Cyprium for Nifty was based on a review of the estimate disclosed by the previous project owner as of December 31, 2019. HIGHLIGHTS – Mineral update…
The estimate previously disclosed by Cyprium for Nifty was based on a review of the estimate disclosed by the previous owner of the project as of December 31, 2019.
– Mineral Resource Estimate (MRE) update completed for heap leachable and deeper primary sulphide mineralization contained in the Nifty copper deposit.
– Measured, indicated and inferred heap leachable resources increased dramatically to 11.9 Mt at 1.1% Cu for ~ 135,000 t of metallic copper contained, providing a substantial copper inventory near the surface available for the heap leach restart study.
– Total measured, indicated and inferred resources at Nifty increased by ~ 97,000 t (15%) of metal contained at 45.9 Mt at 1.6% Cu for ~ 732,000 t of total copper contained.
– Recent RC drilling results indicate excellent potential to further increase the resource.
– Confirmation of Nifty’s position in the top 20 Australian copper deposits.
The current Nifty MRE of 45.9 Mt at 1.6% copper for a total contained copper inventory of about 732,000 t (see Table 1 *) is significant because for the first time a unique model has been built of different geometallurgical domains reflecting how the copper mineralization can be recovered.
The Nifty heap leach restart study is focused on the development of the first phase of the project which involves a return to heap leaching and solvent electrolytic extraction (SX-EW) to produce a copper cathode refined on site. The significant inventory of residual heap leachable mineralization confirmed by this EMR (11.9 Mt at 1.1% copper for approximately 135,000 t of copper metal contained). Our recent drilling at Nifty West and East was designed primarily to confirm mineralization and improve confidence, thus inferred resource classification, as well as possible extension of mineralization.
For information, Nifty was discovered by Western Mining Corporation in 1981 with surface and heap leach operations exploiting copper oxide ore beginning in 1993. The operation was purchased by Straits Resources Ltd in 1998, which continued heap leaching operations throughout its operation. Aditya Birla Minerals Ltd acquired Nifty in 2003, surface operations ceased in 2006 and heap leach operations were halted in the first quarter of 2009, leaving approximately 17 Mt of partially leached material on the platforms. Since then, Nifty has operated entirely as an underground mining operation producing copper concentrate in a separate dedicated flotation circuit.
Over 714,000 t of metal copper was produced by Nifty’s previous operations through 2019. Much of the information described below has been taken from historical production activities and incorporated into the new MRE.
Managing Director Barry Cahill commented:
“Our first estimate of mineral resources for the Nifty copper deposit is the culmination of several months of geological rigor undertaken by our geological team, assisted by experienced external consultants. This is the first model for the deposit that combines both residual heap leachable domains and primary sulphide mineralized domains into a single contiguous estimate.
This new MRE not only confirms Nifty as a leading copper deposit, but also underpins development options currently being assessed as part of the Nifty Heap Leach Restart study, which is expected to be delivered in December. The significant increase in the heap leachable component of the deposit also confirms our view that Nifty has considerable potential to become a long term producer of SX-EW copper cathode.
* To view tables and figures, please visit:
About Cyprium Metals Ltd:
Cyprium Metals Limited (ASX: CYM) is poised to become a mid-tier mining company and manage a portfolio of Australian copper projects to provide vital natural resources, strong shareholder returns and sustainable value for our parties. stakeholders. We pursue this goal, through genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, based on integrity, cooperation, transparency and the creation of mutual value.
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