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Highlights
- 2024 Mineral Resource Estimate (MRE) for the Nifty Copper Mine has been upgraded to 95% from 80%.
- Its Measured and Indicated mineral resource now stands at 119mt at 0.84% pct Cu for 1 million tonnes contained copper.
- Using the existing mineralised heap leach Inventory, there is potential to further enhance the mineral resource.
- With the revied MRE as its base, CYM will take forward its workstreams to rebuild Nifty into a leading copper mine.
In the latest announcement, Australian copper explorer and developer Cyprium Metals Limited (ASX: CYM) revealed an updated 2024 MRE for the Nifty Copper Mine in Western Australia. According to the company, the proportion of the resource categorised as Measured and Indicated has elevated to 95% from 80%, following more study work.
Image source: company update
Utilising the updated MRE as its base, CYM will take forward its workstreams to rebuild Nifty into a leading copper mine.
Image source: company update
Comprehensive drilling and mining work has been conducted over three decades to define sedimentary-hosted copper resource with stable mineralisation patterns at Nifty. It has returned a strong dataset, including geological and structural details absent in the earlier estimate, helping CYM with a better outline of the deposit and highlighting its long-term economic prospects.
Remarks by Management
MRE excludes existing heap leach inventories
The company has notified that the 2024 MRE figures do not cover formerly mined oxide ores. The earlier management built a mineral inventory of 17 million tonnes at an estimated remaining grade of 0.53% copper, under historically mined heap leach workings.
All the prior data is being reviewed by CYM to detail the copper metal available in this potential resource.
As on 14 March 2024, CYM shares traded at AU$0.019, with a market capitalisation of approximately AU$29 million.