Highlights

• For the Kihabe-Nxuu Project, MTB secured prospecting licence extension till December 2024.
• Further 2,500m drilling is planned for the Nxuu deposit to examine deposit extensions.
• Exploration targets concerning gallium and germanium have been defined at both Nxuu and Kihabe deposits.
• At the Kihabe deposit, MTB intends to undertake a re-assaying of samples for Ge, Ga.

In the financial year ended 30 June 2023 (FY23), Mount Burgess Mining NL (ASX: MTB) advanced resource development and exploration across its Kihabe-Nxuu projects.

During the reported period, the company also assessed the potential to exploit additional known metals such as germanium, gallium, vanadium, and copper while evaluating multiple metallurgical processes that could enhance the on-site beneficiation of metal production.

Overview of Kihabe-Nxuu Project

The Kihabe Nxuu Project lies within a neo-proterozoic belt and is considered prospective for Zn/Pb/Cu/Ag/V₂O₅/Ga/Ge.

In January 2023, the company received extension to its Prospecting Licence PL043/2016 for a further two years to 31 December 2024.

At the Kihabe and Nxuu deposits, MTB has developed inferred and indicated resources in line with the 2012 JORC code.

Mineral resources at the Nxuu deposit

To date, 52 vertical holes have been drilled at the Nxuu deposit, with an average depth to the base of mineralisation of 41 metres.

Total 40 holes at the Nxuu deposit were tested for Ga and Ge, which, along with V₂O₅ indicated 1,711.7m to base of mineralisation, 231.9m contain Kalahari sand cover and 1,198.5m of individual and combined mineralised intersections of Zn/Pb/Ag/V₂O₅/Ga/Ge.

Gallium, germanium, zinc and vanadium pentoxide have the maximum contribution in the combined or individual mineralised intersection, reflecting the positive effect it would have on Nxuu deposit’s waste to ore ratio.

The company informed that an additional 2,500m drilling is required to examine further deposit extensions and to estimate the 2012 JORC Code indicated or measured resource. The next step would be advancing towards a pre-feasibility study.

On 10 August 2023, the company reported an exploration target in addition to the Nxuu MRE for the deposit concerning gallium and germanium. MTB intends to undertake further drill testing within the identified target area as conditions permit.

MRE at the Kihabe deposit

The indicated/inferred resource of the Kihabe deposit is estimated at 21 million tonnes, comprising 321,000 tonnes of Zn, 154,000 tonnes of Pb, 5,400,000 Ozs Ag and 10,000 tonnes of V₂O₅.

Also, significant Cu, Ga and Ge mineralisation zones have been intersected, but they can only be included in the 2012 JORC Code MRE after further drilling and assaying are completed.

An exploration target has been defined at the Kihabe deposit in addition to the current MRE. At the Kihabe deposit, the company intends to undertake a re-assaying of samples for germanium and gallium and also conduct additional drill testing over the coming two or three years if conditions permit.

Mount Burgess’ strategic direction

The company is focused on the initial development of the Nxuu deposit.

Also, the company intends to ascertain the appropriate methodology to extract vanadium pentoxide (V₂O₅), gallium (Ga) and germanium (Ge) on site without affecting the recovery levels which have been already determined via different recovery methods necessary for Zn/Pb/Ag/V₂O₅. For this, further metallurgical recovery test work is required.

MTB shares traded at AU$0.003 on 9 October 2023.