Symbol Mining Limited (ASX: SL1) announced about its annual summary and review of its Mineral Resources as on December 31, 2018.
Imperial Joint Venture - Macy Deposit Resource:
The company reported that it has a sixty percent interest in the Imperial Joint Venture that owns the Macy zinc-lead deposit which is located in the Benue Trough of north-eastern Nigeria.
The updated Macy JORC-compliant resource remaining after mining depletion as at 31 December 2018 is an Indicated and Inferred JORC-compliant resource of 107,385t at 18.0% Zn and 2.34% Pb that is a combination of both the Macy Zinc and Lead resources.
The two mineralized zones are spatially and statistically discrete. Further, the zinc resource is calculated using a downhole cut-off grade of 2% Zn, while the lead resource uses a 2% Pb cut-off grade. The previous JORC-Compliant (2012) resource as at 16 April 2018 was an Indicated and Inferred Resource of 132,700t at 18.3% Zn and 2.1% Pb that is a combination and inclusive of both the Macy Zinc Resource and the Macy Lead Resources.
The resources estimation used the methodologies such as:
- Statistical and variogram analysis was carried out to determine optimal parameters for resource estimation.
- Sample data was composited to 1-meter down-hole composites before analysis and estimation. Breaks in mineralized zones were interpreted before estimation interpretation.
- The search ellipsoid had dimensions of 50m (N-S) by 50m vertically by 5m across the mineralization, with a minimum of 6 samples and a maximum of 12. This pass also requires a minimum of 2 holes, with a minimum of 2 samples per hole and a maximum of 6 samples per hole.
- Search ellipsoids used an unfolding methodology to account for variations in dip and strike.
- The number of samples used, the kriging variance and the average distance of samples from each block, were all stored in the block model for later use in resource classification.
In a previous update, Symbol Mining announced its mining and exploration for High-grade Zn (ZINC) and Pb (Lead) in Nigeria. In its investor presentation, the company stated that it has an early mover advantage in this under-explored and emerging province. It has an extensive exploration holding (984 square km highly prospective for base metals) in Nigeria. It commenced mining at high-grade zinc Macy mine in July 2018 and started Zinc concentrate shipments in December 2018.
As per the IMF 2018 report, Nigeria is the 25th largest economy in the world. It is also the largest and youngest population in Africa. Symbol mining has certain mining incentives in the region such as 3-5 year tax-free holiday, exemption for all mining equipment importation, low 3% mineral royalties for base metals, etc.
On stock information, Symbol Mining’s share last price was noted at $0.012 on March 22, 2019, with the market capitalization of ~$7.02 Mn. Its 52 weeks high was noted at $0.059 and 52 weeks low at $0.012 with the average volume of 591,000. Its absolute return for five years, one year, and six months are -95.28%, -77.68%, and -47.92% respectively.
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