A recap into Boab Metals’ impressive 2021 performance

November 30, 2021 12:15 PM AEDT

Anam Siddiqui

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Anam Siddiqui - Research Analyst
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Anam is a Research Analyst at Kalkine Media Pty Limited, with experience of over 2.5 years in business and market research in varied sectors. As part of her previous experience, she has conducted project analysis and secondary research for supply cha...
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Image source: BML Presentation, dated 26 November 2021

Highlights

Boab remains focused on the company’s 75% owned Sorby Hill project in the Kimberley region of Western Australia to deliver metals for a sustainable future.

Boab has recently acquired a 100% interest in the Manbarrum Zinc-Lead-Silver Project, with the Sorby Hills-Manbarrum synergy expected to boost the Company’s operation.

Boab is well advanced in the preparation of the Sorby Hills Project Definative Feasibility Study (DFS) and financing.

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Calendar year 2021 has proven to be highly eventful for Boab Metals Limited (ASX: BML). The Company has advanced it’s key projects against the backdrop of growing demand for lead and silver, driven by the transition to electric vehicles and renewable energy. During the year, the Company has remained focused on its 75% owned Sorby Hills project in Western Australia to deliver metals for a sustainable future.

ALSO READ: Boab Metals (ASX:BML) poised to grow amid silver supply concerns

Boab has recently acquired a 100% interest in the Manbarrum Zinc-Lead-Silver Project, with the Sorby Hills-Manbarrum synergy expected to boost the Company’s operation. We review below several developments for Boab Metals in 2021.

Exploration progress at Sorby Hills

Boab Metals completed Phase IV and Phase V drilling campaigns during the year. The Phase IV drilling program aimed at acquiring core for the DFS Metallurgical and Geotechnical test work. Following Phase IV drilling, the Company delivered an Interim Mineral Resource Estimate, increasing Measured Resources by 54% (98kt Pb and 3Moz Ag).

The Phase V Drilling Program has delivered mineralisation extensions across Sorby Hills. 59 diamond drill holes targeted mineralisation with the potential to be included in the DFS Mining Inventory and Ore Reserve. Measured and Indicated Resources comprises 92% of the current mining inventory.

ALSO READ: Boab Metals’ (ASX: BML) milestone-rich FY21 provides a springboard for growth

Continued work towards delivering the DFS

The Company advanced works towards delivering DFS in the first half of the calendar year 2022. The recently finalised metallurgical testwork confirmed high recoveries that include:

up to 95%Pb (Fresh Ore) and 90%Pb (Oxidised Ore)
up to 87%Ag (Fresh Ore) and 92%Ag (Oxidised Ore)

Phase IV and V drilling results, together with outcomes from the DFS Metallurgical program, will act as inputs as the company investigates the potential to expand the proposed processing capacity at Sorby Hills.

Boab continued strong engagement to cash-in opportunities.

Boab is well advanced in preparation for the Sorby Hills Project for project financing. In addition to advanced negotiations with Australian Government financing agencies such as Northern Australian Infrastructure Facility (NAIF) and Export Finance Australia (EFA), Boab has had ongoing positive engagement with several Australian and international commercial banks.

Boab is currently in the advanced stages of a competitive offtake tender process for the Company’s 75% interest in the Sorby Hills concentrate. Tier-1 off-takers and Boab’s JV partner Yuguang have confirmed a strong appetite for the Sorby Hills Lead-Silver concentrate.