PERTH (miningweekly.com) – The board of ASX- and TSX-listed Copper Mountain Mining has approved a A$5-million budget for exploration work at the Cloncurry project, in Queensland.
The company said on Friday that the planned work programmes would include follow-up drilling on discoveries made in 2017, as well as testing of new targets and supporting works for a full feasibility study on the proposed Eva copper mine.
Copper Mountain acquired the Cloncurry copper project through its A$93-million takeover of Altona Mining earlier this year.
A 2017 definitive feasibility study estimated that the Cloncurry project could produce 39 000 t/y of copper and 17 200 oz/y of gold from a seven-million-tonne-a-year operation, over a mine life of 14 years.
The study estimated a capital cost of A$288-million, with the project expected to have a net present value of A$3.6-billion and an internal rate of return of 36%.