PERTH (miningweekly.com) – ASX-listed Syndicated Metals has announced a maiden Joint Ore Reserves Committee complaint mineral resource of 225 295 t, grading 2.3% copper and 0.02 g/t gold at its Lillymay satellite deposit, in north Queensland.
The project, which is estimated to host some 5 250 t of copper, forms part of the Barbara copper-gold joint venture (JV).
The company said on Tuesday that the maiden inferred resource represented a first step for the Barbara JV towards establishing a regional copper resource inventory outside of the Barbara deposit itself with potential to contribute high-grade feed to an operation at Barbara.
“With an average grade of 2.33% Cu, Lillymay represents a potentially valuable source of high-grade material that could contribute to an operation at Barbara,” Syndicated MD Andrew Munckton said.
“Importantly, the mineralisation remains open in all directions and there is excellent potential to significantly expand the resource next year with a third round of drilling to extend the mineralisation along strike in the near-surface, open pittable environment as well as targeting extensions down-dip and down-plunge of the higher grade sections of both the Western Lode and Eastern Lode mineralisation.”
Munckton added that the completion of this mineral resource estimate enabled Syndicated to move forward with planning follow-up drilling for early 2015.
“It also provides a solid foundation for assessment of the Lillymay mineralisation as a potential contributor to the mining inventory for the Barbara project and feasibility study.”
Syndicated has maintained its exploration target of 400 000 t to 800 000 t at 2% to 3% copper, based on the drilling results encountered to date
“Our geological teams will be returning to Lillymay in late January to assess the deeper mineralization and the eastern and western extensions that their mapping programs identified at this emerging satellite deposit during 2014,” Munckton said.