PERTH (miningweekly.com) – Diversified metals miner Metals X has taken the first steps to transforming the Nifty copper operation, in Western Australia, into a large, long-life and profitable asset.
The ASX-listed company has reported a 59%, or 56 700 t, increase in the contained copper-in-ore reserve at the Nifty project, following additional drilling.
The total ore reserve estimate is now at 9.75-million tonnes, grading 1.58% copper for 153 500 t of copper, compared with the previous ore reserve of 97 000 t of copper.
The increased ore reserve means an additional five years of underground mine life, based on the current production rates, and an additional four-year mine life based on the 2018 targeted production rate of 40 000 t/y of copper-in-concentrate.
The project is estimated to host a total mineral resource of 54.8-million tonnes, at 1.41% copper for 770 000 t of copper.
“Metals X is very pleased to release its first mineral resource and ore reserve estimates for the Nifty copper operation, which now stand at five years of reserves and 20 years of resource,” said MD Warren Hallam.
“Drilling has also already identified significant extensions to the east and west of the Nifty orebody, which will be incorporated into a proposed further upgrade of resource and reserve estimates later in the year.”
Metals X acquired the Nifty project from fellow listed Aditya Birla in August of last year.