Rex ups Hillside reserve by 50%
PERTH (miningweekly.com) – Metals developer Rex Minerals has reported a 50% increase in reserves at its Hillside copper project, in South Australia.
The increase in the ore reserve took the Hillside estimate to some 180-million tonnes, at 0.52% copper, 0.13 g/t gold and 14.4% iron, and underpinned the first 12 years of production.
The junior said in a statement on Friday that of the two-million tonnes of contained copper classified as mineral resource, around 64% had been classified as measured and indicated, and 72% of this had been converted to proved and probable reserves.
“Rex started resource drilling at Hillside in 2010 and in just three years, has delivered one of the best long-life openpit copper discoveries in Australia, since Ernest Henry,” said MD Mark Parry.
“A resource of this scale and a reserve of this quality so close to existing infrastructure provides significant financial flexibility as we look to finalise project funding in the months ahead.”
Parry noted that Rex was continuing its discussions with copper concentrate and iron-ore buyers and potential joint venture partners that could provide financial support to Hillside.
“With relatively low capital intensity, low operating costs, and the simplicity of openpit mining in a First World location, we are confident Hillside has all the right attributes for successful financing and development,” he added.
The feasibility study for the Hillside project was expected in the second half of this year, with construction slated to start in the first half of 2014.
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