Perth-based copper explorer CopperCo Ltd today revealed a 16 per cent increase in resource tonnage and an 11 per cent increase in contained metal at its flagship Mount Isa Lady Annie copper project.
Perth-based copper explorer CopperCo Ltd today revealed a 16 per cent increase in resource tonnage and an 11 per cent increase in contained metal at its flagship Mount Isa Lady Annie copper project.
The company also issued an inferred mineral resource estimate for its Lady Brenda prospect, which lies 250 metres south-west of its Lady Annie project.
A copy of the company's annoucement is pasted below:
MINERAL RESOURCE UPDATE - LADY ANNIE DEPOSIT AND INAUGURAL MINERAL RESOURCE - LADY BRENDA PROSPECT
*Updated Measured, Indicated and Inferred Mineral Resource estimate for the Lady
Annie Deposit given as 20.1 Mt at 1.0 % Cu, using a 0.3% Cu cut-off grade (198,600
tonnes of contained copper metal)
*IInaugural Inferred Mineral Resource estimate for the Lady Brenda Prospect given as
1.9 Mt at 0.6 % Cu, using a 0.3% Cu cut-off grade (10,500 tonnes of contained copper
metal)
* Lady Brenda lies 250 metres to the south-west of Lady Annie, Cu mineralisation is
shallow and open to the NE and SW
*The global Mineral Resource estimate for the Lady Annie Mining Area, incorporating Lady Annie East, Lady Annie West and Lady Brenda now stands at 21.9 Mt at 0.97%Cu using a cut-off of 0.3% Cu and represents:
- A 16% increase in resource tonnage and an 11% increase in contained metal, and
- 76% of the Mineral Resource reporting to the Measured and Indicated resource categories
*Total Lady Annie Project Mineral Resource inventory now stands at 36.1Mt at 0.9% Cu for 315,500 tonnes of contained copper metal.
*Further drilling programmes are being planned to evaluate both open oxide extensions and deeper sulphide potential
Background:
The flagship of CopperCo's Mount Isa tenement holding is the Lady Annie Copper Project, located 137 km's north of Mount Isa (Figures 1 and 2). The Project currently encompasses oxide copper reserves of 142,600 tonnes from global oxide and sulphide resources of 33.1Mt at 0.8% Cu, containing 294,400 tonnes of copper metal. CopperCo's objective post the Feasibility Study was to develop the resource base sufficiently to support an early upgrade of
copper production capacity to a minimum of 25,000 tonnes per annum through a clearly focused exploration and development programme during 2006 - 2007.
This objective has been achieved with the Company committing to expanding production to 25,000 tpa by mid 2008.
The Project will initially mine five ore bodies over an eight-year mine life by conventional open pit mining. Ore will be treated by a heap leaching, solvent extraction and electrowinning process (SX-EW). Mining operations commenced in June 2007, development of the mine and processing infrastructure has been completed and first production of copper cathode from the Lady Annie Project occurred in October 2007. The Company will initially produce at an
annualised rate of 19,000tpa, ramping up to 25,000tpa by mid 2008. In January 2007 CopperCo's exploration objective in the coming year was to increase the contained copper in the Global Mineral Resource inventory to at least 300,000 tonnes Cu. This objective has been achieved. The Company continues to see great potential for further resource development and discovery and is evaluating the potential for further production upgrades above 25,000 tpa.
