30 Aug Cobre Limited (ASX:CBE) NCP Exploration Target Estimate Highlights Significant Scale
Cobre Limited (ASX:CBE) is pleased to announce the results from a recently completed modelling exercise at the Ngami Copper Project (NCP) in the Kalahari Copper Belt (KCB), Botswana.
* Model results have been classified into Exploration Target category (see Table 1) based on the potential to extract copper from the deposit using an In-Situ Copper Recovery (ISCR) process1 which is supported by first stage metallurgical and hydrogeological work.
* Results from the modelling provide a clear indication of the project’s substantial scale, which may exceed 100 million tonnes.
* The next steps to unlocking the significant ISCR potential will include:
1. Ongoing metallurgical testing designed to optimise copper recoveries with results
expected in early Q4 of 2023;
and prove the viability of an ISCR methodology, will commence in Q4 of 2023;
3. Following successful pump test work, a diamond drilling programme totalling approximately 9,000m is planned to start in Q1 of 2024 in order to advance the Exploration Target Category 1 to Inferred Resource.
Commenting on the Exploration Target Estimate, Adam Wooldridge, Cobre’s Chief Executive Officer, said:
“The completed modelling work provides us with a first pass estimate of the significant size and grade of copper mineralisation on the southern anticline structure at NCP. Our estimation models derived from drill tested mineralisation, geophysical data and geological modelling, indicate the project has a scale of between 103 and 166Mt @ 0.38 to 0.46% Cu with a relatively small drill programme required to bring the first circa 23Mt into an inferred category resource. In addition, more than 20km of untested strike from open ended targets provides significant blue sky which is expected to further extend the project scale.
Our metallurgical and high-level hydrogeological work indicates that the project is a strong candidate for ISCR which would provide a cost-effective method for beneficiating the copper from this substantial target with minimal environmental footprint. Our next steps along the ISCR journey will involve conducting pump testing to gather detailed hydrogeological information and conducting further metallurgical test work to optimise copper recoveries.”