Mowana has mineral resources of 172 mt @ 0.84% copper with additional upside potential demonstrated via drilling.
Mowana’s current resource is circa 172Mt at 0.84% Cu, of which 26Mt sits within two existing pre-stripped 350 metre-deep pits which form part of the same continuous mineralised structure. The deposit has a strike length of approximately 4.7km and these pits, Mowana South and Mowana North, will form the basis of production for the next 11 years. Allowing for an element of overlap in the original modelling on which the CPR is based, the Company estimates the resource at 162Mt at 0.84% Cu (equating to 481kt Cu in the Measured and Indicated categories and a 732 kt Cu in the Inferred).
|Deposit||Cut-off||Category||Tonnes (kt)||Cu Grade (%)|
|Mowana South*||0.25% Cu||Measured||14,725||1.00|
|Mowana North Conical Pit **||0.25% Cu||Indicated||31,060||1.00|
|Mowana North Extension **||0.25% Cu||Inferred||55,082||0.74|
With 20Mt @ >1.5% Cu identified as sitting down plunge to the north of the two main open pits, the opportunity exists to extend the current 11 year mine life considerably.
Further upside opportunity is available within the wider Mowana licence area with drilling to the south of the South Pit intersecting gold mineralisation which appears to be part of the same system. More work is needed to understand the importance of this. Mineralisation also continues to the north of the North Pit. With this in mind, the Company is also considering development of an underground operation at Makala (the underground extension to the Thakadu pit which was exhausted in 2015).