Mowana Copper Mine

Mowana has a Maiden JORC (2012) mineral resource estimate of 75 million tonnes at 1.15% Cu for 861,000 tonnes of contained copper, with additional upside potential

 

Mowana’s current JORC (2012) mineral resource estimate is 75 million tonnes at 1.15% Cu for 861,000 tonnes of contained copper, which includes a measured and indicated resource of 40 million tonnes at 1.17% Cu for 466,000 tonnes of contained copper and an inferred resource of 35 million tonnes at 1.12% for 395,000 tonnes of contained copper.

This resource 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.

Mowana Copper Mine Mineral Resource Estimate1, 3
   

 

Cut-Off4

(% Cu)

Measured Indicated Measured + Indicated Inferred
Tonnes

(Kt)

Cu (%) Cu Metal6

(Kt)

Tonnes

(Kt)

Cu (%) Cu Metal6

(Kt)

Tonnes

(Kt)

Cu (%) Cu Metal6

(Kt)

Tonnes

(Kt)

Cu (%) Cu Metal6

(Kt)

Oxide 0.72 572 1.58 9 568 1.28 7 1,140 1.43 16 434 1.67 7
Transition 0.37 1,262 1.31 17 1,449 1.12 16 2,711 1.21 33 651 1.28 8
Supergene 0.34 1,553 1.41 22 1,511 1.23 19 3,064 1.32 40 906 1.41 13
Fresh 0.29 11,689 1.30 151 21,239 1.06 225 32,928 1.14 376 33,194 1.10 366
Total 15,076 1.32 199 24,767 1.08 267 39,843 1.17 466 35,185 1.12 395
Notes:

1.  Mineral Resources are reported in accordance with the guidelines of the JORC Code (2012).

2.  Mineral Resources were constrained by an optimised pit shell based on a copper price of $3.20/lb.

3.  Mineral Resources are based on the most current topographic survey, dated 26 February 2018.

4.  Cut-off grades are breakeven cut-off grades based on open pit optimisation parameters.

5.  Mineral Resources are not Ore Reserves until they have demonstrated economic viability based on a feasibility study or pre-feasibility study.

6.  Cu Metal represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery or any other factor.

7.  Numbers may not cast due to rounding differences.

8.  Average Cu % shown rather than total

 

Additional Upside

 

Significant 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).