Resource Upgrade
(Thomson Reuters ONE) - AIM RELEASE19 October 2009Copper-Silver Resource Upgrade at ZetaHighlightsZeta Mineral resource Estimate§ Total mineral resource tonnes at Zeta increased by 40%(approximately 10 Million tonnes) to 35.4 Million tonnes at 1.4% Cuand 22.3 g/t Ag§ Contained copper increased by 33% and contained silver increasedby 56%§ Measured and Indicated Mineral Resource increased to 11 Mt at1.6% copper and 23 g/t silver§ Inferred Mineral Resource increased to 25 Mt at 1.4% copper and 22g/t silver§ Increased drilling density at Zeta has improved delineation ofhigh grade zones which should result in enhanced project economicsTotal Boseto Mineral Resource§ 60.4 Mt at 1.4% copper and 20 g/t silver§ Total Mineral Resources at Boseto increased by 20%§ Contained copper in Mineral Resources at Boseto increased by 12%to 845,600 tonnes and contained silver increased by 32% to 38 Millionounces§ Infill drilling at Plutus and Petra completed- assay resultspending and new resource estimate planned for completion December2009Zeta Mineral ResourceDiscovery Metals Limited (ASX/BSE: "DML") (AIM: DME) announces asignificant upgrade of the Mineral Resource Estimate for the ZetaProspect at its Boseto Copper Project (100%) (Figure 1) followingre- estimation by Snowden Mining Industry Consultants Pty Ltd("Snowden"). The revised Mineral Resource estimate incorporates alldrilling results as released to the market since the last Resourceestimate in December 2008. These drilling results represent the endof the infill drilling campaign at Zeta planned as part of theBankable Feasibility Study on the Boseto Copper Project. This infilldrilling campaign specifically targeted the near surface portion ofthe Zeta Mineral Resource in areas considered to be amenable to openpit mining.The Zeta Mineral Resource comprises: Measured and Indicated Resources of 10.9Mt (at)1.6% Cu and 23.5 g/t AgandInferred Mineral Resources of 24.5 Mt (at) 1.4% Cu and 21.8 g/t Ag allat a cut off grade of 0.6% Cu.The Total Mineral Resource for Zeta is now 35.4 Mt (at) 1.4% Cu and 22.3g/t Ag at a cut off grade of 0.6% Cu.This represents a substantial improvement in both the quality andquantity of the Zeta Mineral Resource compared to the previousestimate in December 2008 (Table 1).Table 1: Comparison with Previous Zeta Mineral Resource Estimate+-------------------------------------------------------------------+| | New Zeta Mineral | Dec 08 Zeta Mineral || | Resource | Resource ||---------------------+----------------------+----------------------|| | Mt | % Cu | g/t Ag | Mt | % Cu | g/t Ag ||---------------------+------+------+--------+------+------+--------|| Measured | 3.9 | 1.6 | 23.0 | | | ||---------------------+------+------+--------+------+------+--------|| Indicated | 7.0 | 1.5 | 23.8 | 3.9 | 1.7 | 26.1 ||---------------------+------+------+--------+------+------+--------|| Sub Total Meas. & | 10.9 | 1.6 | 23.5 | 3.9 | 1.7 | 26.1 || Indicated | | | | | | ||---------------------+------+------+--------+------+------+--------|| Inferred | 24.5 | 1.4 | 21.8 | 21.3 | 1.4 | 19.1 ||---------------------+------+------+--------+------+------+--------|| Total Mineral | 35.4 | 1.4 | 22.3 | 25.2 | 1.5 | 20.1 || Resource | | | | | | |+-------------------------------------------------------------------+All Mineral Resources reported at a cut off grade of 0.6% CuThe portion of this estimate of the mineral resource that sits withinthe limits of the previous (October 2008) estimate contains a MineralResource of 33.4 Mt (at) 1.44% Cu and 22.6 g/t Ag highlighting that thethickness in some areas of the Zeta mineralisation has been increasedas a result of additional drill hole data.Whilst the majority of drill holes intersect mineralisation at depthsshallower than 120 metres, this estimate of the Zeta Mineral Resource(as with previous estimates) incorporates drill results from holesthat have intersected mineralisation at depths of up to 350 metresbelow surface. Zones of copper-silver mineralisation with gradesexceeding 1.5% Cu are present at depth over strike lengths exceeding1500 metres. These large, higher grade zones of copper-silvermineralisation present potential for economically viable undergroundmining. A scoping study will be completed before December toprogress understanding of the potential for underground mining atZeta.This estimation of the Zeta Mineral Resource incorporates all assayresults from the Feasibility Study infill drilling programme recentlycompleted at Zeta. The focus of this infill drilling programme was toupgrade portions of the Zeta mineral Resource expected to beeconomically mineable via open pit methods to the Measured andIndicated Mineral Resource categories. The objectives of this infilldrilling programme have been successfully delivered in line with theFeasibility Study planning. The intersection points of the infilldrill holes are shown in long section in Figures 3 & 4.Along the southern margin of Zeta, a portion of the Inferred MineralResource totalling 0.5Mt (at) 0.9% Cu and 14.4 g/t Ag shall requireadditional infill drilling to quantify its economic potential interms of minimum mining width (>0.5m). This region represents lessthan 1% of the total Resource reported to date.As with all other prospects at the Boseto Copper Project, themineralisation at Zeta remains open at depth and potential remains toextend the Zeta Prospect along the strike of the mineralisation.The Boseto Mineral ResourceMeasure and Indicated Mineral Resources at Boseto now total 11.7 Mt(at) 1.5% Cu and 22.9 g/t Ag at a cut of grade of 0.6% Cu.The Total Mineral Resources for the Boseto Copper Project areestimated to be 60.4 Mt (at) 1.4% Cu and 19.5 g/t Ag at a cut of gradeof 0.6% Cu.This revision of the Zeta Mineral Resource estimate has resulted in asignificant improvement in the total Mineral Resource at Bosetocompared to the previous estimate (Table 2 and Figure 2). The totalMineral Resource tonnage has increased by 20% with contained Copperincreased by 15% and contained Silver increased by 32%.Table 2: Boseto Copper Project Mineral Resources+------------------------------------------------------------------------------------------+| | Zeta | Plutus | Petra | Total ||-----------------------+----------------+----------------+---------------+----------------|| | Mt |% Cu|g/t Ag| Mt |% Cu|g/t Ag|Mt |% Cu|g/t Ag| Mt |% Cu|g/t Ag||-----------------------+----+----+------+----+----+------+---+----+------+----+----+------|| Measured | 3.9| 1.6| 23.0| | | | | | | 3.9| 1.6| 23.0||-----------------------+----+----+------+----+----+------+---+----+------+----+----+------|| Indicated | 7.0| 1.5| 23.8| | | |0.8| 1.4| 14.0| 7.8| 1.5| 22.8||-----------------------+----+----+------+----+----+------+---+----+------+----+----+------|| Sub Total Meas. & |10.9| 1.6| 23.5| | | |0.8| 1.4| 14.0|11.7| 1.5| 22.9|| Indicated | | | | | | | | | | | | ||-----------------------+----+----+------+----+----+------+---+----+------+----+----+------|| Inferred |24.5| 1.4| 21.8|15.9| 1.6| 16.4|8.3| 1.2| 14.1|48.7| 1.4| 18.7||-----------------------+----+----+------+----+----+------+---+----+------+----+----+------||Total Mineral Resource |35.4| 1.4| 22.3|15.9| 1.6| 16.4|9.1| 1.2| 14.1|60.4| 1.4| 19.5|+------------------------------------------------------------------------------------------+All Mineral Resources reported at a cut off grade of 0.6% CuThe Mineral Resources at Boseto have continued to improve as theFeasibility Study infill drilling programme has progressed.Growth in Boseto Mineral Resources - GRAPH insertThe infill drilling programme at the Plutus and Petra Prospects whichwas also carried out as part of the Bankable Feasibility Study hasalso now been completed. A new estimate of the Mineral Resources atPlutus and Petra will be completed following the receipt of theresults of this drilling programme. It is anticipated that the nextestimate of the Plutus and Petra Mineral Resources will be completedin December 2009.The drilling of the first of five diamond drill holes planned totarget high grade zones extending at depth in the Zeta MineralResource has commenced. These areas have potential for undergroundmining opportunities in the future. These holes are expected to becompleted before the end of November 2009.Work also commence during September to drill a series of step outexploration holes targeting strike extensions of the Plutus MineralResource to the north east of the existing Plutus Mineral Resource.Assay results from this series of holes are expected to be availableby November 2009.Implication for Boseto ProjectThe significant increase in Measured and Indicated Resources at theZeta Prospect reinforces the strong continuity of mineralisation atBoseto and the ability of the Company to deliver areas of highercopper grade (greater than 1.5% Cu) into the highest confidencemineral resource categories.The total Measured and Indicated Mineral Resources of 10.9Mt (at) 1.6%Cu & 23.5 g/t Ag have been defined in the areas of the Zeta MineralResource that are believed to have potential for mining by open pitmethods.The quality and quantity of the Mineral Resources at Boseto are nowsignificantly improved over that used for the Preliminary FeasibilityStudy completed in 2008 and improve the economic viability of theBoseto Copper Project.The increased drilling density at Zeta has also improved delineationof high grade zones within the overall mineralisation at Zeta (shownin long section in Figure 3). These high grade zones are significantin scale and offer potential for improved project economics. Minescheduling will aim to deliver copper grades above the averageresource grade early in the mine life.The Boseto Bankable Feasibility Study (BFS) currently focuses on theopen pit potential at Boseto. The current Zeta Resource modelextends to approximately 400 metres below surface and copper- silvermineralisation remains open at depth. The nature of themineralisation and presence of large high grade zones suggest strongpotential for economic mining of the mineral resource located belowthe base of open pits by underground mining methods. Work iscurrently underway to assess the potential for low cost copperproduction through underground mining methods at Boseto. The firstscoping level report on this potential for underground mining isexpected to be completed before the end of 2009.The development of underground operations could enable extension ofthe Boseto mine life or facilitate an increase in annual production.Boseto Project BackgroundDiscovery Metals' Boseto Copper Project (100% owned) is located innorth-west Botswana, approximately 80 km south-west of the town ofMaun, within the district of Ngamiland. A seven tenement package wasgranted to Discovery Metals in September 2005 and fieldwork on thistenement package commenced in October 2005. The Government ofBotswana approved the Company's renewal of these tenements inSeptember 2008 and all prospective areas were retained by theCompany. In June 2008, Discovery Metals was granted an additionalseven tenements extending from the south-west boundary of theoriginal 2005 granted tenements through to the Namibian border,adding 5,700 km2 to the area held under prospecting licenses, tobring the total current tenement area to 10,100 km2. The outer limitof the exploration licence area starts approximately 60 km south-westof Maun and stretches in a south-westerly direction for approximately300 km to the Namibian border.The Boseto Copper Project is located within a belt of significantcopper-silver mineralisation that extends from the well known andmore highly developed Zambian Copper Belt across north-west Botswanaand into Namibia. The poorly explored and undeveloped portion ofthis belt in north-west Botswana is known as the Kalahari CopperBelt.Copper in the Boseto Project area occurs predominantly in chalcocite,with minor amounts of bornite and other copper sulphides present. Atshallow depths, malachite and chrysocolla exist in significantproportions within some areas of the mineral resource.The total Mineral Resource for the Boseto Copper Project, reported inaccordance with The Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves (The JORC Code, "2004Edition") at a cut off of 0.6% Cu is:60.4 Mt (at) 1.4% Cu and 19.5 g/t Ag containing 846 kt copper metal and38 Moz silver consisting of:Measured and Indicated Mineral Resource of 11.7 Mt (at) 1.5% Cu and 22.9g/t Ag and,Inferred Mineral Resource of 48.7 Mt (at) 1.4% Cu and 18.7 g/t AgA Pre Feasibility Study for the Boseto Copper Project was completedon time and on budget in July 2008. Discovery Metals is currentlyundertaking a Bankable Feasibility Study for the Boseto CopperProject which is planned for completion in March 2010.Competent Persons StatementThe information in this report as it relates to the Zeta, Plutus andPetra Mineral Resources for the Boseto Copper project was compiled byMessrs Jason Hosken and Matthew Nimmo; and reviewed by David Arnott.Messrs Hosken and Arnott are both Members of The AustralasianInstitute of Mining and Metallurgy. Mr Nimmo is a member of theAustralian Institute of Geoscientists. At the time of preparing thereported Mineral Resource Messrs Hosken and Nimmo were employedfulltime by Snowden Mining Industry Consultants Pty Ltd (Snowden). Mr Arnott is a full time employee of Snowden, and has sufficientexperience which is relevant to the style of mineralisation and typeof deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004Edition of the "Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves". The information inthis report that relates to Exploration Results is based oninformation compiled by Mr Fred Nhiwatiwa who is a Member of theAustralasian Institute of Mining and Metallurgy. Mr Nhiwatiwa is afull-time employee of the Company. Mr Nhiwatiwa has sufficientexperience which is relevant to the style of mineralisation and typeof deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004Edition of the "Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves". Mr Arnott and MrNhiwatiwa consent to the inclusion in the report of the matters basedon information provided by them and in the form and context in whichit appears.For further information contact:Discovery Metals LimitedBrad SampsonManaging DirectorTel: +617 3218 0200Fairfax I.S. PLCEwan Leggat / Laura LittleyTel: +44 (0)20 7598 5368Conduit PRJos Simson/Emily FentonTel: +44 (0) 20 7429 6603Mobile: +44 (0)7899 870 450Further information on the Company is available on its website:www.discoverymetals.com.au---END OF MESSAGE---http://hugin.info/137928/R/1348163/324364.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.10.2009 - 05:35 Uhr
Sprache: Deutsch
News-ID 7019
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 248 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Resource Upgrade"
steht unter der journalistisch-redaktionellen Verantwortung von
Discovery Metals Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
