Quarterly Activities Report
Perth, Jan 31, 2022 AEST (ABN Newswire) - Cyprium Metals Limited (
ASX:CYM) is pleased to provide the following overview of the Company's activities for the December 2021 quarter.
Nifty drilling - Nifty copper mineralisation ~100m thick
- Mineral Resource infill and extensional drilling programmes continues to provide ore intercepts to expand the resource, including:
- 87m @ 0.92% Cu from 193m downhole in 21NRWP043
- 94m @ 0.58% Cu from 168m downhole in 21NRWP021
- 86m @ 0.57% Cu from 170m downhole in 21NRWP018
- 92m @ 0.55% Cu from 171m downhole in 21NRWP016
- 115m @ 0.51% Cu from 156m downhole in 21NRWP044
- 97m @ 0.47% Cu from 145m downhole in 20NRWP020
Nifty Copper Project
- Nifty Heap Leach Restart development activities during the Quarter included:
- Updated Nifty Mineral Resource estimate of 45.9Mt @ 1.6% Cu for 732,200t total contained copper metal
- Drilling programmes continues to provide ore intercepts to expand the resource
- First Government Approval document lodged
- SX/EW and related infrastructure refurbishment has commenced
- Front End Engineering and Design continuing with scheduling of long lead items
- Metallurgical column test work continues to optimise processing parameters
Maroochydore drilling - Maroochydore copper oxide mineralisation ~100m thick
- Maroochydore Mineral Resource infill and extensional drilling programme completed
- Oxide mineralisation currently extends over a strike length of 3,000m, has a width up to 800m and thicknesses up to 100m from less than 50m of surface
Murchison drilling - Murchison copper mineralisation ~200m thick
- Assays received from final two diamond drill holes at Nanadie Well
- Extensive copper-gold sulphide mineralisation intersected extending over 168m and 274m downhole from ~30m respectively below the outlined shallow Cu-Au oxide mineralisation
- Previous diamond drill assay results included:
- 144m @ 0.71% Cu & 0.21g/t Au from 25m downhole in NWD2004
- 180m @ 0.64% Cu & 0.17g/t Au from 10m downhole in NWD2003
- 232m @ 0.38% Cu & 0.07g/t Au from 109m downhole in NWD2001
Corporate
- Cyprium ended the quarter with a cash balance of $25.5 million
Managing Director Barry Cahill commented:
"The quarter has been very busy as we received significant broad mineralised intersections of copper from both Nifty and Nanadie Well. We have approached the conclusion of a number of significant milestones to progress our strategy to produce copper metal plate. If we look at the images of the drilling chips and core in this quarterly narrative in this report, all we see is copper minerals, copper minerals and more copper minerals.
We have been very pleased with the Nifty West drilling results received to date. These assay results confirm the presence of a substantial zone of copper mineralisation. This mineralisation is up-plunge of the former underground mine and contained within the resource zone within the proposed open pit envelope.
An updated Nifty mineral resource estimate was released during the quarter, and these assays will be included in a further mineral resource update during the first half of 2022.
The Nifty restart project is proceeding well, and we have commenced refurbishment activities. Copper metal production at Nifty is planned to commence by the second half of 2023. As usual for our team, we will aim to commence copper production at the earliest opportunity.
The initial drilling programmes were completed at the Maroochydore Copper Cobalt Project. The physical footprint of this shallow copper cobalt deposit is more than 3 kilometres in length. The width and quality of the mineralisation in the RC chips and diamond drill core was very impressive.
We also received another set of fantastic drill results from the extensive copper deposit emerging at Nanadie Well, with broad mineralised intercepts which remain open in multiple directions."
*To view the full Quarterly Report with tables and figures, please visit:
https://abnnewswire.net/lnk/4F6782E6
About Cyprium Metals Ltd
Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.
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