Quarterly Activities Report
Perth, Oct 31, 2022 AEST (ABN Newswire) - Cyprium Metals Limited (
ASX:CYM) is pleased to provide the following overview of the Company's activities.
Nifty Copper Restart Project
- Cyprium has now increased the mineral resource endowment at Nifty Copper Project by over 40% and the west and east of the mineralisation remains open
- The updated mineral resource estimates will be included in Phase 1 of the Nifty Restart Project optimisation, which will add further copper tonnes, mine life and cashflow
- Environment and Regulatory Approvals received whilst most of the operational readiness and environmental clean-up activities now completed
- Advanced discussions are continuing with debt financiers, who are undertaking due diligence activities and reviewing financing documentation
Murchison Copper-Gold Project
- RC drilling at the Nanadie Well Project has identified broad anomalous zones copper- nickel-PGE mineralisation 1.6 kilometres north of the Nanadie Well resource
- RC drilling on the 10 kilometre long layered magmatic/greenstone-metasediment basal contact has identified further copper-nickel-PGE mineralisation
- RC drilling has successfully tested the Nanadie mineralisation a further 1.6km along strike to the north
- These encouraging results have been prioritised for follow up geophysical and drilling programmes
Managing Director Barry Cahill commented:
"The Nifty Copper Project is in a state of readiness so that at the completion of the finance process, there is an effective and efficient transition from care and maintenance to full construction and then commissioning to production.
The Nifty Copper Project restart is the first phase of a potential +20-year life and remains robust, with current Australian dollar copper pricing at a similar level to what was used in the Restart Study, which was completed in March 2022. The increase in resources and the reduction in base costs, such as freight, since the study was finalised will only improve that robustness.
After 24 months of surface mapping, geophysical surveys, drilling, assaying, interpreting data and generating a mineral resource, we are seeing the results which are demonstrating the size and multi-metal nature of the extensive magmatic system at the Nanadie Well Project.
Cyprium is well advanced with the Nifty finance process and the operation itself is at the start line, ready to be refurbished and restarted once the financing is finalised. We look forward to commencing construction post finance, then producing and shipping copper metal, not ore or concentrate, but LME Grade A copper metal cathode, in the north of WA."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/M4EGLO86
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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