Metals Acquisition Limited (NYSE: MTAL) (ASX:MAC):
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the full release here:
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Figure 1 – CSA Copper Mine Long Section
(Graphic: Business Wire)
Metals Acquisition Limited (“MAC” or the “Company”) today
provides a market update on the continuing exploration and resource
development at the CSA Copper Mine:
Highlights
- The 2023 Resource and Reserve estimate is scheduled for release
in Q2 2024
- All results reported in this release are after the cut-off date
(August 31, 2023) for the 2023 Resource and Reserve and will be
incorporated in the subsequent Resource and Reserve Estimate
update.
- Results from QTS North (“QTSN”) include:
- 14m @ 7.9% Cu from 159m in UDD20139
- 16m @ 10.4% Cu from 102m in UDD23024
- 19.2m @10.4% Cu from 114.8m in UDD23025
- Results from QTS Central (“QTSC”) include:
- 11.5m @ 11.8% Cu from 180.5m in UDD22052
- 6.9m @ 11.3% Cu from 114.5m in UDD22040
- 25.6m @ 6.1% Cu from 152.4m in UDD22049A
- 14.5m @ 9.0% Cu from 146.5m in UDD22054
- Results from the near surface QTS South Upper A (“QTSSUA”)
include:
- 1.7m @ 21.3% Cu from 281.2m in QSDD057C
- 3.0m @ 13.9% Cu from 268.7m in QSDD059
- 4.3m @ 14.2% Zn, 3.9% Pb and 0.8% Cu from 294.4m in
QSDD060
Discussion
MAC has continued drilling since acquiring the CSA Copper Mine
in June 2023 with a view to expand it’s high quality resource base
to underpin a new reserve estimate and mine plan. Due to the lead
time required to complete a full reserve estimate and mine plan the
data cut off for the 2023 Resource and Reserve Statement is August
31,2023. All results reported in this release are after that cut
off.
Results are reported as down hole widths. A complete list of
post-August 2023 resource drilling is contained in Table 1 at the
end of this report.
MAC CEO, Mick McMullen commented “These results continue to
showcase why we think the CSA Copper Mine has a long future with
continued exploration success converting the Inferred Resource to
Measured and Indicated, together with adding new mineralisation to
the inventory. QTS North continues to demonstrate good continuity
at depth with what is in line with observed CSA Copper Mine widths
and grades such as the 19.2m @ 10.4% Cu in UDD23025.
QTS Central appears to be getting wider with the new drilling
which is very encouraging from what is already our highest margin
ore. The shallow high-grade results from QTS South Upper A are very
encouraging and work is underway in incorporating this into a
resource estimate for mine planning purposes. The presence of a
high-grade Zn lens in this area is interesting and drilling is
underway on the shallow potions of the nearby East and West lodes
to determine what mineralisation may not have been mined
historically.
Following the recent A$325m capital raise associated with the
ASX listing, the Company is accelerating its in mine and near mine
exploration efforts given that most of the ore bodies are open. The
grades at the CSA Copper Mine are high and the return on capital
from adding incremental resources adjacent to existing
infrastructure is compelling.”
CSA Copper Mine
The CSA Copper Mine is a world class mine that consists of a
series of mineralized lenses that extend from surface to a depth of
over 2.3km. The main deposits are QTSN, QTSC, QTSS, East and West
lenses with additional mineralisation in the near surface QTSS
Upper A zone. Approximately 75% of the resources are contained in
QTSN.
The resource model for QTSN commences approximately 850m below
surface, with all data above that in hard copy and not in the
digital database. Work is underway to digitize and validate this
data and will be incorporated into a future resource update. Based
on the initial information it would appear that there are
reasonable prospects for additional mineralisation in the top 850m
of the mine.
Refer to Figure 1 below for the location of the various
deposits.
Exploration Results
Figure 1 – CSA Copper Mine Long Section
Drilling has been targeting conversion of Inferred resource to
Measured and Indicated for inclusion in the Reserve Estimate, as
well as the known mineralized lenses to add incremental
resources.
The location of the significant drill results is shown in Figure
2 below.
Figure 2 – QTSN and QTSC Long Section
At QTSN, the most recent drilling has confirmed the location of
the Inferred Resource and enabled it to be upgraded as well as
confirmation of the smaller mineralized lenses adjacent to the
existing resource. This can be seen in Figure 3. QTSN is
characterised by a series of high-grade lenses (grading plus 5% Cu)
that can range in width from 10-35m surrounded by a lower grade
halo on the footwall.
As drilling has progressed down dip it would appear that tonnes
per vertical metre are increasing.
Figure 3 – QTSN Cross Section
QTSC is located adjacent to QTSN and is centred around a depth
of 1.4km and is open both up and down dip. QTSC is typically
narrower than QTSN but higher grade. As seen in Figure 4 the most
recent drilling continues to confirm the presence of the high-grade
mineralisation below the current working level through the Inferred
Resource and into mineralised material that will extend the
resource beyond its current limits.
Figure 4 – QTSC Cross Section
QTSS Upper A is a narrow (1.5 to 3m) but a high-grade zone of
mineralisation that is much shallower than the rest of the mine.
This lens starts approximately 120m below surface and extends to
approximately 350m below surface. Drilling from surface was
targeting upgrading the confidence level of the mineralization to
allow inclusion in the new 2023 Resource and Reserves Estimate and
for mine planning purposes.
This lens is narrower than the average QTSN and QTSC lenses but
share a higher grade with QTS Central. In a mine known for high
grade copper material the QTSS Upper A lens stands out based on
intercepted grades of 1.7m @ 21.3% Cu in QSDD057C and 3m @ 13.9% Cu
in QSDD059. These are truly exceptional Cu grades and even with
diluted stope shapes for mining purposes the grade from this lens
is high.
Of note also is the intercepted 4.3m @ 14.2% Zn, 3.9% Pb and
0.8% Cu in QSDD060 immediately downhole of the 0.5m @ 9.1% Cu in
the same hole. The CSA Copper Mine started life as a high-grade Zn,
Pb, and Cu mine in the upper portions of the mine and there exists
high grade Zn and Pb zones immediately in the footwall of the
higher grade Cu zones that require further investigation.
Competent and Qualified Person Statement(s)
The information in this announcement that relates to Exploration
Results at the CSA Copper Mine is based on information compiled or
reviewed by Patrick Adams, a Competent Person who is a Fellow of
the Australian Institute of Mining and Metallurgy. Mr. Adams is
employed by Cube Consulting Pty Ltd. Mr. Adams has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the JORC
Code. Mr. Adams has given (and not withdrawn) written consent to
the inclusion in the report of the results reported here and the
form and context in which it appears. Mr. Adams is also a Qualified
Person as defined by S-K 1300 rules for mineral deposit disclosure.
Mr. Adams further consents as Qualified Person to the inclusion in
the report of the matters based on information in the form and
context in which it appears.
This announcement is authorised for release by Mick McMullen,
Chief Executive Officer and Director.
About Metals Acquisition Limited
Metals Acquisition Limited (NYSE: MTAL; ASX:MAC) is a company
focused on operating and acquiring metals and mining businesses in
high quality, stable jurisdictions that are critical in the
electrification and decarbonization of the global economy.
Cautionary and Forward Looking Statements
This press release has been prepared by Metals Acquisition
Limited (“Company” or “MAC”), has been prepared in compliance with
the JORC Code 2012 Edition and includes “forward-looking
statements.” The ‘forward-looking information’ is based on the
Company’s expectations, estimates and projections as of the date on
which the statements were made.
MAC’s actual results may differ from expectations, estimates,
and projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward- looking statements. These
forward-looking statements include, without limitation, MAC’s
expectations with respect to future performance of the CSA Copper
Mine and anticipated financial impacts and other effects of the
proposed business combination, the satisfaction of the closing
conditions to the proposed transaction and the timing of the
completion of the proposed transaction. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from those discussed
in the forward-looking statements. Most of these factors are
outside MAC’s control and are difficult to predict. Factors that
may cause such differences include, but are not limited to: the
ability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things; the
supply and demand for copper; the future price of copper; the
timing and amount of estimated future production, costs of
production, capital expenditures and requirements for additional
capital; cash flow provided by operating activities; unanticipated
reclamation expenses; claims and limitations on insurance coverage;
the uncertainty in mineral resource estimates; the uncertainty in
geological, metallurgical and geotechnical studies and opinions;
infrastructure risks; and dependence on key management personnel
and executive officers; and other risks and uncertainties indicated
from time to time in the definitive proxy statement/prospectus
relating to the business combination that MAC filed with the SEC,
including those under “Risk Factors” therein, and in MAC’s other
filings with the SEC. MAC cautions that the foregoing list of
factors is not exclusive. MAC cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. MAC does not undertake or accept any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
More information on potential factors that could affect MAC’s or
CSA Copper Mine’s financial results is included from time to time
in MAC’s public reports filed with the SEC. If any of these risks
materialize or MAC’s assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that MAC
does not presently know, or that MAC currently believes are
immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect MAC’s expectations, plans or
forecasts of future events and views as of the date of this
communication. MAC anticipates that subsequent events and
developments will cause its assessments to change. However, while
MAC may elect to update these forward-looking statements at some
point in the future, MAC specifically disclaims any obligation to
do so, except as required by law. These forward- looking statements
should not be relied upon as representing MAC’s assessment as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Table 1 – Significant Drill Results QTSN, QTSC and QTSS
Upper
Hole
East (MG)
North (MG)
RL. (MG)
EOH
Azimuth
Dip
From
To
Length
Cu %
Ag g/t
System
UDD20139
5873.06
3864.05
8474.16
310.0
74.0
-49.0
47.6
52.5
4.9
3.4
19.2
QTS North
74.0
77.0
3.0
3.4
14.3
QTS North
82.0
86.0
4.0
4.1
25.0
QTS North
159.0
173.0
14.0
7.9
40.4
QTS North
UDD20142
5873.07
3863.36
8474.09
360.0
91.5
-50.0
89.1
98.9
9.8
3.8
25.0
QTS North
UDD22113
5845.08
4217.82
8515.13
380.5
57.0
-35.0
274.3
277.4
3.1
4.1
126.2
QTS North
UDD23001
5873.25
3862.57
8474.70
330.0
108.9
-37.1
115.0
119.0
4.0
3.7
14.0
QTS North
UDD23002
5873.27
3862.43
8474.25
250.0
110.7
-47.4
124.6
129.2
4.6
3.7
18.5
QTS North
UDD23005
5873.09
3862.29
8474.16
239.0
115.6
-36.0
111.3
118.6
7.3
3.0
19.2
QTS North
UDD23006
5873.29
3862.18
8474.25
276.1
116.4
-44.5
91.8
94.8
3.0
3.7
0.0
QTS North
UDD23012
5872.74
3862.43
8474.11
332.0
117.2
-57.6
25.3
28.3
3.0
3.3
16.0
QTS North
117.6
124.0
6.4
5.4
29.5
QTS North
202.7
206.0
3.3
4.4
0.0
QTS North
UDD23004
5873.10
3863.80
8474.16
294.5
79.5
-46.5
75.7
79.0
3.3
2.9
0.0
QTS North
84.5
93.2
8.7
3.7
19.8
QTS North
UDD23010
5872.93
3861.10
8474.13
282.0
122.3
-43.6
83.0
87.5
4.5
3.0
17.0
QTS North
100.8
105.2
4.4
2.9
20.5
QTS North
125.0
129.0
4.0
3.1
15.3
QTS North
155.1
159.7
4.6
5.8
39.5
QTS North
UDD23014A
5903.21
3961.92
8417.48
126.0
120.0
-65.5
51.4
56.8
5.4
2.6
12.0
QTS North
UDD23024
5904.02
3963.50
8418.80
180.0
78.0
-15.5
76.3
80.4
4.1
6.9
24.9
QTS North
102.0
118.0
16.0
10.4
38.6
QTS North
UDD23029
5873.24
3862.88
8474.70
225.0
101.5
-31.0
77.8
80.9
3.1
6.0
26.7
QTS North
UDD20144
5873.32
3862.20
8474.16
400.0
116.5
-47.0
87.5
91.5
4.0
3.5
0.0
QTS North
102.4
107.0
4.6
6.7
30.9
QTS North
128.8
133.8
5.0
4.5
17.6
QTS North
161.5
166.4
4.9
7.5
34.7
QTS North
UDD21096
5843.38
4211.32
8514.51
190.0
89.0
-7.5
169.7
176.2
6.5
5.7
30.0
QTS North
UDD22124
5843.99
4216.46
8513.45
460.7
46.0
-42.0
313.4
319.2
5.8
3.2
6.3
QTS North
UDD22125
5844.10
4216.17
8513.48
440.0
52.6
-44.5
310.9
314.3
3.4
8.7
27.6
QTS North
UDD22131
5844.12
4218.35
8513.69
510.9
32.5
-20.0
358.8
363.0
4.2
4.2
8.5
QTS North
UDD23003
5873.26
3862.81
8474.29
390.4
102.6
-47.2
95.1
101.3
6.2
3.2
0.0
QTS North
152.5
155.6
3.1
3.3
17.0
QTS North
UDD23007
5873.21
3861.87
8474.26
259.8
121.5
-35.3
120.0
125.7
5.7
3.3
17.0
QTS North
135.9
139.7
3.8
2.8
14.7
QTS North
146.0
149.9
3.9
4.0
21.7
QTS North
UDD23025
5903.75
3963.52
8418.14
218.3
79.0
-37.0
64.1
67.9
3.8
7.5
0.0
QTS North
72.0
78.0
6.0
3.7
0.0
QTS North
82.1
89.1
7.0
4.4
0.0
QTS North
114.8
134.0
19.2
10.4
31.7
QTS North
UDD23030
5873.25
3863.42
8474.89
260.0
92.5
-33.0
189.8
195.0
5.2
3.6
0.0
QTS North
UDD23031
5872.95
3863.21
8474.10
295.0
94.0
-53.0
82.6
96.1
13.5
4.6
22.2
QTS North
UDD22041
6055.77
3624.71
8702.39
165.6
96.0
-47.3
98.0
106.7
8.7
3.0
5.9
QTS Central
UDD22043
6056.02
3624.32
8702.36
162.5
103.8
-46.3
99.9
108.4
8.5
4.2
11.5
QTS Central
116.2
119.6
3.4
7.2
0.0
QTS Central
UDD22044
6055.69
3624.18
8702.44
181.8
109.3
-51.7
107.9
111.9
4.0
4.7
8.4
QTS Central
117.0
121.1
4.1
4.0
23.5
QTS Central
UDD22047
6055.45
3624.21
8702.38
200.0
108.6
-57.5
133.0
150.0
17.0
4.7
0.0
QTS Central
UDD22051
6054.00
3626.20
8703.20
225.0
134.7
-52.6
153.3
159.1
5.8
4.4
4.4
QTS Central
UDD22052
6054.81
3623.19
8702.41
266.4
139.6
-55.6
180.5
192.0
11.5
11.8
38.9
QTS Central
UDD22042
6055.67
3624.09
8702.46
185.0
94.6
-53.4
116.5
121.2
4.7
4.6
0.0
QTS Central
128.5
140.0
11.5
4.5
16.0
QTS Central
UDD22045
6055.50
3624.09
8702.39
200.0
95.4
-58.6
151.0
156.1
5.1
3.5
6.5
QTS Central
UDD22048
6055.33
3624.16
8702.39
213.0
109.6
-60.3
160.2
165.4
5.2
4.4
9.7
QTS Central
UDD22053
6055.21
3623.07
8702.40
213.0
135.2
-46.8
143.9
149.3
5.4
5.1
0.0
QTS Central
151.5
158.5
7.0
4.5
8.3
QTS Central
UDD22023
6056.73
3623.30
8702.41
162.0
115.0
-32.4
93.9
102.2
8.3
5.6
27.6
QTS Central
110.9
115.5
4.6
4.8
10.0
QTS Central
UDD22039
6056.26
3623.81
8702.49
160.0
111.0
-40.3
98.0
109.7
11.7
4.8
7.9
QTS Central
UDD22040
6055.79
3623.32
8702.47
160.5
124.0
-37.5
95.3
99.5
4.2
4.0
0.0
QTS Central
102.8
109.0
6.2
7.5
0.0
QTS Central
114.5
121.4
6.9
11.3
28.3
QTS Central
UDD22049A
6054.00
3626.20
8703.20
222.8
125.7
-58.4
152.4
178.0
25.6
6.1
21.7
QTS Central
UDD22054
6055.32
3622.80
8702.47
196.4
137.4
-39.6
136.6
143.0
6.4
5.1
17.7
QTS Central
146.5
161.0
14.5
9.0
26.6
QTS Central
QSDD056
6440.22
2988.00
10258.06
321.4
268.6
-57.2
268.4
269.2
0.8
3.5
10.0
QTSS Upper A
QSDD057C
6438.24
2959.60
10257.83
301.2
266.8
-59.9
281.2
282.9
1.7
21.3
72.3
QTSS Upper A
QSDD059
6433.27
2900.58
10257.56
294.5
272.1
-57.0
268.7
271.6
3.0
13.9
43.3
QTSS Upper A
QSDD060
6437.03
2841.27
10257.29
320.1
270.1
-59.0
293.1
293.6
0.5
9.1
90.0
QTSS Upper A
Hole
From
To
Length
Cu %
Ag g/t
Pb %
Zn %
System
QSDD060
294.40
298.70
4.3
0.8
27.7
3.9
14.2
QTSS Upper A
APPENDIX 1
JORC Code, 2012 Edition – Table 1: CSA Mineral Resource,
February 2024
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria
JORC Code explanation
Commentary
Sampling techniques
- Nature and quality of sampling (eg cut channels, random chips,
or specific specialised industry standard measurement tools
appropriate to the minerals under investigation, such as down hole
gamma sondes, or handheld XRF instruments, etc). These examples
should not be taken as limiting the broad meaning of sampling.
- Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any measurement
tools or systems used.
- Aspects of the determination of mineralisation that are
Material to the Public Report. In cases where ‘industry standard’
work has been done this would be relatively simple (eg ‘reverse
circulation drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’). In other
cases more explanation may be required, such as where there is
coarse gold that has inherent sampling problems. Unusual
commodities or mineralisation types (eg submarine nodules) may
warrant disclosure of detailed information.
- Mostly NQ and NQ2 diamond drill holes using standard tube
although in 2023 all underground drilling was NQ3 size. Minor
sampling from HQ, BQ, LTK48 and LTK60 sized diamond core holes.
Prior to mining, the mineral resource is typically defined by
drilling on a 20mN x 20 mRL for all systems; however, QTS North is
drilled at it tightest to a 20 mN x 37.5 mRL grid. Hole spacing
increases to 40 mN x 40 mRL at depth and to 40 mN x 75 mRL below
this.
- Drillhole collars were picked up by site underground surveyors
and hole paths by downhole magnetic surveys. Diamond core is used
to obtain high quality samples that are logged for lithological,
structural, geotechnical and other attributes.
- Half core samples are mostly 1m in length with sample weights
averaging 1.9kg. The cutting and sampling process is carried out at
CSA Mine. These samples are crushed and pulverised to produce a sub
sample for analysis by aqua regia digestion and ICP-AES analysis
for a suit of elements including Cu, Ag, Pb, Zn, Au, Fe and S.
High-grade assays are re-analysed to ensure maximum Cu recovery.
Sample preparation and assaying is carried out by independent
laboratory, Australian Laboratory Services (“ALS”) in Orange,
NSW.
Drilling techniques
- Drill type (eg core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (eg core
diameter, triple or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core is oriented and if
so, by what method, etc).
- Mostly NQ and NQ2 diamond drill holes using standard tube with
conversion to NQ3 exclusively in 2023. Minor sampling from HQ, BQ,
LTK48 and LTK60 sized diamond core holes.
Drill sample recovery
- Method of recording and assessing core and chip sample
recoveries and results assessed.
- Measures taken to maximise sample recovery and ensure
representative nature of the samples.
- Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
- Core recovery is measured during the logging process. Driller
depth markers and core presentation is checked and corrected where
necessary.
- Core is reconstructed into continuous runs -depths are checked
against the depths recorded on the core blocks.
- Overall, core recovery is 97.5%. Low core recovery does not
impact the quality of the CSA data set.
Logging
- Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
- Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc.) photography.
- The total length and percentage of the relevant intersections
logged.
- Geotechnical logging has been carried out on diamond holes
since 2002 to aid in the mine design process. Geological logging of
diamond drill core, to a level suitable for the: a) interpretation
of domains based on geology and sulphide content. b) for
metallurgical sample selection.
- Core is logged in full by geologists for lithology, mineralogy,
structure, RQD. Core is photographed wet prior to sampling.
- All drillholes are logged in full.
Sub-sampling techniques and sample
preparation
- If core, whether cut or sawn and whether quarter, half or all
core taken.
- If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.
- For all sample types, the nature, quality and appropriateness
of the sample preparation technique.
- Quality control procedures adopted for all sub-sampling stages
to maximise representivity of samples.
- Measures taken to ensure that the sampling is representative of
the in situ material collected, including for instance results for
field duplicate/second-half sampling.
- Whether sample sizes are appropriate to the grain size of the
material being sampled.
- Sample intervals of typically 1m lengths are marked on the core
by the Geologist. Core is cut in half using an Almonte core saw.
Sample intervals are marked in the tray prior to placing half core
in calico sample bags. Prior to 2017, bulk density was measured
using the Archimedes method at a rate of one interval per core tray
Since January 2017, every second hole had a specific gravity
determination (via the Archimedes method) at the ALS assaying
laboratory.
- Not applicable – all drilling is diamond core.
- Sample preparation of diamond core follows industry best
practice involving coarse crushing of half core samples down to 70%
passing 2mm followed by pulverization of the entire sample to a
grind size of 85% passing 75 micron.
- All QAQC assay data is interrogated upon return from the
laboratory using standard QAQC practices. There are strict
procedures for processing of the core from markup to placing in a
sample bag.
- Field QC procedures involve the use of certified reference
material as assay standards, along with blanks, duplicates and
barren waste. The insertion rate for standards and field duplicates
(second half core) is 1 in 30.
- Sample sizes are considered appropriate for the semi-massive to
massive style of sulphide mineralisation. Mine reconciliation data
supports this.
Quality of assay data and laboratory
tests
- The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered
partial or total.
- For geophysical tools, spectrometers, handheld XRF instruments,
etc., the parameters used in determining the analysis including
instrument make and model, reading times, calibrations factors
applied and their derivation, etc.
- Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (i.e. lack of bias) and precision
have been established.
- ALS procedure ME-OG46 is followed and is considered to report
total Cu recovery. The analytical technique uses aqua regia to
digest the sample followed by conventional ICP-AES analysis for a
list of elements including Cu, Ag, Pb, Zn, Fe and S. Most of the
assay records from holes drilled prior to 2000 have been assayed
using an unknown assay technique and are flagged as such in the
acQuire database. Assessment of the potential impact of these
assays on the resource estimate indicates that the only likely
significant effect is on the Eastern and Western Systems mineral
resource above 9070 mRL and 9300 mRL. respectively.
- No geophysical tools were used to determine element
concentrations used in the resource estimation.
- Sample preparation checks at the crushing and pulverizing stage
were carried out by the laboratory as part of their internal
procedures. Laboratory QAQC involves the use of internal lab
standards using certified reference material as part of the in-
house procedures. Field duplicates have been collected since 2002,
the difference between the mean Cu values on an annual basis is
0.02% Cu and correlation co-efficient value of 0.99 confirming no
global bias. For Ag the mean duplicate values on an annual basis
have a difference 0.05 g/t and correlation co-efficient value of
0.96; there is no global bias, however bias is often attributed for
the higher values and is treated using top- cuts. Overall, there
are 14 types of standards in the database. During 2023, eight
Certified Reference Material standards with values ranging from
blank to 14.7% Cu were inserted into the sample stream.
Verification of sampling and
assaying
- The verification of significant intersections by either
independent or alternative company personnel.
- The use of twinned holes.
- Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic)
protocols.
- Discuss any adjustment to assay data.
- Infill drilling prior to level development and geological
mapping is used to verify high grade Cu zones. Chalcopyrite
mineralogy is quantified visually during logging and provides a
valid tool for assay correlation. Zones of Western and Eastern
mineralisation defined by historic drilling were re-drilled to
improve estimation quality.
- Twinned holes are not routinely drilled – mapping and
reconciliation data is used to track grade accuracy and
repeatability.
- Primary data was collected on paper log sheets and Excel
templates. All data was imported into the on-site acQuire database
which runs a series of internal validation procedures.
- No adjustments or calibrations were made to any assay data used
in the estimate.
Location of data points
- Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings and other
locations used in Mineral Resource estimation.
- Specification of the grid system used.
- Quality and adequacy of topographic control.
- Hole collars were picked up by site underground surveyors. A
small proportion of hole collars are based on design coordinates
and do not have final survey coordinates. The holes are considered
to have an error of <2.0m in the east-west orientation –
subsequent infill drilling confirms mineralisation continuity and
location of the holes with un-surveyed collars. Drillholes are
routinely surveyed downhole using a multi-shot camera at 30m
intervals. At the end of a drillhole, a multi-shot is run from end
of hole to the collar at 3m intervals.
- A mine grid coordinate system is used – survey data is captured
using the mine grid coordinates, therefore a grid transfer process
is not required for the resource estimation process.
- The surface topography is adequately defined and includes the
location of mine infrastructure.
Data spacing and distribution
- Data spacing for reporting of Exploration Results.
- Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve estimation procedure(s)
and classifications applied.
- Whether sample compositing has been applied.
- Prior to mining the mineral resource is typically defined by
drilling on a 20 mN x 20 mRL for all the systems; however, QTS
North is drilled at tightest to a 20 mN x 37.5 mRL grid. Hole
spacing increases to 40 mN x 40 mRL at depth and to 40 mN x 75 mRL
below this. Hole spacing is in important factor in final resource
classification.
- A guide to assay grade continuity was done by comparing sample
grades with mapping. Assay grade continuity is quantified by
variography studies and built into the resource model using copper
kriging metrics to assist classification in accordance with the
2012 JORC Code.
- Samples are composited to 1m intervals for estimation
purposes.
Orientation of data in relation to
geological structure
- Whether the orientation of sampling achieves unbiased sampling
of possible structures and the extent to which this is known,
considering the deposit type.
- If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and reported if
material.
- Drillholes generally intersect mineralisation orthogonally. The
steep plunge of the mineralisation means deeper holes often follow
down plunge trends.
- De-clustered assay mean grades are compared to grade estimates
to ensure the influence of de-clustering is minimised in the
estimation. Clustering in the deeper parts of the resource has been
considered in the resource classification process.
Sample security
- The measures taken to ensure sample security.
- Chain of custody is managed by CSA. Samples are stored at the
mine site and delivered by a contract transport company to the ALS
laboratory in Orange, NSW. Tracking sheets are used by the mine and
laboratory to communicate dispatch and arrival details for each
batch.
Audits or reviews
- The results of any audits or reviews of sampling techniques and
data.
- Snowden Mining Industry Consultants reviewed the CSA mineral
resource estimation and reporting procedures in 2005 and assisted
with improvements. Xstract Mining Consultants assisted with the
preparation of the June 2010 mineral resource including improvement
recommendations. A CMPL Corporate audit was completed in 2015. All
of the above audits/reviews included sections on data collection
techniques. Early in 2017, Optiro Pty. Ltd completed a study on the
QTS North resource, focused on determining the optimum drill
spacing.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria
JORC Code explanation
Commentary
Mineral tenement and land tenure
status
- Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title
interests, historical sites, wilderness or national park and
environmental settings.
- The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to operate in the
area.
- The CSA Mine is located on Consolidated Mining Lease No 5
(1992) (CML5), which is owned and operated by Cobar Management Pty
Limited (CMPL). CMPL is wholly owned by Metals Acquisition Limited.
CMPL holds Exploration Licence No 5693 (EL5693), which encompasses
CML5 and Exploration Licence No 5983 (EL5983), which lies 7km north
of the CSA Mine.
- The expiry date for CML5 is 24th June, 2028.
Exploration done by other
parties
- Acknowledgment and appraisal of exploration by other
parties.
- Other parties have not been involved on exploration
activities.
Geology
- Deposit type, geological setting and style of
mineralisation.
- CSA Mine mineralisation style is a classic Cobar style deposit.
Mineralisation is shear hosted within the CSA Siltstone occurring
as steeply plunging dilation zones containing veined, semi-massive
and massive sulphides. The major ore bearing sulphide is
chalcopyrite with lesser cubanite. Pyrrhotite is the principal
sulphide gangue.
Drill hole Information
- A summary of all information material to the understanding of
the exploration results including a tabulation of the following
information for all Material drill holes:
- easting and northing of the drill hole collar
- elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
- dip and azimuth of the hole
- down hole length and interception depth
- hole length.
- If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent Person
should clearly explain why this is the case.
- See table below.
- All drill holes have been reported – no information has been
excluded.
Borehole
Intersections - Sep 1st 2023 to Feb 29th 2024
Hole
East (MG)
North (MG)
RL. (MG)
EOH
Azimuth
Dip
From
To
Length
Cu %
Ag g/t
System
UDD20139
5873.06
3864.05
8474.16
310.0
74.0
-49.0
47.6
52.5
4.9
3.4
19.2
QTS North
74.0
77.0
3.0
3.4
14.3
QTS North
82.0
86.0
4.0
4.1
25.0
QTS North
159.0
173.0
14.0
7.9
40.4
QTS North
UDD20142
5873.07
3863.36
8474.09
360.0
91.5
-50.0
89.1
98.9
9.8
3.8
25.0
QTS North
UDD22113
5845.08
4217.82
8515.13
380.5
57.0
-35.0
274.3
277.4
3.1
4.1
126.2
QTS North
UDD23001
5873.25
3862.57
8474.70
330.0
108.9
-37.1
115.0
119.0
4.0
3.7
14.0
QTS North
UDD23002
5873.27
3862.43
8474.25
250.0
110.7
-47.4
124.6
129.2
4.6
3.7
18.5
QTS North
UDD23005
5873.09
3862.29
8474.16
239.0
115.6
-36.0
111.3
118.6
7.3
3.0
19.2
QTS North
UDD23006
5873.29
3862.18
8474.25
276.1
116.4
-44.5
91.8
94.8
3.0
3.7
0.0
QTS North
UDD23012
5872.74
3862.43
8474.11
332.0
117.2
-57.6
25.3
28.3
3.0
3.3
16.0
QTS North
117.6
124.0
6.4
5.4
29.5
QTS North
202.7
206.0
3.3
4.4
0.0
QTS North
UDD23004
5873.10
3863.80
8474.16
294.5
79.5
-46.5
75.7
79.0
3.3
2.9
0.0
QTS North
84.5
93.2
8.7
3.7
19.8
QTS North
UDD23010
5872.93
3861.10
8474.13
282.0
122.3
-43.6
83.0
87.5
4.5
3.0
17.0
QTS North
100.8
105.2
4.4
2.9
20.5
QTS North
125.0
129.0
4.0
3.1
15.3
QTS North
155.1
159.7
4.6
5.8
39.5
QTS North
UDD23014A
5903.21
3961.92
8417.48
126.0
120.0
-65.5
51.4
56.8
5.4
2.6
12.0
QTS North
UDD23024
5904.02
3963.50
8418.80
180.0
78.0
-15.5
76.3
80.4
4.1
6.9
24.9
QTS North
102.0
118.0
16.0
10.4
38.6
QTS North
UDD23029
5873.24
3862.88
8474.70
225.0
101.5
-31.0
77.8
80.9
3.1
6.0
26.7
QTS North
UDD20144
5873.32
3862.20
8474.16
400.0
116.5
-47.0
87.5
91.5
4.0
3.5
0.0
QTS North
102.4
107.0
4.6
6.7
30.9
QTS North
128.8
133.8
5.0
4.5
17.6
QTS North
161.5
166.4
4.9
7.5
34.7
QTS North
UDD21096
5843.38
4211.32
8514.51
190.0
89.0
-7.5
169.7
176.2
6.5
5.7
30.0
QTS North
UDD22124
5843.99
4216.46
8513.45
460.7
46.0
-42.0
313.4
319.2
5.8
3.2
6.3
QTS North
UDD22125
5844.10
4216.17
8513.48
440.0
52.6
-44.5
310.9
314.3
3.4
8.7
27.6
QTS North
UDD22131
5844.12
4218.35
8513.69
510.9
32.5
-20.0
358.8
363.0
4.2
4.2
8.5
QTS North
UDD23003
5873.26
3862.81
8474.29
390.4
102.6
-47.2
95.1
101.3
6.2
3.2
0.0
QTS North
152.5
155.6
3.1
3.3
17.0
QTS North
UDD23007
5873.21
3861.87
8474.26
259.8
121.5
-35.3
120.0
125.7
5.7
3.3
17.0
QTS North
135.9
139.7
3.8
2.8
14.7
QTS North
146.0
149.9
3.9
4.0
21.7
QTS North
UDD23025
5903.75
3963.52
8418.14
218.3
79.0
-37.0
64.1
67.9
3.8
7.5
0.0
QTS North
72.0
78.0
6.0
3.7
0.0
QTS North
82.1
89.1
7.0
4.4
0.0
QTS North
114.8
134.0
19.2
10.4
31.7
QTS North
UDD23030
5873.25
3863.42
8474.89
260.0
92.5
-33.0
189.8
195.0
5.2
3.6
0.0
QTS North
UDD23031
5872.95
3863.21
8474.10
295.0
94.0
-53.0
82.6
96.1
13.5
4.6
22.2
QTS North
UDD22041
6055.77
3624.71
8702.39
165.6
96.0
-47.3
98.0
106.7
8.7
3.0
5.9
QTS Central
UDD22043
6056.02
3624.32
8702.36
162.5
103.8
-46.3
99.9
108.4
8.5
4.2
11.5
QTS Central
116.2
119.6
3.4
7.2
0.0
QTS Central
UDD22044
6055.69
3624.18
8702.44
181.8
109.3
-51.7
107.9
111.9
4.0
4.7
8.4
QTS Central
117.0
121.1
4.1
4.0
23.5
QTS Central
UDD22047
6055.45
3624.21
8702.38
200.0
108.6
-57.5
133.0
150.0
17.0
4.7
0.0
QTS Central
UDD22051
6054.00
3626.20
8703.20
225.0
134.7
-52.6
153.3
159.1
5.8
4.4
4.4
QTS Central
UDD22052
6054.81
3623.19
8702.41
266.4
139.6
-55.6
180.5
192.0
11.5
11.8
38.9
QTS Central
UDD22042
6055.67
3624.09
8702.46
185.0
94.6
-53.4
116.5
121.2
4.7
4.6
0.0
QTS Central
128.5
140.0
11.5
4.5
16.0
QTS Central
UDD22045
6055.50
3624.09
8702.39
200.0
95.4
-58.6
151.0
156.1
5.1
3.5
6.5
QTS Central
UDD22048
6055.33
3624.16
8702.39
213.0
109.6
-60.3
160.2
165.4
5.2
4.4
9.7
QTS Central
UDD22053
6055.21
3623.07
8702.40
213.0
135.2
-46.8
143.9
149.3
5.4
5.1
0.0
QTS Central
151.5
158.5
7.0
4.5
8.3
QTS Central
UDD22023
6056.73
3623.30
8702.41
162.0
115.0
-32.4
93.9
102.2
8.3
5.6
27.6
QTS Central
110.9
115.5
4.6
4.8
10.0
QTS Central
UDD22039
6056.26
3623.81
8702.49
160.0
111.0
-40.3
98.0
109.7
11.7
4.8
7.9
QTS Central
UDD22040
6055.79
3623.32
8702.47
160.5
124.0
-37.5
95.3
99.5
4.2
4.0
0.0
QTS Central
102.8
109.0
6.2
7.5
0.0
QTS Central
114.5
121.4
6.9
11.3
28.3
QTS Central
UDD22049A
6054.00
3626.20
8703.20
222.8
125.7
-58.4
152.4
178.0
25.6
6.1
21.7
QTS Central
UDD22054
6055.32
3622.80
8702.47
196.4
137.4
-39.6
136.6
143.0
6.4
5.1
17.7
QTS Central
146.5
161.0
14.5
9.0
26.6
QTS Central
Note:
Borehole intersects criteria based on
Copper grade >2.5% and >3m.
Hole
East (MG)
North(MG)
RL. (MG)
EOH
Azimuth
Dip
From
To
Length
Cu %
Ag g/t
System
QSDD056
6440.22
2988.00
10258.06
321.4
268.6
-57.2
268.4
269.2
0.8
3.5
10.0
QTSS Upper A
QSDD057C
6438.24
2959.60
10257.83
301.2
266.8
-59.9
281.2
282.9
1.7
21.3
72.3
QTSS Upper A
QSDD059
6433.27
2900.58
10257.56
294.5
272.1
-57.0
268.7
271.6
3.0
13.9
43.3
QTSS Upper A
QSDD060
6437.03
2841.27
10257.29
320.1
270.1
-59.0
293.1
293.6
0.5
9.1
90.0
QTSS Upper A
Note:
The intersects criteria is not apply to
QTSS Upper A due to its mineralisation style as narrow vein.
Zinc Results
Hole
Sample ID
From
To
Length
Cu %
Ag g/t
Pb %
Zn %
QSDD060
CU157624
285.50
286.10
0.6
0.0
2.0
0.6
1.0
QSDD060
CU157632
293.60
294.40
0.8
1.6
31.0
0.2
1.7
QSDD060
CU157633
294.40
295.20
0.8
0.6
24.0
7.0
16.8
QSDD060
CU157634
295.20
295.90
0.7
0.6
16.0
2.5
25.2
QSDD060
CU157637
297.70
298.70
1.0
1.2
64.0
9.7
30.0
Data aggregation methods
- In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations (eg cutting of
high grades) and cut-off grades are usually Material and should be
stated.
- Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the
procedure used for such aggregation should be stated and some
typical examples of such aggregations should be shown in
detail.
- The assumptions used for any reporting of metal equivalent
values should be clearly stated.
- The Exploration Results criteria for borehole intersects is
based on Cu grade > 2.5% and > 3m. This criteria is not apply
for QTS South Upper A due to its mineralization style as narrow
vein. Cu and Ag grade calculated by length weighted average.
- No top-cut (grade capping) has been used.
- No metal equivalent values are used.
Relationship between mineralisation
widths and intercept lengths
- These relationships are particularly important in the reporting
of Exploration Results.
- If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
- If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg ‘down hole
length, true width not known’).
- Overall, the mineralisation structures are trending North-South
and vertical.
- The drilling programs are considering drillhole with azimuth
oriented to improve the intercepted angle between mineralization
structures and drillhole.
- Only down hole length is considered for reporting
purposes.
Diagrams
- Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional views.
- See figures below.
Balanced reporting
- Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
- All exploration results are reported with all drill holes and
significant intercepts listed in the included table above.
Other substantive exploration
data
- Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
- There is no other substantive exploration data.
Further work
- The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale step-out
drilling).
- Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially
sensitive.
- Drill holes are planned to test lens extensions along strike
and vertical axis.
- The long section above shows QTS North and QTS Central resource
as targets for drilling activities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240319036286/en/
Mick McMullen Chief Executive Officer Metals Acquisition Limited
investors@metalsacqcorp.com
Morne Engelbrecht Chief Financial Officer Metals Acquisition
Limited
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