TIDMARS
RNS Number : 9506Y
Asiamet Resources Limited
10 May 2023
10 May 2023
Updated BKM Ore Reserve
Asiamet Resources Limited (Asiamet or the Company) is pleased to
announce an update to the Ore Reserve Estimate ("ORE") for its 100%
owned BKM Project, located in Central Kalimantan, Indonesia. This
update is provided as part of the updated Feasibility Study (FS)
[1] . The Statement of Ore Reserves (including the JORC Table 1
Section 4) for BKM was completed by Australian Mine Design and
Development Pty Ltd ("AMDAD") and is reported in accordance with
the requirements of the JORC Code 2012.
A summary of the highlights of the Ore Reserve are detailed
below:
Highlights - 2023 BKM FS Update:
-- BKM Ore Reserves now comprise:
o 19.0Mt @ 0.7% Cu for 137kt of contained copper in the Proved
Reserve category
o 21.8Mt @ 0.6% Cu for 135kt of contained copper in the Probable
Reserve category
o 40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proven
and Probable Ore Reserves category
-- Low strip ratio of 1.2
-- Ore Reserves are reported based on extraction by open-pit
mining and processing by heap-leach and solvent extraction /
electro-winning ("SX-EW")
Darryn McClelland, Asiamet's Chief Executive Officer
commented:
"The BKM Ore Reserve Update is the culmination of workstreams
completed over the last 12 months as part of the BKM Feasibility
Study Update. It has been very pleasing to see consistency in the
assessment of what is economic for the BKM project over the course
of the latest study notwithstanding changing inputs. This gives the
company a high level of confidence that we are targeting the best
material in BKM for the heap leach project and can deliver on the
expected production and financial outcomes. Developing the BKM heap
leach project is the first step on the path that will see Asiamet
unlock the potential of the BKM mineral district and the wider KSK
Contract of Work."
Table 1 The BKM Ore Reserve Estimate summarised in the table
below, May 2023 (100% Basis)
Soluble Total Soluble Total
Copper Copper Copper Copper
Mt % % kt kt
----- -------- -------- -------- --------
Proved Ore 19.0 0.5 0.7 102 137
----- -------- -------- -------- --------
Probable Ore 21.8 0.4 0.6 95 135
----- -------- -------- -------- --------
Total 40.8 0.5 0.7 198 272
----- -------- -------- -------- --------
Waste Rock 50.3
----- -------- -------- -------- --------
Waste : Ore Ratio 1.2
----- -------- -------- -------- --------
Notes: The tonnes and grades shown in the table are stated to a
number of significant figures reflecting the confidence of the
estimate. The table may nevertheless show apparent inconsistencies
between the sum of components and the corresponding rounded totals.
The Ore Reserves are reported within the final pit design forming
the basis of the Updated Feasibility Study. They do not include
Inferred Mineral Resources. The Ore Reserves treat Inferred
Resources within the pit design as waste rock. The Competent Person
for the Ore Reserves is Mr John Wyche who is a full-time employee
of Australian Mine Design and Development Pty Ltd. Mr Wyche is a
Member of the Australasian Institute of Mining and Metallurgy. He
has 35 years of relevant experience in operations and consulting
for open pit metalliferous mines. He has consented to be named as
the Competent Person for the Ore Reserves. (Note: consent can only
be quoted when the Ore Reserves Statement is issued to Asiamet).
Ore Reserves are presented in the document "Ore Reserves Statement,
BKM Copper Project, Central Kalimantan, Indonesia, as at 9 May
2023".
Additional information to accompany the Ore Reserve
Statement:
-- The Ore Reserves have been compiled as part of the Updated
Feasibility Study (UFS) which was completed to account for the
significant changes in the macro-environment for new projects. The
UFS covers all aspects of the project:
o Mineral resource estimation (no change from 2019 Resource
model);
o Geotechnical assessment of stability of final pit wall design
utilising updated assessment of rock mass quality and updated
hydrogeological conceptual model and finite element numerical
model, pit stability assessed in both 2D and 3D limit equilibrium
analysis;
o Heap leach assessment based on column test work and heap
stability and permeability assessment, consolidated reporting of
all heap leach test work and updated interpretation of copper
recovery model, iron dissolution and acid consumption/generation
characteristics;
o Updated site climate assessment and revised water balance and
water quality modelling;
o Mine cost estimation based on detailed budget pricing from
experienced local mining contractors utilising equipment considered
appropriate for scale of mining;
o Feasibility Study design of the heap leach pad earthworks,
liners and reticulation;
o Feasibility Study design of the crushing, conveying and
stacking system;
o Feasibility Study design of the Solvent Extraction and
Electrowinning;
o Feasibility Study design of Process Plant Neutralisation and
Mine ARD water treatment facilities;
o Processing and maintenance cost estimation for the designed
facilities matched to the scheduled ore feed from the mine;
o Site services and administration cost estimation;
o Copper price forecasting for cathode product;
o Cost estimation for Transport and Logistics for inbound
operational cargo and cost estimation for cathode backhauled to
central facility;
o Open Pit optimisation based on the above parameters to define
the pit shape and overall strategic plan;
o Detailed pit design including staging and design of access for
ore and waste to the ROM pad and waste rock dump respectively;
o Detailed production scheduling of the mine, heap leach
stacking and copper cathode production;
o Capital costs for the above items based primarily on
quotations on equipment, from detailed material take offs;,
o Sustaining capital cost estimation based on a range of staged
planned investments such as pit dewatering capacity, heap leach
interlift liners and ARD water treatment capacity;
o Preliminary mine closure cost estimation;
o Financial modelling;
o Environmental and social assessment through the Indonesian
AMDAL process, completed previously.
-- The Ore Reserve Estimate is derived from the June 2019 BKM
Resource Estimate by application of Modifying Factors. The Company
is not aware of any changes which could affect this Resource
estimate
-- The Ore Reserve Estimate is reported within the final pit
design forming the basis of the UFS. It does not include Inferred
Mineral Resources. The Ore Reserve Estimate considers Inferred
Resources within the pit design to be waste rock
-- Conventional open cut mining methods will be used. Mining
loss and dilution factors were estimated by re-blocking the
irregular block sizes in the resource block model to 5m x 5m x 5m.
The resource model blocks are clipped against interpreted
boundaries for the mineralisation. The regular re-blocked block
size reflects a workable mining size for the proposed scale of
mining and grade control and the geometry of the mineralisation. If
mining loss and dilution were applied on a global basis, the
re-blocking would be equivalent to 96% mining recovery with 11%
dilution at 0.11% soluble copper
-- Whittle(TM) pit optimisation was run on the re-blocked
resource model. Inputs for the pit optimisation included:
o Overall wall slopes by geotechnical domain as advised by
specialist geotechnical consultants
o Mining costs based on mining contractor quotes and estimated
owner costs.
o Processing costs based on power from a new Biomass Power
Station and updated assessments of acid and limestone costs, owner
labour and other operating costs,
o Quotations for cathode transport,
o Updated royalty calculations, and
o An updated copper price forecast.
-- Where appropriate, the pit optimisation inputs were varied
spatially through the deposit. These include slopes, mining cost
and copper recovery. Other inputs, such as process costs and copper
price were fixed. Average values of key inputs used are:
o Copper recovery - variable, average 78.6% (applied to soluble
copper grades)
o Mining cost - variable, average US$3.37 per tonne
o Process cost - US$5.16 per ROM tonne (including crusher feed
but excluding electrowinning power)
o General and administration - US$3.02 per ROM tonne
o Electrowinning power - US$253.65 per tonne cathode
o Cathode transport - US$60.00/tonne of cathode
o Copper price - US$3.96/lb fixed over LoM
o Cathode premium - $US 100.00 per tonne of cathode
o Royalty - Government of Indonesia 2%
-- Copper ore will be processed using heap leaching and solvent
extraction and electrowinning (SX-EW) to produce copper cathodes on
site. Ore from the pits will be crushed and agglomerated prior to
conveyor stacking on the heap leach pads. Sulphuric acid will be
used as the leaching agent on the heaps but will not need to be
added at all times due to acid generation from the oxidation of
pyrite.
-- Project assessment is based on the soluble copper portion of
the mineralisation which was determined using extensive sequential
assays throughout the deposit.
-- The ratio of soluble copper species varies through the
deposit making it impossible to state a unique cut-off grade, with
cut-off grades therefore variable over the mine life. However,
grade tonnage reporting of the positive value blocks in the
resource model shows the cut-off grade can be reasonable
approximated as 0.13% soluble copper (Cu(sol) )
-- Mining costs have been sourced from mining contractors who
are familiar with the nature of mining at BKM, with respect to
expected equipment, ground and climate conditions, with blasting
costs provided by quotation from two well-credentialed
suppliers.
-- Owners' costs in Mine Geology and Mining have been derived
from a company organisation structure (based on reverse circulation
grade control drilling for at least the first five years)
-- Processing costs are based on a variety of goods and services
providers (such as the proponent of the Biomass Power Station),
with equipment maintenance costs estimated on the basis of capital
costs of the equipment, and costs for processing and maintenance
personnel derived from a company organisational structure, salary
structure applied and oncost model.
-- Support Service costs have been estimated for the planned
workforce covering the remaining functions outside mining and
processing, with major cost areas such as Transport and Logistics
for the operation and the provision of Camp Services on site based
on cost estimates from reputable service providers in these
areas.
-- The capital cost estimate has been built up from a range of
sources with all major fixed plant equipment being based on vendor
quotations. The costs for site/Heap Leach civil earthworks have
been provided by an experienced civil infrastructure contractor.
Engineering design has been taken to a Feasibility Study standard.
Growth allowance has been allocated at varying levels depending on
confidence in the cost information provided.
-- Royalties are based on the current Government of Indonesia
standards as it relates to production of Copper Cathode.
-- Cost estimates cover the periods through construction, operation, closure and post closure.
-- A discount rate of 8% pa was applied and references the
Company's weighted average cost of capital. The prevailing
corporate taxation rates taxation have been applied in accordance
with the laws of Indonesia.
A copy of the BKM 2023 Ore Reserve Statement, including the JORC
Table 1 Section 4 is available on the Company's website at
www.asiametresouces.com and appended to this announcement via the
following link
http://www.rns-pdf.londonstockexchange.com/rns/9506Y_1-2023-5-10.pdf
Qualified Person and Competent Person's Statement
The statement of Ore Reserves (Table 1) has been completed by
Australian Mine Design and Development Pty Ltd ("AMDAD") and is
reported in accordance with the requirements of the JORC Code
(2012).
The information in this release and the report to which this
statement is attached that relates to the estimation of Ore
Reserves is based on information compiled by Mr John Wyche, a
full-time employee of AMDAD, and who has acted as the Competent
Person on the Ore Reserve Estimation of the BKM Project. Mr Wyche
is a Fellow of The Australasian Institute of Mining and Metallurgy.
He has 35 years of relevant experience in operations and consulting
for open pit metalliferous mines, being sufficient experience that
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 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Wyche consents to the inclusion in
the report and this release of the matters based on his information
in the form and context in which it appears. Mr Wyche confirms that
he is not aware of any new information or data that materially
affects the information included in the relevant market
announcements, and that the form and context in which the
information has been presented has not been materially
modified.
Data disclosed in this press release has been reviewed and
verified by Mr John Wyche, FAusIMM (Fellow of the Australian
Institute of Mining and Metallurgy) acting as a qualified appointed
adviser to Asiamet. Mr Wyche is a Competent Person within the
meaning of the JORC Code 2012 and a Qualified Person for the
purposes of the AIM Rules for Companies.
ON BEHALF OF THE BOARD OF DIRECTORS
Darryn McClelland, Chief Executive Officer
For further information, please contact:
-Ends-
Darryn McClelland
CEO, Asiamet Resources Limited
Email: darryn.mcclelland @ asiametresources .com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@ asiametresources .com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com /
Stephen.Allen@rfcambrian.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Glossary of Technical Terms
"anomaly or anomalous" something in mineral exploration that geologists
interpret as deviating from what is standard, normal,
or expected.
"ARD" Acid Rock Drainage, the outflow of acidic water
from mines metal-rich acidic waters that are generated
through the exposure of sulphidic minerals in mine
wastes to water, oxygen, and microorganisms.
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"assay" The laboratory test conducted to determine the proportion
of a mineral within a rock or other material. For
copper, usually reported as percentage which is
equivalent to percentage of the mineral (i.e. copper)
per tonne of rock.
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"azimuth" the "compass direction" refers to a geographic bearing
or azimuth as measured by a magnetic compass, in
true or magnetic north.
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"bornite" Bornite, also known as peacock ore, is a copper
sulphide mineral with the formula Cu5FeS4.
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"breccia" Breccia is a rock classification, comprises millimetre
to metre-scale rock fragments cemented together
in a matrix, there are many sub-classifications
of breccias.
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"chalcocite" Chalcocite is a copper sulphide mineral with the
formula Cu2S and is an important copper ore mineral.
It is opaque and dark-grey to black with a metallic
lustre.
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"chalcopyrite" Chalcopyrite is a copper sulphide mineral with formula
CuFeS2. It has a brassy to golden yellow colour.
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"channel sample" Samples collected across a mineralised rock exposure.
The channel is typically orientated such that samples
are collected perpendicular to the mineralised structure,
if possible.
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"chargeability" Chargeability is a physical property related to
conductivity. Chargeability is used to characterise
the formation and strength of the induced polarisation
within a rock, under the influence of an electric
field, suggesting sulphide mineralisation at depth.
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"CIM" The reporting standard adopted for the reporting
of the Mineral Resources is that defined by the
terms and definitions given in the terminology,
definitions and guidelines given in the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM)
Standards on Mineral Resources and Mineral Reserves
(December 2005) as required by NI 43-101. The CIM
Code is an internationally recognised reporting
code as defined by the Combined Reserves International
Reporting Standards Committee.
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'Competent Person' The JORC Code requires that a Competent Person must
be a Member or Fellow of The Australasian Institute
of Mining and Metallurgy, or of the Australian Institute
of Geoscientists, or of a 'Recognised Professional
Organisation'.
A Competent Person must have a minimum of five years'
experience working with the style of mineralisation
or type of deposit under consideration and relevant
to the activity which that person is undertaking.
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"Copper cathode" A form of copper metal typically produced in an
SX-EW plant that has a high level purity ( eg 99.95%)
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"covellite" Covellite is a copper sulphide mineral with the
formula CuS. This indigo blue mineral is ubiquitous
in some copper ores.
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Cu Chemical symbol for copper
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Cu(Sol) Acid soluble copper content, expressed as a percentage
of the total ore mass,
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Cu(Tot) Total copper content, including acid soluble and
insoluble, expressed as a percentage of the total
ore mass
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"Cut-off grade" The lowest grade of mineralised material that is
thought to be economically mineable and available.
Typically used to define which material is reported
in a Mineral Resource Estimate or an Ore Reserve
Estimate.
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"diamond drilling" A drilling method in which penetration is achieved
through abrasive cutting by rotation of a diamond
encrusted drill bit. This drilling method enables
collection of tubes of intact rock (core) and when
successful gives the best possible quality samples
for description, sampling and analysis of an ore
body or mineralised structure.
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"digenite" Digenite is a copper sulphide mineral with formula
Cu(9) S(5) . Digenite is a black to dark blue opaque
mineral.
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"dip" A line directed down the steepest axis of a planar
structure including a planar ore body or zone of
mineralisation. The dip has a measurable direction
and inclination from horizontal.
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"electrowinning" See "SX-EW"
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"galena" Galena is the natural mineral form of lead (II)
sulphide, with formula PbS. It is the most important
ore of lead and an important source of silver. It
has a silver colour.
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"grab sample" are samples of rock material collected from a small
area, often just a few pieces or even a single piece
of rock "grabbed" from a face, dump or outcrop or
roughly 2-5kg. These are common types of rock samples
collected when conducting mineral exploration. The
sample usually consists of material that is taken
to be representative of a specific type of rock
or mineralisation.
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"grade" The proportion of a mineral within a rock or other
material. For copper mineralisation this is usually
reported as % of copper per tonne of rock.
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"ppm" parts per million; equivalent to grams per tonne
('g/t')
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"hematite" Hematite is the mineral form of iron(III) oxide
(Fe(2) O(3) ), one of several iron oxides. Magnetite
alteration is also typically associate with porphyry
copper systems, at or close to the central core.
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"hypogene" Hypogene ore processes occur deep below the earth's
surface, and form deposits of primary minerals,
such as chalcopyrite and bornite.
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"Indicated Resource" An 'Indicated Mineral Resource' is that part of
a Mineral Resource for which quantity, grade (or
quality), densities, shape and physical characteristics
are estimated with sufficient confidence to allow
the application of Modifying Factors in sufficient
detail to support mine planning and evaluation of
the economic viability of the deposit.
Geological evidence is derived from adequately detailed
and reliable exploration, sampling and testing gathered
through appropriate techniques from locations such
as outcrops, trenches, pits, workings and drill
holes, and is sufficient to assume geological and
grade (or quality) continuity between points of
observation where data and samples are gathered.
An Indicated Mineral Resource has a lower level
of confidence than that applying to a Measured Mineral
Resource and may only be converted to a Probable
Ore Reserve.
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"Inferred Resource" An 'Inferred Mineral Resource' is that part of a
Mineral Resource for which quantity and grade (or
quality) are estimated on the basis of limited geological
evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade (or
quality) continuity. It is based on exploration,
sampling and testing information gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes.
An Inferred Mineral Resource has a lower level of
confidence than that applying to an Indicated Mineral
Resource and must not be converted to an Ore Reserve.
It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated
Mineral Resources with continued exploration.
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"Induced Polarisation Induced polarisation (IP) is a geophysical survey
Geophysics" used to identify the electrical chargeability of
subsurface materials, such as sulphides. The survey
involves an electric current that is transmitted
into the subsurface through two electrodes, and
voltage is monitored through two other electrodes.
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"intercept" Refers to a sample or sequence of samples taken
across the entire width or an ore body or mineralised
zone. The intercept is described by the entire thickness
and the average grade of mineralisation.
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JORC The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves ('the
JORC Code') is a professional code of practice that
sets minimum standards for Public Reporting of minerals
Exploration Results, Mineral Resources and Ore Reserves.
The JORC Code provides a mandatory system for the
classification of minerals Exploration Results,
Mineral Resources and Ore Reserves according to
the levels of confidence in geological knowledge
and technical and economic considerations in Public
Reports.
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"kt" Kilotonne (measure of weight, one thousand tonnes)
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"lbs" Pounds (measure of weight)
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"LoM" Life of Mine
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"Mlbs" Million pounds (measure of weight)
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"Mt" Million tonnes (measure of weight)
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"magnetite" Magnetite is main iron ore mineral, with chemical
formula Fe(3) O(4) . Magnetite is ferromagnetic,
and it is attracted to a magnet and can be magnetised
to become a permanent magnet itself.
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"massive" In a geological sense, refers to a zone of mineralisation
that is dominated by sulphide minerals. The sulphide-mineral-rich
material can occur in centimetre-scale, metre-scale
or in tens of metres wide veins, lenses or sheet-like
bodies containing sphalerite, galena, and / or chalcopyrite
etc.
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"Measured Resource" A 'Measured Mineral Resource' is that part of a
Mineral Resource for which quantity, grade (or quality),
densities, shape, and physical characteristics are
estimated with confidence sufficient to allow the
application of Modifying Factors to support detailed
mine planning and final evaluation of the economic
viability of the deposit.
Geological evidence is derived from detailed and
reliable exploration, sampling and testing gathered
through appropriate techniques from locations such
as outcrops, trenches, pits, workings and drill
holes, and is sufficient to confirm geological and
grade (or quality) continuity between points of
observation where data and samples are gathered.
A Measured Mineral Resource has a higher level of
confidence than that applying to either an Indicated
Mineral Resource or an Inferred Mineral Resource.
It may be converted to a Proved Ore Reserve or under
certain circumstances to a Probable Ore Reserve.
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"Mineral Resource" A "Mineral Resource" is a concentration or occurrence
of diamonds, natural solid inorganic material, or
natural solid fossilised organic material including
base and precious metals, coal, and industrial minerals
in or on the Earth's crust in such form and quantity
and of such a grade or quality that it has reasonable
prospects for economic extraction. The location,
quantity, grade, geological characteristics and
continuity of a Mineral Resource are known, estimated
or interpreted from specific geological evidence
and knowledge.
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"mineralisation" In geology, mineralisation is the deposition of
economically important metals (copper, gold, lead,
zinc etc) that in some cases can be in sufficient
quantity to form mineral ore bodies.
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"Modifying Factors" Modifying Factors are considerations used to convert
Mineral Resources to Ore Reserves. These include,
but are not restricted to, mining, processing, metallurgical,
infrastructure, economic, marketing, legal, environmental,
social and governmental factors.
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"open pit mining" A method of extracting minerals from the earth by
excavating downwards from the surface such that
the ore is extracted in the open air (as opposed
to underground mining).
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"ORE" Ore Reserves Estimate.
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"Ore Reserves" Ore Reserves are those portions of Mineral Resources
that, after the application of all Modifying Factors,
result in an estimated tonnage and grade which,
in the opinion of the Competent Person making the
estimates, are economically mineable.
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"outcrop" A section of a rock formation or mineral vein that
appears at the surface of the earth. Geologists
take direct observations and samples from outcrops,
used in geologic analysis and creating geologic
maps. In situ (in place) measurements are critical
for proper analysis of the geology and mineralisation
of the area under investigation.
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"polymetallic" three or more metals that may occur in magmatic,
volcanogenic, or hydrothermal environments; common
base and precious metals include copper, lead, zinc,
silver and gold.
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"polymict" A geology term, often applied to breccias or conglomerates,
which identifies the composition as consisting of
fragments of several different rock types.
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"porphyry" Porphyry copper deposits are copper +- gold +- molybdenum
orebodies that are formed from hydrothermal fluids
that originate from a voluminous magma chamber below
the deposit itself.
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"Probable" A Probable Ore Reserve is the economically mineable
part of an Indicated, and in some circumstances,
a Measured Mineral Resource. The confidence in the
Modifying Factors applying to a Probable Ore Reserve
is lower than that applying to a Proved Ore Reserve.
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"Proved" A Proved Ore Reserve is the economically mineable
part of a Measured Mineral Resource. The confidence
in the Modifying Factors applying to a Proved Ore
Reserve is higher than that applying to a Probable
Ore Reserve and implies a high degree of confidence
in the Modifying Factors.
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"propylitic alteration" Propylitic alteration is the chemical alteration
of minerals within a rock, caused by hydrothermal
fluids. This style of alteration typically results
in epidote-chlorite+-albite alteration and veining
or fracture filling, commonly altering biotite or
amphibole minerals within the rock groundmass. It
typically occurs along with pyrite.
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"pyrite" a common sulphide mineral that consists of iron
combined with sulphur, has a pale brass-yellow colour
and metallic lustre, and is used especially in making
sulphuric acid
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"sediments" Sedimentary rocks formed by the accumulation of
sediments. There are three types, Clastic, Chemical
and Organic sedimentary rocks.
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"sequential assays" Sequential copper analysis is a technique to semi-quantitatively
define the zonations associated with some copper
deposits. The method is based on the partial dissolution
behaviour displayed by the prevalent copper minerals
to solutions containing sulphuric acid and sodium
cyanide. Results from sequential analyses can theoretically
determine the amounts of leachable oxide minerals,
leachable secondary sulphide minerals, and primary
copper minerals, respectively.
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"soluble copper" Acid soluble copper only, as distinct from all,
or total, copper
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"solvent extraction" See "SX-EW"
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"sphalerite" Sphalerite is a zinc sulphide in crystalline form
but almost always contains variable iron, with formula
(Zn,Fe)S. It can have a yellowish to honey brown
or black colour.
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"supergene" Supergene ore processes occur near surface, and
form deposits of secondary minerals, such as malachite,
azurite, chalcocite, covellite, digenite, etc.
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"surface rock Rock chip samples approximately 2kg in size that
chip samples" are typically collected from surface outcrops exposed
along rivers and mountain ridgelines.
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"SX-EW" Solvent extraction-electrowinning, a metallurgical
process that that takes copper-bearing aqueous solutions
(usually generated by heap leaching copper-bearing
ores), selectively removes copper from solution
through the use of organic reagents, and then electroplates
copper cathode
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"veins" A vein is a sheet-like or anastomosing fracture
that has been infilled with mineral ore (chalcopyrite,
covellite etc) or mineral gangue (quartz, calcite
etc) material, within a rock. Veins form when minerals
carried by an aqueous solution within the rock mass
are deposited through precipitation and infill or
coat the fracture faces.
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"volcanics" Volcanic rock such as andesite or basalt that is
formed from magma erupted from a volcano, or hot
clastic material that erupts from a volcano and
is deposited as volcaniclastic or pyroclastics.
-------------------------------------------------------------------
" Whittle(TM) A mining industry standard pit optimisation tool
"
-------------------------------------------------------------------
[1] Feasibility Study was released on 10 May 2023
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END
UPDEANSEFEXDEEA
(END) Dow Jones Newswires
May 10, 2023 05:30 ET (09:30 GMT)
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