Cyprium Metals opens higher on passing 1 million tonnes of contained copper in Nifty resource update
Proactive Investors
Published Mar 14, 2024 10:08
Updated Mar 14, 2024 10:30
Cyprium Metals opens higher on passing 1 million tonnes of contained copper in Nifty resource update
Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) has opened higher after passing a key milestone with an updated 2024 mineral resource estimate (MRE) for its flagship Nifty Copper Mine asset in Western Australia taking measured and indicated mineral resources to 119 million tonnes at 0.84% copper for 1 million tonnes of contained copper.
Importantly, 95% of the global resource at Nifty is now in the higher confidence measured and indicated categories.
Cyprium shares have opened 36.84% higher on the ASX to A$0.026 and are double the closing price of A$0.013 on March 1, 2024.
“Should support large-scale mine”
The updated MRE incorporates past underground modelling of Nifty and supports Cyprium’s plans for a large-scale, open-cut mine.
“This MRE is the basis for our workstreams to redevelop Nifty into a significant new copper mine. With a million tonnes of contained copper, this resource should support a large-scale mine. This is the long-term opportunity at Nifty,” said Cyprium executive chair Matt Fifield.
“Nifty is one of the largest non-operational copper projects in Australia and the only brownfield project that can be reactivated in short order.
“This update is the result of a disciplined process run by the Cyprium team and MEC Mining. Our objective with this MRE scope was to ensure a strong foundation for our planning work, including pit optimisation and mining studies.
“As a result of the detailed study work, the proportion of the resource categorised as measured and indicated has risen from 80% to 95%, bolstering the project’s feasibility and long-term economic prospects,” said Fifield.
The company says Nifty’s sedimentary-hosted copper resource showcases stable mineralisation patterns, defined by comprehensive drilling and mining activities spanning more than 30 years.
This robust dataset, in conjunction with geological and structural information not included in the previous estimate, provided Cyprium with a better understanding and sharper definition of the deposit and significantly upgraded the resource classifications and its economics.
Read more on Proactive Investors AU
Disclaimer
Get The App
Written By: Proactive Investors
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.