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Breakaway Research
Website: www.breakawayresearch.com
Elysium Resources (ASX: EYM)
Elysium Resources continues to make significant progress on its 100 per cent-owned Burraga copper project in the Central West of New South Wales.
Key advancements include progress on the permitting and EIS, and exploration in the project area has returned excellent early stage results, with a number of targets now requiring drilling – we consider the Burraga tenements as highly prospective for additional gold and base metal mineralisation, with any discoveries potentially adding to the currently planned 4.4 year, 300,000 tonnes per annum operation.
Successful project implementation will allow Elysium to self-fund exploration activities over all of its prospective properties, and any exploration success should significantly drive the company’s value.
Elysium Resources is an Australian mineral exploration company whose core business is exploring for large, high-quality copper and gold deposits in the rich mineral provinces of Australia and Indonesia.
Elysium is currently focussing activities on its Burraga copper project, located south-east of Bathurst in the Central West of NSW, and centred over the historic Lloyds Mine, which produced some 470,000 tonnes of ore at over 4 per cent copper.
The strategy involves developing a 300,000 tonnes per annum operation to initially treat historic tails and slag, and then develop an open pit to mine and treat approximately one million tonnes of in-situ copper mineralisation.
Free cash flow from the envisaged 4.4 year operation will be used to fund ongoing exploration activities on the company’s exploration assets, including a number of high quality gold and copper targets in the Burraga tenements.
Other exploration tenements include Malang in the highly prospective Sunda Arc of Indonesia, and Horseshoe South in the VMS prospective Bryah Basin of Western Australia.
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