THE BOURSE WHISPERER: Altona Mining has upgraded the Mineral Resource Estimates for three deposits at the company’s 100 per cent-owned Roseby project, located near Mt Isa in Queensland.
The new estimates are:
These Resources are reported at a 0.3% copper lower cut-off grade. Source: Company announcement
The newly upgraded Resource has resulted in contained copper metal being increased by 48 per cent at the Ivy Ann deposit and by 141 per cent at the Lady Clayre deposit.
There was limited change in the Resources at the Bedford deposit.
The upgrades stem from drilling undertaken by Altona at Ivy Ann and Lady Clayre in 2011 and at Bedford in 2009.
Location of deposits in the central part of the Roseby project area. Source: Company announcement
“There is significant potential to further increase resources, particularly at Ivy Ann and Lady Clayre,” Altona Mining said in its ASX announcement.
“Further drilling is planned for the upcoming 2012 field season.”
Altona said it see the role to be played by these deposits will be as satellite feeder pits to the much larger Little Eva mine and processing plant.
The total Resource classified as copper-gold sulphide and available for mining and for processing at the proposed Little Eva plant is now stands at 131.2 million tonnes at 0.53 per cent copper and 0.10 grams per tonne gold for 701,000 tonnes contained copper, 431,000 ounces contained gold.