THE BOURSE WHISPERER: Blackthorn Resources has announced a major JORC Resource upgrade at its 100 per cent-owned Mumbwa Copper-Gold Project in Zambia.
Blackthorn has confirmed an updated Mineral Resource of 187 million tonnes at 1.14 per cent Copper for 2.132 million tonnes of contained Copper, at the Kitumba deposit at the Mumbwa Project.
This represents an increase of 160 per cent in contained metal on the previous resource statement released in 2009.
Location of the Kitumba Deposit within the Mumbwa Project area. The updated surface projection of the 0.15% Cu grade shell is shown in blue outline
against the original 0.15% Cu grade shell for the maiden mineral resource (shown in red). Source: Company Announcement
“This mineral resource upgrade marks an important turning point in the history of the Mumbwa Project – the tonnage and grades quantified at Kitumba compare very favourably with other copper projects, and achieving a high proportion of the mineral resource
in the Indicated category is a very important step in a project’s “path to production,” Blackthorn Resources managing director, Scott Lowe said in the company’s announcement to the Australian Securities Exchange.
The resource upgrade also includes a major upgrade in resource category, with the new resource including 0.5 per cent 79.9 megatonne at 1.3 per cent (at a 0.5 per cent cut-off) in the Indicated category – the previous resource was all in the Inferred category.
Other key points from the release:
· With the new Resource statement at the Kitumba deposit ranks within the top quartile of global IOCG Copper-Gold deposits in terms of contained Copper, and positions Kitumba as potentially a world-class deposit.
· The previously defined high-grade core at a 1.0 per cent Copper cut-off has been extended along strike (from 260m to 440m), across strike (from 135m to 170m) and at depth (from between 215m and 435m to between 150m and 600m below surface).
· The resource upgrade was based on a total of 25,483 metres of drilling across 50 holes, and the deposit remains open at depth and towards the north.
· The company is currently undertaking a Scoping Study at the Mumbwa project which is due to be completed in August.
“The mineral resource at Kitumba alone is impressive, but we also remain optimistic of the potential for resource expansion and further discoveries. Mumbwa is shaping up to be an outstanding asset, and we are looking forward to receiving the results of the
scoping study, which is now due in August,” added Lowe.