THE DRILL SERGEANT: Centaurus Metals (ASX: CTM) moved closer to becoming a nickel sulphide developer at the company’s 100 per cent-owned Jaguar nickel sulphide project in the Carajás Mineral Province of northern Brazil.
Centaurus Metals announced an updated JORC 2012 Indicated and Inferred Mineral Resource Estimate (MRE) of 58.6 million tonnes at 0.95 per cent nickel for 557,800 tonnes of contained nickel.
Importantly, the Indicated component of the Global MRE has increased by over 50 per cent to 19.9 million tonnes at 1.12 per cent nickel for 223,400 tonnes of contained nickel, accounting for 40 per cent of the Jaguar Global MRE.
“In addition to achieving our primary goal of upgrading the Indicated Resource by 50 per cent, which has significantly de-risked the project ahead of the upcoming Scoping Study, we have also achieved a further increase in the global MRE,” Centaurus Metals managing director Darren Gordon said in the company’s ASX announcement.
“This reinforces the quality of the Jaguar project as a globally significant, near-surface nickel sulphide deposit with outstanding potential for continued growth.
“It is also a fitting reward for the efforts of our exploration team, who have done a great job in advancing our drill programs over the past six months.
“Importantly, around 80 per cent of the contained nickel tonnes are less than 200 metres from surface and we expect that pit optimisation and mine planning work will show that Jaguar has outstanding potential to be a low strip ratio, long life, open pit operation with strong economics, putting us in a great position to deliver on our aspiration to be a clean and efficient 20,000-plus tonne per annum nickel producer by the end of 2024.
“One of the other key messages for investors is that this is far from the end of the story in terms of the growth of our Resource inventory.
“We are continuing a major drilling effort with four rigs on site and further rigs to be added next quarter.
“Additional rigs will allow more step-out, extensional and greenfields drilling along with further resource development in-fill drilling, which has been the focus of the last six months.
“As we drill deeper and test more down-hole EM conductors – which have been very useful in identifying high-grade mineralisation to date – we expect to find further high-grade nickel mineralisation.
“We look forward to replicating the sort of widths and grades of mineralisation seen in the recent result from the Jaguar Central drill hole, JAG-DD-20-104, which intersected 30.8 metres at 3.3 per cent nickel with 12.1 metres at 5.38 per cent nickel, on a more regular basis as we drill deeper, as well as making new discoveries through our greenfields drilling.”
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