CuFe (ASX:CUF) has increased the resource estimate for the Gecko Trend, located within the Tennant Creek Project in the Northern Territory, by 400% in copper metal tonnes.
Gecko’s resource now contains 18.4 million tonnes @ 2.01% copper and 0.25 grams per tonne gold, which has resulted in Tennant Creek’s resource growing to 24.3 million tonnes @ 1.80% copper and 0.56g/t gold.
Managing Director Mark Hancock says this resource update has added a large volume of copper metal to the project and delivers a result that has exceeded expectations.
“It rewards the considerable time and effort that CuFe and MEC teams have spent sourcing and validating historical data, allowing the team to interpret, model, and estimate the resource across the full drillhole database and in turn produce an estimate that best represents the true extent of the Gecko trend,” Hancock says.
“This new resource is invaluable to the development options we are currently studying in conjunction with or informed by the recent Orlando Scoping Study.
“Understanding the scale of the resource gives us confidence in our options in the region which will guide further studies as we move the project forward towards development.”
CuFe, which has a market capitalisation of $16.15 million, says the new Gecko resource allows the initial assessment of underground mining opportunities and potential development scenarios in conjunction with the Orlando studies.
To progress studies at Geocko to a suitable level of confidence the conversion of the high proportions of inferred resource to indicated classification will be required.
The company notes there are several areas identified where mineralisation is open and there is the opportunity for further mineralised extensions. These opportunities will be investigated in future near mine drilling campaigns.
CuFe is a mineral producer and explorer focused on various tenements prospective for copper, lithium, gold, rare earths and iron ore located in Western Australia and the Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: CuFe
