Cyprium Metals (ASX:CYM) has updated the Mineral Resource Estimate (MRE) for the Nifty Copper Mine on the western edge of the Great Sandy Desert in the north-eastern Pilbara region, which reached 1 million tonnes of contained copper.
Executive Chairman Matt Fifield says such an amount of contained copper should support a ‘large-scale’ mine.
“Nifty is one of the largest non-operational copper projects in Australia, and the only brownfield project that can be reactivated in short order. This update is the result of a disciplined process run by the Cyprium team and MEC Mining.
Our objective with this MRE scope was to ensure a strong foundation for our planning work, including pit optimisation and mining studies.
This MRE is the basis for our workstreams to redevelop Nifty into a significant new coppermine.”
Cyprium, which has a market capitalisation of $28.96 million, reports Nifty’s measured and indicated MRE grew to 119 million tonnes at 0.84% copper for 1 million tonnes of contained copper.
Fifield says: “As a result of the detailed study work, the proportion of the resource categorised as measured and indicated has risen from 80% to 95%, bolstering the project’s feasibility and long-term economic prospects.”
The Cyprium team is currently reviewing prior and current studies to detail the copper metal available in this potential resource and will inform the market as appropriate.
Cyprium Metals is an Australian-copper focused company. The company’s flagship Nifty mine is in Western Australia and is prospective for ‘significant’ copper from oxide and sulphide resources.
Cyprium is focused on redeveloping Nifty, which has the advantage of significant invested capital, data from a long operating history, large-scale resources, current operational approvals, and recent investment in the property.
The company’s other assets include significant copper-focused properties in the Paterson and Murchison provinces, including multiple defined resources.
Write to Aaliyah Rogan at Mining.com.au
Images: Cyprium Metals
