Develop Global (ASX:DVP) has increased its Woodlawn Mine’s resource and upgraded the confidence level, which will pave the way for final investment decision (FID) on restarting production.
The $582.36 million market capitalisation company reports Woodlawn’s updated resource is has increased by 1 million tonnes to 11.3 million tonnes @ 1.8% copper, 5.8% zinc, 2.1% lead, 46 grams per tonne silver, and 0.5g/t gold.
The contained metal has increased to more than 190,000 tonnes Cu and 650,000 tonnes Zn.
Develop adds that measured and indicated resource increased to 8.1 million tonnes, which provides a ‘strong’ platform for ‘significant’ resource growth.
Managing Director Bill Beament says: “This expanded and upgraded resource is a pivotal outcome for Woodlawn because it will drive the imminent reserve update. This will in turn underpin Woodlawn’s economics and position Develop to secure the most attractive source of project funding.”
The company is continuing to investigate the potential for extraction of this material, as well as future Mineral Resource Estimate’s (MRE) and mine plans.
Multiple lenses remain open along strike and down plunge, and future drill programs are being planned to test for extensions to these newly discovered lenses and to continue the rapid growth of the system.
The Woodlawn Copper-Zinc Mine lies in the Lachlan Fold Belt of New South Wales and was considered one of Australia’s ‘highest grade’ base metal mines during 1978 to 1998.
Develop Global is a battery and critical minerals focused explorer with assets in Western Australia and New South Wales. The company is focused on producing clean metals used in sustainable energy generation and storage.
As of 31 December 2023, the company had about $32.657 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Develop Global
