Centaurus Metals Limited (ASX: CTM) has reported its best drill intersection to date from ongoing resource development and extensional drilling at its 100%-owned Jaguar Nickel Sulphide Project in northern Brazil.
- Drilling at the Jaguar South Deposit returned multiple thick and consistent high-grade nickel sulphide intersections, including the best drill intersection to date. Standout results included:
- Hole JAG-DD-21-151: 56.1m at 2.05% Ni from 206.0m, including 17.6m at 4.86% Ni from 208.0m; and 6.7m at 2.09% Ni from 255.4m.
- Hole JAG-DD-21-143: 7.2m at 2.36% Ni 133.5m, including 3.3m at 3.46% Ni from 135.0m; and 12.6m at 1.25% Ni from 173.4m, including 5.8m at 2.01% Ni from 176.7m
- The first results and visuals from the strike extension drilling at Jaguar Central confirmed the continuation of the Jaguar Central high-grade shoot, and highlighted a likely extension of the resource limits of at least a further 60m to the east. Important intersections included:
- Hole JAG-DD-21-148: 4.5m at 1.22% Ni from 239.5m; and 10.0m at 0.99% Ni from 267.0m, including 5.0m at 1.30% Ni from 272.0m
- Infill drilling at the Jaguar West and Central North deposits continued to highlight the consistency of mineralisation in the deposits along with the robust nature of the existing resource model. Important hits included:
- Hole JAG-DD-21-140: 2m at 1.63% Ni from 64.0m, including 9.2m at 2.10% Ni from 66.8m; 6.8m at 1.24% Ni from 114.2m; and 4.2m at 1.28% Ni from 154.5m
- Hole JAG-DD-21-136: 0m at 1.63% Ni from 48.0m; and 10.8m at 0.79% Ni from 76.0m
- Hole JAG-DD-21-150: 9m at 0.60% Ni from 202.2m
- Five diamond rigs are currently on site drilling double-shift, with two additional rigs expected to arrive by mid-July. One RC rig is on site drilling at the Leão Prospect, the first of an extensive pipeline of greenfields targets.
The Jaguar Nickel Sulphide Project is located in the western portion of the world-class Carajás Mineral Province of Brazil, and was acquired from global mining giant, Vale S.A., in April 2020. The Carajás Mineral Province is one of the world’s premier mining addresses, hosting one of the world’s largest concentrations of large-tonnage mineral deposits.
In March 2021, the company delivered an updated JORC 2012 Indicated and Inferred Mineral Resource Estimate for the Jaguar Project totalling 58.9Mt at 0.96% Ni for 562,600 tonnes of contained nickel. Importantly, more than 80% of the contained nickel was located within 200m of surface, with positive implications for future open pit mining.
Jaguar South is currently the largest deposit at the Jaguar Project, followed by Jaguar Central.
Updates and next steps
- Electro-magnetic geophysical surveys (DHEM and FLEM), metallurgical testwork, and infill and extensional drilling are currently ongoing within the known deposits to test the continuity of high-grade zones.
- Resource samples are continuously being sent in batches of 150-300 samples and will be reported once completed. The company has also started geotechnical and hydrological studies for the proposed tailings facility and waste deposits.
- The company is expected to have a total of eight rigs on site within the next few weeks.
- The results from the Jaguar West and Jaguar Central North Deposit holes outlined will form part of the company’s next planned JORC MRE upgrade, which is expected to be delivered in Q4 2021.
“It’s pretty remarkable to be able to report our best intercept to date – a stunning 56.1m at 2.05% Ni including 17.6m at 4.86% Ni”
Centaurus Managing Director Darren Gordon said: “It’s pretty remarkable to be able to report our best intercept to date – a stunning 56.1m at 2.05% Ni including 17.6m at 4.86% Ni – even after drilling over 300 holes into the Project and delivering a globally significant resource of more than 560,000 tonnes of contained nickel. The key message for investors is that this is a project that is continuing to grow – and grow quickly, both from resource development drilling and step-out and regional exploration.
The new record intercept at Jaguar South has to be one of the best nickel sulphide hits in the world this year and to have this sort of intersection immediately below our planned pit limits indicates how much upside remains in the Project.
Within the next couple of weeks, we will have eight rigs on site and this expanded capacity will allow us to work on resource growth and greenfields drilling in conjunction with the development drilling. This multi-pronged approach sets us up for what should be a big second half of project growth at Jaguar.
Jaguar is already a standout project in terms of scale and quality amongst undeveloped nickel sulphide projects worldwide and at the planned nickel production rate of +20,000tpa, Centaurus will become a global Top 10 nickel sulphide producer.
The fact that Jaguar stands to grow a lot more can only further enhance its credentials as a potential source of clean, low-emission nickel sulphides to meet surging global demand as the world moves rapidly to embrace electrification and decarbonisation.”
Images: Centaurus Metals Limited