Metals X Ltd. on Aug. 28 reported an updated resource and reserve estimate for the underground sulfide deposit at its Nifty copper operations in Australia accounting for mining depletion.
At a 0.75% copper cutoff, measured, indicated and inferred resources total 36.28 million tonnes grading 1.50% copper for 545,600 tonnes of copper as of March 31, compared to the 41.6 Mt grading 1.50% copper for 622,000 tonnes of copper contained the company estimated in August 2017. Metals X produced 38,700 tonnes of copper at Nifty contained within 2.3 million tonnes grading 1.35% copper since the previous estimate.
The company said that the difference between the two estimates include modifications by including all underground diamond drill information undertaken since Metals X assumed control of the deposit, incorporating significant underground geological fact mapping and reinterpreting stratigraphic boundaries.
Contained within the resource, proven and probable reserves amount to 11.10 Mt at 1.45% copper for 161,200 tonnes contained, using a 1% copper cutoff.
The company said the results of an ongoing 16,000-meter underground drilling program have not been included in the update.
In May, Metals X announced a reset plan aimed at making Nifty cash positive.
