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Metals X boosts contained copper at Nifty mine by 59%

Metals X Ltd. said May 31 that it has increased the reserves for its recently acquired Nifty copper mine in Western Australia to 9.75 million tonnes at 1.58% for 153,500 contained tonnes of copper, marking a 59% increase in contained copper.

This has subsequently increased the underground mine life to about five years, based on current production rates, or four years based on 2018 targeted production levels of 40,000 tonnes per annum of copper-in-concentrate.

Metals X also released a restated resource estimate of 54.8 million tonnes at 1.41% for 770,000 contained tonnes of copper.

This is the first of two planned reserve updates for this year. Managing Director Warren Hallam said drilling has already identified significant extensions to the east and west of the Nifty ore body that will be included in the next upgrade.

Metals X added the Nifty operation to its portfolio through its takeover of Aditya Birla Minerals Ltd. in late August 2016.