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Study shows potential for low-cost zinc-lead operation at Symbol's Macy deposit

A scoping study for the Macy deposit within Symbol Mining Ltd.'s 60%-owned Imperial property in Nigeria showed the potential to develop a high-grade zinc and lead operation at a low cost, according to a May 11 release.

At a base case development scenario, the study estimated that the operation would generate A$20.3 million in free cash flow over a mine life of 12 months. The base case applied a zinc price of US$3,200 per tonne, a lead price of US$2,200/t and a mixed product price of US$580/t.

Pre-production CapEx were pegged at approximately US$2.3 million, while the total working capital funding requirement was projected at about A$5 million, which would be funded from debt and equity. A life-of-mine C1 cost of 51 U.S. cents/lb of zinc was also defined.

The operation is expected to produce 90,242 tonnes for 38,100 tonnes of shippable product during its mine life. The shippable product comprises 28,250 tonnes of zinc, 2,900 tonnes of lead and 6,950 tonnes of mixed product.

The Macy deposit hosts indicated and inferred resources totaling 132,700 tonnes at 18.3% zinc and 2.1% lead, but only the indicated resource was used in the study's production forecast.

In addition, Symbol Mining confirmed that it plans to kick off mining activities at Macy, subject to securing additional funding.

The company recently defined the Aisha deposit as its second zinc-lead project at Imperial.