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Metals X extends Nifty mine life with 55% increase in copper reserves

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Metals X extends Nifty mine life with 55% increase in copper reserves

Metals X Ltd. said Oct. 12 that an updated reserves estimate for its Nifty copper mine in Western Australia increased contained copper by 55% and extended the life of the underground operation to seven years, based on current production rates.

The company said that based on its targeted 2018 production rate of 40,000 tonnes per year of copper in concentrate, the mine life was extended to six years.

Proven and probable reserves are estimated to contain 237,500 tonnes of copper within 13.9 million tonnes grading 1.71%.

Reserves are contained within measured, indicated and inferred resources totaling 41.6 million tonnes grading 1.50% copper for 622,000 tonnes of copper.

The update uses cutoff grades of 0.75% copper for resources and 1.0% copper for reserves and incorporates data from a 20,000-meter drill program completed in the first half of the year as well as mining depletion.

"Underground drilling is continuing to identify additional mineralization that will be incorporated into a proposed further upgrade of resource and reserve estimates in the first half of 2018," Metals X Managing Director Warren Hallam said.

The previous estimate, completed in May, estimated reserves containing 153,500 tonnes of copper within 9.75 million tonnes grading 1.58% copper.