Sunday, September 20, 2020

Discovery Metal’s Plutus mineral resource surges 29 percent

Discovery Metals, the Botswana Stock Exchange (BSE) listed mining outfit, said its mineral resource at Plutus has surged, bringing prospects of increasing the size of the Boseto Copper Project.

The latest update showed new Mineral Resource estimates at Plutus sit at 87 Mt, which is a 29 percent increase over the 2010 Mineral Resource of contained 67.4 Mt.

The estimate has been completed by Discovery’s independent consultants, Snowden Mining Industry Consultants Pty Ltd.

The Managing Director of Discovery Metals, Brad Sampson, said the upgrade to the Plutus deposit represents another step towards increasing the life and the scale of the Boseto Copper Project.

“In addition, the identification of Mineral Resources at depth with potential for underground mining creates an opportunity to leverage off the recently completed Definitive Feasibility Study for underground mining at Zeta,” Sampson said.

Sampson added that Discovery Metals intends to undertake a Scoping Study for underground mining at Plutus.

The Plutus Deposit is located adjacent to the Boseto copper concentrator in north-western Botswana.

This Plutus Mineral Resource upgrade includes results from 33 new drill holes that extended copper-silver mineralisation at Plutus to 450 metres below surface. The deposit remains open along strike and at depth.

The Plutus deposit has previously been referred to as Plutus and Petra Deposits. These Deposits are contiguous and the Mineral Resources are reported as consolidated numbers as the Plutus Deposit.

It is anticipated that the company will continue to use ‘Plutus Deposit’ to refer to the combined Plutus and Petra Deposits in future.

“Importantly, infill drilling continues to confirm the consistency of copper grades and continuity of mineralisation which provides greater confidence to the robustness of the Mineral Resources at Boseto,” the company said.

Discovery added that Measured and Indicated Mineral Resources are 19.2 Mt, which is a 66 percent increase over the previous tonnage the Plutus deposit (total Mineral Resource) now contains 1.2 Mt of copper metal and 36.7 Moz of silver (2010 Mineral Resource contained 0.9Mt of copper metal and 31.8 Moz silver).

The company said, in addition, the identification of Mineral Resources at depth with potential for underground mining creates an opportunity to leverage off the recently completed Definitive Feasibility Study for underground mining at Zeta. Discovery Metals intends to undertake a Scoping Study for underground mining at Plutus.

Already, a Scoping Study for underground mining at Plutus is currently being planned to leverage off the recently completed Definitive Feasibility Study for underground mining at the Zeta Deposit and work on this is anticipated to commence in 2013.

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