Saturday, July 2, 2022

Discovery Metals upgrades mineral resource at Zeta

Discovery Metals Limited has put smiles on shareholders after it up upgraded Zeta mineral resources meaning that the kimberlite the company is following will be more economic than previously anticipated.

The Mineral Resources at Zeta increased by 9 million tonnes (25 percent) to
44.1 million tonnes while Measured and Indicated Mineral Resources (M&I) at Zeta have increased by 56 percent.

The areas classified as M&I, now extend down dip from that reported previously and also now extend below the base of the currently planned open pit and into the area being considered for underground mining.

Managing Director of Discovery Metals, Brad Sampson, said the upgrade increases confidence in the resource, which earmarked for open pit mining.

“This upgrade of the Zeta Mineral Resources is another important step towards the completion of the Definitive Feasibility Study for development of an underground mine at Zeta,” Sampson said.

“….and further increases confidence in the Mineral Resources planned for open pit mining, which is expected to commence later this year.”

The Zeta Mineral Resources update includes the results from 54 infill drill holes which provide additional information within the Mineral Resources at the interface between the bottom of the planned open pit mining and the area planned for underground mining.

The results from three holes drilled by the company in late 2009, which intersected mineralisation at depths of approximately 600 metres below surface, were also included in this estimate.

Discovery added that copper grades within the M&I categories have changed by 0.02 percent Cu (from 1.55 to 1.53 percent Cu) and “rounding off” results in the 0.1 percent change indicated in the table above.

The Zeta Deposit, combined with the Plutus and Petra Deposits, form the Mineral Resources base for the company’s 100 percent owned Boseto Copper Project located in north western Botswana.

“It now appears that the latest drilling programme has closed off further potential for underground Mineral Resources to both the south west and north east of the central high grade zone,” said Discovery Metals in a recent update.

The company, which is listed on the Botswana Stock Exchange (BSE) added that potential remains for high grade copper silver mineralisation to extend down dip below the areas drilled to date.

Discovery said the results of this re?estimation of the Zeta Mineral Resources are being used to progress work on the Definitive Feasibility Study for the development of an underground mine at Zeta. This study is now planned for completion late in December 2011.

It said no additional drilling is planned at depth in the Zeta Deposit for the remainder of 2011 while further drilling is anticipated upon completion of the Definitive Feasibility Study and development of detailed mine plans.

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