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Australian Mines Ltd.
Summary
| Project: | Sconi | |
|---|---|---|
| Deposit: | Sconi | |
| Location: | Australia | |
| Commodities: | Scandium-Cobalt-Nickel | |
| Date: | 6/13/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-6-2019: Australian Mines Ltd. announces a Resource Estimation report for its Sconi deposit at the Sconi project. Updated ore reserve at Sconi. Advanced battery materials development company, Australian Mines Limited (“Australian Mines” or “the | |
| Resources: | (Reserve, P+P): 57.30Mt @ 0.58% Ni, 0.08% Co, 35ppm Sc | |
| CP/QP: | [Overall Report]: Jake Fitzsimons (Orelogy Pty Ltd.) | |
| ABSTRACT: | Advanced battery materials development company, Australian Mines Limited (“Australian Mines” or “the Company”) (Australia ASX: AUZ; USA OTCQB: AMSLF; Frankfurt Stock Exchange: MJH) is pleased to announce an updated mine plan, Ore Reserve Estimate and financials for the Sconi Cobalt-Nickel-Scandium Project in North Queensland, Australia. Following the positive drill results announced earlier this year4 , which substantially expanded the Mineral Resource5 for the Sconi Project, the Company has been working on refinements6 to the Sconi mine plan originally released as part of the Sconi Bankable Feasibility Study in November 2018 (“BFS”)7 . Input has been provided by global engineering and construction firm Ausenco, specialist mine planning consultants Orelogy, and Simulus Laboratories, who partnered with Australian Mines in the construction and operation of the Company’s demonstration-size processing plant in Perth. As a result of this work, which included an update to the Ore Reserve8 and mine design, the Company is pleased to report that the planned Life of Mine of the Project has increased from 18 years to at least 30 years 9 . There has likewise been a significant increase in both the projected pre-tax and post-tax NPV8% of the Sconi Project to $1.47 billion and $0.81 billion respectively10 based on the same economic assumptions contained in the Sconi BFS11 . The extended mine life will also result in an increase in the expected total revenue generated by the project, which has risen to $13.27 billion over the 30+ year life. In February 201912, the Company announced a 63% increase in the tonnage of the Greenvale Mineral Resource and a 94% increase in the Lucknow Mineral Resource, with Total Mineral Resources for Sconi now estimated at 75.71 million tonnes at 0.60% nickel and 0.08% cobalt13 | |
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