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Barra Resources Ltd.
Summary
| Project: | Mt Thirsty | |
|---|---|---|
| Deposit: | Mt Thirsty | |
| Location: | Australia | |
| Commodities: | Cobalt-Nickel-Manganese | |
| Date: | 10/5/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-10-2017: Barra Resources Ltd. announces a Scoping Study report for its Mt Thirsty deposit at the Mt Thirsty project. Scoping study results incl. post-tax NPV(8%) of A$290M, IRR of 21.5%, LOM of 21yrs. The Mt Thirsty Joint Venture (MTJV, Barra Resources | |
| Resources: | (Resource, I+I): 31.94Mt @ 0.13% Co, 0.55% Ni, 0.86% Mn at project | |
| CP/QP: | [Overall Report]: Michael J Glassom (Internal) | |
| ABSTRACT: | The Mt Thirsty Joint Venture (MTJV, Barra Resources Ltd-ASX:BAR: 50%, Conico Ltd-ASX: CNJ: 50%) is pleased to announce that the Scoping Study (Study) has returned a robust set of financial metrics over a 21 year mine life. The Scoping Study referred to in this announcement has been undertaken to determine the potential viability of the Mt Thirsty Cobalt Project utilising atmospheric sulphur dioxide (SO2) leaching and if progress to a pre-feasibility study is warranted. It is a preliminary technical and economic study of the potential viability of the Mt Thirsty Cobalt Project. It is based on low level technical and economic assessments that are notsufficient to support the estimation of ore reserves. Further exploration and evaluation work and appropriate studies are required before the MTJV will be in a position to estimate any ore reserves or to provide any assurance of an economic development case. Approximately 55% of the Life of Mine production target is in the JORC (2004) Indicated Mineral Resource Category and 45% in the JORC (2004) Inferred Mineral Resource category. The Mt Thirsty Joint Venture believes that it has reasonable grounds for disclosing a production target with 45% of Mineral Resources in the Inferred Mineral Resource category. There is a low level of geological confidence associated with an Inferred Mineral Resource and there is no certainty that further exploration work will result in the determination of an Indicated Mineral Resource or that the production target itself will be realised. However, the existing Mt Thirsty (2011) Inferred Mineral Resource has been defined by 165 air core holes on a 50m by 80m grid that shows the flat lying cobalt-nickel mineralised horizon to be relatively consistent internally and similar in geological characteristics and geometry to the more densely drilled, higher confidence Indicated Mineral Resource, located adjacent to the east. | |
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