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Cradle Arc Plc
Summary
| Project: | Mowana | |
|---|---|---|
| Deposit: | Mowana | |
| Location: | Botswana | |
| Commodities: | Copper-Arsenic-Silver-Gold | |
| Date: | 4/3/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 3-4-2018: Cradle Arc Plc announces a Resource Estimation report for its Mowana deposit at the Mowana project. Initial JORC mineral resource estimate for Mowana. Kevin van Wouw, CEO of Cradle Arc, said :"Mowana has demonstrated its significant scale and, f | |
| Resources: | (Resource, M+I): 39.84Mt @ 1.17% Cu for 466Kt Cu contained | |
| CP/QP: | [Resources]: Not stated (Wardell Armstrong International Ltd) | |
| ABSTRACT: | Kevin van Wouw, CEO of Cradle Arc, said :"Mowana has demonstrated its significant scale and, following the successful recommencement of production during 2017, our focus has now turned from the testing phase to increasing throughput and building towards profitability. To achieve this, we have formulated an Accelerated Development Plan, whereby four mining units will be in service in the Mowana open pit. We are delighted to have secured US$10 million of debt funding to support these efforts and refinance part of the Group's existing indebtedness. The net funds raised will enable us to bolster our mining fleet, accelerate access to the supergene and sulphide ores where grades are higher and recoveries have been shown to be strong, and refinance the Group's offtake linked pre-payment facility to reduce overall borrowing costs and improve the capital base of the group."Our new resource model captures our improved understanding of the Mowana opportunity, allowing for better returns to be achieved in the near term as we move from the testing and recovery phase towards steady state operations and our goal of achieving initial nameplate capacity of c.12,000 tonnes of copper per annum. Alongside this, work continues on the definition of the maiden JORC (2012) reserve estimate, which will incorporate the planned process plant improvements so that, once we have achieved initial nameplate capacity at the current plant, we can look to build production to over 20,000 tonnes per annum via the planned DMS upgrades. With a restructured and strengthened balance sheet and clearly defined accelerated development plan, we look forward to establishing Mowana as a major copper producer." | |
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