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Metals X Ltd.
Summary
| Project: | Nifty | |
|---|---|---|
| Deposit: | Nifty | |
| Location: | Australia | |
| Commodities: | Copper | |
| Date: | 7/11/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 11-7-2017: Metals X Ltd. announces an Exploration/Drilling Update report for its Nifty deposit at the Nifty project. Drilling results incl. 161m @ 1.70% Cu from 19m. Metals X Limited (Metals X or the Company) recommenced underground drilling in November 2 | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Kim Kremer (Internal) | |
| ABSTRACT: | Metals X Limited (Metals X or the Company) recommenced underground drilling in November 2016 shortly after taking control of the Nifty Copper Operations (Nifty). To date approximately 20,000 metres of diamond drilling outside of the mining area has been completed with the objective of extending the Ore Reserve upplunge, down-plunge and within the limbs of the folded carbonate units within the Nifty syncline. Although a substantial number of assays are still pending, results to date confirm significant extensions of mineralisation outside of the current mining areas. The drilling has returned some exceptional and long intercepts of well-developed copper mineralisation which are analogous to the Nifty ore system. It is anticipated that these drill results will translate into an upgraded Mineral Resource Estimate and Ore Reserve Estimate scheduled for late September 2017. In addition to the underground exploration, regional exploration has commenced with wider spaced step-out drilling of the postulated down-plunge position of mineralisation within the Nifty syncline. A second drill rig has also commenced at the Finch prospect, considered to be a stratigraphic look-alike of the Nifty ore system, 20 kilometres southeast of Nifty. Diamond drilling will commence at the separate Maroochydore deposit, located approximately 85 kilometres SE of Nifty, after the current Finch drilling program has been completed. The Maroochydore deposit currently consists of a significant oxide Mineral Resource of 43.5 million tonnes at 0.91% Cu and 391ppm Co, with a small primary sulphide Mineral Resource of 5.43 million tonnes at 1.66% Cu and 292ppm Co based upon the limited drilling to date (refer to ASX announcement dated 18 August 2016). The objective of this drilling program is to expand upon the primary sulphide mineralisation. | |
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