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Metals X Ltd.
Summary
| Project: | Nifty | |
|---|---|---|
| Deposit: | Nifty | |
| Location: | Australia | |
| Commodities: | Copper | |
| Date: | 10/12/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 12-10-2017: Metals X Ltd. announces a Resource Estimation report for its Nifty deposit at the Nifty project. Updated resource and reserve estimate, ore reserve increased by 55%. Metals X Limited (Metals X or the Company) is pleased to announce updated Min | |
| Resources: | (Resource, P+P): 13.9Mt @ 1.71% Cu for 237.5Kt contained at Nifty | |
| CP/QP: | [Resources]: Kim Kremer (Internal) | |
| ABSTRACT: | Metals X Limited (Metals X or the Company) is pleased to announce updated Mineral Resource and Ore Reserve estimates for its Nifty Copper Operations (Nifty). The updated resource and reserve estimates incorporate the results (and revised geological interpretations) of the previously announced 20,000 metres of underground drilling completed during the first half of 2017. Managing Director, Mr Warren Hallam, said: “As expected, our first concerted underground exploration effort at Nifty has resulted in a substantial increase in mine life, which now stands at around 6 years of reserves. Underground drilling is continuing to identify additional mineralisation that will be incorporate into a proposed further upgrade of resource and reserve estimates in the first half of 2018. We have no doubt as to the long term future of Nifty and this is a further step in transforming Nifty back into a large, long life and profitable asset.” Mineral Resources are reported inclusive of Ore Reserves. All resource definition drilling information carried out by Metals X since acquisition of the Nifty Copper Operations from Aditya Birla Minerals Ltd to 31 August 2017, for which results have been received, has been included. Mineral Resources have been depleted for mining to 31 August 2017. The copper price assumption used to estimate Mineral Resources and Ore Reserves was US$5,750/t Cu at an assumed exchange rate of USD/AUD 0.7419 giving a price of AUD $7,750/t Cu | |
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