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Metals X Ltd.
Summary
| Project: | Nifty | |
|---|---|---|
| Deposit: | Nifty | |
| Location: | Australia | |
| Commodities: | Copper | |
| Date: | 5/31/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 31-5-2017: Metals X Ltd. announces a Resource Estimation report for its Nifty deposit at the Nifty project. Updated Reserve and Resource estimates for Nifty. Metals X Limited (Metals X or the Company) is pleased to announce its initial Mineral Resource an | |
| Resources: | (Reserve, P+P): 9.75Mt @ 1.58% Cu for 153500t Cu contained at Nifty | |
| CP/QP: | [Resources]: Kim Kremer (Internal) | |
| ABSTRACT: | Metals X Limited (Metals X or the Company) is pleased to announce its initial Mineral Resource and Ore Reserve estimates at its Nifty Copper Operations (Nifty) since taking operational control on 1 August 2016. This is the first of two planned Ore Reserve updates for 2017. A further update is expected to be completed during the September quarter to incorporate additional drilling results (of which 20,000 metres of drilling has been completed to date) once core logging, assays and geological interpretation have been completed. Managing Director, Mr Warren Hallam, said: “Metals X is very pleased to release its first Mineral Resource and Ore Reserve estimates for the Nifty Copper Operations which now stands at 5 years of reserves and 20 years of resource. This is one of the first steps towards transforming Nifty back into a large, long life profitable asset. Drilling has also already identified significant extensions to the east and west of the Nifty ore body which will be incorporated into a proposed further upgrade of resource and reserve estimates later in the year.” Mineral Resources are reported inclusive of Ore Reserves but do not include the resource definition drilling information carried out by Metals X since acquisition of the Nifty Copper Operations from ABY. Mining production data up to 31 March 2017 and all exploration information has been included. Mineral Resources have been depleted for mining to 31 March 2017. The copper price assumption used to estimate Mineral Resources and Ore Reserves was US$5,750/t at an assumed exchange rate of USD/AUD 0.7419 giving a metal price of AUD $7,750/t. | |
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