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OZ Minerals Ltd.

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Summary

Project:

Carrapateena

Deposit:Carrapateena
Location:Australia
Commodities:Copper-Gold
Date:11/7/2016
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Feasibility Study
Report details:7-11-2016: OZ Minerals Ltd. announces a Resource Estimation report for its Carrapateena deposit at the Carrapateena project. Updated mineral reserves and resources for the project. The Carrapateena restated 2015 Mineral Resource Statement relates to a Min
Resources:(Reserve, P+P): 70Mt @ 1.8% Cu, 0.7g/t Au, 8.4g/t Ag
CP/QP:[Resources]: Stuart Masters (CS-2 Pty Ltd.)
ABSTRACT:The Carrapateena restated 2015 Mineral Resource Statement relates to a Mineral Resource estimate for the Carrapateena Copper Gold deposit, which is an iron oxide copper-gold (IOCG) deposit located in central South Australia on the eastern margin of the Gawler Craton (see Figure 1). This Mineral Resource Statement as at 17 October 2016 restates the 2015 Mineral Resource as at 25 September 20151 at a lower NSR cut-off grade appropriate to a sub-level cave operation (SLC). This restated Mineral Resource underpins the Prefeasibility Study and replaces the 2015 Mineral Resource which was intended to be suitable for a sub-level open stope operation. This Ore Reserve estimate is based on the 2015 Mineral Resource estimate as at 17 October 2016 and the results of a 2016 sub-level cave Pre-Feasibility study (PFS16). This Ore Reserve estimate supersedes the 2014 estimate1 which was based on the results of the PreFeasibility study (PFS14) of a 12.4Mtpa block cave operation. The 2016 Ore Reserve estimate is summarised in Table 1. The Ore Reserve was declared at an NSR cut-off grade of A$100 per tonne. The Carrapateena orebody is located within the Carrapateena breccia complex. The orebody is 200 m – 300 m in diameter and extends over 1000 m vertically. The rock of the orebody is very competent. The orebody is overlain by about 480 m of barren sediments. The mining method on which the Ore Reserve estimate is based is sub-level caving. It is a method appropriate to the orebody. The ore is drilled and blasted before being extracted for processing. Mining proceeds downwards from the top of the orebody. As extraction progresses the overlying sediments will cave to fill the resultant void. Eventually caving will break through to surface and form a crater surrounded by a zone of lesser subsidence and cracking.

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