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Symbol Mining Ltd.
Summary
| Project: | Imperial | |
|---|---|---|
| Deposit: | Macy | |
| Location: | Nigeria | |
| Commodities: | Zinc-Lead | |
| Date: | 8/21/2018 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 21-8-2018: Symbol Mining Ltd. announces a Scoping Study report for its Macy deposit at the Imperial project. Updated scoping study results incl. LOM revenue of US $32.45m. Symbol Mining Limited (ASX:SL1), (“Symbol” or “the Company”) refers to the Scoping | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Not stated (n/a) | |
| ABSTRACT: | Symbol Mining Limited (ASX:SL1), (“Symbol” or “the Company”) refers to the Scoping Study for the Macy Project released to the ASX on 11 May 2018. The Scoping Study reported highly encouraging results from the evaluation of the Company’s 60% owned Macy Deposit within the Imperial Project Joint Venture demonstrating the viability of a traditional open pit mining operation at the Macy Project. The Scoping Study was completed to an overall ±35% level of accuracy and examined all facets of geology, mining, processing and supporting infrastructure at a $3,200/t zinc price and $2,200/t lead price & mixed product price of US$580/t shipped Lagos with a long-term foreign exchange rate of USD0.75:AUD1.00. The Company notes the current volatility of the zinc price (currently US$2,350/t). Whilst this price remains within the level of accuracy and sensitivity analysis contained in the Scoping Study, it is currently below the US$2,800/t (Zn) ‘low case’ scenario contained in the Scoping Study. In the event that the current commodity prices of US$2,350/t (Zn) and US$2,000/t (Pb) prevail and the current foreign exchange rate of USD0.725:AUD1.00 remains over the 12 month life of mine (LOM), then the updated key Scoping Study results from the financial modelling are | |
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