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Venturex Resources Ltd.
Summary
| Project: | Sulphur Springs | |
|---|---|---|
| Deposit: | Sulphur Springs | |
| Location: | Australia | |
| Commodities: | Copper-Zinc-Silver | |
| Date: | 10/10/2018 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 10-10-2018: Venturex Resources Ltd. announces a Feasibility Study report for its Sulphur Springs deposit at the Sulphur Springs project. DFS results incl. post-tax NPV of A $310M (8%), IRR of 39%, Upgraded ore reserve estimate. Venturex Resources Managing | |
| Resources: | (Reserve, P+P): 8.494Mt @ 1.4% Cu, 3.1% Zn, 14.3g/t Ag | |
| CP/QP: | [Overall Report]: Daniel Donald, Mark Giddy (Entech Pty Ltd.;Lycopodium Minerals Pty Ltd.) | |
| ABSTRACT: | Venturex Resources Managing Director, AJ Saverimutto, said the delivery of the Sulphur Springs Definitive Feasibility Study puts the Company firmly on track to become Australia’s next mid-tier Copper-Zinc producer. “What stands out from the vast amount of work completed as part of the DFS is that Sulphur Springs is a highquality, long-life project that will generate robust margins and strong financial returns, even using relatively conservative long-term metal price assumptions,” he said. “The DFS results show a significant improvement in several key areas compared with the Value Engineering Study completed last year, including a 40 per cent increase in the project’s Net Present Value to A$472 million, an increased Reserve, increased payable Copper and Zinc production and a pre-tax Internal Rate of Return of 51 per cent. At current spot prices, the NPV is in excess of half a billion dollars – a fantastic result which really underlines the scale and quality of the project. “Importantly, we have also managed to cut the pre-production processing plant and infrastructure capital cost estimate to A$146 million, while more accurately quantifying all capital and operating costs, refining the open pit and underground mine plan and completing all metallurgical test work to a very high level of accuracy. “This is a project which is well and truly ready to go. It’s a straightforward development and mining proposition. It’s located in a Tier-1 mining district, close to major iron ore and lithium operations and first-rate infrastructure. Also, the permitting process for the reconfigured open pit and underground development is now in its final stages. “With the DFS now complete, we are confident that we will be able to move rapidly to secure an appropriate project finance package supported by strategic off-take arrangements that will allow us to start development in the near term. “Importantly, the commodity price assumptions used in the DFS are conservative compared to market fundamentals and below current spot prices. They are also quite conservative in comparison to the average price decks used by the major institutions. With this in mind, there is huge upside to this project from improving Copper and Zinc prices in the years ahead – a view which is increasingly held by many analysts – as well as from exploration success as we begin to unlock the potential of the 27km long Panorama VMS trend.” | |
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