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    CYM   AU0000050536

CYPRIUM METALS LIMITED

(CYM)
Delayed Australian Stock Exchange  -  12:10:06 2023-02-07 am EST
0.1100 AUD   -4.35%
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Cyprium Metals Limited Reports Assay Results from the April/May 2022 Reverse Circulation ("Rc") Drilling Campaign Which Was Completed At the Nanadie Well Project

10/25/2022 | 06:56pm EST

Cyprium Metals Limited reported assay results from the April/May 2022 reverse circulation ("RC") drilling campaign which was completed at the Nanadie Well Project ("NWP"). The 6 RC drillhole programme tested a variety of exploration targets in the NWP for a total of 918 metres. The Stark basal contact target consists of magmatic Cu-Ni-PGE mineralisation associated with the Barrambie Igneous Complex ("BIC"), a layered mafic-ultramafic intrusive complex that extends for 75 kilometres along a major NNW-SSE striking crustal boundary - the Youanmi Shear Zone.

Mineralisation observed by previous operators and Cyprium consists of disseminated, stringer, matrix, semi-massive and massive sulphides - primarily chalcopyrite with lesser pyrrhotite, pyrite and pentlandite - located at or near the base of some intrusions within the complex Outcropping Cu-Ni gossan and sulphide mineralisation was discovered in and around shallow historic workings at the Stark prospect in 2014. Mineralisation is hosted by gabbro on or near its basal contact with banded iron formation ("BIF") and plunges gently south. Limited historical exploration at the prospect has included geological mapping and surface sampling, geophysics and drilling.

Two holes were drilled at Stark as part of the recent program, with one drillhole testing a SQUID EM anomaly and the other one testing up plunge of previous drill intercepts. Both drillholes hit sulphide mineralisation in gabbro above the basal BIF contact: 22SKRC001 intersected a wide interval of disseminated, matrix and semi-massive chalcopyrite and pyrrhotite from 36m within an embayment in the basal gabbro contact, and returned: 68 m @ 2,305 ppm Cu from 36 m, 56 m @ 3,337 ppm Cu from 116 m including, 24 m @ 5,002 ppm Cu, 1,294 ppm Ni, 0.23 ppm Pd & 0.11 ppm Pt from 140 m 22SKRC002 intersected disseminated to splashy pyrrhotite and chalcopyrite towards the base of the gabbro, returning an intercept of 12 m @ 3,620 ppm Cu from 116 m. Cyprium tenements partly cover 12 kilometres of the BIC and 10 kilometres of lightly explored prospective basal contacts. Cyprium considers that potential for polymetallic sulphide mineralisation has already been demonstrated.

Geophysical and drilling programmes are currently being designed to follow up this prospective magmatic intrusive basal contact. A line of four holes was drilled to test 1.6km along strike north of the Nanadie Well Inferred Mineral Resource (40.4 Mt @ 0.40 % Cu, 0.10 g/t Au, refer to CYM ASX announcement: 19 July 2022, "Nanadie Well Mineral Resource Estimate") in the vicinity of anomalous intercepts in historic drillholes. Transported overburden up to 50m thick presented drilling challenges, which meant that drillhole 22NWRC003 had to be abandoned at 66m and redrilled nearby as 22NWRC003A.

Finely disseminated chalcopyrite was logged sporadically throughout the holes, with the greater volume between 86 m and 98 m in 22NWRC003A returning: 16 m @ 2,325 ppm Cu from 88 m including: 4 m @ 6,250 ppm Cu & 0.15 ppm Au from 92 m. The RC drilling was designed to test the northern extents of the Nanadie Well layered magmatic intrusive polymetallic mineralisation. The 16m zone of copper/gold mineralisation intersected in 22NWRC003A, 1.6 km north of the current Nanadie Well mineral resource, demonstrates the extensional potential of the system and follow up geophysical and drilling programmes are being designed by Cyprium geologists to further test this potential. The drilling has successfully tested the extensional potential of the current Nanadie Well mineralisation to the north.

The results open up a further 1.6km of potential strike for the current mineralisation. Cyprium is planning the next stage of work programmes to target the potential mineralised corridor. Analytical samples for the Nanadie Well extensional and Stark basal contact investigation programmes were collected as 4 m scoop split composites.

Cyprium geologists will select and submit for assay 1 m splits from the mineralised composites to gain a full understanding of the grade distributions and to assist in the design of follow up geophysical and drilling programmes for both exploration programmes.


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Financials
Sales 2021 0,02 M 0,02 M 0,02 M
Net income 2021 -26,7 M -18,3 M -18,3 M
Net Debt 2021 4,79 M 3,29 M 3,29 M
P/E ratio 2021 -2,76x
Yield 2021 -
Capitalization 84,0 M 57,7 M 57,7 M
EV / Sales 2020 148x
EV / Sales 2021 4 083x
Nbr of Employees -
Free-Float 84,4%
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Managers and Directors
Barry John Cahill Managing Director & Executive Director
Wayne Apted Chief Financial Officer & Secretary
Gary Ernest Comb Non-Executive Chairman
John Banning Chief Operating Officer
Nicholas Rowley Non-Executive Director
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