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    CYM   AU0000050536

CYPRIUM METALS LIMITED

(CYM)
Delayed Australian Stock Exchange  -  12:10 2022-12-09 am EST
0.0810 AUD   +2.53%
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Cyprium Metals Ltd (ASX:CYM) Final Drilling Results Extend Nifty West

03/13/2022 | 05:55pm EST

Perth, Australia, Mar 14, 2022 - (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce the receipt of assay results from the final 11 RC holes (for 3,356m) at Nifty West. The drilling programme targeted lightly drilled areas up-plunge of the former underground mine in the keel area of the Nifty syncline below the western end of the Nifty open pit (refer to Figure 1*).

Managing Director Barry Cahill commented:

"Progress continues for us at Cyprium, hot on the heels of the robust economics displayed in the release of our Restart Study for Nifty. We are announcing another fantastic set of drilling assay results that concludes what has been a highly successful Nifty West drilling programme. This is a substantial zone of mineralisation, which provides additional copper tonnes in the future large-scale open pit development, which remains open to the west and south.

We look forward to adding these drilling results into the updated Nifty Mineral Resource, which is planned to be released during the 2nd quarter of this year. We are also looking forward to receiving further assay results from the Nifty southeast drilling programme over the coming weeks. In the meantime, our focus is on finalising the financing of the Nifty Restart Study to establish Cyprium as copper producer in the shortest time frame possible."

Discussion of results

Hole locations from the current program are shown in Figure 3 with the significant intersections summarised in Table 2.

The results reported in this announcement are from single holes drilled on existing section lines 101,320E and 101,720E, with the other 9 holes completed on new section lines 101,360E and 101,440E (refer to Figure 2*).

Section 101,720E

Hole 21NRWP064 was drilled to the immediate south of the traverse of holes previously reported on 28 February 2022.

The hole successfully confirmed the continuity of the thick zone of copper mineralisation returning 20m at 0.70% Cu from 210m, 31m at 1.61% Cu from 234m, including 14m at 2.72% Cu from 235m, and 13m at 0.55% Cu from 268m, which remains open to the south (refer to Figure 4*).

Section 101,360E

Six holes (21NRWP063, 65, 66, 70, 71 and 71) were completed along this section in the keel area of the Nifty syncline. Narrow zones of low-grade copper mineralisation were intersected in holes 21NRWP071 and 72 (refer to Figure 5*), with further drilling required into the northern limb of the syncline below the former Nifty open pit.

Section 101,440E

Three holes (21NRWP067 to 69) were drilled on this section into the keel area of the Nifty syncline. The significant interval of low-grade copper mineralisation intersected in hole 21NRWP069 (refer to Figure 6*) indicates good potential remains on the untested northern limb of the syncline below the former Nifty open pit.

Preparations are underway for a resource update incorporating all the results from Cyprium's highly successful drilling campaigns at Nifty East and West, which is expected to grow the existing inventory of 732,200 tonnes of contained copper reported for Nifty in the November 2021 Mineral Resource estimate.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/D90EI3Z3


<b>About Cyprium Metals Ltd:</b>

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.

<b>Contact:</b>

Barry Cahill
Executive Director
T: +61 8 6374 1550

Wayne Apted
Chief Financial Officer
and Company Secretary

Lexi O'Halloran
Investor and Media Relations
E: lexi@janemorganmanagement.com.au
T: +61 404 577 076
E: info@cypriummetals.com

Copyright (C) 2022 ABN Newswire. All rights reserved., source Press Releases English

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Financials
Sales 2021 0,02 M 0,02 M 0,02 M
Net income 2021 -26,7 M -18,1 M -18,1 M
Net Debt 2021 4,79 M 3,26 M 3,26 M
P/E ratio 2021 -2,76x
Yield 2021 -
Capitalization 59,1 M 40,0 M 40,2 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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