HIGHLIGHTS
10% increase (52,900 tonnes of copper) in contained sulphide copper (Cu) (net of depletion) in the Mineral Resource at the Nifty underground mine, delineated from an additional 309 diamond drill holes for 29,764 metres
Total Nifty Sulphide Measured, Indicated and Inferred Resource (cut-off grade of 0.75% Cu) of 39.66Mt at 1.51% Cu for 598,500 tonnes of contained copper
10% increase in Measured Mineral Resources which now stand at 25.09Mt at 1.70% Cu for 426,700 tonnes of contained copper
Mineral Resource estimate based on a revised geological model for the Nifty deposit which has allowed for improved resolution of geological detail within the mineralised horizons
Total combined Nifty sulphide and oxide Measured, Indicated & Inferred Mineral Resources of 47.29Mt at 1.39% Cu for 658,500 tonnes of contained copper
Executive Chairman, Mr
'Nifty has a large copper endowment, impressive exploration potential and production-ready infrastructure that provides excellent leverage to any improvements in copper prices'.
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Contact:
Tel: +61 402 347 032
RESOURCE DEFINITION DRILLING & REVISED GEOLOGICAL MODEL
Since the 2019 Mineral Resource estimate (31 March 2019)1, MLX has completed substantial underground drilling programs at Nifty. A total of 309 diamond drill holes for 29,764 metres of drilling have been completed with a focus on infill and resource definition programs within southwest Region 3 & 4, Region 5 and the eastern end of Region 6. Since the acquisition of Nifty in late 2016, MLX has now drilled a total of 761 diamond drill holes for 91,095 metres of drilling.
In conjunction with the additional drilling completed since the 2019 Mineral Resource estimate, the Company has also competed a revised geological model for the Nifty deposit using advanced LeapfrogTM modelling software which has allowed for improved resolution of geological detail within the mineralised horizons. Of most significance has been the modelling of narrow, effectively barren, shale interbeds within the Middle Carbonate Unit (MCU), which along with the Lower Carbonate Unit (LCU), are the primary hosts to copper mineralisation at Nifty. The revised geological model has been used within the updated 2020 Mineral Resource estimation and is being used as part of the Copper Division Strategic Review.
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