Discovery Metals
Discovery Metals combines an attractive portfolio of mineral assets in Africa and joint ventures in Australia. Its management team has a strong track record of success in finding and developing mineral resources. Currently Discovery Metals is concentrating on the assessment of the Boseto Copper Project in NW Botswana and the Dikoloti Nickel Project in NE Botswana. The Company moved into pre-feasibility mode for the Maun Copper Project in August 2007 with the aim of completing the pre-feasibility study by first quarter 2008.
Company information about: Discovery Metals
Monday, October 06, 2008
Discovery Metals ups tonnage and grade of Boseto Copper Project
Discovery Metals, the London and Sydney listed base metals development company with projects in Botswana, announced a significant increase in the tonnage and grade of the Plutus Prospect. The Plutus Prospect is part of the Boseto Copper Project, where Discovery Metals has been directing the bulk of its efforts over the past 24 months.
Discovery Metals reported a new inferred mineral resource of 15.9 million tonnes with an average grade of 1.6% copper and 16.4 grams per tonne silver using a 0.6% copper cut-off. The new resource represented an increase of 10% on the tonnage, but far more encouraging for the company, a 25% increase in the copper grade and a 30% increase in the silver grade.
"The increases in copper and silver grades will go straight to the bottom line of the Boseto Copper Project economics," noted Discovery Metals' MD, Brad Sampson.
The new Plutus resource increased the total Boseto Copper Project resource to 50.4 million tonnes @ 1.3% copper and 17.6 grams per tonne silver, containing 655,000 tonnes of copper and 26 million ounces of silver.
“The 10% grade increase alone improves Boseto Copper Project base case economics - Project Net Present Value increases by US$33 million to US$148 million; with a new Internal Rate of Return of 27% using US$2.38/lb as the long term copper price,” the company said.
"Our previous sensitivity analysis indicated that a 10% increase in both copper and silver grade would improve the NPV of the base case economics by approximately 30%.
Discovery Metals further announced two additional developments at Boseto. First, that drilling had now confirmed an ‘extensive’ shallow depth zone of copper grading more than 2% which could become a high grade starter pit. And second, that the hanging wall of the main mineralised zone, which was previously considered waste rock, is in fact grading between 0.2% and 0.6% copper and would be stockpiled for processing.
"We expect more good news as our bankable feasibility study exploration continues, with the likelihood that the mineralisation zone between the Plutus and Petra prospects will be continuous".
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Discovery Metals reported a new inferred mineral resource of 15.9 million tonnes with an average grade of 1.6% copper and 16.4 grams per tonne silver using a 0.6% copper cut-off. The new resource represented an increase of 10% on the tonnage, but far more encouraging for the company, a 25% increase in the copper grade and a 30% increase in the silver grade.
"The increases in copper and silver grades will go straight to the bottom line of the Boseto Copper Project economics," noted Discovery Metals' MD, Brad Sampson.
The new Plutus resource increased the total Boseto Copper Project resource to 50.4 million tonnes @ 1.3% copper and 17.6 grams per tonne silver, containing 655,000 tonnes of copper and 26 million ounces of silver.
“The 10% grade increase alone improves Boseto Copper Project base case economics - Project Net Present Value increases by US$33 million to US$148 million; with a new Internal Rate of Return of 27% using US$2.38/lb as the long term copper price,” the company said.
"Our previous sensitivity analysis indicated that a 10% increase in both copper and silver grade would improve the NPV of the base case economics by approximately 30%.
Discovery Metals further announced two additional developments at Boseto. First, that drilling had now confirmed an ‘extensive’ shallow depth zone of copper grading more than 2% which could become a high grade starter pit. And second, that the hanging wall of the main mineralised zone, which was previously considered waste rock, is in fact grading between 0.2% and 0.6% copper and would be stockpiled for processing.
"We expect more good news as our bankable feasibility study exploration continues, with the likelihood that the mineralisation zone between the Plutus and Petra prospects will be continuous".
Other Discovery Metals articles
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18/12/08 Drilling boosts copper grade for Discovery Metal's Boseto Project
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24/07/08 Discovery Metals buoyed by pre-feasibility study for the Boseto Copper Project
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20/12/07 Discovery Metals: Solid Progress at Muan Copper Project
Other Discovery Metals news
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27/11/08 Discovery Metals identifies new copper anomaly that may extend Petra prospect in Botswana
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25/09/08 Fox-Davies Capital stays bullish on Discovery Metals
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24/09/08 Discovery Metals' drilling at Plutus confirms continuity of ore
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22/08/08 Discovery Metals expands Plutus Copper Prospect
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20/08/08 Discovery Metals raises £3.1 million
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07/08/08 Discovery Metals extends strike of copper prospect to 18 kilometres
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14/07/08 Discovery Metals extends Plutus by a kilometre
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13/06/08 Discovery Metals expands footprint in Botswana
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05/06/08 Discovery Metals confirms copper potential at Quirinus
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27/03/08 Discovery Metals doubles length of Quirinus Prospect
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