Discovery Metals (ASX: DML) combines a portfolio of mineral assets in Africa and joint ventures in Australia. Discovery Metals is focused on developing the Boseto Copper Project in north west Botswana and to create shareholder wealth through discovery and development of economic mineral deposits.
The Company’s major asset and current focus is its Boseto Copper Project in north west Botswana. The company also controls the Dikoloti Nickel Project in north east Botswana. There are two smaller Australian projects which are joint ventured with the JV partners potentially earning into 51 percent equity.
Discovery Metals lifts mineral resource at Zeta prospect by 40 per cent
Brisbane-based resources company Discovery Metals Limited (ASX: DML) has upgraded its Mineral Resource Estimate by 40 per cent at the Zeta prospect within the Boseto Copper Project in Botswana.
Zeta is one of the three prospects being drilled out as part of the Bankable Feasibility Study at the Discovery’s Boseto project.
In a statement, the company announced the total Mineral Resource for Zeta now stood at 35.4 Mt @ 1.4 per cent Cu and 22.3 g/t Ag at a cut off grade of 0.6 per cent Cu.
The Zeta Mineral Resource comprises measured and indicated resources of 10.9Mt @1.6 per cent Cu and 23.5 g/t Ag and inferred mineral resources of 24.5 Mt @ 1.4 per cent Cu and 21.8 g/t Ag all at a cut off grade of 0.6 per cent Cu.
As a result of the Mineral Resource Estimate increase, shares in Discovery were up 2.5c, or 5.3 per cent, to 49.5 per cent at 3.24pm.
This infill drilling campaign specifically targeted the near surface portion of the Zeta Mineral Resource in areas considered to be amenable to open pit mining.
While the majority of drill holes intersect mineralisation at depths shallower than 120 metres, the new estimate of the Zeta Mineral Resource incorporates drill results from holes that have intersected mineralisation at depths of up to 350 metres below surface.
Zones of copper–silver mineralisation with grades exceeding 1.5 per cent Cu are present at depth over strike lengths exceeding 1500 metres.
These large, higher grade zones of copper‐silver mineralisation present potential for economically viable underground mining. A scoping study will be completed before December to progress understanding of the potential for underground mining at Zeta.
Along the southern margin of Zeta, a portion of the Inferred Mineral Resource totaling 0.5Mt @ 0.9 per cent Cu and 14.4 g/t Ag may require additional infill drilling to quantify its economic potential in terms of the minimum mining width.
Meanwhile, the contained copper in the Mineral Resources at Boseto increased by 12 per cent to 845,600 tonnes and contained silver increased by 32 per cent to 38 Million ounces.
The Measure and Indicated Mineral Resources at Boseto now totals 11.7 Mt @ 1.5 per cent Cu and 22.9 g/t Ag at a cut of grade of 0.6 per cent Cu.
The Total Mineral Resources for the Boseto Copper Project are estimated to be 60.4 Mt @ 1.4 per cent Cu and 19.5 g/t Ag at a cut of grade of 0.6 per cent Cu.
The company is now setting its sights on a Bankable Feasibility Study for the Boseto Copper Project, which is planned for completion in March 2010.
The infill drilling program at the Plutus and Petra Prospects which was also carried out as part of the BFS was also completed.
It is anticipated that the next estimate of the Plutus and Petra Mineral Resources will be released in December, with first copper production currently targeted for early 2011.
