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' drill results add value to Boseto copper resource
Discovery Metals (ASX/BSE: DML) (AIM: DME) has reported the assay results from the latest 5 diamond drill holes at the Zeta Prospect at the company’s 100%-owned Boseto Copper Project located in north-west Botswana.
The Zeta Prospect forms part of the Mineral Resource base for the Boseto Copper Project Bankable Feasibility Study.
Significant assay results include: Hole GDDD1008 8.0 m @ 1.8% Cu & 35.4 g/t Ag; and Hole GDDD1009 10.0 m @ 1.7 % Cu & 33.3 g/t Ag.
Discovery Metals’ Managing Director, Brad Sampson commented, "we are currently reviewing the consultants’ contributions to the Bankable Feasibility Study on open pit mining at Boseto."
"These drill results add value beyond the current scope of the Boseto copper project and increase the possibility of underground mining in the future."
Drill holes in the Zeta Prospect have previously intersected copper silver mineralisation to a depth of approximately 400 metres below surface.
The mineralisation at the Zeta Prospect remains open on dip and these 5 diamond holes have demonstrated that the copper silver mineralisation extends beyond 650 metres below surface.
The Zeta Prospect currently contains Mineral Resources of 35.4 Mt @ 1.4% Cu and 22.3 g/t Ag
including Measured and Indicated Mineral Resources of 10.9 Mt @ 1.6% Cu and 23.5 g/t, all at a cut off grade of 0.6% Cu.
In March 2010, the company reported the results of a successful scoping study on the potential for underground mining at Zeta. This study was based on mining a resource with a strike length of 2 kilometres at depths between 130 metres and 400 metres (over 270 metres of vertical depth).
The scoping study envisaged an operation which could produce 1.6 Mtpa of copper-silver ore per year for a period of 9 years.
Discovery Metals said these latest drill results confirm that the Zeta mineralisation continues at depth for more than 250 metres below the base adopted for that scoping study, so the overall mineral resource available to underground mining at Zeta may now have a vertical depth of 520 metres.
As a result, it is now possible to conceive that an underground mine at Zeta could have a mine life of more than 15 years at the same annual production rate.
As with all mineral resources at Boseto, this area at Zeta remains open on dip and along strike.
The drill results will be included in the company's new estimate of the Zeta Mineral Resources that will be completed later this year in conjunction with the pre feasibility study on underground mining at Zeta.
The company said these results reinforce expectations that potential remains to significantly increase the resource base for the Boseto Copper Project.
