HIGHLIGHTS:
- Greenvale Mineral Resource tonnes increased by 63.2%
- Lucknow Mineral Resource tonnes increased by 94.6%
- Grade maintained across both deposits, with additional Mineral Resource tonnages boosting contained metal quantities for the project
- Expanded Mineral Resource to support longer Life of Mine
- Revised Mineral Resource expected to boost optimised BFS potential and
- increase financial outcomes for Sconi project
Advanced battery materials developer Australian Mines Limited (“Australian Mines” or “the Company”) (Australia ASX: AUZ; USA OTCQB: AMSLF; Frankfurt Stock Exchange: MJH) is pleased to announce an updated Mineral Resource estimate for the Company’s 100%-owned Sconi Cobalt-Nickel-Scandium Project in North Queensland, with the new estimation anticipated to result in substantial flow-through benefits to the Project’s overall development economics.
The results from the recent expansion drilling program have delineated consistent high grade nickel and cobalt zones across the Project area, with some assays from the program exceeding the tenor of results previously returned across the historic project, which have been the subject of evaluation for about half a century.
The Greenvale nickel deposit’s in-situ material now stands at 24.40 million tonnes, up 63.2% from 14.95 million tonnes in the previous estimate; and the adjacent Lucknow deposit’s material now stands at 14.62 million tonnes, up 94.6% from 7.51 million tonnes previously.
This re-estimation of the Sconi Mineral Resource was prepared by leading resource consultant group CSA Global, which completed a detailed review of previous and recent exploration data to estimate the new Mineral Resource, including Resource modelling information derived from the Company’s base-case Bankable Feasibility Study (BFS).
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