Austral Resources Australia Ltd reported the preliminary findings of a Concept Mining Study done by CSA Global to re-optimise, replace depletion, and boost Anthill copper project output.
According to Austral, the CMS applying A$12,500 per tonne of copper indicates an additional ~10,000 tonnes of contained copper to be mined by the company.
In comparison to Anthill’s 2021 feasibility study, more than 20% of generated copper oxide (processed from Austral’s existing processing hub) and sulphide (processed via flotation – employing a 3rd party mill – roughly 75km distant) will be mined.
The following steps for the Anthill Expansion Project development include:
- Detailed dilution and ore loss analysis with possible Selective Mining Unit Analysis (SMU).
- Updated pit design (with stages) and Mine Plan.
- The Detailed Mine Schedule financial model will be used to analyse the economic feasibility of the development.
- CSA will visit the site to confirm the information supplied by Austral.
- Update the Mineral Resources and Ore Reserves estimates to formalise the CMS-identified production potential.
“I have spoken publicly that Austral’s immediate focus is finding more oxide to feed the beast, and here is another example of Austral delivering. Anthill cutback was always in the back of our minds knowing the Ore Reserves Estimate of 2021 was based on a copper price of approximately AUD$10,300 per tonne. The study reveals a potential significant increase in the Mineral Resources by applying the current copper prices in 2023. We are told Austral’s mine life is possibly too short to be classified as a big copper producer. Considering what we have announced on oxides alone this year, we now have another 40,000 tonnes of copper potential. Having identified the increase in the Mineral Resources potential, an update of the Mineral Resources and Ore Reserve will validate the potential to increase the Life of the Mine by approximately 5 to 7 years. This outstanding result is a testament to our team’s diligent work. The results of the concept study are extremely promising, highlighting the immediate potential for increased profitability, growth and value for Austral and our shareholders. We are excited about the future and look forward to sharing the Company’s progress with you as we continue to unlock the value of our resources,” Austral Managing Director and CEO Dan Jauncey said.
