Altona adds to Little Eva resource
PERTH (miningweekly.com) – Copper miner Altona Mining has reported a 6% increase in contained copper and a 4% increase in contained gold at its Little Eva copper/gold deposit, in Queensland.
The ASX-listed company said on Tuesday that the new resource estimate was based on a new geological model derived from a reclogging and data validation programme, rather than further drilling.
The new model has increased the resource estimate to about 105.9-million tonnes, grading 0.52% copper and 0.09 g/t gold for 546 000 t of contained copper and 295 000 oz of contained gold.
This compared with the previous estimate of 100.3-million tonnes, for 534 000 t of copper and 284 000 oz of gold.
Altona has previously estimated that the Little Eva deposit would require a capital investment of A$294-million to develop a large-scale openpit mine and three smaller satellite deposits. Ore would be processed at a rate of seven-million tonnes a year and was expected to produce some 150 000 t/y of clean copper/gold concentrate, containing an average of 38 800 t/y of copper and 17 200 oz/y of gold.
The project was expected to have a mine life of 11 years.
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