Cyprium Metals

Cyprium Metals Quarterly Activities Report - June 2022

For the period ending 30 June 2022

Cyprium Metals Limited (ASX: CYM) (“Cyprium” or the “Company”) is pleased to provide the following overview of the Company’s activities for the June 2022 quarter.


Nifty Copper Project
  • Mineral Resource Estimate increased to 940,200t contained Cu
  • Government Submissions lodged and approvals being completed
  • Finance process well advanced for construction then production Cu plate H2 2023

Maroochydore Copper-Cobalt Project

  • All of the 2021 RC drilling assay results have been received
  • Phase 1 diamond drilling completed – core in Perth awaiting metallurgical testing
  • Mineral Resource of 486,000t contained Cu to be updated in H2 2022

Murchison Copper-Gold Project

  • Nanadie Well Mineral Resource Estimate of 162,000t contained Cu released, in addition to Hollandaire of 51,500t contained Cu
  • Extensional Mineral Resource opportunities being evaluated
  • Nanadie Well Phase 1 diamond drilling completed for metallurgical testing

Corporate

  • AUD16M Placement @ 11.5cps completed mid-July 2022
  • AUD10M Pro Rata Entitlement Offer @11.5cps, closing 1 August 2022


Managing Director Barry Cahill commented:

“It has been a busy quarter for Cyprium when we recently announced Mineral Resource Estimates for the Nifty and Nanadie Well projects. We now have 2012 JORC compliant mineral resources at all our projects, totalling more than 1.6 million tonnes of contained copper.

Good progress continues to be made at Nifty on refurbishment and operational readiness activities, along with metallurgical test work and regulatory approvals.

A Letter of Intent has been entered into for a Copper Cathode Offtake Prepayment Facility with Glencore. We are continuing our due diligence activities and documentation with Glencore, in conjunction with senior debt providers.

A $16 million Placement has been completed and there is a $10 million Entitlement Offer that is due to close on 1 August 2022.

We remain focused on finalising the financing of the Restart of the Nifty Copper Project, to establish Cyprium as copper producer in the shortest time frame possible.”

Click here for the full ASX Release

This article includes content from Cyprium Metals Limited (ASX:CYM), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Advancing Western Australia’s historic Nifty copper mine for near-term production and long-term growth

Cyprium Metals Limited

Nifty Copper Project Poised to Unlock Value for Cyprium Metals, Report Says

Description

The latest MST Access analyst report values Cyprium Metals (ASX:CYM) at AU$0.10 per share, significantly above its current trading price of AU$0.027. The valuation is underpinned by the company’s dual-track approach to restarting the Nifty copper project, a standout asset with a 20-year mine life and the potential to become one of Australia’s largest open-pit copper producers.

By leveraging existing infrastructure and its low capital intensity, Cyprium is positioned to deliver exceptional returns, according to the report. With plans to secure a strategic partner in 2025 and a fast-tracked production timeline for its Cathode project, Cyprium represents an undervalued opportunity in the ASX copper space.

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Cyprium Metals Ltd  Nifty East Extensional Infill Drilling Results

Cyprium Metals Ltd Nifty East Extensional Infill Drilling Results

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that assay results have been received from the Nifty East infill extensional drilling. The program comprised 21 RC holes for 5,725m targeting areas from the previous program which identified encouraging widths of oxide/transitional mineralisation extending east and sulphide mineralisation extending east at depth beneath the former Nifty open pit (Figure 1*).

HIGHLIGHTS

- All results received from Nifty East Extensional Infill drilling program, targeting the oxide/transitional mineralisation and sulphide mineralisation at depth beneath the open pit

- Results demonstrate potential to define additional shallow mineralisation for the planned heap leach restart and grow the existing +0.9 Mt contained copper Mineral Resource

- Significant widths of copper mineralisation intersected are shown below

Executive Director Barry Cahill commented:

"The first phase of drilling at Nifty East has firmed up our understanding of the copper mineralisation extending from the current Nifty open pit and clearly demonstrates excellent potential to grow the existing resource further east. The results will be added to the resource model. These East drilling results along with the previously released West drilling clearly demonstrate the potential to expand the mineral resource as further phases of drilling proceed.

Discussion of results

Section 102,800E

Hole 21NRSP021 confirmed oxide mineralisation that was previously intercepted in holes 21NRSP006 and 21NRSP011 (Figure 3* 18m at 0.45% Cu, including 1m at 2.35% Cu). Hole 21NRSP021 also extended sulphide mineralisation at depth within the carbonate-shale host rocks (4m at 0.36% Cu, 3m at 0.47% Cu and 17m at 0.52% Cu, including 2m at 1.14% Cu and 6m at 0.16% Cu).

Section 102,840E

Hole 21NRSP030 confirms oxide mineralisation close to surface that was previously intersected in hole 21NRSP001 and historical drillhole NCP0317 (Figure 4* 3m at 0.15% Cu, 3m at 0.14% Cu and 5m at 0.26% Cu). Three deeper holes intercepted sulphide mineralisation extensions at depth where there is no historical drilling.

Hole 21NRSP0022 intercepted 3m at 0.19% Cu, 11m at 0.66% Cu including 2m at 1.57% Cu and 3m at 0.31%, and 5m at 0.51% Cu including 1m at 1.40% Cu. Hole 21NRSP0031 intercepts include 6m at 0.33% Cu and 7m at 1.14% Cu including 4m at 1.76% Cu. 21NRSP0032 intersected 3m at 0.21% Cu, 3m at 0.29% Cu and 4m at 0.20% Cu.

Section 102,880E

Figure 5* illustrates infill transitional and sulphide mineralisation which was intercepted in hole 21NRSP039 (3m at 0.69% Cu including 1m at 1.21% Cu, 3m at 0.44%, 4m at 0.30% Cu, 5m at 0.18% and 3m at 1.18% Cu including 2m at 1.38% Cu), and Hole 21NRSP023, which intercepts upper sulphide mineralisation (12m at 0.74% Cu including 2m at 1.20% Cu and including 1m at 1.50% Cu and including 1m at 1.26% Cu).

Section 102,920E

The drilling has identified further extensionsto the oxide mineralisation east of the Nifty pit. The mineralisation is mostly in proximity to the northern limb of the Nifty Syncline. It has also been confirmed to extend further south, interpreted as an extension of the sub-parallel zone of supergene copper mineralisation, which was identified in the first phase of drilling by Cyprium Metals in 2021.

Hole 21NRSP0033 (4m at 0.14% Cu, 3m at 0.16% Cu, 6m at 0.22% Cu, 14m at 0.27% Cu, 5m at 0.17% Cu and 3m at 0.26% Cu) and Hole 21NRSP034 (3m at 0.13% Cu, 4m at 0.16% Cu, 3m at 0.19% Cu, 4m at 0.70% Cu including 2m at 1.17% Cu, 3m at 0.30% Cu, 5m at 0.32% Cu and 1m at 1.23% Cu) have confirmed oxide and transitional mineralisation previously unidentified (Figure 6*).

The sub-parallel zone of supergene mineralisation was intercepted by hole 21NRSP024 (5m at 0.47% Cu including 1m at 1.36% Cu and 4m at 0.11% Cu). This hole also confirms sulphide mineralisation at depth (13m at 1.08% Cu including 1m at 1.12% Cu and including 3m at 3.10% Cu).

Section 102,960E

The drilling has confirmed oxide and transitional mineralisation previously identified in historical holes. New extensions to sulphide mineralisation to the east and at depth have also been identified (Figure 7*).

Hole 21NRSP035 confirms intercepts of shallow oxide and deeper transitional mineralisation (4m at 0.16% Cu, 7m at 0.16% Cu and 8m at 0.24% Cu).

Hole 21NRSP026 has intercepted the southern sub-parallel zone of supergene copper mineralisation (6m at 0.16% Cu). Sulphide mineralisation within the Nifty Syncline carbonate-shale host rocks was intercepted at depth (7m at 0.30%, 7m at 0.34% Cu and 4m at 0.20% Cu).

Sulphide mineralisation was intersected higher in the stratigraphic sequence in hole 21NRSP0025 (13m at 0.52% Cu including 1m at 1.48% Cu and including 1m at 2.13% Cu) and at depth (3m at 0.42% Cu and 4m at 0.19% Cu).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/ETZVU06G

 

About Cyprium Metals Ltd:  

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.

 

 

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Cyprium Metals Ltd 

News Provided by ABN Newswire via QuoteMedia

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