The study was done using a resource estimate which defined an indicated resource of 1.1 million tonnes of contained copper and 3.7 million ounces of contained gold.
Bezant (LSE:BZT) has released the results of an independent study assessing the optimisation of potential future mine development for its Mankayan copper-gold project, located on the Island of Luzon in the Philippines.
The company said the study was undertaken by independent consultants, Mining Plus using prevailing market conditions premised on the Snowden Mining resource estimate prepared in 2009 under JORC (2004) which defined an indicated resource of 1.1 million tonnes of contained copper and 3.7 million ounces of contained gold and an inferred resource of 0.2 million tonnes of contained copper and 0.6 million ounces of contained gold.
As highlighted in the press release:
- Alternative routes to production: The Mankayan copper-gold porphyry supports different robust routes for potential future development, including, for the first time, a Sub-Level Caving ‘stepping stone’ scenario, with two main Block Caving routes identified for progression, from a total of 11 scenarios assessed, with both supporting an average production grade in excess of 0.64 percent copper equivalent.
- 5 year lead time to production: Under all four of the representative options selected for further analysis in the study, the time to initial production was approximately five years and the first five years of production was sequenced in order to deliver production from the higher grade areas of the deposit, in some cases demonstrating average grades achievable of up to 0.77 percent copper equivalent during this initial period.
- Off-site costs incorporated: For the first time, off-site costs (for concentrate handling and smelting) were incorporated into the project’s economics to more accurately demonstrate development viability.
- Updated analysis: the study has built and improved upon the historic 2014 scoping study update following analysis of the key inputs and characteristics further to the Company’s review of the project during 2018.
The company also detailed the three main start-up options of 11 available to the company.