Capstone Mining Increases Reserves by 89 Percent at Cozamin
Capstone says it has increased the proven and probable mineral reserves by 89 percent over the reserves as at December 31, 2017, to 6.2 million tonnes grading 1.60 percent copper.
Capstone Mining (TSX:CS) has released positive results of an updated technical report for its Cozamin copper mine in Zacatecas, Mexico.
As highlighted in the press release:
- Proven and probable mineral reserves increased by 89 percent, over the reserves as at December 31, 2017, to 6.2 million tonnes grading 1.60 percent copper.
- Results of the materials handing study shows an approximate 30 percent increase in expected throughput to 3,780 tonnes per day by the end of 2020, with an estimated investment of less than US$5 million. The anticipated result is an increase in annual production to between 40 to 45 million pounds of copper.
- Inferred mineral resources have increased to 17 million tonnes at a copper grade of 1.11 percent; including 9.5 million tonnes at a copper grade of 1.61 percent in the Mala Noche Footwall Zone (MNFWZ). This area of the MNFWZ is a shallower and thicker zone of mineralization than the current indicated mineral resources, and the target for a multi-year infill drill program with the goal of converting more resources to reserves.
President and CEO of Capstone, Darren Pylot said:
“The Cozamin mine continues to be a valuable asset for Capstone and formed the foundation upon which we built our company. Since commencing production at 1,000 tpd in 2006, Cozamin has demonstrated a remarkable ability to continue to discover and define new reserves. Today, more than 12 years and approximately 12 million milled tonnes later, we announce the next step in Cozamin’s evolution. The combination of the new reserves as well as the significantly increased inferred resources give us the confidence to make additional investment to increase Cozamin’s production profile. We look forward to continued exploration success and the further delineation of reserves at Cozamin as the mine continues to operate well into the future.”