Karmin has a 30 percent interest in the project in Brazil, which is being developed by 70 percent partner Nexa Resources.
Karmin Exploration (TSXV:KAR) has released a progress update on its 30 percent-owned Aripuanã zinc-lead-copper-silver project in Mato Grosso state, Brazil.
The remaining 70 percent of Aripuanã is directly or indirectly owned by Nexa Resources (TSX:NEXA), which is responsible for all project costs at this time, and until 12 months after the completion of a feasibility study and news the mine will proceed to production.
As highlighted in the press release:
- Karmin is advised that expenditures during the first quarter of 2018 by Nexa totalled US$2.9 million with;
• US$0.8 million spent on approximately 2,000 metres of drilling to extend the Link and Arex deposits plus infill drilling at Babaçu and
• US$2.1 million on engineering, environmental and geo-mechanical studies.
- Karmin understands that an update to the mineral resource dated December 23, 2016 is expected in the second quarter of 2018.
- As previously reported SNC Lavalin has been contracted, by Nexa, to develop a feasibility study on Aripuanã with completion expected in the second half of 2018. Karmin has been advised that the feasibility study was approximately 58 percent complete at the end of March 2018.
- Estimated 2018 expenditures to advance Aripuanã total US$25.5 million and include;
• Exploration; US$5.5 million and
• Capital expenditures; US$20 million.