Jaguar Continues To Grow Ahead Of Resource Update

Centaurus Metals (ASX Code: CTM) is pleased to report further strong drill results from resource growth and development drilling at its 100%-owned Jaguar Nickel Sulphide Project, located in the Carajás Mineral Province of northern Brazil.

• Step-out drilling at the Onça Preta (OP) and Jaguar South (JS) deposits continues to deliver strong, consistent visual and high-grade results with new assays including:
  • 20.8m at 1.54% Ni from 415.4m including 7.0m at 2.71% Ni from 421.0m in JAG-DD-22-375 (OP)
  • 21.7m at 1.35% Ni from 402.3m including 3.0m at 3.31% Ni from 404.5m in JAG-DD-22-333 (OP)
  • 25.2m at 0.90% Ni from 506.8m including 4.1m at 2.20% Ni from 510.4m in JAG-DD-22-341 (JS)
  • 26.0m at 0.76% Ni from 375.0m including 10.0m at 1.07% Ni from 388.0m in JAG-DD-22-312 (JS)
  • 23.7m at 0.80% Ni from 510.0m including 4.0m at 1.57% Ni from 523.0m ibn JAG-DD-22-375 (OP)
• Further significant results received from completed in-pit in-fill drilling across all deposits, demonstrating the continuity of the mineralisation within the current Mineral Resource model. New assay results include:
  
  • 37.0m at 0.84% Ni from 291.0m including 9.0m at 1.49% Ni from 291.0m in JAG-DD-22-352 (JCN)
  • 15.6m at 1.69% Ni from 74.3m including 8.8m at 2.13% Ni from 81.0m in JAG-DD-22-359 (JNE)
  • 6.0m at 3.79% Ni from 49.0m in JAG-RC-22-114 (OR)
  • 9.0m at 2.19% Ni from 91.0m; including 5.0m at 3.57% Ni from 95.0m in JAG-RC-22-120 (OP)
  • 36.0m at 0.52% Ni from 233.0m in JAG-DD-22-373 (JNE)
  • 13.4m at 1.18% Ni from 114.3m in JAG-DD-22-339 (JNE)
  • 24.5m at 0.65% Ni from 26.0m in JAG-DD-22-345 (JW)
  • 15.5m at 0.95% Ni from 36.5m; including 3.6m at 2.43% Ni from 48.4m in JAG-DD-22-343 (JS)
  • 19.0m at 0.74% Ni from 116.0m in JAG-DD-22-329 (JW)
  • 12.4m at 1.10% Ni from 110.3m in JAG-DD-22-359 (JNE)
  • 7.0m at 1.91% Ni from 122.0m including 3.0m at 3.44% Ni from 122.0m in JAG-RC-22-132 (OR)
• The Jaguar December 2021 MRE, comprising 80.6Mt @ 0.91% Ni for 730,700t of contained nickel, is one of the largest nickel sulphide resources held by an ASX-listed company and the largest outside of the majors.
• More than 100 drill holes are currently awaiting assay and, as a result of the slowed assay turn-around, the MRE update planned for the end of September is now expected to be delivered before the end of October.
• 11 rigs (10 diamond and one RC) remain on site drilling double-shift. With the resource development drilling now completed, the rigs have moved on to focus on Resource growth and discovery drilling.
• Centaurus is well-funded with cash reserves of approximately A$50 million.

Centaurus’ Managing Director, Mr Darren Gordon, said: “Both step-out and in-fill drilling are continuing to deliver consistent and robust results, further reinforcing the scale and quality of the Jaguar Project. We are confident that these results will help push the majority of the upcoming MRE update into the higher confidence Measured and Indicated Resource categories, as well underpin further growth in the global resource number.

“With the in-fill drilling now complete, we have streamlined our drill contractor fleet and moved the rigs predominantly onto step-out, extensional and discovery drilling. Initial work on this front has delivered two exciting holes at depths of over 600m down-hole which intersected semi-massive nickel sulphides, with some of these holes stepping off more than 120m down-dip from previous drilling. This bodes well for future resource growth down-dip, under existing planned underground stopes.

“To deliver the MRE update, we are waiting on assays for around 40 critical holes from the in-fill program completed in July. We are working with ALS Global Laboratories to get these critical assays delivered urgently but, based on current timelines and expectations, we will only be able to deliver the MRE in the next 4-5 weeks.

“We look forward to building on the already substantial MRE of 80.6Mt @ 0.91% Ni for 730,700t of contained nickel, which is already one of the largest nickel sulphide resources held by an ASX-listed company and the largest outside of the majors. In addition, the vast amount of drilling completed this year suggests that we are on track to have more than 500,000 tonnes of contained nickel metal in the Measured and Indicated categories, which will underpin the Jaguar Project’s maiden Ore Reserve estimate.”

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