Cyprium Metals

Shallow High-Grade Copper Discovery at Heeler Prospect on Cue JV

Cyprium Metals Limited (ASX:CYM) (CYM, Cyprium or the Company) has made a shallow high-grade discovery near Cue at the Heeler Prospect approximately 10km southwest of the Company’s Hollandaire copper-gold deposit.


Highlights include:

  • Drill intercept of 15m at 3.26% Cu, 0.70g/t Au, 7.4g/t Ag, 151ppm Co from 70 metres downhole in 24CURC004
    • Including: 7m at 5.04% Cu, 0.81g/t Au, 11.4g/t Ag, 197ppm Co, 0.11% Ni from 71m
  • Second intercept in 24CURC004 of 3m at 1.09% Cu, 0.44g/t Au from 108m
    • Including: 1m at 2.54% Cu, 1.19g/t Au from 109m
  • Mineralisation is open to depth and along strike in both directions within a lightly tested copper soil anomaly extending for 2.5 kilometres along strike
“While the Company remains focused on delivering a robust plan for Nifty, we continue to maintain our outstanding portfolio of exploration assets,” said Executive Chairman Matt Fifield. “This new Heeler discovery is a great reminder of the prospective value within the Company’s earlier-stage assets in the Paterson and Murchison provinces. Our exploration team targeted our limited drilling budget in the Murchison around the most prospective areas and hit outstanding grade that shows potential for an economic orebody. Solid focused work by the team – congratulations to Mark, Peter and Milan on the discovery hole.”

The Heeler Prospect is in the Murchison Province on tenements within the Company’s Cue joint venture with Ramelius Resources Ltd (ASX: RMS). This joint venture is operated by Cyprium, with 80% of the rights to base metals owned by Cyprium and 20% by Ramelius.

“With Heeler, Cyprium continues to build on its copper-gold resource inventory in the Murchison,” said COO Milan Jerkovic. “We have 203,000 tonnes of copper resource and 153,0000 ounces of gold (100% basis) at the nearby Hollandaire and Nanadie Well deposits and follow up work around Heeler may well bring additional grade and scale into our portfolio. There are assays from this program outstanding, but we’re pleased to have hit shallow high- grade mineralisation.”

“The Cue region is an area that’s known for its gold deposits but hasn’t been well explored for its base metals potential,” said Cyprium geologist Mark Styles. “At Heeler for example, we were attracted by the large, lightly tested +100ppm copper soil anomaly up to 400m wide and 2.5 kilometres long, historic shallow drill results with 0.3% copper in the core of the soil anomaly and a coincident geophysical magnetic high. These features are suggestive of a mafic-ultramafic association with base metal mineralisation in a style distinct from the felsic- hosted Hollandaire copper-gold deposit located 10km northeast of Heeler.”

Figure 1 – Project Location

“We drilled four holes in our programme focusing on Heeler, following up on work in 2022. So far we have assays back from a single drillhole completed in our January 2024 programme. The 24CURC004 intercept showed stacked shallow sulphide mineralisation that was visible in the drill chips. We also hit sulphides in the three other holes, but we’re expecting lower tenor assay results, <1% copper,” said Styles.

24CURC004 assay results show 15m at 3.26% Cu, 0.70g/t Au, 7.4g/t Ag, 151ppm Co from 70m, including 7m at 5.04% Cu, 0.81g/t Au, 11.4g/t Ag, 197ppm Co, 0.11% Ni from 71m. A second intercept in the same hole returned 3m at 1.09% Cu, 0.44g/t Au from 108m, including 1m at 2.54% Cu, 1.19g/t Au from 109m.


Click here for the full ASX Release

This article includes content from Cyprium Metals, 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.

CYM:AU
The Conversation (0)
Cyprium Metals

Cyprium Metals Ltd Quarterly Activities Report

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) provides the following overview of the Company's activities.

Nifty Strategy

The Company's priority is to restart the Nifty operation with lower capital intensity and lower risk by developing a large-scale open pit mine utilising the extensive sunk capital infrastructure.

The Nifty development strategy currently includes the integration of a Copper oxide starter open pit operation that will be complemented by the larger scale sulphide open pit, which together is expected to provide a significant +15-year mine life based on +900,000 tonne contained copper mineral resource. Nifty's prospectivity is excellent and the mineral inventory is relatively shallow, is open along strike in multiple directions and at depth, giving good potential to increase the current resource endowment.

Cyprium's other exploration assets at Maroochydore and in the Murchison represent an attractive portfolio of exploration projects that will be assessed and reviewed for additional expenditure along with the commencement of the development of Nifty. These projects, together with Nifty, contain more than 1.6 million tonnes of contained copper.

Highlights

- Company's priority is to restart the Nifty operations with lower capital intensity and lower risk by developing a large-scale open pit mine utilising the extensive sunk capital infrastructure

- $24M Placement to Sophisticated and Institutional Investors Completed

- $5M Entitlement Offer closed oversubscribed raising $7.6M from book build and shareholder demand

- Placement received significant demand from numerous new and existing high quality domestic and offshore institutions, family offices and private equity investors

- Investor support for the Equity Raising provides a strong endorsement of Cyprium's strategy to restart the Nifty operation as a long-life large scale open pit mine

- Mr Clive Donner, an experienced mining industry executive, appointed as Managing Director

- Leading private equity firm Pacific Road Capital Management (PRCM) now has a 17% relevant interest in the Company

- Mr Matt Fifield, Managing Director of PRCM, appointed to the Board as Interim Chair

- Reinstatement to Official Quotation following the confirmation from ASX of the satisfaction of certain conditions for reinstatement to quotation

Clive Donner, Managing Director commented:

"The Company is now adequately funded to progress the technical studies necessary to build an integrated mining development plan that encompasses both the oxide and substantial sulphide resources at Nifty. The Company anticipates being able to release a feasibility study during the first half of calendar 2024.

Through this additional work we expect to demonstrate a significantly larger scale and longer life project than the previous Oxide Restart Project alone. Experienced mining industry professionals are being selectively recruited to the board and management team to ensure the Nifty integrated open pit technical studies deliver the right results for shareholders."

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/9N77OMK4



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.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less
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.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less

Hudbay to Host Conference Call for First Quarter 2024 Results

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) senior management will host a conference call on Tuesday, May 14, 2024 at 11:00 a.m. ET to discuss the company's first quarter 2024 results.

First Quarter 2024 Results Conference Call and Webcast
Date: Tuesday, May 14, 2024
Time: 11:00 a.m. ET
Webcast: www.hudbay.com
Dial in: 1-416-764-8650 or 1-888-664-6383
Additional Dial-in

Hudbay plans to issue a news release containing the first quarter 2024 results before market open on Tuesday, May 14, 2024 and post it on the company's website. An archived audio webcast will be available on Hudbay's website following the call.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Culpeo Minerals

Culpeo Commences Drilling at Lana Corina Where Intersections Included 257m @ 1.10% CuEq

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to advise extensional drilling has commenced at the Lana Corina Project (the Project), Chile, building on the achievements of the 2023 program.

Keep reading...Show less
Miramar Resources

Goldfields Exploration Update

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to provide an update on gold exploration activities within the Company’s strategic Eastern Goldfields project portfolio.

Keep reading...Show less
World Copper

World Copper


Keep reading...Show less

Lundin Mining Pre-Announces Items Impacting the First Quarter 2024 Results

Lundin Mining Logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pre-announcing certain items impacting the Company's quarterly earnings, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") 1 adjusted earnings 1 and adjusted earnings per share 1 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×