Highlights:
- The Copper Sulphate Pentahydrate plant is continuing production and achieving its first sale;
- Purchase of a new 3 Deck Kason Vibroscreen Separator to further increase production quality;
- Standard Conduct and Compensation Agreement signed with landholder on the Maid EPM 27735;
- Dr Alistair Lewis appointed to the Board;
- Major subsequent events including:
- $1.8 million raised including $1.7 million of new capital beyond Rights Issue subscriptions from shareholders – with $1.5 million of that amount being at $0.05 and the balance $0.3 million being a loan.
- Name and ASX code change completed to Tartana Minerals Limited (ASX:TAT) and corporate rebranding including a new website www.tartanaminerals.com.au
As previously reported, it has been a difficult and long wet season with access to the mine restricted by high river levels in the Walsh River which had closed the Burke Development Road for several weeks. With accessibility having been restored, the mine is receiving diesel and acid supplies, and ongoing production is targeting the second 28-bag (34 tonne) shipment. The new Kason vibrating screen and other modifications are expected to improve plant performance and reliability.
Elsewhere, the Tartana Copper resource has an existing open pit resource to 130 m depth comprising of 10.039Mt @ 0.45% Cu for 44,781 tonnes of contained Copper using a 0.2% Cu cutoff grade as reported to the ASX on 9th February 2023. While the average grade increases by increasing the cutoff grade above 0.2% Cu, the Company believes a better solution is ore sorting, which has the potential to lift an average ore feed grade above 1% Cu and also minimises the open pit strip ratio.
Further, a Standard Conduct and Compensation Agreement (CCA) has been finalised with the landholder on the Maid EPM 27735. This CCA extends from 1 May 2024 through to 31 December 2025 and relates to proposed exploration activities including drilling regional prospects within EPM 27735, whilst excluding activities related to Tartana’s existing Mining Lease Applications at Cardross and Maid which lie within the surrounding EPM 27335 area.
The Company has also raised $1.82m including $0.3m in a new convertible note and the Rights Issue Shortfall Placement. This places the Company on sound financial footing with Copper Sulphate production expected to provide ongoing cash flow.
Copper Sulphate Production
While plant commissioning commenced last October and progressed through November, the onset of the extended wet season in December led to a slow start to production this year. This stems from high water levels in the Walsh River, which blocked access to the mine northwest of Chillagoe. In particular, it prevented the delivery of reagents, including sulphuric acid and diesel, to the mine site.
Production recommenced in April, with the completion of the first shipment of 28 bags (34 tonnes), and the completion of the second shipment is expected soon. Copper is being sourced from the ponds, which hold an estimated 96 tonnes of Copper in solution, and which equates to more than 300 tonnes of Copper Sulphate, assuming 80% recovery. Copper will then be sourced from the heaps, which contain an estimated 1,364 tonnes of Copper (as reported to the ASX on 22 July 2022), before the Company is to address the mining of remnant oxide and transition ore.
Additional LIX for the solvent extraction has been ordered and is expected to increase daily production to the forecast 6-8 bags per day. Combined with an additional roster, it will significantly increase production.
Plant reliability is improving, and the Company is recovering from both the challenges of the wet season and the deterioration of equipment such as the screen. The Company has purchased a new 3 Deck Kason Vibroscreen Separator from DTD Engineering, which will improve the product, enabling the sale of Tartana copper sulphate to premium markets with stricter product requirements. The bag scales are also being repaired to ensure constant bag weights.
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