Flash Note - First step towards building a copper project of significance
Resource in Upper Range: On 29 June 2021, DEX announced an inferred maiden mineral resource estimate (MRE) at Mt Flora of 16 Mt at an average grade of 0.5% Cu and 6.9 g/t Ag, reported at a 0.2% Cu-equivalent cut-off grade. As mentioned in our company profile published on 18th May 2021, the MRE stands at the upper range of the Exploration Target included in the Prospectus from October 2020: 5 to 12 million tonnes at 0.5 to 0.7% Cu for 27,000-96,000 tonnes of copper, 5-15g/t Ag for 884,000-7,780,000 ounces of silver and 0.1-0.1g/t Au for 17,000-38,000 oz of gold.
More importantly the deposit remains open to the north, where higher conductivity suggests similar massive sulphides.
Mineral Resource Benchmarking: See chart on page 2. The mineral resource represents a first step towards building a copper project of significance. One should note also that the proximity to surface and geometry of the deposit make the project more attractive than higher grade mineral resources only amenable to underground mining.
Potential Development: while it is still early days, the mineral resource is close to surface which leads to evaluate a bulk open pit mining scenario with a low strip ratio.
