Results from a successful 2022 drill program have contributed to an enhanced mineral resource estimate (MRE) update for the Orlando copper-gold deposit at the Tennant Creek Project for CuFe Ltd (ASX:CUF).
The new MRE reveals a tonnage increase of 30% and an increase of 16% in copper metal tonnes relative to the previous June 2022 estimate.
This is primarily driven by an extension of the mineralised zones to the west and an increase in the thickness of lenses within the west wall.
Both these changes are within 200 metres of the surface and have the potential to add metal tonnes to the open pit shells CuFe is weighing up.
Indicated tonnes also up
Tonnes in the higher confidence indicated category have increased by 25%, strengthening the resource model.
The Orlando Deposit resource now stands at 2.88 million tonnes at 1.3% copper and 1.4 g/t gold based on a 1 g/t gold equivalent, and the overall Tennant Creek resource now totals 7.29 million tonnes at 1.7% copper and 0.6 g/t gold.
The significant resource update is based on the results of a resource drilling campaign completed in 2022 which targeted open areas of copper enrichment within the existing resource (infill) and extensional drilling along strike to close out the mineralisation.
Snowden Optiro completed the MRE update for the Orlando deposit based on the recent 2022 drilling campaign, as well as using historical data.
High prospectivity
CuFe executive director Mark Hancock said: “This 2022 drill program and subsequent resource upgrade has added copper metal tonnes and volume to the Orlando Deposit that are spatially favourable and add value by reducing the strip ratio to any open pit cutback development of the existing deposit.
“The upgrade has increased the amount of indicated material which is increasing our confidence in both the deposit and development options, with those being assessed including trucking of ore for processing at an existing processing facility and development of a standalone processing solution.
“In addition to reviewing the development options we are also currently evaluating our fieldwork plans for the winter season with an aim of exploring the high prospectivity within these tenements for additional copper and gold resources, proximal to the known deposits.”