Eastern Metals Ltd (ASX:EMS) has updated its mineral resource estimate (MRE) for the Home of Bullion copper deposit in the Northern Territory to include the results of recent diamond drill holes and changes in metal prices since the earlier MRE in 2014.
This has resulted in a 600,000-tonne or 24% increase and a copper equivalent grade increase of 0.1% or 4%.
The contained copper equivalent has increased from 70,000 tonnes to 89,900 tonnes – an increase of 19,900 tonnes or 28%.
The details
The updated MRE consists of 3.1 million tonnes at an average grade of 1.7% copper, 2.0% zinc, 35 g/t silver, 1.1% lead, 0.17 parts per million (ppm) gold and 0,02% cobalt. Expressed as a copper equivalent, this is 3.1 million tonnes at an average grade of 2.9%.
This compares to the previous MRE of 2.5 million tonnes at an average grade of 1.8% copper, 2.0% zinc, 36 g/t, 1,2% lead, 0.14 ppm gold and 0.02% cobalt. Expressed as a copper equivalent, this is 2.5 million tonnes at an average grade of 2.8%.
Strategy vindicated
Eastern Metals chairman Bob Duffin said: “In our August 2021 IPO prospectus, we stated there was considerable potential to increase the size of the Home of Bullion deposit with additional drilling.
“We have done that. The 28% increase in contained copper equivalent – from 70,000 tonnes to 89,900 tonnes – is highly significant and vindicates the strategy outlined in the prospectus.
“There is still further potential to add to the size of the deposit – not only at depth but also in the poorly defined shallow lode targets near the mine, and along strike towards the Mulbangas copper deposit, 15 kilometres to the west.
“In addition, the full potential of the copper and nickel mineralisation at Prospect D has not been tested, and the lithium potential of our tenement package, which lies in the Barrow Creek pegmatite field, has been only partly explored by us so far.
"We are excited about what the future holds for this high-quality project.”
Home of Bullion
The Home of Bullion mine lies on mining licence EL 23186, in the Arunta Province of the Northern Territory, 290 kilometres northeast of Alice Springs.
EL 23186 is part of a package of tenements held by Eastern Metals Ltd (ASX:EMS) that is prospective for base and precious metals, in addition to lithium.
The deposit consists of two principal lodes: the Main Lode and the South Lode, with an additional low-grade footwall unit directly abutting the South Lode.
This deposit was mined intermittently between the 1930s and 1950 and is thought to be a high-grade volcanogenic massive sulphide-style deposit.