Cyprium Metals Limited (ASX: CYM) (“Cyprium” or the “Company”) is pleased to announce the Company’s updated MRE for the Nifty copper deposit following completion of the successful Nifty west pit drilling program in 2021. Cyprium’s previously disclosed MRE for Nifty was the maiden Nifty MRE under Cyprium’s ownership2.


HIGHLIGHTS

  • Nifty is the 6th largest development project in Australia, ranked by contained copper metal, but has the highest grade and is the only project being developed in the near term
  • 208,000t (28.4%) increase in the contained copper metal to 940,200t in the updated Nifty Copper Mineral Resource estimate (“MRE”)
  • Total oxide MRE increased to 16.1Mt at 0.9% Cu for 144,300t of contained copper metal, providing further near surface copper inventory for the Nifty phase 1 oxide copper project1
  • Nifty East drilling will be included in the Q3 2022 MRE update (primarily targeted further oxide extension)1
  • Drilling programmes confirmed copper mineralisation still open to the southeast and west
  • Copper metal contained in existing restart heap leach pads in addition to the MRE
Managing Director Barry Cahill commented:
“There is a significant increase in the contained copper metal tonnes in the latest Mineral Resource Estimate for Nifty. Once again, this demonstrates the quality and scale of the Nifty deposit, which remains open. The updated Mineral Resource Estimate provides additional copper metal inventory for the Nifty phase 1 oxide copper project and underpins a potential open pit mine-life of greater than 20 years.
Further assay results from the Nifty east drilling programme will be announced later this month. The results of this drilling programme, which targeted the shallower oxide zone of the deposit, are expected to further extend the Nifty phase 1 oxide mine-life.”

Table 1: May 2022 Mineral Resource Estimate – Nifty Copper Deposit

The current Nifty MRE of 95.1Mt at 1.0% copper for a total contained copper inventory of 940,200t (refer to Table 1) is the result of the completion of the successful Nifty west pit drilling program and Nifty Copper Project Restart Study. The Nifty west drilling program consisted of 71 RC holes for a total of 18,867 metres.