Updated BKM Ore Reserve

Asiamet Resources Limited

10 May 2023

 

10 May 2023

Updated BKM Ore Reserve

Asiamet Resources Limited (Asiamet or the Company) is pleased to announce an update to the Ore Reserve Estimate ("ORE") for its 100% owned BKM Project, located in Central Kalimantan, Indonesia.  This update is provided as part of the updated Feasibility Study (FS)[1].  The Statement of Ore Reserves (including the JORC Table 1 Section 4) for BKM was completed by Australian Mine Design and Development Pty Ltd ("AMDAD") and is reported in accordance with the requirements of the JORC Code 2012. 

A summary of the highlights of the Ore Reserve are detailed below:

Highlights - 2023 BKM FS Update:

·    BKM Ore Reserves now comprise:

o  19.0Mt @ 0.7% Cu for 137kt of contained copper in the Proved Reserve category

o  21.8Mt @ 0.6% Cu for 135kt of contained copper in the Probable Reserve category

o  40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proven and Probable Ore Reserves category

·    Low strip ratio of 1.2

·    Ore Reserves are reported based on extraction by open-pit mining and processing by heap-leach and solvent extraction / electro-winning ("SX-EW")

Darryn McClelland, Asiamet's Chief Executive Officer commented:

"The BKM Ore Reserve Update is the culmination of workstreams completed over the last 12 months as part of the BKM Feasibility Study Update. It has been very pleasing to see consistency in the assessment of what is economic for the BKM project over the course of the latest study notwithstanding changing inputs. This gives the company a high level of confidence that we are targeting the best material in BKM for the heap leach project and can deliver on the expected production and financial outcomes. Developing the BKM heap leach project is the first step on the path that will see Asiamet unlock the potential of the BKM mineral district and the wider KSK Contract of Work."

Table 1 The BKM Ore Reserve Estimate summarised in the table below, May 2023 (100% Basis)

		Soluble Copper	Total Copper	Soluble Copper	Total Copper
	Mt	%	%	kt	kt
Proved Ore	19.0	0.5	0.7	102	137
Probable Ore	21.8	0.4	0.6	95	135
Total	40.8	0.5	0.7	198	272
Waste Rock	50.3
Waste : Ore Ratio	1.2

Notes: The tonnes and grades shown in the table are stated to a number of significant figures reflecting the confidence of the estimate. The table may nevertheless show apparent inconsistencies between the sum of components and the corresponding rounded totals. The Ore Reserves are reported within the final pit design forming the basis of the Updated Feasibility Study. They do not include Inferred Mineral Resources. The Ore Reserves treat Inferred Resources within the pit design as waste rock.  The Competent Person for the Ore Reserves is Mr John Wyche who is a full-time employee of Australian Mine Design and Development Pty Ltd.  Mr Wyche is a Member of the Australasian Institute of Mining and Metallurgy. He has 35 years of relevant experience in operations and consulting for open pit metalliferous mines.  He has consented to be named as the Competent Person for the Ore Reserves.  (Note: consent can only be quoted when the Ore Reserves Statement is issued to Asiamet).  Ore Reserves are presented in the document "Ore Reserves Statement, BKM Copper Project, Central Kalimantan, Indonesia, as at 9 May 2023".

Additional information to accompany the Ore Reserve Statement:

·    The Ore Reserves have been compiled as part of the Updated Feasibility Study (UFS) which was completed to account for the significant changes in the macro-environment for new projects. The UFS covers all aspects of the project:

o  Mineral resource estimation (no change from 2019 Resource model);

o  Geotechnical assessment of stability of final pit wall design utilising updated assessment of rock mass quality and updated hydrogeological conceptual model and finite element numerical model, pit stability assessed in both 2D and 3D limit equilibrium analysis;

o  Heap leach assessment based on column test work and heap stability and permeability assessment, consolidated reporting of all heap leach test work and updated interpretation of copper recovery model, iron dissolution and acid consumption/generation characteristics;

o  Updated site climate assessment and revised water balance and water quality modelling;

o  Mine cost estimation based on detailed budget pricing from experienced local mining contractors utilising equipment considered appropriate for scale of mining;

o  Feasibility Study design of the heap leach pad earthworks, liners and reticulation;

o  Feasibility Study design of the crushing, conveying and stacking system;

o  Feasibility Study design of the Solvent Extraction and Electrowinning;

o  Feasibility Study design of Process Plant Neutralisation and Mine ARD water treatment facilities;

o  Processing and maintenance cost estimation for the designed facilities matched to the scheduled ore feed from the mine;

o  Site services and administration cost estimation;

o  Copper price forecasting for cathode product;

o  Cost estimation for Transport and Logistics for inbound operational cargo and cost estimation for cathode backhauled to central facility;

o  Open Pit optimisation based on the above parameters to define the pit shape and overall strategic plan;

o  Detailed pit design including staging and design of access for ore and waste to the ROM pad and waste rock dump respectively;

o  Detailed production scheduling of the mine, heap leach stacking and copper cathode production;

o  Capital costs for the above items based primarily on quotations on equipment, from detailed material take offs;,

o  Sustaining capital cost estimation based on a range of staged planned investments such as pit dewatering capacity, heap leach interlift liners and ARD water treatment capacity;

o  Preliminary mine closure cost estimation;

o  Financial modelling;

o  Environmental and social assessment through the Indonesian AMDAL process, completed previously.

·    The Ore Reserve Estimate is derived from the June 2019 BKM Resource Estimate by application of Modifying Factors.  The Company is not aware of any changes which could affect this Resource estimate

·    The Ore Reserve Estimate is reported within the final pit design forming the basis of the UFS.  It does not include Inferred Mineral Resources.  The Ore Reserve Estimate considers Inferred Resources within the pit design to be waste rock

·    Conventional open cut mining methods will be used.  Mining loss and dilution factors were estimated by re-blocking the irregular block sizes in the resource block model to 5m x 5m x 5m.  The resource model blocks are clipped against interpreted boundaries for the mineralisation.  The regular re-blocked block size reflects a workable mining size for the proposed scale of mining and grade control and the geometry of the mineralisation.  If mining loss and dilution were applied on a global basis, the re-blocking would be equivalent to 96% mining recovery with 11% dilution at 0.11% soluble copper

·    Whittle™ pit optimisation was run on the re-blocked resource model. Inputs for the pit optimisation included:

o  Overall wall slopes by geotechnical domain as advised by specialist geotechnical consultants

o  Mining costs based on mining contractor quotes and estimated owner costs.

o  Processing costs based on power from a new Biomass Power Station and updated assessments of acid and limestone costs, owner labour and other operating costs,

o  Quotations for cathode transport,

o  Updated royalty calculations, and

o  An updated copper price forecast.

·    Where appropriate, the pit optimisation inputs were varied spatially through the deposit. These include slopes, mining cost and copper recovery. Other inputs, such as process costs and copper price were fixed. Average values of key inputs used are:

o  Copper recovery - variable, average 78.6% (applied to soluble copper grades)

o  Mining cost - variable, average US$3.37 per tonne

o  Process cost - US$5.16 per ROM tonne (including crusher feed but excluding electrowinning power)

o  General and administration - US$3.02 per ROM tonne

o  Electrowinning power - US$253.65 per tonne cathode

o  Cathode transport - US$60.00/tonne of cathode

o  Copper price - US$3.96/lb fixed over LoM

o  Cathode premium - $US 100.00 per tonne of cathode

o  Royalty - Government of Indonesia 2%

·    Copper ore will be processed using heap leaching and solvent extraction and electrowinning (SX-EW) to produce copper cathodes on site.  Ore from the pits will be crushed and agglomerated prior to conveyor stacking on the heap leach pads.  Sulphuric acid will be used as the leaching agent on the heaps but will not need to be added at all times due to acid generation from the oxidation of pyrite.

·    Project assessment is based on the soluble copper portion of the mineralisation which was determined using extensive sequential assays throughout the deposit.

·    The ratio of soluble copper species varies through the deposit making it impossible to state a unique cut-off grade, with cut-off grades therefore variable over the mine life.  However, grade tonnage reporting of the positive value blocks in the resource model shows the cut-off grade can be reasonable approximated as 0.13% soluble copper (Cu_sol)

·    Mining costs have been sourced from mining contractors who are familiar with the nature of mining at BKM, with respect to expected equipment, ground and climate conditions, with blasting costs provided by quotation from two well-credentialed suppliers.

·    Owners' costs in Mine Geology and Mining have been derived from a company organisation structure (based on reverse circulation grade control drilling for at least the first five years)

·    Processing costs are based on a variety of goods and services providers (such as the proponent of the Biomass Power Station), with equipment maintenance costs estimated on the basis of capital costs of the equipment, and costs for processing and maintenance personnel derived from a company organisational structure, salary structure applied and oncost model.

·    Support Service costs have been estimated for the planned workforce covering the remaining functions outside mining and processing, with major cost areas such as Transport and Logistics for the operation and the provision of Camp Services on site based on cost estimates from reputable service providers in these areas.

·    The capital cost estimate has been built up from a range of sources with all major fixed plant equipment being based on vendor quotations. The costs for site/Heap Leach civil earthworks have been provided by an experienced civil infrastructure contractor. Engineering design has been taken to a Feasibility Study standard. Growth allowance has been allocated at varying levels depending on confidence in the cost information provided.

·    Royalties are based on the current Government of Indonesia standards as it relates to production of Copper Cathode.

·    Cost estimates cover the periods through construction, operation, closure and post closure.

·    A discount rate of 8% pa was applied and references the Company's weighted average cost of capital.  The prevailing corporate taxation rates taxation have been applied in accordance with the laws of Indonesia.

A copy of the BKM 2023 Ore Reserve Statement, including the JORC Table 1 Section 4 is available on the Company's website at www.asiametresouces.com and appended to this announcement via the following link http://www.rns-pdf.londonstockexchange.com/rns/9506Y_1-2023-5-10.pdf

Qualified Person and Competent Person's Statement

The statement of Ore Reserves (Table 1) has been completed by Australian Mine Design and Development Pty Ltd ("AMDAD") and is reported in accordance with the requirements of the JORC Code (2012).  

The information in this release and the report to which this statement is attached that relates to the estimation of Ore Reserves is based on information compiled by Mr John Wyche, a full-time employee of AMDAD, and who has acted as the Competent Person on the Ore Reserve Estimation of the BKM Project.  Mr Wyche is a Fellow of The Australasian Institute of Mining and Metallurgy. He has 35 years of relevant experience in operations and consulting for open pit metalliferous mines, being sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Mr Wyche consents to the inclusion in the report and this release of the matters based on his information in the form and context in which it appears.  Mr Wyche confirms that he is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.  

Data disclosed in this press release has been reviewed and verified by Mr John Wyche, FAusIMM (Fellow of the Australian Institute of Mining and Metallurgy) acting as a qualified appointed adviser to Asiamet.  Mr Wyche is a Competent Person within the meaning of the JORC Code 2012 and a Qualified Person for the purposes of the AIM Rules for Companies.

ON BEHALF OF THE BOARD OF DIRECTORS

Darryn McClelland, Chief Executive Officer

For further information, please contact:
-Ends-

Darryn McClelland
CEO, Asiamet Resources Limited
Email: [e-mail]

Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: [e-mail]

FlowComms Limited

Sasha Sethi

Telephone: [phone]

Email: [e-mail]

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Andrew Thomson / Stephen Allen

Telephone: [phone]

Email: [e-mail] / [e-mail]

Optiva Securities Limited
Christian Dennis

Telephone: [phone]

Email: [e-mail]

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements.   Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices.  There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.  Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

Glossary of Technical Terms

"anomaly or anomalous"	something in mineral exploration that geologists interpret as deviating from what is standard, normal, or expected.
"ARD"	Acid Rock Drainage, the outflow of acidic water from mines metal-rich acidic waters that are generated through the exposure of sulphidic minerals in mine wastes to water, oxygen, and microorganisms.
"assay"	The laboratory test conducted to determine the proportion of a mineral within a rock or other material. For copper, usually reported as percentage which is equivalent to percentage of the mineral (i.e. copper) per tonne of rock.
"azimuth"	the "compass direction" refers to a geographic bearing or azimuth as measured by a magnetic compass, in true or magnetic north.
"bornite"	Bornite, also known as peacock ore, is a copper sulphide mineral with the formula Cu5FeS4.
"breccia"	Breccia is a rock classification, comprises millimetre to metre-scale rock fragments cemented together in a matrix, there are many sub-classifications of breccias.
"chalcocite"	Chalcocite is a copper sulphide mineral with the formula Cu2S and is an important copper ore mineral. It is opaque and dark-grey to black with a metallic lustre.
"chalcopyrite"	Chalcopyrite is a copper sulphide mineral with formula CuFeS2. It has a brassy to golden yellow colour.
"channel sample"	Samples collected across a mineralised rock exposure. The channel is typically orientated such that samples are collected perpendicular to the mineralised structure, if possible.
"chargeability"	Chargeability is a physical property related to conductivity. Chargeability is used to characterise the formation and strength of the induced polarisation within a rock, under the influence of an electric field, suggesting sulphide mineralisation at depth.
"CIM"	The reporting standard adopted for the reporting of the Mineral Resources is that defined by the terms and definitions given in the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (December 2005) as required by NI 43-101. The CIM Code is an internationally recognised reporting code as defined by the Combined Reserves International Reporting Standards Committee.
'Competent Person'	The JORC Code requires that a Competent Person must be a Member or Fellow of The Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a 'Recognised Professional Organisation'. A Competent Person must have a minimum of five years' experience working with the style of mineralisation or type of deposit under consideration and relevant to the activity which that person is undertaking.
"Copper cathode"	A form of copper metal typically produced in an SX-EW plant that has a high level purity ( eg 99.95%)
"covellite"	Covellite is a copper sulphide mineral with the formula CuS. This indigo blue mineral is ubiquitous in some copper ores.
Cu	Chemical symbol for copper
CuSol	Acid soluble copper content, expressed as a percentage of the total ore mass,
CuTot	Total copper content, including acid soluble and insoluble, expressed as a percentage of the total ore mass
"Cut-off grade"	The lowest grade of mineralised material that is thought to be economically mineable and available.  Typically used to define which material is reported in a Mineral Resource Estimate or an Ore Reserve Estimate.
"diamond drilling"	A drilling method in which penetration is achieved through abrasive cutting by rotation of a diamond encrusted drill bit. This drilling method enables collection of tubes of intact rock (core) and when successful gives the best possible quality samples for description, sampling and analysis of an ore body or mineralised structure.
"digenite"	Digenite is a copper sulphide mineral with formula Cu9S5. Digenite is a black to dark blue opaque mineral.
"dip"	A line directed down the steepest axis of a planar structure including a planar ore body or zone of mineralisation. The dip has a measurable direction and inclination from horizontal.
"electrowinning"	See "SX-EW"
"galena"	Galena is the natural mineral form of lead (II) sulphide, with formula PbS. It is the most important ore of lead and an important source of silver.  It has a silver colour.
"grab sample"	are samples of rock material collected from a small area, often just a few pieces or even a single piece of rock "grabbed" from a face, dump or outcrop or roughly 2-5kg. These are common types of rock samples collected when conducting mineral exploration. The sample usually consists of material that is taken to be representative of a specific type of rock or mineralisation.
"grade"	The proportion of a mineral within a rock or other material.  For copper mineralisation this is usually reported as % of copper per tonne of rock.
"ppm"	parts per million; equivalent to grams per tonne ('g/t')
"hematite"	Hematite is the mineral form of iron(III) oxide (Fe2O3), one of several iron oxides.  Magnetite alteration is also typically associate with porphyry copper systems, at or close to the central core.
"hypogene"	Hypogene ore processes occur deep below the earth's surface, and form deposits of primary minerals, such as chalcopyrite and bornite.
"Indicated Resource"	An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.
"Inferred Resource"	An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
"Induced Polarisation Geophysics"	Induced polarisation (IP) is a geophysical survey used to identify the electrical chargeability of subsurface materials, such as sulphides. The survey involves an electric current that is transmitted into the subsurface through two electrodes, and voltage is monitored through two other electrodes.
"intercept"	Refers to a sample or sequence of samples taken across the entire width or an ore body or mineralised zone. The intercept is described by the entire thickness and the average grade of mineralisation.
JORC	The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code') is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.  The JORC Code provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.
"kt"	Kilotonne (measure of weight, one thousand tonnes)
"lbs"	Pounds (measure of weight)
"LoM"	Life of Mine
"Mlbs"	Million pounds (measure of weight)
"Mt"	Million tonnes (measure of weight)
"magnetite"	Magnetite is main iron ore mineral, with chemical formula Fe3O4. Magnetite is ferromagnetic, and it is attracted to a magnet and can be magnetised to become a permanent magnet itself.
"massive"	In a geological sense, refers to a zone of mineralisation that is dominated by sulphide minerals.  The sulphide-mineral-rich material can occur in centimetre-scale, metre-scale or in tens of metres wide veins, lenses or sheet-like bodies containing sphalerite, galena, and / or chalcopyrite etc.
"Measured Resource"	A 'Measured Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.
"Mineral Resource"	A "Mineral Resource" is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.
"mineralisation"	In geology, mineralisation is the deposition of economically important metals (copper, gold, lead, zinc etc) that in some cases can be in sufficient quantity to form mineral ore bodies.
"Modifying Factors"	Modifying Factors are considerations used to convert Mineral Resources to Ore Reserves.  These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.
"open pit mining"	A method of extracting minerals from the earth by excavating downwards from the surface such that the ore is extracted in the open air (as opposed to underground mining).
"ORE"	Ore Reserves Estimate.
"Ore Reserves"	Ore Reserves are those portions of Mineral Resources that, after the application of all Modifying Factors, result in an estimated tonnage and grade which, in the opinion of the Competent Person making the estimates, are economically mineable.
"outcrop"	A section of a rock formation or mineral vein that appears at the surface of the earth.  Geologists take direct observations and samples from outcrops, used in geologic analysis and creating geologic maps. In situ (in place) measurements are critical for proper analysis of the geology and mineralisation of the area under investigation.
"polymetallic"	three or more metals that may occur in magmatic, volcanogenic, or hydrothermal environments; common base and precious metals include copper, lead, zinc, silver and gold.
"polymict"	A geology term, often applied to breccias or conglomerates, which identifies the composition as consisting of fragments of several different rock types.
"porphyry"	Porphyry copper deposits are copper +- gold +- molybdenum orebodies that are formed from hydrothermal fluids that originate from a voluminous magma chamber below the deposit itself.
"Probable"	A Probable Ore Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource.  The confidence in the Modifying Factors applying to a Probable Ore Reserve is lower than that applying to a Proved Ore Reserve.
"Proved"	A Proved Ore Reserve is the economically mineable part of a Measured Mineral Resource.  The confidence in the Modifying Factors applying to a Proved Ore Reserve is higher than that applying to a Probable Ore Reserve and implies a high degree of confidence in the Modifying Factors.
"propylitic alteration"	Propylitic alteration is the chemical alteration of minerals within a rock, caused by hydrothermal fluids. This style of alteration typically results in epidote-chlorite+-albite alteration and veining or fracture filling, commonly altering biotite or amphibole minerals within the rock groundmass. It typically occurs along with pyrite.
"pyrite"	a common sulphide mineral that consists of iron combined with sulphur, has a pale brass-yellow colour and metallic lustre, and is used especially in making sulphuric acid
"sediments"	Sedimentary rocks formed by the accumulation of sediments. There are three types, Clastic, Chemical and Organic sedimentary rocks.
"sequential assays"	Sequential copper analysis is a technique to semi-quantitatively define the zonations associated with some copper deposits. The method is based on the partial dissolution behaviour displayed by the prevalent copper minerals to solutions containing sulphuric acid and sodium cyanide. Results from sequential analyses can theoretically determine the amounts of leachable oxide minerals, leachable secondary sulphide minerals, and primary copper minerals, respectively.
"soluble copper"	Acid soluble copper only, as distinct from all, or total, copper
"solvent extraction"	See "SX-EW"
"sphalerite"	Sphalerite is a zinc sulphide in crystalline form but almost always contains variable iron, with formula (Zn,Fe)S. It can have a yellowish to honey brown or black colour.
"supergene"	Supergene ore processes occur near surface, and form deposits of secondary minerals, such as malachite, azurite, chalcocite, covellite, digenite, etc.
"surface rock chip samples"	Rock chip samples approximately 2kg in size that are typically collected from surface outcrops exposed along rivers and mountain ridgelines.
"SX-EW"	Solvent extraction-electrowinning, a metallurgical process that that takes copper-bearing aqueous solutions (usually generated by heap leaching copper-bearing ores), selectively removes copper from solution through the use of organic reagents, and then electroplates copper cathode
"veins"	A vein is a sheet-like or anastomosing fracture that has been infilled with mineral ore (chalcopyrite, covellite etc) or mineral gangue (quartz, calcite etc) material, within a rock. Veins form when minerals carried by an aqueous solution within the rock mass are deposited through precipitation and infill or coat the fracture faces.
"volcanics"	Volcanic rock such as andesite or basalt that is formed from magma erupted from a volcano, or hot clastic material that erupts from a volcano and is deposited as volcaniclastic or pyroclastics.
"Whittle™"	A mining industry standard pit optimisation tool

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[1] Feasibility Study was released on 10 May 2023

 

END