Announcement Date: 2022-08-09
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Austral Resources Australia Ltd.
Project name: Enterprise
Location: Australia
Commodities: Copper
Highlight: Initial Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Copper producer Austral Resources Australia Ltd (ASX:AR1) (“Austral” or the “Company”) is pleased to announce the completion of a maiden Mineral Resource for the Enterprise deposit within EPM 17527 in Austral’s Eastern Succession tenement package. The Enterprise deposit was originally discovered and initially drilled out by CST Minerals’ Lady Annie Exploration Pty Ltd (“CST”) in 2015 and 2016. Further work planned by CST was not completed due to budget constraints. Today’s maiden Mineral Resource is classified as Inferred and reflects the broad 40m by 120m drill hole spacing. Austral has completed the maiden Mineral Resource estimate originally planned by CST to determine the next phase of resource definition infill drilling. The maiden Mineral Resource estimate, along with preliminary mining studies has indicated the potential for a small sulphide open pit mine with toll treatment potential at one of several regional copper processing mills. The Enterprise Mineral Resource warrants further work including drilling to test depth potential and infill current drill spacing, metallurgical evaluation and the measurement of density.
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