Metals Acquisition Limited Reports Drill Results Including 22.1m @ 9.8% Cu, 22.1m @ 7.8% Cu and 24.2m @ 7.8% Cu
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Figure 1 – CSA Copper Mine Long Section (Graphic: Business Wire)
Metals Acquisition Limited ARBN 671 963 198 (NYSE: MTAL; ASX: MAC), a private limited company incorporated under the laws of Jersey, Channel Islands (“MAC” or the “Company”) today provides a market update on the continuing exploration and resource development at the
Highlights
-
All results reported in this release are after the cut-off date (
August 31, 2023 ) for the 2023 Resource and Reserve and will be incorporated in the 2024 Resource and Reserve Estimate update. -
Results from QTS North (“QTSN”) include:
- 22.1m @ 9.8% Cu from 167.4m in UDD23018
- 24.2m @ 7.8% Cu from 174.8m and 4m @ 8.1% Cu from 203m in UDD20136A
- 22.1m @ 7.8% Cu from 200.6m in UDD23017
- 17.5m @ 8.0% Cu from 218.2m in UDD23037
- 20.4m @ 7.9% Cu from 176.5m and 13.6m @ 4.5% Cu from 209.6m in UDD23038
- 12.8m @ 8.1% Cu from 109.3m in UDD23016
- 9.3m @ 6.8% Cu from 199.1m in UDD23039
-
Results from QTS Central (“QTSC”) include:
- 5.5m @ 10.4% Cu from 87.9m in UDD22024
- 5.7m @ 7.5% Cu from 122.1m in UDD22135
-
Results from Upper Pb-Zn Eastern and Western Lenses (“Pb-Zn”) include:
-
EWDD24005 (384.7m – 400.9m – four intervals of core loss impacting below intersection)
- 2.3m @ 15.3% Zn, 2.2% Pb, 0.5% Cu & 39g/t Ag from 384.7m
- 2.9m @ 16.8% Zn, 5.6% Pb, 0.8% Cu & 32g/t Ag from 388.9m
- 2.8m @ 2.6% Cu, 2.2% Zn, 0.2% Pb & 26g/t Ag from 393m
- 3.3m @ 13.6 % Zn, 4.3% Pb, 0.9% Cu & 29g/t Ag from 397.6m
-
EWDD24005 (384.7m – 400.9m – four intervals of core loss impacting below intersection)
Discussion
Underground exploration continued to focus on the down dip and along strike extensions of the QTSN and QTSC deposits, as well as the shallower, up dip portions of the East and West deposits and QTSS Upper A.
Results are reported as down hole widths. A complete list of June quarter 2024 resource drilling results is contained in Table 1 at the end of this report.
Metals Acquisition Limited’s CEO,
“After delivering a large resource increase in April, exploration has continued to expand the known extents of mineralisation. Drilling at QTSN has confirmed the location of the Inferred resource and will be used to upgrade the Measured and Indicated material. We see the typical QTSN intervals of approximately 20m plus grading at 8% Cu or greater in this drilling, which would be seen as spectacular in any other mine but in the
As evidenced by the strong milled grades seen in the June quarter when mining is focussed on the QTSN and QTSC areas, these kinds of in situ grades can deliver very strong production and financial results and we see these high grade zones continuing for significantly greater depths than the current mining levels and well below the base of the 2023 reserve.
The third area of drilling focus is in the shallower areas of the mine, being the Zn areas of the Eastern and Western lenses. Results from the Zn areas continue to deliver shallow high grade Zn results located proximal to existing development.
Finally, the shallow QTSS Upper deposit is being drilled out in preparation for mining. The majority of the 2023 mineral resource is in the Inferred classification and the current 25 hole program is aimed at converting that to Indicated classification ahead of mining. The first hole from that program has intersected 3.5m of massive sulphide with assays still to be received. Results from this area are typically narrower than from QTSN but are the highest grades in the mine and very shallow.”
The resource model for QTSN commences approximately 850m below surface, with all data above that in hard copy and not in the digital database. Work is underway to digitize and validate this data and will be incorporated into a future resource update. Based on the initial information it would appear that there are reasonable prospects for additional mineralisation in the top 850m of the mine.
Refer to Figure 1 below for the location of the various deposits.
Exploration Results
Figure 1 – CSA Copper Mine Long Section
Drilling has been targeting conversion of Inferred resource to Measured and Indicated for inclusion in the Reserve Estimate, as well as the known mineralized lenses to add incremental resources.
The location of the significant drill results is shown in Figure 2 below.
Figure 2 – QTSN and QTSC Long Section
At QTSN, the most recent drilling continues to confirm the location of the Inferred Resource and will enable it to be upgraded as well as confirmation of the smaller mineralized lenses adjacent to the existing resource. This can be seen in Figures 3 and 4. QTSN is characterised by a series of high-grade lenses (grading plus 5% Cu) that can range in width from 10-35m surrounded by a lower grade halo on the footwall.
As drilling has progressed down dip it would appear that tonnes per vertical metre are increasing.
Figure 3 – QTSN Cross Section
Figure 4 – QTSN Cross Section
QTSC is located adjacent to QTSN and is centred around a depth of 1.4km and is open both up and down dip. QTSC is typically narrower than QTSN but higher grade. As seen in Figure 5 the most recent drilling continues to confirm the presence of the high-grade mineralisation below the current working level through the Inferred Resource and into mineralised material that will both extend the resource beyond its current limits and extend the Measured and Indicated material for inclusion into the 2024 Mineral Reserve.
Figure 5 – QTSC Cross Section
The shallow (< 400m from surface) portions of the
Figure 6 – QTSS Upper A and Eastern Long section
Drilling in the Zn areas over the Eastern lens has intersected high grade Zn mineralisation plus Pb and Cu immediately adjacent to existing development. MAC’s focus is on the Cu mineralisation within the rest of the mine, however with the agreement signed with Polymetals in the June quarter MAC now has access to Zn material processing capacity and Zn grades in excess of 15% are very strong results for areas that are immediately adjacent to existing development.
Figure 7 illustrates the location of this material and its proximity to existing development. As seen in hole EWDD24006 there is remnant Cu mineralisation left in this part of the mine, however the very high grade Zn mineralisation seen in EWDD24005 is a very attractive target for mining in the near term subject to further definition drilling and mine planning.
Figure 7 – Eastern Lens Cross Section
QTSS Upper A is a narrow (1.5 to 3m) but very high-grade zone of mineralisation that is much shallower than the rest of the mine. This lens starts approximately 120m below surface and extends to approximately 350m below surface.
Designs have been completed to mine this material accessed from the main decline and then driving a short (circa 600m) twin decline across to QTS S Upper as seen in Figure 8.
Figure 8 – Development Plan for QTSS Upper
As the majority of the mineral resource for QTSS Upper is in the Inferred category, this material is being drilling out from surface to upgrade the classification for detailed mine planning. The production guidance that MAC has published does not include any Inferred material, and as such, any production from QTSS Upper would be in excess of the current production guidance.
Historical drilling has identified narrow but exceptionally high grades as shown in Figure 9.
Figure 9 – Historical Drilling Cross Section for QTSS Upper
The first surface drill hole from the current surface program has intersected 3.5m of massive sulphide at the estimated first mining area of the current plan which confirms the expected location of the high grade core of the mineralisation.
This drill hole was targeted at the first stoping area within QTSS Upper A and has confirmed that the high grade mineralisation is where it was expected, as show in Figure 10.
Figure 10 – 2024 Drilling Cross Section for QTSS Upper
Qualified Person Statement(s)
The information in this announcement that relates to Exploration Results at the
This announcement is authorised for release by
About
Cautionary and Forward Looking Statements
This release has been prepared by
MAC’s actual results may differ from expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward- looking statements. These forward-looking statements include, without limitation, MAC’s expectations with respect to future performance of the
More information on potential factors that could affect MAC’s or CSA Copper Mine’s financial results is included from time to time in MAC’s public reports filed with the
JORC / SK-1300
MAC is subject to the reporting requirements of both the Securities Exchange Act of 1934 (US) and applicable Australian securities laws (including the ASX Listing Rules), and as a result, has separately reported its Exploration Results according to the standards applicable to those requirements.
Table 1 – Significant Drill Results QTSN, QTSC and Eastern Lens
Hole |
East (MG) |
North(MG) |
RL. (MG) |
EOH |
Azimuth |
Dip |
From |
To |
Length |
Cu % |
Ag g/t |
System |
UDD22024 |
6,056.57 |
3,624.70 |
8,702.59 |
135.00 |
115.0 |
-32.4 |
87.9 |
93.4 |
5.5 |
10.4 |
11.7 |
QTS Central |
UDD22135 |
6,055.89 |
3,624.68 |
8,702.42 |
700.20 |
90.0 |
-50.0 |
122.1 |
127.8 |
5.7 |
7.5 |
62.2 |
QTS Central |
UDD20136A |
5,873.19 |
3,864.87 |
8,474.20 |
320.00 |
58.3 |
-45.5 |
50.7 |
55.7 |
5.0 |
3.0 |
12.2 |
QTS North |
|
|
|
|
|
|
|
174.8 |
199.0 |
24.2 |
7.8 |
32.5 |
QTS North |
|
|
|
|
|
|
|
203.0 |
207.0 |
4.0 |
8.1 |
36.2 |
QTS North |
|
|
|
|
|
|
|
219.7 |
229.0 |
9.3 |
4.8 |
14.8 |
QTS North |
|
|
|
|
|
|
|
251.9 |
257.1 |
5.2 |
3.2 |
27.5 |
QTS North |
UDD20138 |
5,873.33 |
3,863.94 |
8,474.48 |
270.20 |
74.6 |
-41.0 |
86.0 |
91.3 |
5.3 |
3.0 |
25.6 |
QTS North |
|
|
|
|
|
|
|
150.9 |
159.5 |
8.6 |
4.8 |
20.7 |
QTS North |
UDD22108 |
5,845.02 |
4,217.86 |
8,515.14 |
380.00 |
43.0 |
3.0 |
279.3 |
283.9 |
4.6 |
3.1 |
7.2 |
QTS North |
UDD22114 |
5,845.32 |
4,217.18 |
8,513.73 |
390.50 |
52.0 |
-19.0 |
264.3 |
268.3 |
4.0 |
4.6 |
9.0 |
QTS North |
UDD23009 |
5,872.82 |
3,863.80 |
8,474.10 |
370.00 |
78.1 |
-58.5 |
92.7 |
97.8 |
5.1 |
2.6 |
0.0 |
QTS North |
|
|
|
|
|
|
|
103.6 |
107.5 |
3.9 |
3.1 |
0.0 |
QTS North |
UDD23015 |
5,904.00 |
3,964.00 |
8,417.00 |
280.00 |
132.5 |
-51.5 |
140.9 |
144.4 |
3.5 |
8.3 |
37.7 |
QTS North |
UDD23016 |
5,903.96 |
3,961.09 |
8,417.84 |
220.40 |
125.0 |
-33.0 |
109.3 |
122.1 |
12.8 |
8.1 |
0.0 |
QTS North |
UDD23017 |
5,902.95 |
3,963.74 |
8,417.50 |
360.00 |
70.5 |
-66.5 |
140.2 |
148.1 |
7.9 |
4.9 |
22.5 |
QTS North |
|
|
|
|
|
|
|
200.6 |
222.7 |
22.1 |
7.8 |
24.8 |
QTS North |
|
|
|
|
|
|
|
234.0 |
238.2 |
4.2 |
3.1 |
15.6 |
QTS North |
|
|
|
|
|
|
|
254.6 |
260.0 |
5.4 |
6.8 |
22.2 |
QTS North |
UDD23018 |
5,903.66 |
3,963.32 |
8,417.82 |
300.20 |
79.0 |
-61.5 |
121.2 |
124.9 |
3.7 |
4.9 |
0.0 |
QTS North |
|
|
|
|
|
|
|
143.8 |
149.6 |
5.8 |
4.2 |
44.8 |
QTS North |
|
|
|
|
|
|
|
167.4 |
189.5 |
22.1 |
9.8 |
34.0 |
QTS North |
|
|
|
|
|
|
|
194.5 |
199.6 |
5.1 |
3.3 |
25.9 |
QTS North |
UDD23023 |
5,902.28 |
3,963.53 |
8,417.49 |
107.60 |
103.5 |
-46.0 |
90.5 |
96.4 |
5.9 |
3.2 |
0.0 |
QTS North |
UDD23037 |
5,850.11 |
4,148.27 |
8,443.09 |
370.50 |
112.2 |
-34.3 |
187.3 |
191.9 |
4.6 |
3.9 |
11.2 |
QTS North |
|
|
|
|
|
|
|
218.2 |
235.7 |
17.5 |
8.0 |
23.4 |
QTS North |
|
|
|
|
|
|
|
239.9 |
249.7 |
9.8 |
4.6 |
7.5 |
QTS North |
UDD23038 |
5,850.56 |
4,148.98 |
8,442.84 |
320.00 |
90.0 |
-24.7 |
157.1 |
160.7 |
3.6 |
4.5 |
6.0 |
QTS North |
|
|
|
|
|
|
|
176.5 |
196.9 |
20.4 |
7.9 |
37.2 |
QTS North |
|
|
|
|
|
|
|
201.2 |
204.9 |
3.7 |
3.0 |
15.8 |
QTS North |
|
|
|
|
|
|
|
209.6 |
223.2 |
13.6 |
4.5 |
24.9 |
QTS North |
UDD23039 |
5,850.86 |
4,149.22 |
8,443.22 |
355.00 |
95.4 |
-36.5 |
199.1 |
208.4 |
9.3 |
6.8 |
45.0 |
QTS North |
|
|
|
|
|
|
|
234.5 |
238.9 |
4.4 |
5.6 |
24.6 |
QTS North |
*Note: Borehole intersects criteria based on Copper grade >2.5% and >3m. |
Hole |
East (MG) |
North(MG) |
RL. (MG) |
EOH |
Azimuth |
Dip |
From |
To |
Length |
Cu % |
Ag g/t |
System |
EWDD24005 |
6,045.62 |
3,709.64 |
10,265.80 |
411.40 |
270.2 |
-57.2 |
393.0 |
395.8 |
2.8 |
2.6 |
25.8 |
Eastern |
EWDD24006 |
6,046.39 |
3,709.28 |
10,265.85 |
462.40 |
271.6 |
-68.8 |
410.1 |
412.0 |
1.9 |
2.1 |
11.3 |
Eastern |
|
|
|
|
|
|
|
420.5 |
423.8 |
3.3 |
3.9 |
27.1 |
Eastern |
*Note: The intersects criteria is not apply to Eastern due to its mineralization style as narrow vein. |
Zinc Results
Hole |
From |
To |
Length |
Cu % |
Ag g/t |
Pb % |
Zn % |
EWDD24005 |
384.7 |
387.0 |
2.3 |
0.5 |
38.6 |
2.2 |
15.3 |
|
388.9 |
391.8 |
2.9 |
0.8 |
32.0 |
5.6 |
16.8 |
|
393.0 |
395.8 |
2.8 |
2.6 |
25.8 |
0.2 |
2.2 |
|
397.6 |
400.9 |
3.3 |
0.9 |
28.7 |
4.3 |
13.6 |
EWDD24006 |
440.9 |
444.8 |
3.9 |
0.6 |
27.2 |
0.2 |
3.4 |
|
449.5 |
452.0 |
2.5 |
0.4 |
4.3 |
0.0 |
2.4 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730997794/en/
Chief Executive Officer
investors@metalsacqcorp.com
Chief Financial Officer
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