CuFe Limited (ASX: CUF) has obtained a significant resource update for the Orlando Deposit at its Tennant Creek project in the Northern Territory.
The upgrade is based on the results of a resource drilling campaign completed in 2022 which targeted open areas of Cu enrichment within the existing resource (infill) and extensional drilling along strike to close out the mineralisation. Results from the 25 hole (2,862.7m) RC/Diamond drilling campaign were included in the CUF ASX announcement dated 10 October 2022.
Highlights
- The new Mineral Resource Estimate has seen an increase of 16% in Cu metal tonnes relative to the previous June 2022 estimate.
- Indicated tonnes increased by 25% and have improved the confidence within the Resource Model.
- The Orlando Deposit resource now stands at 2.88 Mt at 1.3% Cu and 1.4 g/t Au based on a 1.0 g/t Au
- equivalent, and the overall Tennant Creek resource now totals 7.29 Mt at 1.7% Cu and 0.6 g/t Au.
- Studies of Open Pit Development options continue.
Relative to the previous MRE both the tonnes and copper metal tonnes have grown by 30% and 16% respectively. This is primarily driven by extension of the mineralised zones to the west and an increase in the thickness of lenses within the west wall. Both these changes are within 200m of the surface and have the potential to add metal tonnes to open pit shells that are being considered.
Snowden Optiro has completed a Mineral Resource Estimation (MRE) update for the Orlando deposit based on the recent 2022 drilling campaign, as well as using historical data,” Executive Director, Mark Hancock, said.
“This 2022 drill programme and subsequent resource upgrade has added copper metal tonnes and volume to the Orlando Deposit that are spatially favourable and add value by reducing the strip ratio to any open pit cut back development of the existing deposit.
“The upgrade has increased the amount of indicated material which is increasing our confidence in both the deposit and development options, with those being assessed including trucking of ore for processing at an existing processing facility and development of a stand alone processing solution.
“In addition to reviewing the development options we are also currently evaluating our field work plans for the winter season with an aim of exploring the high prospectivity within these tenements for additional copper and gold resources, proximal to the known deposits.”
Overview of the Orlando Deposit
The Orlando Deposit lies within Mining Lease (ML29919) of the Tennant Creek Project, located approximately 25 km northwest of the Tennant Creek town site in the Northern Territory. The tenure is held by CuFe Tennant Creek Pty Ltd 60% and Gecko Mining Company Pty Ltd 40%. Orlando has been mined previously by both open cut and underground methods.
Current mine planning studies will incorporate the results from the latest Mineral Resource Estimate update of the Orlando deposit to further progress Open Pit Development options. Further diamond drilling is planned for geotechnical testwork.
