Evolution Mining Limited has released an updated mineral resource estimate at Ernest Henry. The 30 June 2022 mineral resource is estimated at 88.3 million tonnes at 1.28% copper and 0.73g/t gold.
The sub-level caving mining method precludes the ability to selectively mine blocks below a given cut-off grade. Consequently, the reported mineral resource includes all material within the interpreted 0.7% copper grade shell including any internal low grade or waste material.
The reported mineral resource is considered to meet reasonable prospects for eventual economic extraction and importantly takes into account the proposed mining technique and historical metallurgical recoveries.
The update includes all drilling results to 31 May 2022 and the model is depleted for mining to June 30, 2022. The mineral resource was estimated into an interpreted 0.7% copper grade shell consistent with the previous estimate completed by Glencore.
The new mineral resource estimate is being used to inform the mine extension pre-feasibility study (PFS) due for completion by December 2022. The study will benefit from a significant resource increase above the 1,200mRL as well as growth below the 1,200mRL. The increased confidence in ore body geometry and grade distribution has resulted in an 82 per cent addition to the measured resource category and a 19 per cent addition to the indicated category.
Two surface rigs are continuing a program of infill drilling below the 1,200mRL. The purpose of the surface holes is to drill the ore body at a more optimal angle, continue upgrading resource classification and to further delineate extensions of mineralisation where they remain open within the pre-feasibility study window. Future underground drilling will link to extending the decline and establishing better drill positions to intersect extensions of the orebody at depth.
Evolution’s Executive Chairman, Jake Klein said they are very pleased with the significant increase in the reported mineral resource at Ernest Henry.
“The result reinforces Ernest Henry as a premier copper/gold asset that has generated exceptional shareholder returns.
“This new mineral resource estimate highlights the exciting extension potential we see at the operation. As the mineral system remains open at depth there is potential for further resource additions with the completion of further drilling.”
Full ownership of Ernest Henry was acquired by Evolution from Glencore effective as of 1 January 2022.
