New reserves have been calculated for Exall Resources’ (TSE) Santo Tomas porphyry copper deposit in Mexico’s Sinaloa state.
Based on a 0.2% copper cutoff, the deposit is estimated to contain more than 1 billion tonnes, in all categories, grading 0.33% copper. The mineralization exists in two areas — the North and South pits — which will be mined as one pit, once drilling confirms the extent of the deposit. Mintec, an Arizona-based engineering firm, produced the estimate as part of a prefeasibility study.
The North pit is estimated to contain proven and minable reserves of 560 million tonnes of 0.42% copper equivalent. This equates to 4.6 billion lb. copper, 1.12 million oz. gold and 22.4 million oz. silver. Precious metals were calculated using a composite of eight drill cores from the North pit. A high-grade core, with copper values greater than 0.7% and minimal pre-stripping required, will be the initial mining target.
Results from metallurgical studies are expected shortly.
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