An independent consulting firm has calculated inferred resources for Caledonia Mining’s (CAL-T) cobalt oxide discoveries at the Nama project in Zambia.
Based on the results of a widely spaced drill program, the firm of Watts, Griffis & McOuat has calculated an inferred resource of 553.3 million tonnes of 0.028% cobalt-equivalent for Anomaly D, using an 0.015% cutoff grade.
Anomaly C is reported to contain an inferred resource of 245 million tonnes at 0.03% cobalt-equivalent, using the same cutoff grade.
These resources increase the total indicated and inferred resources for Anomalies A, B, C and D at Nama to 875 million tonnes at 0.029% cobalt-equivalent, representing a 287% increase. This may be increased shortly, as updated resource estimates are being calculated for Anomalies A and B.
Anomaly D is 4 km north of Anomaly C and is characterized by its large areal extent (9 km long by 2.5 km wide). Anomaly C remains open at depth over a large area.
The company is still drill-testing several soil geochemical anomalies at the property. Results from Anomaly E include 25 metres of 0.063% cobalt and 0.08% copper and 27 metres of 0.05% cobalt and 0.08% copper.
Results from Anomaly F include 17 metres of 0.045% cobalt and 0.05% copper, 6 metres of 0.051% cobalt and 0.2% copper and 45 metres of 0.05% cobalt and nil copper.
Caledonia says metallurgical engineering work is under way at the deposit in order to determine the economics of an open-pit operation using acid and/or bio-leaching, followed by solvent extraction-electrowinning.
At the same time, exploration work is continuing on the large Nama licences, where several surface geochemical anomalies have yet to be drill-tested.
The company has entered discussions with several majors for possible joint ventures at Nama, or at other discoveries in the licence area.
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