Inmet hits high grade at Cayeli mine in Turkey

Deep drilling by Inmet Mining (IMN-T) has returned an impressive 25.5-metre intersection grading 14.4% copper and 8.5% zinc, plus 129 grams silver per tonne, below the existing workings of the Cayeli mine in northeastern Turkey.

The hole was drilled from underground at the 900-metre level, which is at the bottom of the producing mine. The mineralized zone was intersected after 317 metres of drilling. The true thickness is estimated to be 18 metres, whereas the horizontal width is pegged at 25 metres.

Inmet President Richard Ross says the drilling confirms expectations that resources at Cayeli can be substantially increased. At the end of 2000, the mine had total proven and probable reserves of 14.6 million tonnes grading 4.1% copper and 6.2% zinc, with additional inferred resources of 1.3 million tonnes at 4.9% copper and 8.6% zinc.

Inmet owns 49% of Cayeli, which last year produced 37,400 tonnes copper and 26,000 tonnes zinc. The operation boasts low cash costs, which have consistently ranged between US40 and 45 per lb. copper (including byproduct credits).