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- Centaurus Metals (CTM) receives further “outstanding” results from its Jaguar nickel sulphide project in northern Brazil
- CTM is particularly encouraged by one hole as it indicates an open pit extension and underpins combining the Jaguar West and Jaguar Central pits to improve strip-ratios
- The drilling effort is being accelerated with 10 rigs to turn into 14 in the next few weeks to deliver a mineral resource update and complete a DFS and maiden ore reserve for Jaguar
- Managing Director Darren Gordon says the recent $75 million raise “gives us all the firepower we need” for upcoming activities while leaving CTM with a strong balance sheet
- Company shares were up 5.41 per cent to trade at $1.17
Centaurus Metals (CTM) has received further “outstanding” results from its Jaguar nickel sulphide project in the Carajás mineral province of northern Brazil.
Ten rigs are currently operating onsite with an extra four expected to arrive before the end of February. This is aimed at advancing development drilling to deliver a mineral resource update and complete a definitive feasibility study (DFS) and maiden ore reserve before the end of 2022.
Latest assays include 37.3 metres at 1.11 per cent nickel from 134.5 metres including six metres at 2.44 per cent nickel from 160.5 metres, and 14 metres at 2.07 per cent nickel from 101 metres including 5.5 metres at 3.88 per cent nickel from 105 metres.
Centaurus Metals was particularly pleased with hole JAG-DD-21-221 which was drilled at the Jaguar West deposit. The drill hole intersected 40 metres at 1.04 per cent nickel from 74 metres including 6.5 metres at 2.04 per cent nickel from 90 metres and five metres at 2.13 per cent nickel from 100 metres.
According to the company, JAG-DD-21-221 returned “outstanding” results as they’re likely to push the planned open pit deeper and support the combining of the Jaguar West and Jaguar Central pits which would positively impact strip-ratios.
Managing Director Darren Gordon said he was eager to unlock further potential at the Jaguar nickel sulphide project.
“With these deposits remaining open at depth, there is still an enormous amount of resource growth potential available to us as we progressively drill deeper to test the newly-defined DHEM conductor plates. Where we identify DHEM conductor plates, we usually intersect economic zones of semi-massive and massive sulphides with high-grade nickel encountered in most hole,” he said.
The Jaguar Project’s mineral resource currently stands at 80.6 million tonnes 0.91 per cent nickel for 730,700 tonnes of contained nickel. It’s reportedly one of the largest nickel sulphide resources held by an ASX-listed company.
Centaurus plans to undertake 90,000 metres of drilling over the 2022 calendar year and said it’s well funded to do so.
“The recently completed $75 million equity raise gives us all the firepower we need to do all of the planned drilling and complete all DFS activities while also leaving us with a strong balance sheet heading into funding discussions planned for the first half of 2023,” Mr Gordon concluded.
Company shares were up 5.41 per cent to trade at $1.17 at 11:28 am AEDT.
