- Centaurus Metals (CTM) records a 28 per cent resource increase for its Jaguar project in Brazil
- Since its last resource estimate in December 2021, CTM reports an updated MRE comprising of 108 million tonnes at 0.87 per cent nickel for 938,500 tonnes
- Seventy-five per cent of the global resource is now in the measured and indicated categories which increased by 100 per cent
- The results will underpin a definitive feasibility study set for delivery mid-next year and the company expects the conversion of the resource to ore reserves to be strong
- CTM shares are up 7.73 per cent and trading at $1.05 at 2:56 pm AEDT
Centaurus Metals (CTM) has recorded a 28 per cent resource increase for its Jaguar project in Brazil.
Since its last resource estimate in December 2021, CTM reported an updated mineral resource estimate (MRE) comprising of 108 million tonnes at 0.87 per cent nickel for 938,500 tonnes.
Seventy-five per cent of the global resource is in the measured and indicated categories which increased by 100 per cent to 85.8 million tonnes at 0.85 per cent nickel for 730,300 tonnes of contained nickel.
The results will underpin a definitive feasibility study (DFS) for the project set for delivery mid-next year and the company expects the conversion of the resource to ore reserves to be strong.
Centaurus’ Managing Director Darren Gordon said the MRE upgrade marked a “pivotal milestone” in the rapid evolution of the Jaguar project to become “one of the world’s premier nickel sulphide development projects with class-leading ESG credentials”.
“Importantly more than 600,000 tonnes of nickel metal in the measured and indicated categories sit within a US$22,000 per tonne nickel pit shell,” he said.
“This provides a great platform for Jaguar to produce more than 20,000 tonnes of nickel in sulphate per annum for 20 plus years, setting Centaurus on the path to become a top-10 nickel sulphide miner globally.”
With the DFS resource now locked away, Mr Gordon said drilling activities would focus on organic resource growth through step-out and extensional drilling.
The mineralisation at Jaguar remains open at depth, along plunge and strike and as such, the company sees potential to grow the MRE.
Moving forward, Centaurus also plans to focus on greenfield drilling to target new discoveries.
Mr Gordon said the company is very close and now more confident in the ability to deliver an MRE with more than one million tonnes of contained nickel metal in 2023.
CTM shares were up 7.73 per cent and trading at $1.05 at 2:56 pm AEDT.