- Drill results from Centaurus Metals (CTM) Jaguar nickel project in Brazil support an upgrade of the project resource into the higher confidence categories
- Resource growth and development drilling is ongoing ahead of a Definitive Feasibility Study and maiden Ore Reserve Estimate due by the end of this year
- The pick of the step-out drilling was an 8 metre intercept containing 5.38 per cent nickel at Jaguar South and 30.7 metres at one per cent nickel at Onça Preta
- The 14-rig program is continuing with a focus on upgrading the JORC MRE to the Measured and Indicated categories
- Shares have been trading 3.14 per cent higher at $1.32
Centaurus Metals (CTM) says drilling results from its Jaguar nickel project in Brazil reinforce the scale and quality of the resource and support an upgrade into the higher confidence categories.
The company has undertaken resource growth and development drilling ahead of a Definitive Feasibility Study and maiden Ore Reserve Estimate due for completion by the end of this calendar year.
The latest results come from step-out drilling at Jaguar South and Onça Preta as well as extensional drilling at Jaguar Northeast, which Centaurus said continues to deliver strong, consistent results.
At Jaguar South, the company labelled an 8 metre intercept containing 5.38 per cent nickel from step-out drilling as exceptional, and was also encouraged by 30.7 metres at one per cent nickel at Onça Preta. Both results are from some of the deepest drilling (more than 400m) on the project so far.
The Jaguar December 2021 Mineral Resource Estimate comprised 80.6 million tonnes at 0.91 per cent nickel for 730,700 tonnes of contained nickel.
Managing Director Darren Gordon said the project underpins a long-life mine with ESG credentials that will deliver more than 20,000 tonnes of nickel-in-sulphate for the battery metal market over an initial 13-year mine life.
However, if step-out results continue to return grades as high as the most recent results, Mr Gordon said shareholders should expect further resource and production growth as the company advances the Definitive Feasibility Study and development activities at Jaguar.
Mr Gordon is in Brazil for his first visit to site since the onset of the COVID-19 pandemic. He said the company was continuing to make outstanding progress with the exploration and development of the project.
“It’s been two years since I’ve been able to get to site and I am really proud of the way our Brazilian team has managed the last few years,” he said. “They have built outstanding project infrastructure and have been able to keep the rigs turning and our team safe and healthy during trying times, while also consistently delivering outstanding results.”
There are currently 14 rigs on site, 12 diamond and two reverse circulation, drilling double shift and currently focused on upgrading the maximum amount of the mineral resource estimate into the Measured and Indicated categories.
The resource update is scheduled for the third quarter of this year.
Company shares were trading 3.14 per cent higher at $1.32 at 11:01am AEDT.