- Develop Global (ASX:DVP) increases its Woodlawn resource by 40 per cent, increasing the life on mine at its copper and zinc mine in New South Wales
- The results stem from exploration drilling which increases the Woodlawn resource to 10.3Mt at 1.8 per cent copper, 6.1 per cent zinc, 2.2 per cent lead, and 47.2 grams of silver and 0.5 grams of gold per metric tonne
- The significant growth comes at an economic cost of just $5 per tonne
- Further resource expansion is scheduled for the March quarter of 2024 to include drilling conducted after June 30
- DVP shares are up 2.2 per cent, trading at $3.25 at 1:41 pm AEDT
Develop Global (ASX:DVP) has increased its Woodlawn resource by 40 per cent, paving the way for a mine life of more than 10 years at its copper and zinc mine in New South Wales.
The results stem from exploration drilling, which has boosted the Woodlawn resource to 10.3 million tonnes (Mt) at 1.8 per cent copper, 6.1 per cent zinc, 2.2 per cent lead, and 47.2 grams of silver and 0.5 grams of gold per metric tonne.
This expansion has extended the mine life from seven to ten years and has increased the company’s indicated resources by 48 per cent.
Previously, the 2022 estimate indicated 7.3 million metric tonnes with lower grades in several elements, but recent exploration efforts have uncovered new mineralisation lenses.
The increase boosts DVP’s contained copper metal by 43 per cent to 190,000 tonnes and zinc by 50 per cent to 620,000 tonnes, for a combined 445,000 tonnes of copper equivalent.
Numerous assays from drilling conducted after June 30 have not been included in the resource upgrade, so further resource expansion is scheduled for the March quarter of 2024.
“This is an outstanding result, which demonstrates that Woodlawn is well on track to becoming a significant producer of copper and zinc, which will be in huge demand as part of the world’s energy transition,” DVP Managing Director Bill Beament said.
“This major expansion of the resource paves the way for an increase in Woodlawn’s mine life from the existing seven years to 10-plus years based on the existing processing throughput capacity of 850,000tpa.”
The significant growth comes at an economic cost of just $5 per tonne, making Woodlawn one of Australia’s highest-grade copper-zinc mines. Mineralisation remains open along strike to the north and south and is yet to be fully explored in deeper sections.
DVP shares were up 2.2 per cent, trading at $3.25 at 1:41 pm AEDT.