20974 29Metals AR23 WEB V1 - Flipbook - Page 25
2023 key
results
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
21
Exploration
Our exploration portfolio
2023 Highlights
Substantial prospective
exploration interests
across three jurisdictions
Targeted exploration budget sustained Group
Mineral Resources estimates after depletion
from production
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■
■
Golden Grove: Tenements covering
129 km2 contain drill ready targets
Capricorn Copper: One of the largest
tenement packages in the Mount Isa
region with approximately 1,900 km2
of highly prospec琀椀ve, rela琀椀vely under
explored ground
Redhill: Historic mine site with
signi昀椀cant known high-grade copper,
gold and silver mineralisa琀椀on, and
227 km2 regional tenement posi琀椀on
in Chile, providing exposure to
one of the world’s largest copper
producing countries
The third pillar of our organic
growth strategy1
29Metals adopts a systema琀椀c and
disciplined approach to explora琀椀on
seeking to iden琀椀fy, priori琀椀se, test and
prove economic mineralisa琀椀on with the
objec琀椀ves of:
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■
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Increasing mineral inventory through
drilling ac琀椀vi琀椀es to support our
exis琀椀ng opera琀椀ons
Iden琀椀fying extensions to, or repeats
of, known mineralisa琀椀on within our
exis琀椀ng Mineral Resources and Ore
Reserves es琀椀mates2
Discovering new deposits with the
poten琀椀al to be new ore sources at our
exis琀椀ng opera琀椀ng mines (to extend
mine life, provide addi琀椀onal opera琀椀ng
昀氀exibility and/or increase produc琀椀on)
or poten琀椀al new mines.
Explora琀椀on opportuni琀椀es exist in the
prospec琀椀ve tenement packages around
our exis琀椀ng opera琀椀ons at Capricorn
Copper and Golden Grove, as well
as the regional tenement package at
Redhill in Chile.
1. Refer to page 11 for further informa琀椀on
regarding 29Metals’ organic growth strategy.
2. As at 31 December 2023. Refer to
pages 61 to 77 for further informa琀椀on
regarding 29Metals’ 2023 Mineral Resources
and Ore Reserves es琀椀mates, including
Competent Person’s statements. Ore
Reserves cited for Cervantes are part of
the Ore Reserve es琀椀mate for Golden Grove
(refer page 70).
Group Mineral Resources
estimates2 at 31 December 2023
128.3Mt
Group Ore Reserves estimates2
increased year-on-year after
depletion from production
35.7Mt
from 2022 (31.0Mt)
Targeted infill drilling program successfully
converted Cervantes Mineral Resources
to a higher confidence category, with 82%
of Mineral Resource estimates in Indicated
category (2022: 56%). Contributed 2.9Mt
(@1.5% Cu, 4.8% Zn, 0.6g/t Au, 33g/t Ag
and 0.4% Pb) to Golden Grove’s
Ore Reserves estimates2
Identified a new mineralised zone east of
Mammoth at Capricorn Copper, as well as
successful extension to Esperanza South with
a 21% increase in Mineral Resources estimates2
to 22.7Mt (2022: 18.8Mt)
2024 Priorities
As in 2023, a targeted approach
to explora琀椀on, con琀椀nuing a focus
on resource conversion within, and
extension of, the Group’s substan琀椀al
128.3Mt Mineral Resource2.
Golden Grove
Resource conversion drill programs
targe琀椀ng improved geological
con昀椀dence in near-to-medium term
produc琀椀on sources, including Amity,
Hougoumont, Xantho Extended,
and Oizon
■
Capricorn Copper
■
Three-hole drilling program to
follow up the new mineralised zone
iden琀椀昀椀ed east of Mammoth, seeking
to con昀椀rm structural orienta琀椀on and
grade distribu琀椀on
■
Resource conversion and extension
drilling programs at Mammoth and
Esperanza South
Redhill
■
Con琀椀nued desktop review and
evalua琀椀on of target areas for poten琀椀al
future 昀椀eld programmes, and maintain
tenement obliga琀椀ons
