20974 29Metals AR23 WEB V1 - Flipbook - Page 65
2023 key
results
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
61
Mineral Resources & Ore Reserves Estimates
29Metals’ 2023 Mineral Resources and Ore Reserves
estimates as at 31 December 2023 saw an increase in
Mineral Resources of 0.4Mt and Ore Reserves of 4.7Mt
(each, after production completion) on prior year.
The Mineral Resources and Ore Reserves es琀椀mates reported in this
release have been prepared and are reported in accordance with
the Australasian Code for Repor琀椀ng of Explora琀椀on Results, Mineral
Resources and Ore Reserves (2012 Edi琀椀on) (the ‘JORC Code’).
Ore Reserves estimates
■
Competent persons statements for es琀椀mates are included with
the underlying asset es琀椀mates. JORC Table 1 disclosures are
included in the Mineral Resources and Ore Reserves es琀椀mates
as published and released to the ASX announcements pla琀昀orm
on 23 February 2024.
Summary
■
Mineral Resources estimates
■
■
■
■
Mineral Resource tonnes maintained a昀琀er deple琀椀on from
produc琀椀on Mineral Resources tonnes totalling 128.3Mt
(2022: 127.9Mt)
Contained metal in Mineral Resources es琀椀mated at 2,260kt
Cu, 2,309kt Zn, 1,292koz Au, 76,405koz Ag, 139kt Pb
and 26kt Co (2022: 2,240kt Cu, 2,473kt Zn, 1,323koz Au,
78,087koz Ag, 153kt Pb and 22kt Co1)
Growth in es琀椀mated Mineral Resources tonnes and contained
metal in key areas, including:
҄ Esperanza South (‘ESS’) at Capricorn Copper – a 21%
increase in es琀椀mated tonnes (+3.9Mt), an 18% increase in
es琀椀mated contained Cu (+66kt) and an 18% increase in
es琀椀mated contained Ag (+1,999koz);
Strong conversion of Mineral Resources re昀氀ec琀椀ng increased
geological con昀椀dence, with Measured and Indicated Resources
tonnes a昀琀er deple琀椀on from produc琀椀on increasing to 94.4Mt
(2022: 92.7Mt), including:
҄ ESS at Capricorn Copper – the propor琀椀on of Measured and
Indicated increased 30% year-on-year; and
҄ Cervantes at Golden Grove – the propor琀椀on of Measured
and Indicated increased 45% year-on-year
1. Capricorn Copper does not currently recover any cobalt from
processing opera琀椀ons.
2. Aggregated Ore Reserves tonnages for Capricorn Copper are rounded
to the nearest 1Mt. Percentage change has been calculated using
unrounded es琀椀mated tonnes.
Increase in Ore Reserves tonnes to 35.7Mt (2022: 31.0Mt)
a昀琀er deple琀椀on from produc琀椀on, including:
҄ an 11% increase in Golden Grove Ore Reserves tonnes to
16.7Mt (2022: 15.1Mt);
҄ Cervantes Ore Reserves es琀椀mate of 2.9Mt @ 1.5% Cu,
4.8% Zn, 0.6 g/t Au, 33 g/t Ag and 0.4% Pb;
҄ a 19%2 increase at Capricorn Copper to 19Mt (2022: 16Mt);
҄ an increase in ESS Ore Reserves tonnes to 13.5Mt @
1.5% Cu, 16g/t Ag and 1,200ppm As and;
Contained metal in Group Ore Reserves es琀椀mated at 591kt
Cu, 780kt Zn, 368koz Au, 21,444koz Ag, 41kt Pb (2022: 540kt
Cu, 744kt Zn, 330koz Au, 18,985koz Ag and 37kt Pb).
