20974 29Metals AR23 WEB V1 - Flipbook - Page 78
29Metals 2023 Annual Report
74
Mineral Resources & Ore Reserves Estimates continued
Changes in Mineral Resource estimates
Changes to the Mineral Resources es琀椀mates for Capricorn Copper, rela琀椀ve to the last es琀椀mates (31 December 2022),
are outlined below.
Material changes comprise:
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■
Deple琀椀on – 0.5Mt reduc琀椀on as a result of mining and processing volumes for the period 31 December 2022 to
31 December 2023; and:
Drilling and model – increase of 3.0Mt, re昀氀ec琀椀ng analysis of resource conversion, resource extension and grade control drilling
at ESS, Greenstone, and Mammoth G-Lens.
Economic cut-off assumptions
The following cut-o昀昀 assump琀椀ons were applied for the purposes of the 31 December 2023 Mineral Resources es琀椀mates for
Capricorn Copper. The cut-o昀昀s applied for the previous es琀椀mates (31 December 2022) are also provided for the purposes
of comparison.
Cut-o昀昀 assump琀椀ons
31-Dec-23
Cut-o昀昀
(%Cu)
31-Dec-22
Cut-o昀昀
(%Cu)
Esperanza South
0.8
0.8
Esperanza
1.0
1.0
Pluto
1.0
1.0
Greenstone
1.0
1.0
Mammoth
1.0
1.0
Orebody
Mineral Resource es琀椀mates for Capricorn Copper apply copper grade for cut-o昀昀 purposes, speci昀椀c to each deposit and mining method.
ESS u琀椀lises a cut-o昀昀 of 0.8% Cu due to sub-level caving (‘SLC’) mining method, while all other deposits u琀椀lise a 1.0% Cu cut-o昀昀 due to
long-hole stoping mining method.
Competent Persons Statement
Informa琀椀on that relates to:
■
■
■
■
The sampling techniques, sample and geology data and interpreta琀椀ons (sec琀椀on 1 of the JORC Code Table 1); and repor琀椀ng of these
results (sec琀椀on 2 of the JORC Code Table 1), for inclusion in the 31 December 2023 Mineral Resources es琀椀mates for Capricorn
Copper is based on and fairly represents informa琀椀on and suppor琀椀ng documenta琀椀on compiled by Rosemary Gray.
Ms Gray was a full-琀椀me employee of Capricorn Copper Pty Ltd (a wholly owned subsidiary of 29Metals Limited), and member of the
Australian Ins琀椀tute of Geoscien琀椀sts (MAIG, Membership No. 8014).
The es琀椀ma琀椀on and repor琀椀ng of Mineral Resources for Greenstone, ESS, and Mammoth G Lens (sec琀椀on 3 of the JORC Code Table 1)
is based on informa琀椀on compiled by Mr Robert Lidbury.
Mr Lidbury is a full-琀椀me employee of Capricorn Copper Pty Ltd (a wholly owned subsidiary of 29Metals Limited), and member of the
Australian Ins琀椀tute of Geoscien琀椀sts (MAIG, Membership No. 3014).
The es琀椀ma琀椀on and repor琀椀ng of Mineral Resources for Mammoth North and Mammoth D Lens (sec琀椀on 3 of the JORC Code Table 1)
is based on informa琀椀on compiled by Mr Oliver Wille琀琀s.
Mr Wille琀琀s is a full-琀椀me employee of SRK Consul琀椀ng, and Member of the Australasian Ins琀椀tute of Mining and Metallurgy (MAusIMM,
Member No. 312940).
The es琀椀ma琀椀on and repor琀椀ng of Mineral Resources for Esperanza, Pluto and Mammoth excluding G Lens & D Len (sec琀椀on 3 of the
JORC Code Table 1) is based on informa琀椀on compiled by Mr Danny Kentwell.
Mr Kentwell is a full-琀椀me employee of SRK Consul琀椀ng, and a Fellow of The Australasian Ins琀椀tute of Mining and Metallurgy
(FAusIMM, Member No. 20341).
Ms Gray, Mr Lidbury, Mr Wille琀琀s, and Mr Kentwell each have su昀케cient experience that is relevant to the style of mineralisa琀椀on, type of
deposit and the ac琀椀vity being undertaken to qualify as Competent Persons as de昀椀ned in the JORC Code.
Ms Gray, Mr Lidbury, Mr Wille琀琀s, and Mr Kentwell each consent to the inclusion of the 31 December 2023 Mineral Resources es琀椀mates
for Capricorn Copper in the form and context in which the es琀椀mates appear.
