Aug 18 2015
Intrepid Mines Limited has provided an updated Mineral Resource estimate for the Kitumba deposit, located within the Mumbwa Project area in Zambia. Intrepid holds a 100% interest in the Mumbwa Project.
The previous Kitumba Mineral Resource Estimate, reported in December 2013, has now been updated to include the results of 30 additional diamond drill holes, totalling 12,438 metres completed in 2014.
Following the completion of the Phase 8 drilling program, the Company engaged The MSA Group ("MSA") from South Africa as an independent consultant to conduct the updated Mineral Resource estimate, which is reported in accordance with the JORC Code 2012 Edition ("JORC Code"). The previous estimate was also completed by MSA.
The Company's CEO Scott Lowe said: "This Mineral Resource Estimate update has been completed to take account of new data and to provide an input into work being done to assess the feasibility and economics of the Kitumba ore body. At a 1% copper cut-off, the new mineral resource estimate confirms the high grade of the deposit reported in the December 2013 Mineral Resource update. However, there has been a reduction in the total measured and indicated tonnage.
The new Mineral Resource model will now form the basis of Options Study work being undertaken by SNC-Lavalin in South Africa. This work involves reviewing the underground mine plan and considering alternative development options, including lower scale operations with lower capital costs. The outcome of the Options Study, along with an updated assessment of economic potential and impact on the ore reserves will be announced in due course.
In addition to reviewing the mine plan and project scale, the Company continues to drill nearby exploration targets in an effort to identify additional resources. This drilling forms an important part of efforts to improve project economics."
Source: www.intrepidmines.com.au