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Lundin Mining Announces 2020 Mineral Resource and Reserve Estimates

Mining News - Published on Wed, 09 Sep 2020

Image Source: Lundin Mining
Lundin Mining Corporation has reported its Mineral Resource and Reserve estimates as at June 30, 2020. On a consolidated and attributable basis, estimated contained metal in the Proven and Probable Mineral Reserve categories totalled 5,518 kt of copper, 3,123 kt of zinc, 100 kt of nickel, 936 kt of lead and 6.9 Moz of gold. Marie Inkster, President and CEO said, "Our exploration programs continued to add value by replacing mined depletion and adding to the Mineral Resources and Reserves. We are progressing drilling as aggressively as possible in high potential locations while taking the necessary COVID-19 precautions and measures to ensure the health and safety of our workforce and communities. At Chapada, Mineral Resource and Reserves have increased as a result of a successful start to our expanded drilling program since taking ownership. New Mineral Reserves have been added to the existing orebodies and in two new adjacent deposits. Mineral Resources have increased despite the use of more conservative metal price assumptions and the inclusion of only 5,000 m of 2020 drilling ahead of the estimation cut-off date. We now have five drill rigs on site and are planning an increased 60,000 m drilling campaign coupled with a geophysics targeting program for 2021. At Candelaria, further increases in Mineral Reserves in the Candelaria underground mines will support ongoing underground mine expansion studies and potential increases in the copper production profile. Delineation and extension drilling have again been highly successful at Eagle East with further discovery largely offsetting a full year of mined depletion. And, at Zinkgruvan, ongoing exploration and infill drilling at Dalby has resulted in further increases in the Indicated and Inferred Mineral Resource estimates, supporting the mining studies currently underway to allow future conversion to Mineral Reserves."

Total estimated Candelaria Measured and Indicated Mineral Resources have increased by approximately 18% to 1,179.3 Mt at 0.64% copper, from 998.6 Mt at 0.65% copper reported as of June 30, 2019. The increase reflects the continued success of the exploration campaigns, largely in the underground mines, and re-optimized open pits and lower cut-off grades as a result of revised metal price assumptions.

Total estimated Candelaria Proven and Probable Mineral Reserves have also increased to 684.4 Mt at 0.53% copper, from 663.7 Mt at 0.54% copper, with the majority of the increase being in the underground mines.

Total estimated Candelaria open pit Proven and Probable Mineral Reserves, excluding stockpiles, have decreased slightly and are now 381.1 Mt at 0.49% copper, from 386.8 Mt at 0.49% copper, reflecting additional drill information, reduced cut-off grades and a year of mining depletion.

Total estimated Candelaria Underground Proven and Probable Mineral Reserves have increased to 160.2 Mt at 0.83% copper, from 148.2 Mt at 0.85% copper. This is a 12.0 Mt increase, or approximate 8%, over last year's estimate, reflecting continued exploration success, particularly in the Candelaria North Sector. This additional mineralization is being included in potential future expansion studies for the combined Candelaria underground mine sectors.

Total estimated Chapada copper-gold Measured and Indicated Mineral Resources have increased to 1,132.2 Mt at 0.23% copper and 0.14g/t gold, from 1,090.8 Mt at 0.24% copper and 0.15g/t gold reported as of June 30, 2019. This increase reflects the inclusion of approximately 18,500 m of drilling since taking ownership and prior to the cut-off date for this June 2020 estimation. Ongoing exploration success has increased Mineral Resources in extensions of the known mineralized bodies and in the new Buriti Norte and Jatoba deposits to the east of the mine. This discovery has been offset by the effects of more conservative metal price assumptions for Mineral Resource estimation of $3.45/lb copper and $1,495/oz gold, compared with $4.00/lb copper and $1,600/oz gold previously, as well as mining depletion.

Total estimated Chapada Proven and Probable Mineral Reserves have increased to 759.7 Mt at 0.23% copper and 0.15g/t gold, from 738.8 Mt at 0.24% copper and 0.15g/t gold. New Mineral Reserves have been added in extensions to the known mineralization and in the new Buriti Norte and Jatoba deposits adjacent to the current open pits. Continued exploration drilling in these and other near mine orebodies will support ongoing mine expansion studies.

The total combined estimated Eagle and Eagle East Proven and Probable Mineral Reserves have again remain virtually unchanged from last year at 3.9 Mt at 2.6% nickel and 2.1% copper with mining depletion at Eagle offset by additions from extensions to the mineralization and the upgrading of Inferred Mineral Resources to Indicated by infill drilling at Eagle East. The Eagle East Probable Mineral Reserve estimate has increased to 2.7 Mt at 2.9% nickel and 2.4% copper and the overall Eagle mine life is now extended to at least late 2025.

Estimated copper and zinc Measured and Indicated Mineral Resources at Neves-Corvo are virtually unchanged from last year at 61.9 Mt at 2.3% copper and 71.3 Mt at 6.9% zinc respectively with in-mine exploration and infill drilling success offsetting mine depletion.

Copper Proven and Probable Mineral Reserve estimates at Neves-Corvo have increased to 29.7 Mt at 2.0% copper, from 27.9 Mt at 2.2% copper reported at June 30, 2019, with the changes representing revised metal price assumptions and lower cut-off grades offsetting higher grade mining depletion. Zinc Proven and Probable Mineral Reserve estimates increased slightly to 30.1 Mt at 7.3% zinc.

At Zinkgruvan, continued drilling in the Dalby area has converted Inferred Mineral Resources to Indicated. Total estimated zinc Measured and Indicated Mineral Resources now stand at 22.6 Mt at 8.7% zinc and 4.0% lead and Inferred Mineral Resources at 19.0 Mt at 7.6% zinc and 3.5% lead. Exploration and infill drilling from underground continues on Dalby in support of mine design and study work for future conversion to Mineral Reserves. Drilling has also added Inferred and Indicated Mineral Resource in the extensions of known mineralization at the mine with particularly encouraging results down dip in the Cecilia orebody.

Zinkgruvan estimated zinc Proven and Probable Mineral Reserves are now 8.8 Mt at 7.9% zinc and 3.6% lead while estimated copper Proven and Probable Mineral Reserves have increased to 3.1 Mt at 1.9% copper.
The table attached to this news release summarizes the Mineral Resource and Mineral Reserve estimates for each of the Company's mines as of June 30, 2020.

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Posted By : Yogender Pancholi on Wed, 09 Sep 2020
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