Metals Acquisition Limited Announces Drill Results from CSA Mine Including 20.7m @ 14.4% Cu, 25.5m @ 12.7% Cu and 28.7m @ 10.6 % Cu
31 Luglio 2023 - 12:00PM
Business Wire
Metals Acquisition Limited (NYSE: MTAL):
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Figure 1 - Location Drill Results
relative to QTSN and QTSC (Graphic: Business Wire)
- Metals Acquisition Limited (NYSE: MTAL.U) (“MAC”) is pleased to
provide an update from the ongoing resource infill and near mine
exploration drill program at the CSA Mine
- All drill results are from drilling that has been completed
after the December 2022 Mineral Resource Estimate (“MRE”)
- Results demonstrate the continuity of the deposits at the CSA
Mine and the high-grade nature of the deposits
- Results are being incorporated into the 2023 Resource and
Reserve update
- Results include
- 4.6m @ 9.2% Cu and 43 g/t Ag from 142m in UDD20128
- 25.5 @ 12.7% Cu and 55 g/t Ag from 150.5m in
UDD20128
- 20.7m @ 14.4% Cu and 61 g/t Ag from 150.5m in
UDD20147A
- 7m @ 10.9% Cu and 50 g/t Au from 144m in UDD20129
- 8.1 m @ 11.1% Cu and 46 g/t Ag from 152.2 m in
UDD20129A
- 28.7m @ 10.6% Cu and 41 g/t Ag from 179.8 m in
UDD20140
- 6.7m @ 10.4% Cu and 45 g/t Ag from 179m in UDD21053
- 21.5m @ 7.7% Cu and 32 g/t Ag from 139.7 in
UDD21049
- 4.3m @ 11.8% Cu and 45 g/t Ag from 189.0m in
UDD22100
- Refer to Table 1 for the complete list of drill results
Commentary
Mick McMullen, MAC CEO, said: "These drill results are simply
stunning and showcase the high-grade ore body of the CSA Mine.
There are very few similar grade mines available for investors to
directly participate in that are also located in Tier 1
jurisdictions. The mine has been out of the public domain for 24
years and these type of drill results are a testament of MAC’s
rationale for acquiring the operation.
The mine has continued with the resource infill and near mine
exploration program since the completion of the last resource
update in December 2022. This has been aimed at improving
confidence in the Inferred Resource and identifying additional
mineralization that could be converted to a Mineral Resource.
Drilling has continued to demonstrate the continuity and
high-grade nature of the CSA ore bodies as shown in Table 1 below.
These holes are predominately across the QTSN and QTSC deposits and
are indicative of the high-grade mineralization found at the CSA
Mine. Additionally, within QTSN and QTSC the drilling has
highlighted potential lode extensions down dip and along section
and opportunities for thicker lode interpretations.
In the QTSN deposit drilling has been targeted at the boundary
of the Measured and Inferred resource to upgrade the classification
as well as deeper into the Inferred resource to both upgrade the
classification and to push the Inferred resource boundary deeper.
As shown in Figure 1, mineralisation is known to extend at least
400m below the base of the current Inferred resource and drilling
is targeting converting this to a resource over time, subject to
results.
In the QTSC deposit, drilling has successfully intersected
mineralisation up dip of the current resource (Figure 4) in
UDD22100. Mineralisation at QTSC is typically narrower than QTSN
but very high grade. This mineralization is close to existing
development and can be brought into the mine plan relatively
easily.
These results confirm our view that the CSA Mine has the
potential to continue to be one of the highest-grade copper mines
globally for the foreseeable future with potential to expand the
mineral resource.
Drilling is continuing and results will be incorporated into the
updated 2023 Mineral Resource Estimate which can then be used for
the updated 2023 Reserve estimate.”
Note on Qualified Person(s)
The drilling results contained in this news release have been
prepared in accordance with Regulation S-K, Subpart 1300
promulgated by the U.S. Securities and Exchange Commission
(“Subpart 1300”).This news release has been reviewed by Patrick
John Adams, BSc. FAusIMM Principle Geologist and Rebecca Prain BSc.
Managing Director from Cube Consulting for Metals Acquisition
Limited. Acting within the scope of their expertise, Patrick John
Adams and Rebecca Prain, as Qualified Persons as defined by Subpart
1300, has reviewed the information provided and finds it to be
accurate and reflect facts.
About Metals Acquisition Limited
Metals Acquisition Limited (NYSE: MTAL) is a company focused on
operating and acquiring metals and mining businesses in high
quality, stable jurisdictions that are critical in the
electrification and decarbonization of the global economy.
Forward Looking Statements This press release includes
“forward-looking statements.” MAC’s actual results may differ from
expectations, estimates, and projections and, consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions (or the negative versions of
such words or expressions) are intended to identify such forward-
looking statements. These forward-looking statements include,
without limitation, MAC’s expectations with respect to future
performance of the CSA Mine and anticipated financial impacts and
other effects of the proposed business combination, the
satisfaction of the closing conditions to the proposed transaction
and the timing of the completion of the proposed transaction. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside MAC’s control and are difficult
to predict. Factors that may cause such differences include, but
are not limited to: the ability to recognize the anticipated
benefits of the business combination, which may be affected by,
among other things; the supply and demand for copper; the future
price of copper; the timing and amount of estimated future
production, costs of production, capital expenditures and
requirements for additional capital; cash flow provided by
operating activities; unanticipated reclamation expenses; claims
and limitations on insurance coverage; the uncertainty in mineral
resource estimates; the uncertainty in geological, metallurgical
and geotechnical studies and opinions; infrastructure risks; and
dependence on key management personnel and executive officers; and
other risks and uncertainties indicated from time to time in the
definitive proxy statement/prospectus relating to the business
combination that MAC filed with the SEC, including those under
“Risk Factors” therein, and in MAC’s other filings with the SEC.
MAC cautions that the foregoing list of factors is not exclusive.
MAC cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
MAC does not undertake or accept any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions, or circumstances on which any such statement
is based.
More information on potential factors that could affect MAC’s or
CSA Mine’s financial results is included from time to time in MAC’s
public reports filed with the SEC. If any of these risks
materialize or MAC’s assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that MAC
does not presently know, or that MAC currently believes are
immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect MAC’s expectations, plans or
forecasts of future events and views as of the date of this
communication. MAC anticipates that subsequent events and
developments will cause its assessments to change. However, while
MAC may elect to update these forward-looking statements at some
point in the future, MAC specifically disclaims any obligation to
do so, except as required by law. These forward- looking statements
should not be relied upon as representing MAC’s assessment as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Table 1 - Summary of Significant Drill Results Post the 2022
Resource
Hole ID
Easting
Northing
RL
Depth
Planned Azimuth
Planned Dip
From
To
m
Cu %
Ag g/t
UDD20126
5,873.360
3,864.430
8,475.118
241.90
65.00
-20.00
105.00
112.00
7.00
4.3
19
UDD20128
5,873.250
3,864.860
8,474.537
260.00
55.00
-30.00
142.00
146.60
4.60
9.2
43
UDD20128
150.50
176.00
25.50
12.7
55
UDD20129
5,873.330
3,864.640
8,474.758
153.10
61.50
-26.10
144.00
151.00
7.00
10.9
50
UDD20129A
5,873.360
3,864.540
8,474.639
260.00
61.50
-30.00
152.20
160.30
8.10
11.1
46
UDD20140
5,872.610
3,864.840
8,474.039
400.20
50.00
-50.00
179.80
208.50
28.70
10.6
41
UDD20147A
5,873.000
3,865.510
8,475.224
280.00
45.00
-14.00
177.00
197.70
20.70
14.4
61
UDD21048
5,900.240
4,044.780
8,459.993
211.70
108.60
-26.00
107.80
127.50
19.70
8.0
31
UDD21049
5,899.320
4,045.240
8,459.525
275.20
105.50
-50.00
76.00
82.50
6.50
12.3
0
UDD21049
139.70
161.20
21.50
7.7
32
UDD21051
5,899.840
4,045.370
8,460.078
215.00
101.20
-32.20
61.90
68.10
6.20
9.1
32
UDD21051
117.00
135.50
18.50
5.0
18
UDD21052
5,899.730
4,045.280
8,459.543
230.30
102.00
-43.00
100.00
106.25
6.25
10.0
51
UDD21052
122.90
141.50
18.60
5.4
26
UDD21053
5,899.050
4,045.230
8,459.598
285.00
107.00
-58.00
179.00
195.70
16.70
10.4
45
UDD21060
5,899.410
4,046.360
8,460.841
205.00
81.00
-13.30
127.95
143.00
15.05
5.3
26
UDD21064
5,899.010
4,046.540
8,460.008
242.00
71.32
-40.00
180.10
194.00
13.90
5.1
19
UDD21065
5,899.080
4,046.710
8,460.354
215.50
70.00
-28.00
159.00
172.00
13.00
5.4
19
UDD21073
5,898.840
4,047.180
8,460.876
225.00
57.00
-15.00
151.00
169.00
18.00
4.4
25
UDD21074
5,898.710
4,047.460
8,460.978
230.00
51.00
-11.00
146.80
157.80
11.00
5.2
32
UDD21079
5,843.430
4,212.300
8,514.441
319.80
104.00
-20.00
176.00
183.25
7.25
8.3
54
UDD21082
5,843.540
4,211.590
8,514.281
304.80
86.00
-14.00
173.70
183.00
9.30
7.7
19
218.30
223.60
5.30
6.0
14
289.10
293.80
4.70
5.6
54
UDD21100
5,843.560
4,211.580
8,514.101
200.00
85.50
-17.30
173.60
180.30
6.70
9.4
49
UDD21102
5,843.470
4,211.460
8,513.863
205.50
90.00
-22.00
177.80
188.50
10.70
7.4
40
UDD21103
5,843.460
4,211.420
8,513.672
330.00
88.00
-26.00
180.00
183.60
3.60
12.0
55
186.60
190.00
3.40
3.1
10
216.00
220.50
4.50
4.0
6
299.85
304.55
4.70
5.7
6
UDD21133
5,720.360
3,801.140
8,930.207
272.00
87.50
2.00
168.00
171.90
3.90
5.6
17
176.00
180.50
4.50
10.4
31
184.30
193.00
8.70
4.9
26
UDD22009
5,976.270
3,606.920
8,991.961
330.00
81.00
-55.00
232.55
236.00
3.45
11.1
31
UDD22009
250.00
253.20
3.20
8.1
25
UDD22011
5,976.390
3,606.390
8,992.128
334.50
90.00
-53.00
102.20
105.80
3.60
9.7
37
221.60
225.65
4.05
4.0
7
238.00
242.70
4.70
4.2
4
UDD22100
5,978.400
3,607.240
8,993.906
225.00
85.00
4.00
176.90
180.50
3.60
5.5
5
189.00
193.30
4.30
11.8
45
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version on businesswire.com: https://www.businesswire.com/news/home/20230731323815/en/
Mick McMullen Chief Executive Officer Metals Acquisition
Limited. +1 (817) 698-9901 mick.mcmullen@metalsacqcorp.com
Dan Vujcic Chief Development Officer and Interim Chief Financial
Officer Metals Acquisition Limited. +61 451 634 120
dan.vujcic@metalsacqcorp.com
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