Maroochydore Copper Project

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Location

The Maroochydore deposit is located in the north-eastern Pilbara region of Western Australia, ~85km southeast of Nifty.

History

Maroochydore was initially discovered by Esso Australia Ltd in 1984. Since discovery, Maroochydore has had numerous owners and JV partners that have collectively drilled out the Resource and performed various metallurgical testwork regimes and studies on production scenarios. The primary copper sulphide mineralisation remains open along-strike and down-dip.

Cyprium acquired 100% of the Maroochydore Copper Project in March 2021, as part of a larger transaction with Metals X (CYM ASX Announcement – Transformational Acquisition of Highly Attractive Copper Portfolio, 10 February 2021).

Status

Cyprium intends to perform further drilling (testing along-strike and down-dip extensions) and detailed metallurgical testwork to unlock the potential of this significant copper deposit. Cyprium’s testwork program will be used to optimise the processing flowsheet, which is expected to support a heap leach SX-EW project.

Infrastructure

Maroochydore has an exploration camp with diesel powered generators and road access to the Nifty Copper Mine.

Maroochydore Project

JORC Resources

TABLE 2: MAROOCHYDORE MINERAL RESOURCE ESTIMATE AT 31 MARCH 2016

Deposit

Mineral Resource
Category

Mt1

Grade
% Cu

Copper
tonnes1

Grade
ppm Co

Cobalt
tonnes1

Oxide2

Measured

-

-

-

-

-

Indicated

40.80

0.92

375,000

388

15,800

Inferred

2.40

0.81

19,000

451

1,100

Total

43.20

0.91

394,000

391

16,900

Sulphde3

Measured

-

-

-

-

-

Indicated

-

-

-

-

-

Inferred

5.43

1.66

90,000

292

1,600

Total

5.43

1.66

90,000

292

1,600

TOTAL4

Measured

-

-

-

-

-

Indicated

40.80

0.92

375,000

388

15,800

Inferred

7.83

1.40

110,000

341

2,700

Total

48.63

1.00

486,000

380

18,550

  1. Ore tonnes are reported as million tonnes (Mt) and rounded to nearest 10,000; Cu tonnes are rounded to nearest 1,000 tonnes; Co tonnes are rounded to the nearest 100 tonnes
  2. Cut-off Grade of 0.5% Cu
  3. Cut-off Grade of 1.1% Cu
  4. Rounding may result in some slight apparent discrepancies in totals

The Maroochydore Mineral Resource estimate was released to the ASX by Metals X Limited in an announcement dated 18th August 2016. The key assumptions and JORC 2012 requirements include:

  • The Oxide and Supergene Mineral Resource for the Maroochydore Project as at 18th August 2016 has remained the same since that estimated and published by Aditya Birla as at 31st March 2013.
  • The Sulphide Mineral Resource for the Maroochydore Project as at 18th August 2016 has remained the same since that estimated and published by Aditya Birla as at 31st March 2013.
  • The Mineral Resources have been classified in accordance with the guidelines set out in the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, published by the Joint Ore Reserves Committee (JORC), of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia, December 2012 (the ‘JORC Code’ or ‘JORC 2012’).

Competent Person Statement

The information in this report that relates to Mineral Resources is based on information compiled by Mr Terry Burns BAppSc (Geology) GDipEd PDGeosci (Mineral Economics) GDipEng (Mining), a Competent Person who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr Burns is an independent consultant to Cyprium Metals Limited and is a director of Warbrooke-Burns & Associates Pty Ltd which is the entity providing services to Cyprium Metals Limited. Warbrooke-Burns & Associates Pty Ltd is retained by Cyprium Metals Limited under industry standard commercial consulting rates. Mr Burns has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Burns consents to the inclusion in the report of the matters based on his compilation and in the form and context in which it appears.