Mining Leases Granted and New Exploration Tenements
A mining lease, M51/887, has also been granted for the Nanadie Well Copper-Gold Project, which is located ~75km to the east-northeast of Cyprium's Hollandaire copper deposits (refer to Figure 2*), that Cyprium has reached an agreement to acquire from Horizon Minerals Limited ("HRZ" or "Horizon") during July 2020.
Cyprium has applied for exploration tenements to the west and east of the Nanadie Well Copper- Gold Project (refer to Figure 2), to expand our regional presence in the area and increase the projects exploration prospectivity.
The Nanadie Well Copper-Gold Project also has the Stark Cu-Ni-PGE prospect along with a number of drill ready targets that offer excellent exploration upside.
Executive Director Barry Cahill commented "We are pleased that the mining lease has been granted to remove any uncertainty over the timing of when mining operations could potentially commence, following the successful completion of favourable Cue Copper Project scoping and feasibility studies.
We have reached an agreement to acquire 100% of the Nanadie Well Copper-Gold Project during July 2020 and we expect this transaction to complete in the near future. The Nanadie Well deposit and Stark mineralisation are both very prospective and is located only 75km to the east-northeast of our Hollandaire copper deposits. It is an exciting addition that increases our regional mineral resource base and will be included in the ongoing Cue Copper Project scoping study."
*To view tables and figures, please visit:
About Cyprium Metals Ltd
Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.
Cyprium Metals Ltd