Discovery Metals Limited Discovery Metals Limited: Initial Selene Copper Mineral Resource
January 11 2012 - 8:16PM
UK Regulatory
TIDMDME
12 January 2012
Discovery Metals Limited
Initial Selene Copper Mineral Resource
Highlights:
· Maiden Selene Inferred Mineral Resources totals 16 million
tonnes @ 1.0% Cu and 15.9 g/t Ag, above a 0.6% Cu lower grade cutoff.
· Several higher grade zones of +1% copper identified within the
Selene deposit.
· Estimate based on 52 exploration drill holes totaling 5,343
metres.
· The Selene Deposit has a strike length of approximately
7 kilometres, and has been intersected at depths to 200 metres below surface.
· Mineralisation remains open along strike and at depth.
· Selene lies within the Boseto Zone, approximately 20 kilometres
from Discovery Metals' Boseto concentrator which is currently under
construction.
· Enhances optionality to increase the mine flexibility, scale
and/or the life of the Boseto Copper Project.
Selene Copper Mineral Resource Estimate
Discovery Metals Limited ('Discovery Metals' or 'Company') reports the initial
Mineral Resource estimate at the Selene Deposit, following the completion of 52
drill holes totaling 5,343 metres. The estimate has been completed by
independent consultants, Xstract Mining Consultants Pty Ltd in accordance with
the guidelines of the 2004 Australasian Code for Reporting of Exploration
Results, Mineral Resources, and Ore Reserves.
The Managing Director of Discovery Metals, Mr Brad Sampson commented, "The
Selene Mineral Resource estimate is another important step towards defining the
ultimate scale of the Boseto Copper Project. With recent drilling also
returning encouraging results at the Zeta North East and the Mango prospects,
the Selene Mineral Resource estimate confirms that substantial upside mineral
resource potential continues within the Boseto Zone."
The Selene Deposit is located approximately 20 kilometres from the Boseto Copper
Concentrator (Figures 1 and 2) in north western Botswana. The Selene Mineral
Resource estimate includes drill hole results from 19 drill sections, spaced
approximately 400 metres apart along the strike length of approximately
7 kilometres. Mineralisation has been intersected at depths between 20 and
200 metres below surface. The deposit is generally dipping 70 ° to the northwest
and appears constrained within a zone of approximately 3 metres in thickness.
The deposit remains open along strike and at depth.
The Selene Mineral Resource comprises:
Inferred Mineral Resource 15.95 Mt @ 1.0% Cu and 15.9g/t Ag
TOTAL MINERAL RESOURCE 15.95 Mt @ 1.0% Cu and 15.9g/t Ag
(All Mineral Resources are reported above a lower cutoff grade of 0.6% Cu.)
A long section through the Selene Mineral Resources is shown in Figure 3. Four
higher grade zones of mineralisation with grades exceeding 1.0% copper have been
delineated, and are separated by mineralisation with grades of 0.6% - 1.0%
copper. These zones of higher grade mineralisation remain open at depth beyond
the north eastern limit of drilling.
The development of Mineral Resource at Selene is in line with Discovery Metals'
objective to explore for and develop multiple copper deposits within the Boseto
Zone. The Company is progressing planning to expand the scale of the mine and
to increase the scheduled mine life at the Boseto Copper Project.
Work continues to develop new Mineral Resources within the Boseto Zone at
prospects such as Zeta North East and Mango (Figure 2).
It is anticipated that new life of mine schedules incorporating portions of the
Mineral Resources at the Selene Deposit will be developed later in calendar
2012.
Competent Persons Statement
The information in this report as it relates to the Selene Mineral Resource
estimate for the Boseto Copper Project has been compiled by Mr Matthew Readford,
who is a Member of the Australasian Institute of Mining and Metallurgy
(MAusIMM). Mr Readford is employed fulltime by Xstract Mining Consultants Pty
Ltd. Mr Readford has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person as defined in The JORC Code,
2004.
Mr Readford consents to the inclusion in the report of the matters pertaining to
Selene Mineral Resource estimate based on information provided by him, and in
the form and context in which it appears.
Discovery Metals Background
Discovery Metals is an ASX/AIM/BSE listed copper exploration and development
company focused on the emerging Kalahari Copperbelt in northwest Botswana. The
Company is a near-term copper producer currently developing its 100% owned
Boseto Copper Project towards production in the first half of 2012.
The Kalahari Copperbelt sediment-hosted mineralisation of the Boseto Copper
Project is similar in style to the well-known and large deposits of the Central
African Copperbelt of Zambia and the Democratic Republic of the Congo.
Discovery Metals has prospecting licences covering 8,877 km(2) along the
Kalahari Copperbelt.
Forward looking statements
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this discussion, other than statements of
historical facts, that address future activities and events or developments that
Discovery Metals expects, are forward-looking statements. Although Discovery
Metals believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially from
those in the forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements include
market prices, continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and that actual results or
developments may differ materially from those projected in forward-looking
statements.
Further information on the Company including Mineral Resources and Ore Reserves
is available on our website: www.discoverymetals.com
For further information on this release and Discovery Metals Limited, please
contact:
Brad Sampson Managing Director
Ph: +61 7 3218 0222 brad@discoverymetals.com
AIM Nominated Advisor - Fairfax I.S. PLC, Contact Ewan Leggat/Laura Littley
Ph: +44 20 7460 4389 or 7460 4387
UK PR - Tavistock PR, Contact Jos Simson/Emily Fenton
Ph +44 207 920 3150 or +44 778 855 4035
Attachment: Initial Selene Copper Mineral Resource:
http://hugin.info/137928/R/1576993/491574.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Discovery Metals Limited via Thomson Reuters ONE
[HUG#1576993]
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