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- Centaurus Metals (CTM) reports some ‘outstanding’ results from an ongoing drilling program at its Jaguar nickel sulphide project in Brazil
- CTM highlighted an intersection from the Jaguar Central deposit of 46 metres at 2.17 per cent nickel including a higher grade of 2.82 per cent nickel over a 23.2-metre interval
- MD Darren Gordon says he’s “extremely pleased” with the program as it continues to de-risk the Jaguar project by demonstrating the continuity of mineralisation
- Drilling is ongoing and is aimed at upgrading the Jaguar MRE ahead of an ore reserve estimate and definitive feasibility study
- CTM shares are up 4.21 per cent to trade at $1.12
Centaurus Metals (CTM) has reported a fresh batch of assays from an ongoing drilling program at its Jaguar nickel sulphide project in northern Brazil.
The resource definition drilling program is designed to upgrade more of the Jaguar mineral resource estimate (MRE) into the measured and indicated categories ahead of an ore reserve estimate and definitive feasibility study (DFS) — both expected to be completed before the end of 2022.
The latest results come from the Jaguar Central, Jaguar South and Jaguar Northeast deposits, and have demonstrated the continuity of mineralisation within the current
mineral resource model.
Jaguar Central returned results of 46 metres at 2.17 per cent nickel from 128 metres including 23.2 metres at 2.82 per cent nickel, and 49.3 metres at 1.2 per cent nickel from 31.9 metres.
Centaurus said the above results demonstrate the deposit consistently returning over one per cent nickel with intersections up to 70 metres wide.
Highlighted results from Jaguar South include 15.2 metres at 2.12 per cent nickel from 187.8 metres including 2.6 metres at 9.14 per cent nickel from 200.4 metres.
Results from Jaguar Northeast include 7.6 metres at 1.4 per cent nickel from 181 metres and 4.2 metres at 1.99 per cent nickel from 35.3 metres.
Managing Director Darren Gordon said he was “extremely pleased” with the drilling program as it continues to de-risk the Jaguar project by demonstrating the continuity of mineralisation.
“Seeing high-grade, shallow intersections like 46 metres at 2.17 per cent nickel within a constrained US$22,000 per tonne nickel price pit shell gives us a lot of confidence that the early stages of a future mining operation at Jaguar can support robust capital payback on the project,” Mr Gordon said.
“We currently have 15 rigs operating on-site, with two rigs currently continuing to focus on resource growth step-out drilling and the balance currently dedicated to infill drilling. Once the MRE upgrade is complete, we will swing most of the rigs back to resource growth and discovery drilling.”
The Jaguar MRE currently stands at 80.6 million tonnes at 0.91 per cent nickel for 730,700 tonnes of contained nickel with an indicated component of 43.4 million tonnes at 0.92 per cent nickel for 397,000 tonnes of contained nickel.
Centaurus expects to deliver the MRE update in the third quarter of 2022.
CTM shares were up 4.21 per cent to trade at $1.12 at 11:31 am AEST.
