From August scoping study... (I make it around 607,000t. Multiply that by the current price of copper and tell me what you get)
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Highlights• Study utilises part of the Project’s Measured and IndicatedResource reported in compliance with JORC (2012), in a shallowopen pit mine with low strip ratio. No inferred Resources wereutilized in the Study;• Treatment utilises conventional processing technology;• Study details a metallurgical process designed to deliver a mixof commodities, including copper cathode, silver bullion (doré,electrolytic manganese metal (EMM) and zinc powder;• Detailed financial and cash-flow model completed;• Study completed to a higher level of detail than a traditionalscoping study;• Based on the results of the Study, VAL to immediately initiate aPre-feasibility Study (PFS).Valor Chairman, Mark Sumner, said:“We are very pleased to have completed this study with suchexcellent results. We believe that the results of this study underpinthe Project’s potential as a very encouraging polymetallicdevelopment project. We are excited about advancing Berenguelathrough the next phases of development, including taking the projectthrough PFS over the coming months.Additionally, Corona and Corona West present an opportunity to addfurther surficial resources within close proximity to BerenguelaCentral. Continued geological mapping and surface samplingpresents an opportunity to generate additional copper-silvermanganese targets within the company’s extensive concessionpackage.”
Mineral Resource Statement
The current total Mineral Resource estimate for the Project is 45.9 million tonnes of Measured, Indicated and
Inferred resource (using a 0.5% copper equivalent cut-off grade) as announced to the ASX on 9 January 2018
and 30 January 2018 and summarised in the table below. The Study utilises only the Measured and Indicated
Resource, leaving significant scope for expansion when the inferred Resources are re-categorized.
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Category
Tonnesmillions
Silverg/t
Copper%
Manganese%
Zinc%
Cu Eq %**
1
Measured
7.71
103
0.99
8.68
0.34
1.65
2
Indicated
28.2
80
0.73
5.16
0.30
1.27
3
Inferred
9.97
88
0.67
2.15
0.20
1.19
4
Total
45.9
86
0.76
5.10
0.28
1.32
VAL Price at posting:
0.4¢ Sentiment: None Disclosure: Held
,electrolytic manganese metal (EMM) and zinc powder;• Detailed financial and cash-flow model completed;• Study completed to a higher level of detail than a traditionalscoping study;• Based on the results of the Study, VAL to immediately initiate aPre-feasibility Study (PFS).Valor Chairman, Mark Sumner, said:“We are very pleased to have completed this study with suchexcellent results. We believe that the results of this study underpinthe Project’s potential as a very encouraging polymetallicdevelopment project. We are excited about advancing Berenguelathrough the next phases of development, including taking the projectthrough PFS over the coming months.Additionally, Corona and Corona West present an opportunity to addfurther surficial resources within close proximity to BerenguelaCentral. Continued geological mapping and surface samplingpresents an opportunity to generate additional copper-silvermanganese targets within the company’s extensive concessionpackage.”
