Business
Ongombo Project-Updated Mineral Resource Estimate
Ongombo Project-Updated Mineral Resource Estimate.
About this update from African Pioneer Plc
[{"type":"text","content":"\n\n \n16 May 2023\nAfrican Pioneer Plc\n(\"African Pioneer \" or \"the Company\")\nJORC 2012 Indicated and Inferred Mineral Resource Estimate for the Ongombo Copper Project, Namibia\n \nAfrican Pioneer Plc (\"African Pioneer\" or the \"Company\") is pleased to announce the results of an updated Indicated and Inferred Mineral Resource Estimate for the Ongombo copper project (\"Ongombo\" or the \"Project\") in Namibia, completed by independent consultants Addison Mining Services. African Pioneer holds an 85% interest in the Project.\n \nHighlights\n· Highly successful drill programme and new Mineral Resource Estimate results in an additional 100,000 tonnes in contained copper metal and an additional 84,000 oz of gold across all Resource categories.\n· Expenditure of approximately US$480,000 on direct drilling costs ahead of the most recent Mineral Resource update represents a unit resource development cost for the additional 100,000 tonnes of contained copper metal of approximately US$4.8 per tonne of contained metal\n· The Ongombo mineralization remains open at depth with scope for the addition of further tonnage and based on recent twinned drilling, potential for significantly enhanced gold grades in the East - Ost shoots\n· A 25-year Mining Licence has been granted subject to completion of an active Environmental and Social Impact Assessment.\n \nThe updated Mineral Resource Estimate has been completed by Addison Mining Services Ltd., an independent consultancy based in the United Kingdom and is reported in accordance with the JORC Code 2012 edition. Resources are of Indicated and Inferred categories and include:\n· Total Indicated Resources of 5.7 million tonnes gross at 1.1 % Cu Equivalent (\"CuEq\"), 0.94 % Cu, 0.23 g/t Au and 4.4 g/t Ag, for 53,000 t Cu, 42,000 oz Au and 800,000 oz Ag, including:\no Open pit potential Resources of 0.93 million tonnes at 0.68% CuEq, 0.57 % Cu, 0.19 g/t Au and 2.6 g/t Ag, for 5,300 t Cu, 5,700 oz Au and 78,000 oz Ag, above a cut-off grade of 0.25% CuEq\no Underground potential Resources of 4.7 million tonnes at 1.2% CuEq, 1.0% Cu, 0.24 g/t Au and 4.7 g/t Ag, for 48,000 t Cu, 36,000 oz Au and 72,000 oz Ag, above a cut-off grade of 0.5% CuEq\n· Inferred Un...