The Mallee Bull project is a 50:50 joint venture project with CBH Resources, a wholly owned subsidiary of Japanese-listed company Toho Zinc Co.
The project is located about 100km south of Cobar in central NSW and comprises 80km2 of granted leases containing one of the highest-grade undeveloped copper resources in Australia. The project also contains Cobar-style zinc, lead silver and gold mineralisation.
Mallee Bull consists of three lodes capable of sustaining an underground mining operation. The first and shallowest lode is the Silver Ray lode, which comprises of a high-grade zinc, lead and silver system, which could assist in the short-term payback of costs associated with establishing an underground mine.
The project also holds the Union and Mallee Bull lodes which are larger and deeper systems beneath Silver Ray containing higher levels of copper. The Mallee Bull lode remains open at depth, presenting further exploration upside.
Mallee Bull holds a Joint Ore Reserves Committee Code (JORC) Compliant Mineral Resource Estimate, released on July 2017 of:
- 6.76 million tonnes at 1.8% copper
- 31 g/t silver
- 0.4 g/t gold
- 0.6% lead
- 0.6% zinc (2.6% copper equivalent).
Combined, the project contains approximately:
- 119,000 tonnes of copper
- 6.6 million ounces silver
- 83,000 ounces gold
- 38,000t lead
- 38,000t zinc
- (175,000 tonnes of copper equivalent using a 1% copper equivalent cut-off)