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CYPRIUM METALS LIMITED - Corporate Spotlight

Cyprium Metals Limited is poised to grow to a mid-tier mining business and manage a... Cyprium Metals Limited is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.More

Corporate Spotlight

Cyprium Metals Limited is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders.
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ANNUAL REPORT & CHAIRMANS LETTER

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EELYA SOUTH DRILLING RESULTS

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EELYA SOUTH DRILLING RESULTS AND CONTINUING PROGRAMMES

ASX Announcement 25th March 2020


HIGHLIGHTS

Eelya South Drilling Highlights:

 3.0m @ 3.78% Cu, 6.68 g/t Au & 81.0 g/t Ag in drill hole 20ESRC014 with from 59m

 2.0m @ 10.12% Cu, 3.19 g/t Au & 92.0 g/t Ag in drill hole ERC19 with from 40m


Cyprium Metals Limited (“CYM” or “the Company”) is pleased to advise of the results of further Reverse Circulation (“RC”) drilling that was completed to the end of February 2020 at the Eelya South prospect (refer to Table 1), which returned an intersection 3.0m @ 3.78% Cu in drill hole 20ESRC014, that also included 6.68 g/t Au and 81.0 g/t Ag from 59m (refer to Figures 1 and 2).


This high-grade copper/gold southern Eelya South intersection in drill hole 20ESRC014 was drilled to test a structure, previously identified at Eelya South in the 1990’s which returned an intersection of 2.0m @ 10.12% Cu, 3.19 g/t Au and 92.0 g/t Ag from 40m in drillhole ERC19 (refer to Figure 2). These high-grade copper/gold drilling intersections are located less than 1 kilometre to the south of the surface sampling programme that was previously announced on 4 November 2019. The follow up RC drilling as outlined in Figure 2 at the prospective Eelya South tenement area is underway and will be completed by the end of March 2020.


Executive Director Barry Cahill commented “We are very pleased with the drilling programme at Eelya South, in particular with the 3 metres at 3.78% copper intersection result whilst testing drilling targets in an area that previously been subject to very limited drilling activities.


These shallow high-grade copper intersection results from the very prospective Eelya South prospect are within 6 kilometres of the Hollandaire copper deposits meaning the deposits are well within economic trucking distances of each other. We are continuing our drilling activities which are focused on expanding the mineralised copper footprint at the Cue Copper Project to bring us closer to the critical mass required to advance this project to a developmental stage. 


We look forward to updating the market with the results of the current drilling programmes once the results have been received.”


READ THE FULL ANNOUNCEMENT HERE




READ THE FULL ANNOUNCEMENT HERE


CYM TO ACCELERATE WA COPPER

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Cyprium Keen To Accelerate WA Copper Story

Read The Full Article Here 


IT’S been less than 12 months since Barry Cahill and his former cohorts from Finders Resources secured the

copper rights over Musgrave Minerals’ Cue gold project, and just six months after first drilling, Cyprium Metals looks to have delivered a proof of concept for Australia’s first copper sulphide heap leach operation.


Cyprium is hopeful of becoming a dedicated WA copper producer.


Copper is widely recognised as a key barometer of global economic health, and while it is sitting just above its 12-month low at US$2.50 per pound, and hasn't traded above $3/lb for almost 18 months, Cahill is bullish.

"Gold has had run we think copper is next," he told MNN.


Cahill, Cyprium's executive chairman Gary Comb, company secretary Wayne Apted, and chief geologist Peter van Luyt, all came from Finders Resources, the company that successfully developed a world-class Copper sulphide heap leach operation on remote Wetar Island, Indonesia.


While Wetar suffered a string of operational issues at the same time its major shareholders undertook a hostile takeover, Cahill said his faith in the technology was strong. Cyprium was born from a desire to develop similar projects in Australia, using proprietary intellectual property for successful, low-cost copper sulphide heap leach operations, refined post-Finders.


"We had a lot of ideas we developed after Finders. We had fixed Wetar and it was going gangbusters when we left, but we decided to come closer to home, where it's less remote," Cahill said.


The plan to develop a new mid-tier copper miner saw Cyprium review over 250 copper projects in Australia.

"There are lots, in Western Australia for example, that don't amount to much, and there's a lot of prospect hording going on," he said.

"We were successful at matching around 20 to our concept, short-listing five, and we were able to do a deal with Musgrave about 12 months ago."


The company's unique IP allows it to consider deposits that may have deleterious elements or difficult metallurgy, and proposes a cheaper development option, Cahill said. It is earning 80% in the Cue copper rights, initially by focusing on

Hollandaire deposit. Originally discovered by Silver Lake Resources in 2011, Hollandaire has a JORC 2004 resource of 1.9 million tonnes at 2% copper for 38,700t that is being updated to JORC 2012 status. 

Recent column test-work on Hollandaire recovered around 92% copper in as little as 21 days, which Cahill said was not only more rapid than expected, but generated surplus acid, so the leach pads can be smaller, and operating costs lower. More recently copper plate was successfully produced. The company moved into a scoping study, earlier than expected, and Cahill expects the first internal draft is about 6-8 weeks away.


That should answer key questions about the size of the resource needed for development and costs.

"Right now, we think we're pretty close," Cahill sad. "With the rate of recovery in the metallurgical process we have

developed being so quick, we think that has had a massive positive impact on the economics. We need a lot less to get into production." 

Its recent drilling has identified further mineralisation at depth and on the western margins of both the east and west structures, including 1m at 1.04% copper, 0.16 grams per tonne gold and 5.5gpt silver from 156m, with all intercepts outside the resource envelope. 


Cyprium believes its first development will be a low capex, low opex operation. It is too early to speculate on costs, but Wetar's costs were below US$1.60 per pound in 2017, and that was in a remote, mountainous area that posed considerable logistical challenges.

Hollandaire is in a "much, much better environment", he said.


"Being flat is very helpful," Cahill said, and the presence of the gold mining sector means accessing key inputs such as acid and power. should be simple to access. Beyond Hollandaire, Cahill said Cyprium was focused on ensuring it had

a pipeline of future prospectivity, something he admitted was a shortcoming at Finders.  


There is plenty of prospectivity at Cue, with the nearby Hollandaire West prospect open at depth and along strike, and prospects such as Eelya South, Rapier West, Mount Eelya and Colonel, many of which it has drilled already or expects to drill this year.


"We need to pursue them, but because we have been so successful at Hollandaire, we have decided to stop, take a breath, so we can see what we have, and how we can apply that knowledge," he said.


Read The Full Article Here



COPPER METAL PLATED - TEST WORK

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COPPED METAL PLATED 

ASX Announcement 9th March 2020


Cyprium Metals Limited (“CYM” or “the Company”) is pleased to advise that metallurgical column test-work, has continued on the samples of the massive and semi-massive sulphides from the Hollandaire and Hollandaire West prospects at the Cue Copper Project. This test-work has been undertaken to determine the optimal copper extraction process for our unique methodology, which has leached copper rapidly into solution (refer to CYM ASX Announcements 14 October 2019, 27 November 2019, 17th and 24th February 2020).


The primary leach solution (“PLS”) produced from the metallurgical column test-work has been processed in an electrowinning (“EW”) cell (refer to Image 1) to produce cathode copper metal plates (refer to Image 2), which were then stripped from the cathodes to complete the processing cycle through to its final product of high purity copper metal plate (refer to Image 3).

Executive Director Barry Cahill commented “We are pleased to have now completed a full metallurgical processing cycle starting from drilling the mineralisation, to crushing and leaching, and now plating copper as a proof of concept of our low-cost treatment methodology. This has all been done in less than 6 months of commencing the column test-work. The Hollandaire material is very suitable for our methodology and it has outperformed our initial expectations. To produce such a clean copper plate of high purity so quickly is an extraordinary result. 


The parameters of the metallurgical test-work performed to date is forming part of the Scoping Study that is underway. Further samples will be taken in the next phases of drill programmes, which will be used for further metallurgical test-work to continue the optimisation of our low-cost and efficient treatment method.”


METALLURGICAL DRILL HOLES

The metallurgical diamond drill programme (refer to CYM ASX announcement dated 14 October 2019) consisted of three holes for 320 metres into the mineralised envelope of the Hollandaire Prospect at the Cue Copper Project to provide representative samples for test-work to be undertaken as illustrated in Figure 1.

Figure 1 | Hollandaire Metallurgical Diamond Drill Hole Locations The first hole in the metallurgical diamond drilling programme, 19HOMET001, was drilled into the Hollandaire West deposit and returned disseminated copper sulphide mineralisation. The second and third diamond drill holes in the programme, 19HOMET002 and 19HOMET003, targeted representative sections of the Hollandaire deposit and returned semi-massive to massive sulphide mineralisation. The results from the metallurgical diamond drill holes

included:


READ THE FULL ANNOUNCEMENT HERE



CYM: FURTHER OUTSTANDING COPPER LEACHING

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FURTHER OUTSTANDING COPPER LEACHING RESULTS

ASX Announcement 24th February 2020



HIGHLIGHTS

Further progress results of the copper leaching from column test-work on the Hollandaire West

material have been received and the results include:


  • Copper extraction of 75.4% on Column C in only 6 days
  • Column C test-work continuing
  • Scoping Study gaining momentum

Cyprium Metals Limited (“CYM” or “the Company”) is pleased to advise that metallurgical column test-work has progressed on the samples of the massive and semi-massive sulphides from the Hollandaire and Hollandaire West prospects. This test-work has been undertaken to determine the viability of our unique method, and optimal copper extraction method, which has leached copper rapidly into solution (refer to Image 1, CYM ASX Announcements 14 October 2019, 27 November 2019 and 17th February 2020).


Image 1 / Metallurgical column test-work

Executive Director Barry Cahill commented “We are pleased to continue to announce such positive results from our metallurgical test-work programmes. The Hollandaire West material has performed better than the previous two test-work columns that we conducted on material from the Hollandaire prospect.


The metallurgical results, in conjunction with recent extensional drilling success, is a step change that gives the Company even greater confidence in the projects quality and development potential. All these positive developments are being included in the Scoping Study that was recently commenced.”


METALLURGICAL DRILL HOLES

The metallurgical diamond drill programme (refer to CYM ASX announcement dated 14 October 2019) consisted of three holes for 320 metres into the mineralised envelope of the Hollandaire Prospect at the Cue Copper Project to provide representative samples for test-work to be undertaken as illustrated in Figure 1.


Figure 1 | Hollandaire Metallurgical Diamond Drill Hole Locations

The first hole in the metallurgical diamond drilling programme, 19HOMET001, was drilled into the Hollandaire West deposit and returned disseminated copper sulphide mineralisation. The second and third diamond drill holes in the programme, 19HOMET002 and 19HOMET003, targeted representative sections of the Hollandaire deposit and returned semi-massive to massive sulphide mineralisation. The results from the metallurgical diamond drill holes included:


  • 10.4m @ 14.9% Cu in drill hole 19HOMET003 from 84.5m downhole including:
    • 4.5m @ 21.9% Cu from 90.4m;
  • 19.1m @ 1.3% Cu in drill hole 19HOMET002 from 85.9m downhole including:
    • 6.4m @ 2.1% Cu from 98.6m;
  • 27.9m @ 1.1% Cu in drill hole 19HOMET001 from 45.7m downhole including:
    • 9.0m @ 1.6% Cu from 63.2m.


HOLLANDAIRE METALLURGICAL TEST-WORK RESULTS

At the completion of drilling, core samples from the Cue Copper Project were received at the metallurgical laboratory in September 2019. The drill core was crushed, split and assayed for multi-element grades. Composites were then created for the Hollandaire deposit and the Hollandaire West deposit.


Hollandaire samples were composited from holes 19HOMET002 and 19HOMET003 to create two column samples, Columns A and B, with copper grades of 5.10% and 5.24% respectively. 


Separately, the drill core from Hollandaire West, obtained from drill hole 19HOMET001, was composited for testing in a third column, Column C, with an average grade of just 0.76% copper. Diagnostic testing and mineralogical analysis were undertaken on the samples to determine the optimal parameters to use to undertake the column test-work. 


The composites were then leached in separate columns with the resultant copper recovery over time under leach presented in Graph 1 below.


 

READ THE FULL ANNOUNCEMENT HERE 

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