In the Angolan Cachoeiras de Binga copper project, Simba has a net 40% interest free-carried through to completion of full bank feasibility. Work to date has identified a measured resource of 7 million metric tons of copper ore with a grade of 2.14% copper and approximately 50 million metric tons of inferred resource with an inferred grade of 2 - 2.14% copper.
From their official filings in the US...
In and around the licence, earlier investigations before 1971 identified various deposits including Cachoeiras de Binga (Cu), Novo Redondo (Cu) and Loeta (Zn). In 1971, the Angolan Geological Survey reported the results of their work at Cachoeiras de Binga where 7 million tonnes of ore grading 2% copper were identified (151,000 tonnes Cu). Subsequent work by the UNDP (Croese 1983) indicated that the area of mineralization and the potential for resources was considerably greater. (Inferred resource of 1.25 million tonnes of copper).
And this from the mining review archives...
"Exploration of a portion of Cachoeiras de Binga identified a measured resource of 7.1 million tonnes of copper ore with an estimated grade of 2.14% copper for some 100,000 tonnes of copper at a recovery rate of 70%.
The inferred resource from this area is an additional 50 million tonnes, generating the prospect of another 750,000 tonnes of copper. Mining of the Cachoeiras resources will be Coper project in Angola to undertake driling campaign undertaken through conventional heap leaching plus solvent extraction electrowinning (SXEW) to produce LME grade copper cathode. Initial plant production capacity is planned to be 20,000 tonnes a year. Following upgrading confirmation of the geological resource, it is anticipated that the plant capacity will be increased to 50,000 tonnes a year. The project is located near the coast with much infrastructure already in place. Operating costs are estimated to be less than US50c/lb.
The Zenza and Benguela copper projects are located to the north and south of Cachoeiras. The two projects contain extensive copper mineralisation of the same style as Cachoeiras. The Manga copper cobalt concession in the DRC lies along the north-eastern border of Angola and has measured and indicated resources estimated at 59.9 million tonnes with a grade of 2.14% copper for 1.4 million tonnes of copper and 550,000 tonnes of cobalt.
Frankly, I am surprised 123enen has not posted this previously given his powers of research...and fact it is all over the internet?
Cheers!
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
