MAROOCHYDORE

i thought i would collate some research i have done on Maroochydore. It is confusing and hard to find such information as it has been through quite a few hands.



For most it has been a side piece to Nifty. Maroochydore has been subject to JVs in the past, as well as companies that no longer exist. Aditya Birla wanted to chase Uranium,

MLX didnt really have a plan, botched Nifty trying to mine the copper without a clear strategy and as soon as the Tin project came to light they showed little care for the copper projects.




History of Maroochydore until now








The key thing here is that no mettalurgical testing has been done since 1996.



Aditya Minerals, continued drilling out the resource over a number of years. This led them to a scoping study of Maroochydore that proved that Maroochydore was in fact economically unviable (2008). This was in fact before the sulphide resource was released in 2013.


Resource and maiden sulphide resource released.
A key paragraph above shows that the cut-off for sulphide at Nifty was 1.1% Cu, they applied the same to Maroochydore as back then, when copper prices were around $3.30/lb, Nifty was profitable.



Development studies relating to the mettalurgy above - pre 1996 study. Low recovery and high acid consumption caused by the dolomite.

Some key facts

- The geology at Nifty has dolomite and the deposit was amenable to leaching as proved by Straits resources. It has much of the same featured rocks, is part of the same formation (Broadhurst) as Maroochydore.

- Cyprium can leach chalcocite very effectively. Chalcocite produces acid. To my knowledge straits only heap leached oxide at Nifty. Chalcocite is a copper sulphide and is very prominant in the Maroochydore deposit.

- Chalcocite was the main reason why MLX's head grade and profits were lower some years. when MLX were concentrating the chalcocite it lowered the economics. Cyprium will be leaching all the Chalcocite at Nifty and Maroochydore and benefit from this via heap leach/sxew.

Being able to leach Chalcocite that produces sulphuric acid will have a positive effect against the high acid consumption of the previous study.


Aditya and Murchison still believed Maroochydore could have synergies with the nearby Nifty mine so it isnt just Cypriums confidence in this idea.



All drilling and exploration by Aditya stopped when there was a sinkhole incident in early 2014.




Key tenements around Maroochydore granted in 2014, well after the resource estimate used by Cyprium today.




Maroochydore said to be worth $11.13m on the books. I think later on MLX valued them as $5.9m based on similar workings. I would expect this to be above a $10m asset given todays macro economics.

MLX then took over. They tried their hand at exploring. Encouraging results below.










However they failed with their other targets at spitfire and Noosa where the EM targets reported no Cu anomolies



Fast forward to 2021 and CYMs drilling campaign and the results yet to be assayed looks like they will increase the resource by quite a lot. Maroochydore is sparsely drilled from its small campaigns that are typically on and off. This will fill in gaps in yhe resource as well as extend the mineralization.

the latest announcment shows previous drill holes barely touching the base of the Permian cover. Looking forward to the upcoming results. Maroochydore has a future