Macphersons reveals 26pc boost to Nimbus mine resource
Macphersons Resources Limited say it is confident the range of metals being produced at its Nimbus mine in the Goldfields will ensure the project is successful.
The company has announced a 26 per cent increase in zinc, gold and silver resources at the mine, east of Kalgoorlie-Boulder.
Managing director Morrie Goodz says continued drilling has extended the high-grade resource, with silver reserves upgraded to 12.4 million ounces.
He says the company has felt the effects of the subdued market but has been able to protect itself.
"It was always a silver deposit and ultimately silver is the biggest revenue driver but the fact that we're getting more zinc and more gold in this area just adds to the dynamics," he said.
"[We] can generate revenue not only from the silver but the gold and the zinc from the same ore, it tends to buffer the current instability.
"It makes us more confident that we can make this a successful operation, it gives more confidence to the people that analyse the project when they do a risk evaluation.
"They see there's less risk in a project that generates multiple revenue streams."
MRP Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
