"I dont think people realise the significance of what is happening, these are not just leases, this is whole copper provence"
Fair comment. It seems market is a bit slow on the update of what is going here.
CVI are effectively gaining operational ownership of sizeable near-term copper mine.
"Comments – Reserves Calculations The Peres report of 1971 refers to 7.1 million tonnes of ore at an average grade of 2.14 % (weighted) in sub – blocks Cachoeiras 1 – 3. Blocks 4 and 5 are considered to be inadequately explored to permit any contribution to the reserves calculation. The average overburden thickness is 50 metres in areas 2 and 3, but in areas 4 and 5 there are indications of a much lower overburden section, and the ore – body thickness varies from 0.30 to 6.00 metres.
The reserves computed by Peres and further validated by subsequent interventions (including this author), were regarded as a Proved Reserve and would represent a mineable reserve for short - term exploitation. Today's reporting requirements require that reserves regarded as proven are ready for mining with design and all permits in place. The above figures represent a measured resource. The figure quoted by Vassiliev (see above) is considered to be speculative, based on extrapolation of the Cachoeiras de Binga results and also his geochemical data. In the UNDP final project report, Croese, closing the project under pressure from local instability, attempted to give an estimate of resource based on the new work and the Peres work. He estimated that the following potential existed.
Area Quantity Cachoeiras I,II,III (Peres) 151,000 tonnes Cu West of Cachoeiras I,II,III (IV) 693,000 tonnes Cu North of Cachoeiras (V) 415,000 tonnes Cu
Total 1,258,000 tonnes Cu
The author believes that Croese under estimated the situation to the north of Cachoeiras and a higher figure may be discovered. However, in the Author's opinion, work to date indicates a measured resource of 151,000 tonnes of copper, (i.e. the Peres figures quoted above) and an inferred resource of 1,108,000 tonnes. Under estimation of the Cachoeiras V area and the presence of open mineralisation to the south of Cachoeiras I - III may push this to several million tonnes. Work is required to convert this to a proven, mineable reserve.
In addition, above the principal copper - bearing horizon, the sandstones, up to 20 metres in thickness are stained green with cupriferous material. This was not investigated in detail by Peres, Croese or Vasiliev and there is evidence at the borehole sites that the borehole core from above the main copper - bearing horizon was thrown away. Investigation of this cupriferous sandstone will form part of the Simba Jamba work programme. If even a low - grade copper content can be proved, this additional section could have a profound impact on the economics and working of the area."
