Regional Copper Heap Leach Project
In 2014, Chinova completed drilling campaigns at the Mount Dore, SWAN and Victoria/Stuart Deposits for a potential copper heap leach project. For each deposit, samples were assayed by a copper sequential method by ALS in Perth. Metallurgical and Mining studies on these deposits are nearing completion and a feasibility study is under way for the Mt Dore Project.
Resource estimates were completed on the three deposits in accordance with the JORC, 2012 code. The resource estimate reports for each are available via the hyperlink for each deposit.
The Merlin Project is based on the world's highest grade molybdenum and rhenium deposit, discovered by the Company in late 2008 with an initial Mineral Resource announced in mid-2009. The project has successfully progressed through the scoping, pre-feasibility and feasibility study phases. The key strengths of the project include the high-grade of the resource and relatively shallow depth, which results in a project with forecast strong long-term cash flows and substantial project returns.
The extremely high grade Little Wizard zone of mineralisation, located up-dip and south of the main Merlin zone was discovered in October 2009. The Little Wizard zone lies only 90 metres below surface and has been incorporated into the declared Merlin Mineral Reserve.
Construction of an exploration decline at Merlin began in late 2010, with Phase 1 of the decline development completed on time and budget in January 2012. Decline development to date has enabled underground diamond drilling of the Merlin and Little Wizard deposits and a cross cut to be developed into the Little Wizard deposit. Phase 2 of the Merlin decline development will commence upon project approval.
The Merlin deposit is located on a granted mining lease that will allow mining development to commence quickly upon project go-ahead.
The Merlin development will leverage off existing infrastructure where possible. The mine will utilise the existing facilities that were constructed as part of Stage 1 of the Merlin decline development program plus the addition of a paste plant and optimisation of existing power facilities.
Click here to view the latest Company Update on the Merlin Project.
Click here to view the related Merlin JORC Table 1 Information (updated 29 October 2014).