Aurelia Metals’ Board of Directors has recently approved the development of the Great Cobar Project within the New Cobar Mine at their Peak Operation.
The $91 million Project, which will be funded internally, is a substantially improved project than the company’s earlier Prefeasibility Study.
The Feasibility Study considers a larger production target of 3.6Mt (3.2 per cent copper, 0.9g/t gold and 5g/t silver) over an initial eight year mine life, with first ore projected in the 2028 financial year.
A mining rate of 500ktpa from 2030 will be sequenced with existing New Cobar ore sources.
The Project will leverage existing infrastructure at the Peak Operations, with the development of a twin decline from Jubilee to Great Cobar set to commence in July this year.
The company believes the Great Cobar Project has excellent prospects to build on the copper resource through exploration drilling from underground once mine development is established to the orebody.
Managing Director and Chief Executive Officer, Bryan Quinn commented on the outcomes of the Feasibility Study and the approval from the Aurelia Board of Directors.
“Great Cobar and copper are the future of our Peak mines,” Mr Quinn said.
“I am very confident that the Great Cobar orebody will continue to grow beyond what we’ve modelled in this study.
“It has significant exploration potential that will only enhance the strong economics of the current project and is best tested from underground once we have accessed the orebody,” Mr Quinn said.
