25 May 2012

Resource upgrade for Discovery Metals

24/08/2011 Robert Tyerman

Discovery Metals (DME) has lifted total resources at its Zeta deposit in Botswana 25 per cent to 44.1 million tonnes with 1.3 per cent copper.

The AIM-quoted company, which also cites 22.1 grammes of silver per tonne of ore in the same deposit, argues that the more confident measured and indicated resource at Zeta, stripping out the 'inferred' category, now stands at 17 million tonnes with 1.5 per cent copper and silver at 25.4 grammes a tonne.

Managing director Brad Sampson explains that the Zeta upgrade is an important step towards completing a definitive feasibility study for developing an underground mine there. He says this study is planned for completion in December, with open-pit mining expected to begin 'later this year'. 

Zeta forms part of Brisbane-based Discovery's wholly owned Boseto copper project on the emerging Kalahari copperbelt in north-west Botswana. The company currently estimates the whole project to hold 111.5 million tonnes with an average of 1.4 per cent copper and 17.6 grammes of silver per tonne of ore.

Growth Company Investor recommended Discovery shares at 15.5p in 2009 before more recently suggesting partial profit taking at 83.35p. Having hit 97p at one point they now trade at 83p, up 4p this morning, valuing the company at £363 million, and it is worth holding the residue, despite recent copper price blips.

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Tags: AIM market, Botswana, Brad Sampson, Copper, Silver

Sector: Mining

Companies: Discovery Metals

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