Centaurus Metals’ (ASX: CTM) growth and development drilling at its 100%- owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil continues to deliver outstanding results.
The company says the results underpin further resource growth ahead of the completion of the Definitive Feasibility Study (DFS) and maiden Ore Reserve estimate due for completion by the end of calendar 2022.
As a result of the continued run of outstanding results and following the recent highly successful A$75 million institutional placement, the Company has committed to a further increase in drilling capacity at Jaguar with a total of 14 rigs expected to be operating at the Project by the end of February.
Managing Director, Darren Gordon, said exploration and development drilling was back in full swing at Jaguar following a short break for the festive season, paving the way for another year of strong news-flow from the drill bit.
“It’s great to be back in the field with drilling operations back at full speed. We currently have 10 rigs on site with an additional four rigs being mobilised to site over the next six weeks,” Mr Gordon said.
“The additional rigs will allow us to continue growth orientated step-out and greenfields drilling in parallel with the important resource development drilling that is the priority for the first half of 2022.
“It is good to see the results flow in from holes we completed last year, with step-out drilling at Onça Preta and the Jaguar Deposits continuing to deliver further strong results. With these deposits remaining open at depth, there is still an enormous amount of resource growth potential available to us as we progressively drill deeper to test the newly-defined DHEM conductor plates.
“Where we identify DHEM conductor plates, we usually intersect economic zones of semi-massive and massive sulphides with high-grade nickel encountered in most holes.
“The recent results from Jaguar West, including 40.0m at 1.04% Ni and 37.3m at 1.11% Ni at the eastern limit of the Deposit, are outstanding in that they are likely to push the planned open pit deeper as well as help underpin an amalgamation of the Jaguar West and Jaguar Central pits, positively impacting strip-ratios.
“We are targeting 90,000m of drilling during 2022 and I look forward to keeping our shareholders updated with the results of our resource development and growth drilling and the progress of the Definitive Feasibility Study which underpins our goal of achieving first production for Jaguar by late 2024.
“Meanwhile, the recently completed $75 million equity raise gives us all the firepower we need to do all of this planned drilling and complete all DFS activities while also leaving us with a strong balance sheet heading into funding discussions planned for the first half of 2023.”
Jaguar South
The Jaguar South Deposit is currently the largest deposit at the Jaguar Project, hosting a MRE of 27.6Mt at 0.93% Ni for more than 257kt of contained nickel, including an Indicated component of 13.9Mt at 1.01% Ni for 140kt of contained nickel.
The base of the December 2021 MRE continues to be constrained by the depth of drilling and ongoing step-out drilling continues to confirm that the mineralisation remains open at depth and along the +800m strike in both directions.
The current base of the deposit has now been extended well below the base of the underground operations identified in the May 2021 Jaguar Project Scoping Study, which was already restricted by the base of the March 2021 MRE.
Any new resource tonnes generated by step-out drilling are expected to contribute to the underground operations as part of the DFS.
Ongoing step-out drilling continued below previously defined resource limits to test new DHEM conductors and down-dip extensions of the high-grade mineralisation within the main mineralised zones.
New holes such as JAG-DD-21-223 intersected mineralisation more than 100m below the previous deepest drilling, returning 14.4m at 1.50% Ni from 502.6m, including 4.4m at 3.41% Ni.
Highlights of new assay results from drilling at the Jaguar South Deposit include:
Hole JAG-DD-21-196 Ø 10.8m at 0.59% Ni, 0.03% Zn, 0.02% Cu and 0.01% Co from 19.3m Ø 6.0m at 0.92% Ni, 0.08% Zn, 0.04% Cu and 0.02% Co from 39.0m Ø 14.0m at 2.07% Ni, 0.01% Zn, 0.21% Cu and 0.05% Co from 101.0m; including o 5.5m at 3.88% Ni, 0.01% Zn, 0.29% Cu and 0.09% Co from 105.0m
Hole JAG-DD-21-204 Ø 13.0m at 1.02% Ni, 0.01% Zn, 0.04% Cu and 0.01% Co from 95.0m Ø 4.5m at 1.11% Ni, 0.02% Zn, 0.09% Cu and 0.03% Co from 161.6m Ø 7.1m at 1.46% Ni, 0.01% Zn, 0.04% Cu and 0.03% Co from 379.9m, including o 4.0m at 2.13% Ni, 0.01% Zn, 0.05% Cu and 0.05% Co from 382.0m Ø 5.0m at 0.74% Ni, 0.01% Zn, 0.03% Cu and 0.01% Co from 461.4m
Hole JAG-DD-21-223 Ø 14.5m at 0.32% Ni, 0.02% Zn, 0.02% Cu and 0.01% Co from 214.5m Ø 27.0m at 0.43% Ni, 0.01% Zn, 0.02% Cu and 0.01% Co from 294.0m; including o 3.0m at 1.01% Ni, 0.01% Zn, 0.03% Cu and 0.02% Co from 303.5m Ø 14.4m at 1.50% Ni, 0.15% Zn, 0.06% Cu and 0.04% Co from 502.6m; including o 4.4m at 3.41% Ni, 0.06% Zn, 0.13% Cu and 0.08% Co from 507.0m Ø 7.9m at 0.40% Ni, 0.05% Zn, 0.03% Cu and 0.01% Co from 549.8m
For further information please visit: https://www.centaurus.com.au/site/content/
