Rex Minerals has defined a maiden open pit Ore Reserve of 120 million tonnes at 0.77% copper equivalent for its Hillside copper project on the Yorke Peninsula, South Australia.
The company claims the Reserve which consists of 0.53% copper, 0.14 grams per tonne gold and 12.8% iron is the largest open pit copper Reserve in Australia.
It added that pending a further reserves upgrade by the end of 2013, Hillside is expected to host Australia's largest copper Reserves after Olympic Dam with over 10 years of mine life in Reserves and over 15 years of production within the life of mine plan.
Rex has completed a Pre Feasibility Study outlining a copper project with a 15 year mine life producing 70,000 tonnes of copper per annum. The company will now shift its focus to the Hillside Bankable Feasibility Study, which it expects to complete in the second half of 2013.
Ongoing metallurgical test work has also produced some improvements to the copper and gold recoveries. Rex has now achieved copper recovery of 88% and gold recovery of 84% compared to 85% and 82% respectively in the PFS.
Hillside is situated just 12 kilometers south of the township and port of Ardrossan and is a recent discovery hidden by a rock sequence which is about 20 metres thick. Infrastructure is already present with the project connected by a major highway that places it within two hours drive from Adelaide and withready access to power.
http://www.steelguru.com/metals_news/...erve_for_Hillside/301471.html -----------
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