Rambler Metals and Mining shares were up 1.6% to 28.2p in late morning trading on Wednesday, after the mining firm reported an estimated 428,000 tonnes of In-situ copper and 271,000 ounces of In-situ gold in its Canadian Ming Mine update.
The company announced the positive news in its recent Mineral Resource Estimate (MRE), which replaced the partial copper-only estimate from 21 December 2021.
“The addition of gold and silver grades, which predominantly occur in the higher-grade massive sulphides, provide a valuable supplement to the high-grade copper blend that we are targeting from the mine,” said Rambler Metals CEO Toby Bradbury.
“We have embarked on the work of designing and scheduling the life of mine reserves based on first principles, which will form the basis of a new Mineral Reserve Estimate and NI-43-101 report with the objective to complete by the end of 2022.”
Rambler Metals highlighted an estimate of 23.755 million tonnes of measured and indicated resources, grading 1.8% copper and 0.35 grams per tonne of gold.
The group said its inferred MRE included 6.430 million tonnes grading 1.86% copper and 0.38 grams per tonne gold, containing 120,000 tonnes of copper and 78 thousand ounces of gold, at a 1% copper cut-off.
The MRE also mentioned an additional 5% increase of 20,000 tonnes of copper in the measured and indicated categories compared to the previous May 2021 estimate.
Rambler Metals reported that the updated MRE added an 8% rise of an additional 20,000 ounces of gold and 107,000 ounces of silver in the measured and indicated categories from the May 2021 estimate.
The mining company confirmed that all zones at the Canadian operation remained open for extension with further drilling.
“This mineral resource estimate, with copper, gold and silver included, now provides a complete update on the drilling undertaken over the past year from which we had been waiting for precious metals assays,” said Bradbury.
“The copper resource retains the robust 5% increase reported in December 2021, even after mining depletion this year. Significantly, these copper resources include the two new discoveries reported in Q1 2022.”
“While further, closely spaced drilling, will be required to improve the mineral resource confidence level, these new discoveries carry valuable potential as they are close to established infrastructure at higher levels in the mine.”