Mineral Resources & Ore Reserves

Click here to refer to Competent Persons Statement

Please see this announcement, Kalahari Copper Belt Mineral Resources and Ore Reserves Update dated
22 July 2013, which provides a full explanation of updated Mineral Resources and Ore Reserves.

 

Boseto Ore Reserves

Ore Reserves1 ZETA PLUTUS TOTAL
Open Pit2 Mt Cu (%) Ag (g/t) Mt Cu (%) Ag (g/t) Mt Cu (%) Ag (g/t)
Proved 1.7 1.3 20 4.8 1.2 11 6.5 1.2 13
Probable 0.05 1.2 17 1.2 1.4 16 1.3 1.4 16
Open Pit Ore Reserves  1.8 1.3 20 6.0 1.2 12 7.7 1.2 14
Underground3 Mt Cu (%) Ag (g/t) Mt Cu (%) Ag (g/t) Mt Cu (%) Ag (g/t)
Proved 0.9 1.2 21       0.9 1.2 21
Probable 6.4 1.3 23       6.4 1.3 23
Underground Ore Reserves 7.3 1.3 23       7.3 1.3 23
TOTAL ORE RESERVES4 9.0 1.3 22 6.0 1.2 12 15.0 1.3 18

1 All Ore Reserves are reported as at 31 May 2013 and exclude material mined to this date. 
2 Due to the relationship between the metallurgical copper recovery and the block S:Cu ratio, no traditional cut-off grade was applicable.  The determination of ore was made by calculating the cash flow that would be produced by processing material and the cash flow which would be produced by mining it as waste.  If the cash flow from processing was higher, the material was considered as ore; if not, it was considered waste.
3 The economic cut-off grade used to determine the Zeta Underground Ore Reserves is 1.07% Copper Equivalent (CuEq), where CuEq% = Cu% + 0.0113 x Ag (g/t). 
4 Please refer to Competent Persons Statement

 

Boseto Mineral Resources

Mineral Resources ZETA1 PLUTUS1 TOTAL
  Mt Cu (%) Ag (g/t) Mt Cu (%) Ag (g/t) Mt Cu (%) Ag (g/t)
Measured 3.1 1.4 22 6.5 1.3 12 9.6 1.3 15
Indicated 7.2 1.4 25 12.0 1.3 13 19.3 1.3 17
Subtotal M&I 10.3 1.4 24 18.5 1.3 13 28.8 1.3 17
Inferred 8.5 1.7 25 63.6 1.4 12 72.1 1.4 14
TOTAL RESOURCES2 18.8 1.5 24 82.1 1.3 12 100.9 1.4 14

1 Mineral Resources are reported as at 31 May 2013 and exclude material mined to this date.  Mineral Resources reported here include any Open Pit and Underground Ore Reserves declared.  The 2013 Plutus and Zeta Open Pit Mineral Resources reported at cut-off grades of 0.5% Cu in fresh rock, 0.7% Cu in transitional material, and 1.0% Cu in oxide; and Underground Mineral Resources reported above a cut-off grade of 1.07% Cu equivalent (CuEq = Cu + Ag*0.0113) and a 5m minimum mining width.  Plutus and Zeta Open Pit Mineral Resources are constrained within a pit optimisation run at 1.5 times the Ore Reserves commodity price.  Zeta Underground Mineral Resources are constrained within the limits of geological interpretation. 
2 Please refer to Competent Persons Statement.

 

Additional Boseto Zone Mineral Resources

  INFERRED MINERAL RESOURCES1
 PROSPECT Mt Cu (%) Ag (g/t)
Selene 16.0 1.0 16
Zeta NE 12.9 1.3 22
Ophion 14.0 1.0 12
NE Mango 1 4.8 1.2 13
NE Mango 2 28.5 1.3 14
TOTAL INFERRED MINERAL RESOURCES2 76.2 1.2 15

1 Inferred Mineral Resources reported as at 31 May 2013, at a cut-off grade of 0.6% Cu, and are exclusive of interpreted oxide material.  
2 Please refer to Competent Persons Statement

 

Mineral Resources Summary

  Mt Cu (%) Ag (g/t)
Boseto Mineral Resources1 100.9 1.4 14
Additional Boseto Zone Mineral Resources2 76.2 1.2 15
TOTAL MINERAL RESOURCES3 177.1 1.3 15

1 Mineral Resources are reported as at 31 May 2013 and exclude material mined to this date.  Mineral Resources reported here include any Open Pit and Underground Ore Reserves declared.  The 2013 Plutus and Zeta Open Pit Mineral Resources reported at cut-off grades of 0.5% Cu in fresh rock, 0.7% Cu in transitional material, and 1.0% Cu in oxide; and Underground Mineral Resources reported above a cut-off grade of 1.07% Cu equivalent (CuEq = Cu + Ag*0.0113) and a 5m minimum mining width.  Plutus and Zeta Open Pit Mineral Resources are constrained within a pit optimisation run at 1.5 times the Ore Reserves commodity price.  Zeta Underground Mineral Resources are constrained within the limits of geological interpretation. 
2 Inferred Mineral Resources reported as at 31 May 2013, at a cut-off grade of 0.6% Cu, and are exclusive of interpreted oxide material. 
3 Please refer to Competent Persons Statement.

 


Competent Persons Statement

The information on this website that relates to exploration results is based on information compiled by Mr Fred Nhiwatiwa who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and Dr Wallace Mackay who is a Member of the Australian Institute of Geoscientists.  Messrs Nhiwatiwa and Mackay are employed full-time by Discovery Metals Limited.  Messrs Nhiwatiwa and Mackay have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (JORC 2012).

The information on this website that relates to Additional Kalahari Copper Belt Mineral Resources (Selene, Zeta NE, Ophion, NE Mango 1 and NE Mango 2) is based on information compiled by Mr Matthew Readford, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).  Matthew Readford is a full time employee of Xstract Mining Consultants Pty Ltd, and has no interest in, and is entirely independent of, Discovery Metals Limited.  Matthew Readford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a 'Competent Person' as defined in JORC 2012.  

The information on this website that relates to the Zeta and Plutus Mineral Resources and Exploration Targets is based on information compiled by Mr Michael Stewart, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).  Michael Stewart is a full time employee of the Quantitative Group, and has no interest in, and is entirely independent of, Discovery Metals Limited.  Michael Stewart has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a 'Competent Person' as defined in JORC 2012.  

The information on this website that relates to the Zeta Open Pit and Plutus Ore Reserves is based on information compiled by Mr David Purdey, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).  David Purdey is a full time employee of the Quantitative Group, and has no interest in, and is entirely independent of, Discovery Metals Limited.  David Purdey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a 'Competent Person' as defined in JORC 2012.  

The information on this website that relates to the Zeta Underground Ore Reserves is based on information compiled by Mr Andrew Gasmier, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).  Andrew Gasmier is a full time employee of the Mining Plus Pty Ltd, and has no interest in, and is entirely independent of, Discovery Metals Limited.  Andrew Gasmier has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a 'Competent Person' as defined in JORC 2012.  

Messrs Nhiwatiwa, Mackay, Readford, Stewart, Purdey and Gasmier consent to the inclusion in this report of the matters based on information provided by them and in the form and context in which it appears.