Global copper producer Sandfire Resources (ASX:SFR) has announced a 9 per cent increase in its contained mineral resource at the MATSA Copper Mine in Spain, including a 7 per cent increase in contained copper.
The new Mineral Resource estimate at MATSA is 172.8Mt at 1.3% Cu, 2.8% Zn, 1.0% Pb and 38.6g/t Ag containing an estimated 2.2Mt of copper, 4.8Mt of zinc, 1.8Mt of lead and 215Moz of silver with an estimated Net Smelter Return (NSR) of US$114/t.
Sandfire also updated MATSA’s Ore Reserve estimate to 38.3Mt at 1.5% Cu, 2.6% Zn, 0.8% Pb and 37.3g/t Ag containing an estimated 588kt of copper, 1,003kt of zinc, 315kt of lead and 45.9Moz of silver with an estimated NSR of US$113/t.
This has resulted in a net overall increase in the MATSA Ore Reserve of 2.3Mt, an increase of 23kt of contained copper and increase of 73kt of contained zinc after accounting for mining depletion through to 31 March 2024 and adjustments to modifying factors.
Sandfire’s Chief Executive Officer and Managing Director, Brendan Harris, said: “It’s pleasing to see the team at MATSA continue to build on our improved orebody knowledge. We have been successful in replacing mining depletion and are now seeing the beginnings of the resource and reserve growth potential we believe will be a key driver of value at MATSA.
“It is also very encouraging to see that a portion of the San Pedro and Olivo zones, discovered only 18 months ago, have been included in this Reserve estimate and we expect their contribution to increase over time.
“This update and the ongoing geological work being undertaken by the MATSA team underline our belief that there is enormous untapped potential in the Iberian Pyrite Belt. Near-mine exploration will continue to be a major focus as we accelerate our program to materially increase our reserves and increase mine life.”
Sandfire said initial areas of two new zones had been included in the Ore Reserve estimate – San Pedro in Aguas Teñidas and Masa Olivo in Magdalena. Both areas remain open, and when combined contain 2% of the total ore tonnes.
