Denarius Metals Corp. (CA: DMET | OTCQX: DNRSF) has announced the results of its pre-feasibility study that supports the restart of the Aguablanca Nickel-Copper Project located within the Monesterio municipality, Extremadura, Spain, approximately 88km SW from the company’s Lomero Project. The company owns 50% of the Aguablanca Project through its wholly-owned Spanish subsidiary, Alto Minerals S.L.U.
Serafino Iacono, executive chairman and CEO of Denarius Metals, commented, “The PFS confirms our decision late last year to invest in the Aguablanca Project, one of the only deposits in Spain able to produce nickel and copper. We are already seeing tremendous interest from various offtakers and manufacturers with facilities in Europe to secure the resources needed for technologies such as renewable energy and battery power.”
Some of the highlights from the PFS includes the restart of the existing 5,000tpd plant and de-water the open pit mine and underground mine development will culminate in first production of nickel-copper concentrates in early 2025. Only 50% of the processing plant’s capacity is deployed for the Aguablanca Project, preserving the opportunity to use the remaining capacity for the planned development of the Company’s nearby Lomero Project.
The PFS also includes an updated MRE for the underground mine, with an effective date of 24 March 2024, comprising 5.3Mt in the measured & indicated category grading 0.65% nickel and 0.58% copper containing a total of 76.8Mlbs of nickel and 68.0Mlbs of copper. The MRE also includes smaller quantities of gold, platinum, palladium, and cobalt.
The Aguablanca Project PFS is based on mineral reserves representing approximately 89% of the tonnes in the measured & indicated resources category. Proven & probable mineral reserves, also with an effective date of 24 March 2024, total 4.7Mt grading 0.67% Ni and 0.59% Cu containing a total of 69.6Mlbs of nickel, 61.7Mlbs of copper and smaller quantities of gold, platinum, palladium, and cobalt.
The PFS also stipulates that over the projected six-year LOM, production from the mining and processing of approximately 4.8Mt of material is expected to recover 43.2Mlbs of payable nickel and 34.6Mlbs of payable copper through the sale of approximately 406,359t of nickel-copper concentrates. LOM all-in sustaining costs are expected to average C$4.04/lb of payable nickel on a by- product credit basis.
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