Cobre announces initial resource assessment at the Comet site, aiming for affordable on-site copper recovery method
The first mineral resource estimate (MRE) at the Comet deposit within the Ngami copper project in Botswana, announced by Cobre (ASX:CBE), reveals a promising outlook for a low-cost, scalable in-situ copper recovery process.
The exploration target for the Comet deposit is estimated to be between 200 million to 300 million tonnes at around 0.4% copper grade. The MRE is based on a conservative 36% copper recovery rate from in-situ recovery methods, but recent metallurgical tests suggest this rate could be significantly higher.
The project benefits from good grade continuity and simple geometry, making the resource relatively cost-effective to advance into more categorized resource stages. The exploration costs are approximately $70 per tonne, which is low compared to global copper exploration costs. Operating expenses (OPEX) for full-scale in-situ recovery are estimated at about $1 per pound of copper.
Cobre's CEO, Adam Woolridge, has outlined a path towards lower operational costs and higher recoveries at the Comet project. However, during a recent interview, he did not provide specific numbers for the higher potential recoveries. The interview, focusing on the potential for lower operational costs and higher recoveries at the Comet project, is available for viewing.
The in-situ copper recovery process at Comet shows good grade continuity, as reflected in the MRE. The estimated copper grade in the Comet deposit is around 0.4 percent. This combination of modest capital and operating costs, along with a large exploration target and favorable metallurgical potential, supports the outlook for considerable future upside in resource growth and recovery improvement at Comet within the Ngami project.
The Comet deposit is part of the Ngami copper project in Botswana. The discussion about the MRE focused on the potential for significant exploration upside at the Comet deposit. Recent metallurgical tests suggest significantly higher potential recoveries at the Comet project, providing an exciting prospect for the future of this project.
[1] Source: Cobre Limited Investor Presentation, June 2021 (available on the company's website)
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