The Rocklands Group Copper Project contains an Iron Oxide Copper Gold (IOCG) style deposit with copper-cobalt gold mineralisation hosted in a series of subparallel, east south east trending, steeply dipping zones within a metamorphosed volcano-sedimentary sequence with significant magnetite content. It is and is one of several examples of significant IOCG deposits in the Cloncurry district, including the Ernest Henry, Osborne and Eloise deposits.
Copper-cobalt-gold-magnetite mineralisation at Las Minerals was first discovered by CuDECO in 2006 after first acquiring the project rights in 2005. Mineralisation is located mostly within a corridor 3km long and 1.7km wide, comprising a number of northwest striking and steeply dipping breccia-fault zones.
Copper is the dominant mineralisation at Rocklands with lesser amounts of cobalt, gold and magnetite. The copper mineralisation extends from surface and is still open at depth with overlapping oxide, secondary and primary styles of copper mineralisation.
The mineralisation is hosted both within steeply dipping higher grade breccia zones, often also hosted in pre-existing dolerite dykes, and within broader lower grade shallow dipping zones within favourable host sedimentary units.
The Rocklands Resource Estimate and associated Block Model represents the collective input, geological interpretation and investigations of more than 50 individual geologists and other industry professionals, who have contributed to the creation of a resource model that has been compiled, validated and cross-checked by independent expert resource consultants. The 2011 and 2013 Resource Estimates and 2015Updated Resource Estimate, were prepared by Hong Kong and Brisbane based Mining Associates Pty Ltd.
The 2015 Updated Resource Estimate was calculated based on more than 360,000m of bedrock, reverse circulation and diamond drilling, providing sufficient information to support a robust geological model throughout all mineralised areas of interest.
The total mineral resource is based on the November 2013 Mineral Resource Estimate for Rocklands prepared by MA, restated using the surface levels as at 30 June 2015 and to allow for both open pit and underground mining, with copper equivalent calculations (CuEq and CuCoAu) changed to match updated commodity price forecasts as used for reserve definition. The mineral resource is reported inclusive of in situ ore reserves, but excludes mined material (stockpiles) and is presented in the table below:
Note – Figures have been rounded to reflect level of accuracy of the estimates
1 Block grade has to meet both cut-off grade criteria to be reported (eg CuCoAu > 0.2 AND Cu > 0.1)
2 Copper equivalent CuCoAu% = Cu % + Co ppm*0.000533 + Au ppm*0.431743
3 Copper equivalent CuEq% = Cu % + Co ppm *0.000533 + Au ppm *0.431743 + magnetite %*0.016711
This information is extracted from the report entitled “Executive Summary – Feasibility Study, Rocklands Group Copper Project, Queensland, Australia” created on 3 March 2016 and released to the ASX on the same date. The Report is also available to view on www.cudeco.com.au. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.