Substantial increase in Tamaya Group copper resources

Tamaya Resources Ltd has announced an updated resource statement for the...

  Tamaya Resources Ltd has announced an updated resource statement for the Punitaqui Division of the Group’s operations in Chile.The results demonstrate a 43% increase in total resources, to a total sulphide resource in all categories of 10.6Mt at 1.4% copper.Conversion of Inferred Resources to Measured and Indicated Resources remains a strong feature of the Group’s resource position, with a 44% increase in the measured and indicated category – for a total of 127,000 tonnes of contained copper valued at around US$1.0 billion at current prices.The Punitaqui mill and concentrator now has evident potential to be supplied by two open pit operations supported by continued underground operations at Cinabrio.The Punitaqui operations consist of the operating Cinabrio Mine and the recently established Dalmacia Project, for which a maiden resource statement has been developed.Mike Fischer, the company’s managing director, said that the 44% increase in the Measured and Indicated Resources at Cinabrio reflect the company’s focus on ramping up production to 3000 tonnes per day from a stable and growing resource base.“The total resource at Cinabrio may be extended by a recently completed 3,500m RC drilling programme which is being assayed at present, with results expected to be available in April,” said Mr Fischer. As part of the overall resources upgrade, Tamaya has unveiled the maiden resource statement for the Dalmacia project, located in close proximity (approximately 6km) to the Punitaqui mill and concentrator in Chile.Mr Fischer said that the significance of a second open-pit prospect alongside the Cinabrio mine to fill the Punitaqui plant is evident, and a second RC drilling campaign has already commenced in the Arco Iris section of the project to test extensions of the orebody along strike which, if successful, could have a significant impact on the resource for the project.“The deposit has clear potential to contribute ore feed to the Punitaqui plant as it is only 6km from the plant. (Currently ore is being transported for 26 km to the plant from Cinabrio),” said Mr Fischer. “The deposit outcrops and there is potential for open cut mining. There has also been 6,000 tonnes of material treated in the Punitaqui plant and early evidence suggests that the recovery rates for Dalmacia ore will be around 10% to 15% better than Cinabrio ore.“The deposit is open at depth and there is potential for extension to the NWN and to the WSW towards the Arco Iris mining property which is also held by Tamaya Resources,” he added.