- The Upper Zone of Timok mine has an average copper grade of 9.23% and gold at 6.23 g/t.
- The high-grade ore contains covellite, enargite, chalcopyrite, and pyrite.
- The Upper Zone resources total 1.21 million tonnes grading 2.71% copper and 76 tonnes of gold at 1.7 g/t.
- Phase 1 is expected to be operational by the end of Q2 2021.
High-Grade Ore Zone Reached
Underground development at the -80 level of the initial mining area in the Upper Zone of the Timok Copper and Gold mine has entered a high-grade ore zone. This advancement allows for highly-productive stoping operations to commence in these high-grade areas.
Ore Composition and Grades
The high-grade ore primarily contains sulphide-copper-bearing minerals, mainly covellite, with smaller amounts of enargite and chalcopyrite, and the remainder being mostly pyrite. The average grade for copper in this zone is 9.23%, while gold averages 6.23 g/t. These figures align with the original design expectations.
Resource Estimates
The Timok Copper and Gold project is among the world's top 10 undeveloped high-grade, super-large copper-gold mines. The Upper Zone alone has indicated and measured resources totaling 1.21 million tonnes with a copper grade of 2.71% and 76 tonnes of gold at an average grade of 1.7 g/t. An ultra-high-grade orebody is located at the top of this zone.
Production and Timeline
Once fully operational, the project is expected to produce over 79,000 tonnes of copper annually, with a designed throughput of 3.3 million tonnes per annum (Mtpa). Phase 1 of the project is scheduled to complete construction and become operational by the end of Q2 2021.
