EXPLORATION & DEVELOPMENT

Nevsun hits 556.8m at 1% copper and 0.2g/t gold

Enormous potential at Timok Lower Zone

Staff reporter
“Enormous potential” at Timok Lower Zone

“Enormous potential” at Timok Lower Zone

The abovementioned result also included 177m at 1.45% copper and 0.32g/t gold, and was among more than half a dozen results measuring in the hundreds of metres around the 1% copper grade.

The results are from the recently completed US$20 million exploration programme at the Lower Zone, which is a joint venture with major Freeport-McMoran (US:FCX).

Nevsun CEO Peter Kukielski said the company believed the Lower Zone represented "a store of value" in an environment where large, high-quality and well-located copper deposits were becoming increasingly rare.

"We find ourselves in the enviable position to be able to deliver new copper production in the relative near term via the high grade Upper Zone and the future potential of Lower Zone development," he said.

The company intends to release a prefeasibility study for its 100%-owned Upper Zone copper-gold project at Timok after market close today.

It aims to release a maiden resource for the Lower Zone in mid-2018.

Nevsun reported a net loss for 2017 earlier this month due to its investment at Timok and lower copper production at higher cost than expected at its 60%-owned Bisha mine in Eritrea.

Shares in the company have ranged between C$2.48-$3.54 over the past year and rose 5c yesterday to $3.01, capitalising it at $910 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.