The update has increased the measured and indicated resource by more than 20% to 5.24 million tonnes grading 0.44% cobalt, 0.69% copper and 0.53 grams per tonne gold for 50.1 million pounds of contained cobalt, 80.1Mlb copper and 89,000oz gold at a 0.15% cobalt cut-off grade.
The update is based on 3,125m of drilling in 19 holes to support its feasibility study, with Jervois also adopting a more appropriate approach to stope and mine plan design. This has involved block rotation and adoption of a smaller cell size than previously used.
The updated MRE is outlined below at an adjusted updated cut- The broader mineralised envelope at ICO represents potential upside in the event that future cobalt prices are higher than those which prevail today
An updated mineral reserve is expected to be released with completion of a feasibility study in March. Drilling will continue in 2020 to further prove up and expand the mineral resource.
Shares in Jervois Mining are trading at C24c, valuing the company at $13 million.