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Deep-South Resources kicks off drilling at Haib copper asset in Namibia

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Deep-South Resources Inc (CVE:DSM) told investors it has started drilling at its Haib copper project in Namibia, arguably the oldest porphyry deposit in the world.

The first rig has arrived, while a second drill will be on-site in the coming days, the resource group said. 

The company aims to sink up to 10,000 metres (m), with a first phase of 5,000m, mainly focused on growing the higher-grade zone of the deposit uncovered by Deep-South in 2019.

READ: Deep South Resources is “scratching the surface” of a massive copper porphyry in Namibia

“We are well funded and are confident to deliver drill results that will enhance an already robust project and unlock further value for our shareholders,” said Pierre Leveille, the CEO of Deep-South in a statement.

“With the backdrop of a strong copper price, we are highly optimistic for the coming months. We are well on our way towards the development of the Haib copper project.”

The Haib deposit, as defined so far, covers a surface area of 2.6 square kilometres and a depth of around 350m. There is a high-grade area containing 140 million tonnes.

A preliminary economic assessment (PEA) in May 2020 underscored its credentials, pegging the after-tax net present value (NPV) at US$957 million with an internal rate of return (IRR) of 29.7%, using a copper price of US$3 per pound.

In the first 5,000m phase, infill drilling will be carried out with a view to expanding the higher-grade zone, better define the average grade, and eventually estimate a measured resource.

Previous drill intersections from that zone included 56m at 0.76% copper and 74 parts per million (ppm) moly from 18m in one hole, the company said.

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Story by ProactiveInvestors


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