Interim Resource Estimate Sets Foundation for Upcoming High Impact Drilling and Mine Development

    Published on April 7th, 2021

    Boab Metals Limited (ASX: BML) (“Boab” or the “Company”) is pleased to report a Mineral Resource update for its 75% owned Sorby Hills Lead-Silver-Zinc Project (“Sorby Hills”, or the “Project”) located in the Kimberley Region of Western Australia.

    HIGHLIGHTS

    • Total Resource of 44.9Mt at 4.3% Pb Eq (3.2% Pb, 37g/t Ag) and 0.5% Zn.
    • Additional 4.0Mt of Measured Resources (+56%) containing approximately 98kt of Lead and 3Moz of Silver delivers a significantly increased geological confidence in the Sorby Hills Resource.\
    • 19% increase in Resource size at shallow depths (<60m) in the B Deposit and Omega South is expected to have a positive impact on the Sorby Hills Ore Reserve included in the Definitive Feasibility Study (“DFS”).
    • Exciting opportunities confirmed in the updated Mineral Resource model which will be targeted in an upcoming drilling program.
    • Further Resource Update planned, following the next drilling program which will focus heavily on expanding the mining inventory in the DFS.

    Boab Managing Director and CEO, Mr Simon Noon stated:

    “The Phase IV drilling program was primarily aimed at collecting the geotechnical and metallurgical samples required to underpin high quality DFS open-pit and process plant design as well as increasing geological confidence in the Sorby Hills Resource. We have achieved those objectives.

    Additionally, the Mineral Resource Estimate has afforded us the opportunity to further refine our geological model and has confirmed high impact targets for future drilling.

    We’re excited about the upcoming Phase V drilling program which will build upon the current Mineral Resource Estimate and aggressively target opportunities to extend the Project life and expand process plant capacity ahead of a Decision to Mine at Sorby Hills.”

    Background

    Boab’s Pre-Feasibility Study (“PFS”) confirmed the Sorby Hills Project as a low-risk, high value project underpinned by a large near-surface Pb-Ag-Zn deposit comprising a Mineral Resource of 44.1Mt at 3.3% Pb, 38g/t Ag and 0.5% Zn (ASX release 2 June 2020), and Proved and Probable Reserves of 13.6Mt at 3.6% Pb, and 40g/t Ag (ASX release 25 August 2020).

    On the back of the positive PFS results, a Phase IV drilling program was designed to primarily advance the Project towards DFS status. As such, the bulk of drilling metres (3,340m, 70%) were apportioned to collecting samples for metallurgical and geotechnical testwork. The balance of the program was targeted at increasing geological confidence via infill drilling and testing potential shallow Resource extensions to the south of the Omega deposit (~1,460m, 30%).

    Mineral Resource Update

    The updated Mineral Resource Estimate was undertaken by CSA Global and incorporates the results of the recently completed Phase IV drill program (Figure 1). The updated Mineral Resource Estimate comprises 44.9Mt at 3.2% Pb, 0.5% Zn and 37g/t Ag using a cut-off of 1% Pb. A comprehensive breakdown of the Mineral Resource by Resource classification and deposit is shown in Table 1. While the overall Mineral Resource size has remained largely unchanged, the updated estimate has resulted in an increase in Measured and Indicated Tonnes of 1.3Mt (6%), 24Kt contained Lead (3%) and 1.2Moz contained Silver (5%).  Importantly, the update has seen the conversion of 4.0Mt of Indicated Resources to Measured Resources (an increase of 56%) and a significant increase in shallow Resource tonnes (<60m).

    Read full Announcement

    SOURCE: BOAB METALS LIMITED
    DATE: April 6, 2021

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