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Metallum Resources (TSXV:MZN) CEO Kerem Usenmez announced the positive results of their Feasibility Study for the High-Grade Superior #Zinc and #Copper Polymetallic Project located near the town of Schreiber, east of Thunder Bay in #Ontario which confirms an 8.5-year mine life, with an average C$44.5M annual EBITDA.
“The feasibility study basically outlines how we are going to mine. There are 2 million tonnes at 18 percent zinc, which is extremely high grade for zinc, and 1 percent copper on average. And it’s open for expansion,” Usenmez said.
Metallum Resources plans to develop the mine and conduct exploration while permits are processed. The Superior Project is a former producing mine and includes the Winston Lake and Pick Lake deposits, which host a NI 43-101 Indicated resource of 2.07 Mt grading 17.9 percent zinc, 0.8 percent Copper, plus gold and silver credits, and Inferred Resources of 0.27 Mt at 16.2 percent zinc, and 1.0 percent copper.
“This is an old producing mine with very profitable margins and most of the infrastructure is already in place. This gives us an advantage in two things: low CAPEX numbers and timeline. We’re looking at probably a year and a half to two years based on the feasibility study that was published. Within that amount of time, we can definitely do more exploration.”
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