Havilah Resources Ltd (ASX:HAV) and its project partner Wanbao Mining Limited are reviewing a draft pre-feasibility study for the Kalkaroo Copper Project in South Australia.
The independent study has resulted in a 16% increase in the measured resource to 85.6 million tonnes at 0.57% copper and 0.42 g/t gold for 779,000 copper equivalent tonnes.
Estimate closely aligns with Havilah’s
It also closely aligns with Havilah’s total estimate, vindicating the work undertaken by the company’s technical team over many years.
Kalkaroo has a total resource estimate of 223.8 million tonnes at 0.79 copper equivalent for more than 1.768 million tonnes of copper equivalent resources.
The draft, prepared by RPM Global, focused on the measured and indicated sulphide resource components of the Kalkaroo resource, and was funded by Wanbao.
It did not include Havilah’s inferred resource or the saprolite gold cap resource.
Face-to-face review
Havilah’s technical team will shortly meet with Wanbao in Beijing for a joint face-to-face review and evaluation of the PFS results.
One of the objectives of these talks is to ensure the PFS properly reflects the value, potential upside, and opportunities related to the Kalkaroo project.
Ore reserve estimates are expected to be released once the PFS has been finalised.
Placement shortfall is filled
Havilah has also placed the remaining $2.6 million of shortfall shares from its October 2017 placement.
The shortfall includes a placement to a Hong Kong-based specialist resources investor with expertise and exposure to the battery metals sector.
Havilah has now raised the full $5.4 million sought by the rights issue.