Centaurus Metals (ASX: CTM) has revealed a maiden nickel resource for its Brazil-based Jaguar project, with the majority of the resource within 200m of surface.
The maiden JORC-compliant resource for Jaguar totals 48 million tonnes at 1.08% nickel for 517,500t of contained nickel.
Within that is a higher grade component of 20.6Mt at 1.56% nickel for 321,400t of contained metal.
Commenting on the results, Centaurus managing director Darren Gordon said it was a “phenomenal” starting point for the project.
“With a maiden resource containing more than 500,000t of nickel, this is already one of the largest near-surface undeveloped nickel sulphide projects in the world, and as a maiden JORC resource number, we believe it is up there with some of the best initial JORC resources ever published by an ASX-listed junior.”
Growing Jaguar resources
Mr Gordon said there was “strong potential” to expand the resource through systematic extensional and step-out drilling of the known Jaguar and Onca Preta deposits, which remain open at depth.
“Our deepest hole to date extends to a depth of just 300m, which in a nickel sulphide context, means we’ve only just scratched the surface.”
He added the company also believed there was “significant” regional potential at the project with drilling also planned to test the Onca Rosa discovery and other prospects.
Underpinning the drilling will be down hole and fixed loop electromagnetic surveys which have already been successful in identifying semi-massive and massive sulphide mineralisation.
Mr Gordon noted infill drilling was already underway to upgrade a larger portion of the maiden resource to indicated status.
“We will also now begin to step-out quite aggressively and test new areas to see how quickly we can add tonnes and potentially make new discoveries both along strike and at depth.”
Drilling in the second half of 2020 will focus on Jaguar South, Jaguar Central, Jaguar North, Jaguar West and Jaguar Northeast as well as Onca Preta and Onca Rosa.
Mr Gordon added the company would complete a scoping study on the project and deliver a resource upgrade later this year.