Last month, Nevsun Resources (NSU.TO, NYSEMKT:NSU) released a positive resource update at its Bisha project in Eritrea, Africa. In the indicated categories, the copper resource increased by 22% to 1.4 billion pounds and the zinc resource increased by 1.5% to 3.2 billion pounds of zinc. What’s important to note is that the probably copper reserves at the Bisha pit actually increased by 1% even after taking the depletion in 2013 into account.
This is an excellent update and once again shows the market that the Bisha project might have a much longer mine life than originally anticipated. We’re encouraged by the increased copper reserves in the supergene zone and the fact that all deposits remain open to future expansion.
> Click here to read the press release
Disclosure: The author holds a long position in Nevsun Resources. Please see our disclaimer for current positions.
