OZ Minerals (ASX:OZL) has announced a maiden resource estimate of 202 million tonnes of ore containing 2.4 billion pounds of copper, almost 1 million ounces of gold and 11 million ounces of silver at its Khamsin project. This is an important achievement as this is already a very sizeable resource based on just 30 drill holes. The big question will be to determine whether or not the project is viable, as the mineralized zone is located under a 480-640 meter thick sedimentary zone.
The Khamsin Iron Oxide Copper Gold project is located in South Australia and just 10 kilometers away from Oz’ Carrapateena IOCG project which is currently in the pre-feasibility stage. As such, it’s not unthinkable the Khamsin project will enjoy a lot of infrastructural advantages should the Carrapateena project be developed.
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Disclosure: The author holds no position in OZ Minerals. Please see our disclaimer for current positions.
