Nov 19, 2024

Centaurus Metals Hits 9.1m @ 1.55% Cu at Boi Novo, Brazil

Introduction:

Centaurus Metals (ASX: CTM) (Market Cap: $211M | Last Close: $0.42 | Cash: $19.9M) has reported significant copper intercepts from its Boi Novo Copper-Gold Project in Brazil's Carajás Mineral Province, highlighted by 9.1m at 1.55% Cu and 0.08ppm Au from 57.4m.

Drill Results:

24.2m @ 0.76% Cu and 0.05ppm Au from 42.3m (including 9.1m @ 1.55% Cu and 0.08ppm Au from 57.4m) [BON-DD-24-016]
28.7m @ 0.51% Cu and 0.01ppm Au from surface (oxide intersection, including 7.0m @ 1.00% Cu and 0.01ppm Au from 12.0m) [BON-DD-24-016]
5.0m @ 0.40% Cu and 0.11 ppm Au from 87.0m [BON-DD-24-014]
4.8m @ 0.13% Cu and 0.02ppm Au from 86.5m [BON-DD-24-015]

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Project Overview:

The Boi Novo Copper-Gold Project covers approximately 36.3km2 across four exploration licenses in Brazil's Carajás Mineral Province. The project is located 30km from Parauapebas, the regional center, and less than 20km from BHP's Antas Norte copper flotation plant, providing excellent infrastructure access.

The project area includes 15km of prospective strike where iron formations and meta-volcanics of the Grão Pará Group are in contact with the Estrela Granite. The geological setting is favorable for Iron-Oxide Copper-Gold (IOCG) deposits, which are the primary exploration target.

Program Details:

The current drill program is targeting multiple prospects within the project area, including Nelore West, where the reported high-grade intercepts were encountered. Drilling has intersected both high-grade breccia-hosted mineralization and broad zones of disseminated copper-gold mineralization. The company is employing geophysical techniques, including Down Hole Electro-Magnetics (DHEM) and Fixed Loop Electro-Magnetics (FLEM), to refine targets.

Understanding These Results:

The high-grade breccia mineralization, such as the 9.1m at 1.55% Cu intercept, is interpreted to be structurally controlled remobilization of iron and copper sulfides. This style can result in smaller, higher-grade zones compared to the typical bulk tonnage IOCG deposits in the region.

The broader disseminated mineralization, exemplified by the 80m wide zone intersected in BON-DD-24-021 (assays pending), is more characteristic of IOCG-style deposits in the Carajás. These zones have the potential to contribute significant tonnage to any future resource estimate.

Management Commentary:

Darren Gordon, Centaurus' Managing Director:

“Our in-house EM team generated multiple DHEM and FLEM conductor plates that resulted in the discovery of the high-grade breccia zone that was intersected in drill hole BON-DD-24-016. The sulphide mineralisation was dominated by pyrrhotite, so we were very pleased to see that the zone of stringer and semi-massive sulphides carried sufficient chalcopyrite to return 9.1m at 1.55% copper and 0.08g/t gold.”

“With each drill-hole the team is improving their understanding of the controls of both the high-grade breccia mineralisation and the broad bulk-tonnage disseminated mineralisation at Boi Novo. Importantly, we still have multiple DHEM and FLEM plates and IP targets to follow-up with the mineralisation remaining open both along strike and down-dip.”

Next Steps & Catalysts:

Centaurus is continuing its diamond drill program at Boi Novo, with ongoing DHEM and FLEM surveys to refine targets. The company is currently stepping out along strike from the high-grade intercepts at Nelore West, targeting shallow DHEM plates.

Future work will include an updated mineral resource estimate incorporating these new results, anticipated for release before the end of 2024. Regional exploration is also active, with aircore drilling planned for the West Yule area and the Egina Joint Venture.

Commodity Outlook:

Copper continues to be a critical metal for the global energy transition, with demand expected to grow significantly in the coming decades. The Carajás Mineral Province is a world-class mining district, known for its high-grade IOCG deposits. The proximity of Boi Novo to existing infrastructure and processing facilities enhances its potential economic viability.

Conclusion:

The latest results from Boi Novo demonstrate the project's potential to host copper-gold mineralization. With both high-grade breccia zones and broad disseminated mineralization identified, Centaurus is well-positioned to continue exploration. Ongoing drilling and geophysical surveys are expected to further delineate the extent of mineralization and potentially lead to a maiden resource estimate in the near future.

Sources:

CTM Drill Results Announcement

Additional Figures:

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Nov 20, 2024