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QUEENSLAND - New Frontier Minerals Limited (ASX and LSE:NFM) has announced an update to its NWQ Copper Project, including a revised Mineral Resource Estimate (MRE) and the removal of previously reported Exploration Targets. The company has clarified its resource figures for the Big One Deposit, following a strategic site visit to the Mt Kelly Copper Processing Plant, which is integral to its production strategy.
The updated MRE now includes a small Indicated resource from ex-mine dump stockpiles alongside an Inferred Resource of 2.1 million tonnes at 1.1% copper content. This update reflects the removal of the Exploration Target (NYSE:TGT) references from the company’s previous announcement on May 22, 2025.
NFM’s visit to the Mt Kelly facility, operated by Austral Resources, underscores the importance of the strategic partnership between the two companies. Under a Memorandum of Understanding, Austral Resources will process ore from NFM’s Big One Deposit at the Mt Kelly plant, accelerating NFM’s move towards copper production.
The NWQ Copper Project, located in the renowned Mt Isa Copper Belt, is poised to capitalize on existing regional infrastructure and expertise. NFM’s Non-Executive Director and geologist, Joel Logan, conducted the site visit to assess the plant’s capacity to support the project’s production goals.
NFM’s Big One Deposit is the most advanced prospect within its NWQ Copper Project, which spans 977 square kilometers. The project is situated in a Tier 1 jurisdiction and is surrounded by operations of major mining companies. The project boasts a JORC-compliant MRE and offers significant exploration potential with over 20 under-explored targets.
The company is proceeding with Mining Lease Applications and regulatory requirements for the Big One Deposit. Additionally, metallurgical testing of existing copper oxide stockpiles is underway to expedite near-term production, with results expected in one to two months.
This strategic alliance with Austral Resources aims to create a scalable and competitive asset base, with a profit-sharing model to ensure equitable value creation for both parties.
The information is based on a press release statement by New Frontier Minerals Limited.
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