Elysium Resources Limited (ASX:EYM), with its tenements located in the rich mineral provinces of Australia and Indonesia, is focused on its core business of exploring for large, high quality copper and gold deposits.
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Elysium Resources continues to make progress on its 100% owned Burraga Copper Project in the Central West of New South Wales. Key advancements include progress on the permitting and EIS, and completion of a resource upgrade, with 80% of resources now in the Measured and Indicated categories.
Work to date has also highlighted the exploration and resource expansion potential of the project. The Company will be testing a number of targets as part of a planned resource expansion drilling programme, which if successful should significantly add to current resources and increase project life past the current estimated +4 year life and hence enhance the economics.
Successful project implementation should allow Elysium to self-fund exploration activities over all of its prospective properties, and any exploration
success should significantly drive the Company’s value.
We continue to rate Elysium as a SPECULATIVE BUY – key price movers will be success in the planned upcoming drilling, and negotiation of an equitable funding/offtake package to develop Burraga.
Elysium Resources Limited (“Elysium”, ASX: EYM) is an Australian mineral exploration company whose core business is exploring for large, high-quality copper and gold deposits in the rich mineral provinces of Australia and Indonesia.
Elysium is currently focussing activities on its Burraga Copper Project, located southeast of Bathurst in the Central West of New South Wales, and centred over the historic Lloyds Mine, which produced some 470,000t of ore at over 4% copper. The strategy involves developing a low capex, 300ktpa operation to initially treat historic tails and slag, and then develop an open pit to mine and treat approximately one million tonnes of in-situ copper mineralisation.
Free cash flow from the envisaged +4 year operation will be used to fund ongoing exploration activities on the Company’s exploration assets, including a number of high quality gold and copper targets in the Burraga tenements. Other exploration tenements include Malang in the highly prospective Sunda Arc of Indonesia, which has returned promising early stage exploration results...
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Official website: http://www.elysiumresources.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/EYM