Austral Resources Australia Ltd (ASX:AR1) Quarterly Report September 2022

Brisbane, Australia (ABN Newswire) – Copper producer Austral Resources Australia Ltd (ASX:AR1) is pleased to provide an overview of its business for the quarterly period ending September 30, 2022 (Quarter or Reference Period).

During the September quarter, Austral continued to significantly improve its production rates thanks to the strong operational performance of its team and on-site contractors at both the Anthill mine and Mt processing area. Kelly.

Strong points:

– Austral achieved a 186% increase in revenue over last quarter to $14.76 million.

– Production rates improved month on month throughout the quarter:

o 38% increase in August compared to July production
o 22% increase in September compared to August production
o 48% increase in October compared to September production

– 444,367 t of ore were delivered from the Anthill mine during the quarter, including 4,400 t of contained copper metal worth A$51.7 million (at 30 September spot price A$11,761 Australians/t).

– The Board approved a scoping study at the Lady Colleen (LC) development project to assess the mineral resource potential to support an open pit mining project.

– Strong drill results from the RC Lady Colleen drill program including 5m at 7.10% Cu, followed by 5m at 5.74% and 6m at 2.95% Cu after the reporting period, with results confirming the continuity and extent of the high-grade core at Lady Colleen, which remains open along strike and dips to the northwest.

– Completion of the first mineral resource estimate for the Enterprise deposit in Austral’s Eastern Succession concessions. The mineral resource at a cut-off of 0.7% copper and at a depth of 85 m below surface is 0.58 Mt at 1.3% Cu (inferred sulphide mineral resource).

– Successful completion of a 17 million Australian dollar placement with institutional and sophisticated investors.

– $8.3 million to be spent between Austral and Glencore’s Mount Isa Mines (“MIM”) under binding acquisition agreements.

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/N84F36CY

About Austral Resources Australia Ltd:

Austral Resources Australia Ltd (ASX:AR1) is a copper cathode producer operating in the Mt Isa region of Queensland, Australia. Its copper oxide heap leach and solvent extraction/electrowinning (SXEW) plant at Mt Kelly has a design capacity of 30,000 tpa of copper cathode. Austral is developing its Anthill oxide copper mine which has an ore reserve of 5.06 Mt at 0.94% Cu. The company plans to produce 40,000 t of copper cathode over a four-year period from mid-2022.

Austral has a large copper inventory with a JORC compliant mineral resource estimate of 60 Mt at 0.7% Cu and 1,940 km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class province for copper and base metals. The Company is pursuing an intensive exploration and development program designed to extend mine life and increase and review options for commercializing its copper resources.

Source:
Austral Resources Australia Ltd

Contact:

Jane Morgan 
Investor and Media Relations Manager 
T: +61-405-555-618 
E: [email protected]
 

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