An independent assessment has confirmed that Develop’s Woodlawn zinc-copper project in New South Wales hosts a large high-grade underground JORC-compliant resource of 7.3 million tonnes, grading at 13.2 per cent zinc-equivalent.
While the figure is in line with the stated resource at the time Develop acquired the project in February this year, the new estimate contains measured and indicated resources of 4.8 million tonnes, which is higher than in the previous estimate.
Develop managing director Bill Beament said the resource, calculated by leading mining and geological consultants Entech, confirmed that the upfront $30 million Woodlawn purchase was an exceptional deal for Develop.
“The resource is not only large and high-grade, but it is extremely robust due to the application of mineable shapes during the estimation process,” he said.
“And the process has also led to substantial high-grade mineralisation being identified near the historic workings.
“The mined grade of this mineralisation was even higher than the current resource so it could have a significant impact on the overall inventory and mine life.
“We believe there is strong potential to mine this mineralisation using paste-fill. The previous owners intended to process the tailings but we will study using them in the paste-fill plant already on site, a well-established mining method which we believe could unlock substantial value for very little cost.”
Develop took over Woodlawn this year after the mine and plant was placed into care and maintenance in 2020.
Former owners Heron Resources had spent $340m in redeveloping the mine. Heron was placed in administration in July 2021.