The Scoping Study referred to in this report is based on low-level technical and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised.
There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.
Mantle’s managing director Ian Kraem said: "The Company is delighted to have delivered such positive outcomes from the recently completed Scoping Study. By focusing on a small, low risk starter mine at shallow depths, with input from the mine contractor who carried out prior mining at the site, the team has delivered a result with an all in sustaining cost projection among the lowest in Australia where our peers routinely put into production operations around the $1 000 AISC mark.
"We have already acquired some of the capital equipment and located all other required equipment and will now move to secure the remaining funds required to get this mine into production at the earliest possible time. We remain confident that the cash returns projected from Norton will allow Mantle to grow into the next phase of its expansion plans and are looking forward to the next 12 months in this journey."
