Resource estimates in 2021 ahead of PEA

Red 5 set to build company-changing mine

red 5

The hub of the project is the 2,800 tonnes per day Copper Rand mill, which Mast says can be brought online with relatively little work.

"The mill requires upgrades to its electrical and control systems. We would look to restart at closer to 1,000tpd and as we put the various former mines into operation we can increase that tonnage. It will be a challenge to fill the mill but even if only at 60% capacity we will be a 100,000 ounce a year. The mill configuration means we don't have to restart all equipment," he said.

Red 5 set to build company-changing mine

red 5

Dore Copper acquired the project from trading firm Ocean Partners, which is now its leading shareholder and which has offtake rights to sell the concentrate it will produce. In addition to a mill and former mines, the project has a tailings facility. "We have yet to decide if we try to grandfather the mill and tailings facility under existing permitting or whether we permit the whole project," he said.

The company has a 35,000m drilling programme underway which will continue into 2021 including 25,000m of step out drilling at Corner Bay and Cedar Bay and 8,000m at the Joe Mann deposit.

"We are exploring the deposits to work out which are the best of the five and to sequence their production accordingly. Corner Bay will be the first mine to start as its resources are closest to surface and it is the largest deposit. Then it would be Cedar Bay or Joe Mann as they are the highest grade," Mast said.

Shares in Dore Copper are trading at C77c, valuing the company at $23 million