Omico Mining Corp (Omico) says the Bankable Feasibility Study on the Omitiomire Copper Project has revealed that geotechnical drilling completed this far indicates a longer life of mine.
The firm said excellent progress has been made in heap leach and acid supply trade-off studies.
This comes as the Bankable Feasibility Study for the Project which began in November 2022, is expected to be completed by Q4 2023.
“The process flowsheet has been completed in addition to the initial pit and dump designs. Geotechnical drilling completed thus far indicates a longer life of mine and excellent progress has been made in heap leach and acid supply trade-off studies. A 54-hole Reverse Circulation infill drilling programme has also demonstrated significant intersections to inform the geological and wireframe modelling of the resource,” Omico announced.
Furthermore, the Namibian copper exploration and development company said it has now delivered the preliminary mine plan and is facilitating ongoing optimisation of the mine plan and ramp-up design.
Meanwhile, according to the Chamber of Commerce Newsletter through Craton, Omico is working closely with the community and local stakeholders to ensure that all concerns are addressed in a transparent and positive way, while environmental baseline studies are ongoing.
“The Environmental and Social Impact Assessment methodology applied to the permitting process follows Namibian law, international and national best practice and has been developed using International Finance Corporation (IFC) standards and models,” said the chamber.
According to the company, the Omitiomire Copper Project lies some 120km north east of Windhoek, in the semi-arid veld of central Namibia. Drilling to date has identified a CIM Measured and Indicated resource of 95.8 million tonnes at 0.59% Total Copper.
The Project, operated by Omico Mining Corp via its Namibian subsidiary, Craton Mining and Exploration, is undergoing a rigorous metallurgical test work programme which will confirm that the chloride leaching process using salt and sulphuric acid is a viable processing route at scale, and will work with the proposed Solvent Extraction and Electrowinning (SX-EW) method to extract and refine the copper to pure cathode.
Omico notes that the SX-EW currently accounts for 20% of worldwide copper production and notably at some of the largest operations globally.
“A hydrometallurgical process is suited to the conditions of Namibia owing to low water consumption and without the associated environmental impact of conventional smelting and recovery, SX-EW operates at ambient temperatures without the requirement for major material inputs, which will reduce capital and operating costs,” added the company.
Meanwhile, last year Omico appointed METC Engineering as the engineering, procurement, project management consultant and overall study lead.
Similarly, Bara Consulting was appointed to lead the mine planning, costing, and mining equipment selection, marking the commencement of the Bankable Feasibility Study (BFS) on the Omitiomire Copper Project.
The consultants will play a crucial role in key work streams as part of an ongoing study aimed at advancing the project.
The near term work streams identified for the study include various activities such as Phase II leaching and recovery testing at Mintek, in-depth discussions with MJO Consultants and METC Engineering regarding testing, leaching flowsheet, and engineering.
Additionally, there will be an emphasis on infill reverse circulation (RC) drilling and geotechnical diamond drilling, supervision, sampling, assaying, and camp management.
Other significant tasks in the study involve defining mine design criteria, initiating pit design, and mine scheduling.
“Preliminary mine layouts and trade-off studies for leach pad locations will also be conducted. Furthermore, a high-level hydrogeological model for site water flow and river diversion will be developed, along with early discussions on acid supply and acid plant trade-offs. Lastly, the study will review site water demand and advance the water and power supply studies,” said Omico.
Omico’s Namibian subsidiary, Craton Mining and Exploration (Pty) Ltd, currently holds the mining licence (ML197) and exclusive prospecting licence (EPL8550) for the Omitiomire Copper Project. The mining licence is valid until March 2036.
The development base case for the project envisions an annual production target of 30,000 tonnes of LME Grade A copper cathode over a minimum of 15 years, focusing exclusively on open-pit mineralisation.
The estimated capital expenditure for the project is approximately US$250 million, reflecting a competitive capital intensity of less than US$9,000 per tonne.
