Lifezone Metals Limited (“
Lifezone Metals” or the
“
Company”) (NYSE: LZM), a modern metals company creating
value across the battery metals supply chain from mine to metals
production and recycling, is pleased to announce an update on its
resource definition drilling programme at its Kabanga Nickel
project (“Kabanga”) in North-West Tanzania. The Kabanga Nickel
project is owned jointly by Lifezone Metals, through its subsidiary
Kabanga Nickel Ltd (“KNL”) and BHP Billiton (UK) DDS Limited
(“BHPB”), forming Tembo Nickel Corporation Limited (“TNCL”), the
operating entity, together with the Government of Tanzania.
Infill and extensional drilling at the Tembo Zone, which will
support an upcoming Mineral Resource estimate (“MRE”) and the
Definitive Feasibility Study (“DFS”), was successfully completed in
July 2023 using four diamond drill rigs on average. Tembo Zone
drilling completed from 2021 through July 2023 (see Figure 1)
by TNCL comprised of 49 holes, resulting in a total of
23,748 m of diamond drill core available for geological
logging and sampling. A further nine holes for a total of
2,596 m were drilled at the Tembo Zone for metallurgical
sampling, plus six geotechnical holes (2,312 m) to support the
ongoing DFS. Drill core was logged to capture geological and
geotechnical features in the on-site drillhole database, and
samples were submitted for analysis to SGS’s laboratory in Mwanza,
Tanzania.
Highlights from Tembo Zone drilling includes:
- Hole KL22-10 intersected 41 m at 2.07% Ni, 0.39% Cu,
and 0.16% Co, (2.67% NiEq23[1]), including
16.4 m at 2.77% Ni, 0.45% Cu, and 0.23% Co, (3.59% NiEq23),
(see Figure 4 and Figure 5).
- Hole KL22-12 intersected 39.6 m at 2.04% Ni, 0.37% Cu,
and 0.13% Co, (2.55% NiEq23), including 19.9 m at 2.83% Ni,
0.44% Cu, and 0.19% Co, (3.53% NiEq23),
(see Figure 6
and Figure 7); and
- Hole KL21-01 intersected 29.7 m at 1.94% Ni, 0.29% Cu,
and 0.16% Co, (2.51% NiEq23), including 17.0 m at 2.42% Ni,
0.38% Cu, and 0.21% Co, (3.15% NiEq23).
Lifezone Metals’ CEO, Chris Showalter said: “Even after years of
exploration and >620 km of drilling to date, the Kabanga
orebody continues to showcase its quality differential with
world-class nickel grades. The most recent infill drilling at the
Tembo Zone ensures we can progress towards an updated Mineral
Resource estimate, which is crucial for the Definitive Feasibility
Study and ultimately support the mine plan.”
Please refer to the Figure in the Press Release as
attached or on our website at Lifezone Metals - News -
Press Releases
Figure 1 Oblique Long Section of Kabanga Project
Mineralisation Zones showing Drilling Eras and Mineralised
Intercepts >0.58% NiEq23 (looking north-west)
Infill drilling continues at the North Zone, with five diamond
drill rigs in operation since late‑June 2023. Three holes have
since been completed and seven are underway (two currently
pre-collared only) for a total of 6,626 m of drill core (to 18
August 2023).
Recent highlights from the North Zone infill drilling
includes:
- Hole KN22-03 intersected 52.0 m at 2.37% Ni, 0.25% Cu,
and 0.14% Co, (2.85% NiEq23), including 39.8 m at 3.03% Ni,
0.32% Cu, and 0.18% Co, (3.65% NiEq23); and
- Hole KN22-01A intersected 27.7 m at 2.56% Ni, 0.32% Cu,
and 0.22% Co, (3.29% NiEq23).
Gerick Mouton, COO added: “We are working well on the ground
with the rigs and local laboratories, and I am pleased to see this
package of work for the Tembo Zone infill drilling campaign come
together. With these intersects and grades on both Tembo and North
Zones it undoubtably underscores Kabanga’s immense quality. Other
ongoing drilling activities, undertaken by four additional rigs,
relate to surface and mine geotechnical and hydrological drilling
supporting the DFS designs and water balance.”
Since December 2021, TNCL has completed 82 holes for more than
35 km of diamond core drilling at Tembo, North, and Safari (to
18 August 2023).
All field work since December 2021 has been conducted on Special
Mining Licence ‘SML 651 / 2021’.
Table 1 shows composites of assay results received to
18 August 2023 from drilling completed by TNCL since
late-2021, with a lower cut-off of 0.58% NiEq23.
Table 1 Composited Assay Results >0.58% NiEq23 for Holes
Drilled between 2021–18 August 2023
BHID |
From |
To |
Length |
Ni |
Cu |
Co |
S |
Density |
NiEq23 |
|
NiEq23 x length# |
(m) |
(m) |
(m) |
(%) |
(%) |
(%) |
(%) |
(g/cm3)* |
(%) |
|
TEMBO ZONE |
KL22-10 |
361.0 |
402.0 |
41.0 |
2.07 |
0.39 |
0.16 |
- |
3.93 |
2.67 |
|
110 |
..includes |
363.0 |
364.0 |
1.0 |
0.65 |
0.07 |
0.01 |
- |
2.85 |
0.70 |
|
|
365.0 |
373.0 |
8.0 |
1.29 |
0.45 |
0.06 |
- |
3.29 |
1.65 |
|
|
373.8 |
380.8 |
7.0 |
2.67 |
0.44 |
0.20 |
- |
4.37 |
3.40 |
|
|
381.8 |
398.2 |
16.4 |
2.77 |
0.45 |
0.23 |
- |
4.62 |
3.59 |
|
|
KL22-12 |
383.0 |
422.6 |
39.6 |
2.04 |
0.37 |
0.13 |
- |
3.92 |
2.55 |
|
101 |
..includes |
385.0 |
393.4 |
8.4 |
1.44 |
0.44 |
0.06 |
- |
3.24 |
1.78 |
|
|
397.7 |
417.6 |
19.9 |
2.83 |
0.44 |
0.19 |
- |
4.66 |
3.53 |
|
|
418.3 |
419.6 |
1.2 |
1.45 |
0.26 |
0.10 |
- |
3.89 |
1.83 |
|
|
KL21-01 |
367.2 |
396.9 |
29.7 |
1.94 |
0.29 |
0.16 |
- |
3.00 |
2.51 |
|
74 |
..includes |
370.2 |
376.3 |
6.1 |
2.40 |
0.28 |
0.21 |
- |
3.00 |
3.10 |
|
|
376.9 |
393.9 |
17.0 |
2.42 |
0.38 |
0.21 |
- |
3.00 |
3.15 |
|
|
KL22-14 |
292.3 |
321.0 |
28.7 |
1.94 |
0.29 |
0.16 |
- |
4.10 |
2.49 |
|
72 |
..includes |
295.3 |
304.2 |
8.9 |
1.95 |
0.30 |
0.14 |
- |
4.29 |
2.47 |
|
|
304.9 |
317.9 |
13.1 |
2.53 |
0.37 |
0.21 |
- |
4.59 |
3.27 |
|
|
KL22-01 |
367.0 |
395.5 |
28.5 |
1.61 |
0.24 |
0.14 |
- |
3.00 |
2.10 |
|
60 |
..includes |
369.0 |
369.3 |
0.3 |
1.76 |
0.11 |
0.19 |
- |
3.00 |
2.34 |
|
|
371.3 |
371.6 |
0.4 |
0.59 |
0.08 |
0.07 |
- |
3.00 |
0.82 |
|
|
371.9 |
372.7 |
0.7 |
0.69 |
0.56 |
0.08 |
- |
3.00 |
1.14 |
|
|
373.0 |
391.6 |
18.7 |
2.27 |
0.33 |
0.20 |
- |
3.00 |
2.97 |
|
|
391.9 |
392.5 |
0.6 |
2.04 |
0.18 |
0.18 |
- |
3.00 |
2.62 |
|
|
KL21-02 |
572.3 |
596.0 |
23.7 |
1.80 |
0.25 |
0.17 |
- |
3.00 |
2.37 |
|
56 |
..includes |
572.0 |
572.3 |
0.3 |
1.57 |
0.07 |
0.12 |
- |
3.00 |
1.93 |
|
|
572.3 |
574.3 |
2.0 |
0.65 |
0.15 |
0.00 |
- |
3.00 |
0.72 |
|
|
575.3 |
575.7 |
0.4 |
0.80 |
0.15 |
0.06 |
- |
3.00 |
1.02 |
|
|
576.3 |
593.6 |
17.3 |
2.31 |
0.31 |
0.23 |
- |
3.00 |
3.08 |
|
|
316.3 |
333.4 |
17.1 |
2.24 |
0.30 |
0.21 |
- |
3.00 |
2.94 |
|
|
335.4 |
335.5 |
0.1 |
2.49 |
0.23 |
0.21 |
- |
3.00 |
3.17 |
|
|
KL22-13 |
398.3 |
421.3 |
23.0 |
1.73 |
0.27 |
0.11 |
- |
3.89 |
2.14 |
|
49 |
..includes |
383.0 |
384.0 |
1.0 |
0.59 |
0.19 |
0.01 |
- |
2.86 |
0.70 |
|
|
384.8 |
386.3 |
1.5 |
0.69 |
0.58 |
0.02 |
- |
3.06 |
0.97 |
|
|
387.0 |
398.3 |
11.3 |
2.44 |
0.39 |
0.17 |
- |
4.46 |
3.07 |
|
|
398.3 |
413.2 |
14.9 |
2.21 |
0.34 |
0.14 |
- |
4.33 |
2.74 |
|
|
416.8 |
418.3 |
1.6 |
1.50 |
0.17 |
0.12 |
- |
3.56 |
1.88 |
|
|
KL22-11A |
433.2 |
464.0 |
30.8 |
1.08 |
0.16 |
0.09 |
- |
3.54 |
1.40 |
|
43 |
..includes |
436.2 |
437.9 |
1.7 |
2.39 |
0.19 |
0.20 |
- |
4.46 |
3.01 |
|
|
446.1 |
457.0 |
10.9 |
1.87 |
0.24 |
0.16 |
- |
4.13 |
2.40 |
|
|
459.0 |
461.0 |
2.0 |
0.64 |
0.07 |
0.05 |
- |
3.27 |
0.82 |
|
|
KL22-20 |
321.6 |
340.6 |
19.0 |
1.65 |
0.23 |
0.11 |
- |
3.65 |
2.04 |
|
39 |
..includes |
325.6 |
337.6 |
12.0 |
2.19 |
0.29 |
0.15 |
- |
4.13 |
2.72 |
|
|
KL22-09 |
221.3 |
241.0 |
19.7 |
1.43 |
0.27 |
0.12 |
- |
3.74 |
1.87 |
|
37 |
..includes |
224.3 |
236.0 |
11.7 |
2.02 |
0.36 |
0.17 |
- |
4.19 |
2.63 |
|
|
KL22-11 |
430.0 |
457.0 |
27.0 |
1.07 |
0.16 |
0.07 |
- |
3.44 |
1.32 |
|
36 |
..includes |
434.6 |
436.6 |
2.0 |
0.71 |
0.19 |
0.06 |
- |
3.39 |
0.96 |
|
|
437.5 |
440.3 |
2.8 |
2.73 |
0.20 |
0.19 |
- |
4.53 |
3.33 |
|
|
441.0 |
448.0 |
7.0 |
1.50 |
0.22 |
0.10 |
- |
3.76 |
1.86 |
|
|
449.0 |
452.3 |
3.3 |
1.08 |
0.19 |
0.02 |
- |
3.43 |
1.23 |
|
|
KL23-23 |
644.3 |
667.7 |
23.4 |
1.18 |
0.13 |
0.08 |
11.73 |
3.24 |
1.47 |
|
34 |
..includes |
647.3 |
663.4 |
16.1 |
1.54 |
0.16 |
0.11 |
15.22 |
3.42 |
1.90 |
|
|
679.0 |
682.0 |
3.0 |
0.71 |
0.06 |
0.04 |
3.77 |
2.73 |
0.84 |
|
|
KL22-04 |
485.4 |
510.0 |
24.6 |
0.96 |
0.16 |
0.10 |
- |
3.66 |
1.31 |
|
32 |
..includes |
488.4 |
502.0 |
13.6 |
1.38 |
0.22 |
0.15 |
- |
4.06 |
1.89 |
|
|
KL22-23 |
274.4 |
296.0 |
21.6 |
0.96 |
0.12 |
0.08 |
- |
3.09 |
1.22 |
|
26 |
..includes |
276.8 |
286.0 |
9.3 |
1.50 |
0.19 |
0.12 |
- |
3.48 |
1.91 |
|
|
288.0 |
290.1 |
2.1 |
0.90 |
0.10 |
0.07 |
- |
3.06 |
1.15 |
|
|
291.9 |
292.2 |
0.3 |
1.97 |
0.11 |
0.15 |
- |
3.77 |
2.42 |
|
|
KL23-21 |
675.2 |
693.1 |
17.9 |
1.12 |
0.13 |
0.08 |
12.03 |
3.35 |
1.40 |
|
25 |
..includes |
678.2 |
688.5 |
10.3 |
1.69 |
0.17 |
0.13 |
18.22 |
3.48 |
2.12 |
|
|
KL22-08 |
221.0 |
242.4 |
21.4 |
0.86 |
0.16 |
0.08 |
- |
3.54 |
1.15 |
|
25 |
..includes |
224.0 |
225.8 |
1.8 |
1.53 |
0.24 |
0.16 |
- |
4.34 |
2.08 |
|
|
226.3 |
237.4 |
11.1 |
1.11 |
0.21 |
0.11 |
- |
3.79 |
1.49 |
|
|
KL22-03 |
578.5 |
591.1 |
12.6 |
1.45 |
0.22 |
0.15 |
- |
3.00 |
1.94 |
|
24 |
..includes |
580.5 |
591.1 |
10.6 |
1.71 |
0.25 |
0.17 |
- |
3.00 |
2.29 |
|
|
591.6 |
593.0 |
1.4 |
1.03 |
0.29 |
0.11 |
- |
3.00 |
1.44 |
|
|
KL22-17 |
270.7 |
288.5 |
17.8 |
0.98 |
0.17 |
0.08 |
- |
3.43 |
1.28 |
|
23 |
..includes |
272.7 |
285.5 |
12.8 |
1.23 |
0.21 |
0.10 |
- |
3.63 |
1.61 |
|
|
KL22-05 |
428.5 |
445.1 |
16.6 |
0.84 |
0.18 |
0.08 |
- |
3.44 |
1.14 |
|
19 |
..includes |
431.5 |
434.6 |
3.1 |
1.93 |
0.28 |
0.19 |
- |
4.57 |
2.57 |
|
|
436.6 |
438.6 |
2.0 |
0.70 |
0.14 |
0.07 |
- |
3.38 |
0.94 |
|
|
439.6 |
442.1 |
2.5 |
0.76 |
0.11 |
0.08 |
- |
3.31 |
1.02 |
|
|
KL23-01 |
291.5 |
305.5 |
14.0 |
1.03 |
0.14 |
0.08 |
- |
3.20 |
1.32 |
|
18 |
..includes |
295.2 |
301.8 |
6.6 |
1.73 |
0.18 |
0.14 |
- |
3.64 |
2.19 |
|
|
KL22-06 |
380.3 |
395.0 |
14.7 |
0.89 |
0.14 |
0.08 |
- |
3.50 |
1.17 |
|
17 |
..includes |
383.3 |
392.3 |
9.0 |
1.25 |
0.20 |
0.11 |
- |
3.82 |
1.64 |
|
|
KL22-19 |
431.0 |
445.0 |
14.0 |
0.66 |
0.09 |
0.04 |
- |
2.97 |
0.80 |
|
11 |
..includes |
433.5 |
436.6 |
3.1 |
1.01 |
0.12 |
0.05 |
- |
3.09 |
1.19 |
|
|
439.2 |
439.8 |
0.7 |
1.09 |
0.12 |
0.07 |
- |
3.32 |
1.33 |
|
|
442.3 |
443.1 |
0.9 |
2.64 |
0.16 |
0.17 |
- |
4.22 |
3.17 |
|
|
468.1 |
468.4 |
0.4 |
1.18 |
0.04 |
0.09 |
- |
3.73 |
1.45 |
|
|
KL23-02 |
279.0 |
288.7 |
9.7 |
0.93 |
0.10 |
0.05 |
- |
2.97 |
1.11 |
|
11 |
..includes |
283.1 |
285.7 |
2.6 |
2.22 |
0.24 |
0.12 |
- |
3.74 |
2.66 |
|
|
KL22-16 |
280.2 |
294.6 |
14.4 |
0.53 |
0.12 |
0.05 |
- |
3.25 |
0.71 |
|
10 |
..includes |
283.2 |
288.4 |
5.2 |
0.97 |
0.22 |
0.09 |
- |
3.57 |
1.32 |
|
|
KL22-15 |
192.0 |
203.5 |
11.5 |
0.50 |
0.10 |
0.04 |
- |
3.15 |
0.66 |
|
8 |
..includes |
195.3 |
196.6 |
1.3 |
1.93 |
0.45 |
0.16 |
- |
4.09 |
2.55 |
|
|
197.4 |
198.5 |
1.1 |
0.96 |
0.15 |
0.08 |
- |
3.50 |
1.24 |
|
|
KL22-24 |
324.0 |
330.8 |
6.8 |
0.63 |
0.10 |
0.02 |
- |
2.93 |
0.72 |
|
5 |
..includes |
326.8 |
327.8 |
1.0 |
2.54 |
0.25 |
0.05 |
- |
4.20 |
2.78 |
|
|
707.4 |
707.4 |
0.1 |
2.15 |
0.29 |
0.21 |
31.00 |
4.22 |
2.85 |
|
|
708.3 |
709.1 |
0.8 |
2.33 |
0.30 |
0.22 |
31.00 |
4.31 |
3.07 |
|
|
KL22-07 |
402.3 |
402.5 |
0.2 |
3.70 |
0.03 |
0.16 |
- |
3.27 |
4.15 |
|
1 |
KL22-22 |
317.0 |
317.8 |
0.8 |
1.31 |
0.19 |
0.10 |
- |
3.53 |
1.68 |
|
1 |
KL23-22 |
763.5 |
764.5 |
1.0 |
0.68 |
0.04 |
0.04 |
5.84 |
2.90 |
0.81 |
|
1 |
NORTH ZONE |
KN22-03 |
238.0 |
290.0 |
52.0 |
2.37 |
0.25 |
0.14 |
- |
3.00 |
2.85 |
|
148 |
..includes |
239.0 |
240.0 |
1.0 |
1.10 |
0.11 |
0.02 |
- |
3.00 |
1.20 |
|
|
244.1 |
283.9 |
39.8 |
3.03 |
0.32 |
0.18 |
- |
3.00 |
3.65 |
|
|
KN22-01A |
369.3 |
397.0 |
27.7 |
2.56 |
0.32 |
0.22 |
- |
3.00 |
3.29 |
|
91 |
KN22-01 |
366.1 |
399.5 |
33.4 |
1.96 |
0.27 |
0.15 |
- |
3.00 |
2.49 |
|
83 |
..includes |
322.9 |
323.9 |
1.0 |
2.52 |
0.20 |
0.17 |
- |
3.00 |
3.06 |
|
|
360.0 |
360.5 |
0.5 |
19.16 |
0.59 |
0.79 |
- |
3.00 |
21.58 |
|
|
368.8 |
393.0 |
24.2 |
2.43 |
0.32 |
0.18 |
- |
3.00 |
3.07 |
|
|
393.5 |
396.5 |
3.0 |
1.93 |
0.29 |
0.19 |
- |
3.00 |
2.58 |
|
|
KN22-02 |
434.0 |
466.2 |
32.2 |
1.23 |
0.19 |
0.09 |
- |
3.00 |
1.56 |
|
50 |
..includes |
437.2 |
451.9 |
14.7 |
2.52 |
0.40 |
0.19 |
- |
3.00 |
3.21 |
|
|
* Default density of 3.0 g/cm3 used (along with sample length)
for assay grade weighting where density results not yet returned
from the laboratory# Table sorted highest to lowest NiEq23 x Length
of main composite interval per holeComposited interval average
grades weighted by sample length and density.Main composite
interval permitted to include individual samples
<0.58% NiEq23 but only reported if entire interval meets
cut-off of 0.58% NiEq23.Sub-composite intervals break at
samples <0.58% NiEq23.
Figure 2 TNCL Geologist Team Inspecting Drill Core
from the Tembo Zone. From left to right: Jackline Bahati
(Geologist), Innocent Ntabala (Senior Geotechnician), and
Marry Mushi (Geologist)
Please refer to the Figure in the Press Release as attached
or on our website at Lifezone Metals - News - Press
Releases
The current North Zone drilling programme is expected to be
complete by mid-September 2023, after which focus will shift to a
new drilling programme that has been developed for the currently
untested zone between Tembo North and Safari, known as the Safari
Link programme.
Drilling in Tembo North and Safari shows that the shallow
mineralisation trend is open along strike. The Safari Link drilling
programme aims to test for the presence of Tembo-style
mineralisation, as signalled by airborne EM/magnetics and ground EM
coverage, which shows no significant gaps along strike to the
north-east of Tembo.
The Safari Link drilling programme, which covers a strike length
of approximately 1.5 km and comprises 62 diamond core
drillholes for approximately 34 km of drilling, has been
approved by TNCL. This programme (see Figure 3) is expected to
require approximately six months to complete with six diamond drill
rigs and will proceed in three phases: the first of which will test
the presence of mineralisation in the Safari Link Zone, and the
subsequent phases will infill as required to increase confidence in
the characteristics and volume of any mineralisation that is
identified to enable its incorporation into subsequent geological
modelling.
Please refer to the Figures in the Press Release as attached
or on our website at Lifezone Metals - News - Press
Releases
Figure 3 Plan View showing Safari Link Planned
Drilling Programme against backdrop of Kabanga Project
Mineralisation Zones Drilling Eras and Mineralised Intercepts
>0.58% NiEq23 (plan rotated 055°)
Figure 4 Core Photo showing Massive Sulfide
Mineralisation in KL22-10Mineralised Interval 376.14–389.48 m
= 13.34 m at 2.56% Ni, 0.44% Cu, and 0.20% Co,
(3.28% NiEq23) (includes 0.96 m of internal waste
(<0.58% NiEq23) 380.82–381.78 m (shown by red
arrows))
Figure 5 Core Photo showing Massive Sulfide Mineralisation in
KL22-10 Mineralised Interval 389.48–398.18 m = 8.7 m at 2.77%
Ni, 0.46% Cu, and 0.24% Co, (3.63% NiEq23) (end of mineralised
interval shown by red arrow)
Figure 6 Core Photo showing Massive Sulfide Mineralisation in
KL22-12Mineralised Interval 397.7–410.94 m = 13.24 m at 2.84% Ni,
0.43% Cu and 0.19% Co, (3.54% NiEq23)
Figure 7 Core Photo showing Massive Sulfide Mineralisation in
KL22-12Mineralised Interval 410.94–417.57 m = 6.63 m at 2.81% Ni,
0.45% Cu, and 0.19% Co, (3.51% NiEq23) (end of mineralised interval
shown by red arrow)
Figure 8 Jumbe Maulid (Geology Superintendent) from TNCL
showing Massive Sulphide in Drill Core from Hole KN22-03 at North
Zone, which intersected 52.0 m at 2.37% Ni, 0.25% Cu, and 0.14% Co,
(2.85% NiEq23)
Additional Information Attached: Kabanga Geological
History and MRE Overview
Qualified Person
The exploration results disclosed in this news release were
prepared under the supervision of and approved by Ms. Sharron
Sylvester, Member of the Australian Institute of Geoscientists
(2512), and RPGeo (10125) in the fields of Mining and Mineral
Resource Estimation. Ms. Sylvester is employed by
OreWin Pty Ltd and engaged by
Lifezone Metals Ltd. to act as independent Qualified
Person for purposes of Subpart 1300 of Regulation S-K (“S-K 1300”)
for the Kabanga project. She has appropriate qualifications and
sufficient experience that is relevant to the style of
mineralization and type of deposit under consideration and has
reviewed the technical and scientific data disclosed herein and
conducted appropriate verification of the underlying data.
The Mineral Resource estimates discussed in this news release
were first published in a Technical Report Summary (TRS) titled
‘Kabanga 2023 Mineral Resource’ dated 30 March 2023 and
effective as at 15 February 2023. The reader is
encouraged to review the 2023 Kabanga TRS, which is available as
Exhibit 15.2 filed with LZM’s Form 20‑F on with the Securities and
Exchange Commission’s EDGAR system (sec.gov) on 11July 2023and
is available at the following link:
https://sec.gov/Archives/edgar/data/1958217/000121390023030343/ff42023ex96-1_lifezone.htm
About Lifezone Metals
Lifezone Metals (NYSE: LZM) is a modern metals company creating
value across the battery metals supply chain from resource to
metals production and recycling. Our mission is to provide
commercial access to proprietary technology and cleaner metals
production through a scalable platform underpinned by our tailored
hydromet technology. This technology has the potential to be a
cleaner and lower cost alternative to smelting, allowing us to
responsibly and cost-effectively provide cleaner metals.
By pairing the Kabanga Project in Tanzania, which we believe is
one of the largest and highest-grade undeveloped nickel sulphide
deposits in the world, with our proprietary Hydromet Technology, we
will work to unlock the value of a key new source of supply to
global battery metals markets. We have a long-standing partnership
with BHP on the Kabanga Project, with BHP having invested USD100
million, as we work to empower Tanzania to achieve full value
creation in-country and become the next premier source of
nickel.
www.lifezonemetals.com
Additional Information: Kabanga Geological History and MRE
Overview
Geology Overview
The Kabanga nickel deposit is located within the East African
Nickel Belt (EANB), which extends approximately 1,500 km along
a north-east trend from Zambia to Uganda.
The northern and central sections of the EANB are characterised
by a thick package of Paleoproterozoic to Mesoproterozoic
metasedimentary rocks, known as the Karagwe–Ankole Belt (KAB),
within which occurs a suite of broadly coeval, igneous intrusions
that correspond to the Kibaran tectonothermal event
(1,350–1,400 Ma).
At the project area, the metasediments, which comprise pelites,
sandstones, and quartzites, are overturned steeply dipping (70° to
80° to the west), with a north–north-east strike orientation (025°)
from Main to North, changing to a north-east strike orientation
(055°) from North to Safari (see Figure 9).
The potentially economic nickel-bearing massive sulfides are
hosted within igneous chonoliths that are concentrically zoned with
a gabbronorite margin and an ultramafic cumulate core. The project
comprises six distinct sulfide mineralisation zones, namely
(from south-west to north-east) Main, MNB, Kima, North, Tembo,
and Safari, which occur over a strike length exceeding
7.5 km.
Kabanga sulfide mineralisation occurs both as:
- Disseminated to net textured interstitial sulfides within the
cumulate core zone of the chonoliths, as well as externally;
and
- Massive and semi-massive sulfide bodies along the side margins
of the chonoliths.
The massive sulfides, which comprise dominantly pyrrhotite, with
trace-to-15% pentlandite, account for the majority of the Mineral
Resource estimates.
Please refer to the Figures in the Press Release as attached
or on our website at Lifezone Metals - News - Press
Releases
Figure 9 Plan View Schematic of Geology of the Kabanga
Area
Exploration/Drilling/History Overview
Exploration at Kabanga has been undertaken in several different
phases spanning over 45 years, with more than 621 km of
drilling having been completed in total over that time (see
Table 2), less than 5% of which was on regional targets. The
North and Tembo mineralised zones are the most densely drilled of
all the mineralised zones identified to date.
The first drilling programme was undertaken by the United
Nations Development Program (UNDP) between 1976 and 1979. Following
a ten-year moratorium on foreign company exploration, Sutton
Resources (Sutton) entered into several different joint ventures
(JV) to explore between 1988–1999, after which Barrick Gold took
over control of the project through the purchase of Sutton and
progressed through several more drilling programmes independently
and within JVs with Glencore. Several studies were completed from
2003 onwards, including scoping and prefeasibility studies,
followed by an unpublished draft feasibility study undertaken by
the Glencore–Barrick Gold JV in 2014. By the end of 2014,
approximately 586 km of diamond drilling had been
completed.
In 2019, Kabanga Nickel Ltd (KNL) acquired the project. KNL is
jointly owned by LHL (83%) through its 100% entity, Lifezone
Limited, with the remaining 17% directly owned by BHP Billiton (UK)
DDS Limited (BHPB). KNL owns 84% of the project, with the remaining
16% held by the Government of Tanzania under the terms of a
framework agreement.
Since December 2021, KNL has completed 82 holes for more than
35 km of diamond core drilling at Tembo, North, and Safari (up
to 18 August 2023) (see Table 2).
Table 2 Holes Completed Since Project
First Discovered (to 18 August 2023)
Years |
Company/Companies |
Metres Drilled |
Discovery (purpose) |
1976–1979 |
UNDP Regional Exploration |
20,068 |
Main |
1991–1992 |
Sutton Resources |
12,974 |
Main |
1993–1995 |
Sutton–BHP JV |
37,947 |
North |
1997–1999 |
Sutton–Anglo American JV |
56,227 |
North |
2000–2004 |
Barrick Gold Corporation |
39,931 |
MNB |
2005–2008 |
Glencore–Barrick Gold JV |
64,95781,256242,347 |
North Deep (Scoping Study 1)Tembo (Scoping Study
2)Safari / Kima (PFS) |
2008–20092011–20122014 |
Glencore–Barrick Gold JV |
21,3685,3033,320 |
North (draft FS)RegionalRegional and Tembo North |
2021–18/8/23 |
KNL |
23,7487684,1164,4162,312 |
Tembo (infill and extension)Safari (extension)North
(infill)Tembo and North (metallurgical)Tembo and North
(geotechnical) |
Total |
|
621,058 |
|
All field work since December 2021 has been conducted on Special
Mining Licence ‘SML 651 / 2021’ (see Figure 10
and Figure 11).
Permitting Overview
In Tanzania, minerals and natural resources are state owned and
the rights to explore and mine minerals and to use natural
resources are obtained from regulatory bodies defined in
legislation that have a defined duration and are conditioned.
Mineral rights are held in the form of prospecting licences and
mining licences. There are several types of prospecting licences
and mining licences, depending on the nature of the minerals being
mined and the size of the mine. A Special Mining Licence (SML) is
the type of licence required for large scale mining operations
(‘large scale’ being defined as those requiring a capital
investment not less than US$100 million), and so this is the type
of licence required for Kabanga.
Please refer to the Figures in the Press Release as attached
or on our website at Lifezone Metals - News - Press
Releases
Figure 10 Location of the Project showing
Tenements
Figure 11 Location of the Project showing Detail
of SML 651 / 2021
Mineral Resources Overview
Ordinary kriged resource estimates were completed in 2008 as
part of the Glencore–Barrick Gold JV prefeasibility study. A
thorough independent technical audit of the database, QA/QC, and
the resource estimates was completed in 2009. The final resource
estimate updates were completed in 2010 following an infill
drilling campaign. The 2010 estimates form the basis of the
Glencore–Barrick Gold JV 2014 draft feasibility study
(unpublished).
Check models were completed by KNL for North and Tembo in 2021
using the same drillhole database as the 2010 estimates with a
different interpretation and modelling approach. The 2010 and
2021 models were validated and compared visually and statistically
for all grade elements estimated and for density.
In March 2023, the current Mineral Resource estimates (see
Table 3) were published in a Technical Report Summary under
US SEC Regulation S‑K subpart 1300 rules for Property
Disclosures for Mining Registrants (S‑K 1300) (effective date
15 February 2023). This is the first time the Kabanga
Mineral Resource estimates have been reported under S‑K 1300
guidelines.
As the Kabanga North and Tembo zones contain multi element
mineralisation, a nickel equivalent (NiEq) formula updated for
current metal prices, costs and other modifying factors has been
used for reporting from the Mineral Resource.
The 2023 nickel equivalent (NiEq23) formula is as follows:
NiEq23 (%) = Ni% + Cu% x 0.411 + Co% x 2.765
The 2023 NiEq cut‑off grade is 0.58% NiEq.
Metal price assumptions used for cut‑off grade determination
were $9.50/lb for nickel, $4.00/lb for copper, and $26.00/lb for
cobalt.
The Initial Assessment assumes an underground mining rate of
2.2 Mtpa. The mining method is underground stoping with
backfill, and the extracted mineralised material will feed into an
on‑site concentrator. Concentrate is assumed to be transported to
an off‑site hydrometallurgical processing facility to produce final
nickel, copper, and cobalt metal, with transport of the final metal
to Dar es Salaam and export to markets for sale.
A cash flow analysis was not performed for the Project. The
Initial Assessment has been prepared to demonstrate reasonable
prospects of economic extraction, not the economic viability of the
Mineral Resource estimates. The Initial Assessment is preliminary
in nature, it includes Inferred Mineral Resources that are
considered too speculative geologically to have modifying factors
applied to them that would enable them to be categorised as Mineral
Reserves, and there is no certainty that this economic assessment
will be realised.
Table 3 Kabanga Mineral
Resource Estimates as at 15 February 2023 Based on Metal
Prices: $9.50/lb Nickel, $4.00/lb Copper, and $26.00/lb Cobalt
|
Mineral Resource Classification |
LHL Tonnage (Mt) |
Grades |
Recovery |
NiEq23(%) |
Ni (%) |
Cu(%) |
Co(%) |
Nickel(%) |
Copper(%) |
Cobalt(%) |
MAIN |
Measured |
– |
– |
– |
– |
– |
– |
– |
– |
Indicated |
2.14 |
2.44 |
1.92 |
0.28 |
0.15 |
87.2 |
85.1 |
88.1 |
Measured+Indicated |
2.14 |
2.44 |
1.92 |
0.28 |
0.15 |
87.2 |
85.1 |
88.1 |
Inferred |
– |
– |
– |
– |
– |
– |
– |
– |
MNB |
Measured |
– |
– |
– |
– |
– |
– |
– |
– |
Indicated |
– |
– |
– |
– |
– |
– |
– |
– |
Measured+Indicated |
– |
– |
– |
– |
– |
– |
– |
– |
Inferred |
0.51 |
1.98 |
1.52 |
0.20 |
0.13 |
87.2 |
85.1 |
88.1 |
NORTH |
Measured |
4.7 |
3.37 |
2.64 |
0.35 |
0.21 |
87.2 |
85.1 |
88.1 |
Indicated |
11.9 |
3.80 |
3.05 |
0.41 |
0.21 |
87.2 |
85.1 |
88.1 |
Measured+Indicated |
16.6 |
3.68 |
2.93 |
0.39 |
0.21 |
87.2 |
85.1 |
88.1 |
Inferred |
12.0 |
3.29 |
2.64 |
0.35 |
0.18 |
87.2 |
85.1 |
88.1 |
TEMBO |
|
|
|
|
|
|
|
|
Measured |
4.9 |
3.03 |
2.34 |
0.32 |
0.20 |
87.2 |
85.1 |
88.1 |
Indicated |
2.2 |
2.20 |
1.69 |
0.22 |
0.15 |
87.2 |
85.1 |
88.1 |
Measured+Indicated |
7.1 |
2.77 |
2.14 |
0.29 |
0.19 |
87.2 |
85.1 |
88.1 |
Inferred |
2.1 |
3.05 |
2.41 |
0.31 |
0.18 |
87.2 |
85.1 |
88.1 |
OVERALL MINERAL RESOURCE |
Measured |
9.6 |
3.20 |
2.49 |
0.34 |
0.21 |
87.2 |
85.1 |
88.1 |
Indicated |
16.3 |
3.40 |
2.71 |
0.36 |
0.19 |
87.2 |
85.1 |
88.1 |
Measured+Indicated |
25.8 |
3.33 |
2.63 |
0.35 |
0.20 |
87.2 |
85.1 |
88.1 |
Inferred |
14.6 |
3.21 |
2.57 |
0.34 |
0.18 |
87.2 |
85.1 |
88.1 |
- Mineral Resources are reported exclusive of Mineral Reserves.
There are no Mineral Reserves to report.
- Mineral Resources are reported showing only the LHL
attributable tonnage portion, which is 69.713% of the total.
- Cut‑off uses the NiEq23 using a nickel price of $9.50/lb,
copper price of $4.00/lb, and cobalt price of $26.00/lb with
allowances for recoveries, payability, deductions, transport, and
royalties. NiEq23% = Ni% + Cu% x 0.
411 + Co% x 2.765.
- The point of reference for Mineral Resources is the point of
feed into a processing facility.
- All Mineral Resources in the 2023MRE were assessed for
reasonable prospects for eventual economic extraction by reporting
only material above a cut‑off grade of 0.58% NiEq23.
- Totals may vary due to rounding.
Forward-Looking Statements
Certain statements made herein are not historical facts but may
be considered “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), Section 21E of the Securities Exchange Act of
1934, as amended and the “safe harbor” provisions under the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook” or the negatives of these terms
or variations of them or similar terminology or expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding future
events, the business combination between GoGreen Investments
Corporation (“GoGreen”) and Lifezone Holdings Limited (“LHL”) that
formed Lifezone Metals, the estimated or anticipated future results
of Lifezone Metals, future opportunities for Lifezone Metals,
including the efficacy of Lifezone Metals’ hydromet technology
(“Hydromet Technology”) and the development of, and processing of
mineral resources at, the Kabanga Project, and other statements
that are not historical facts.
These statements are based on the current expectations of
Lifezone Metals’ management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on, by any investor as a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Lifezone Metals.
These statements are subject to a number of risks and uncertainties
regarding Lifezone Metals’ business, and actual results may differ
materially. These risks and uncertainties include, but are not
limited to: general economic, political and business conditions,
including but not limited to the economic and operational
disruptions and other effects of the COVID-19 pandemic; the outcome
of any legal proceedings that may be instituted against the
Lifezone Metals in connection with the business combination;
failure to realize the anticipated benefits of the business
combination, including difficulty in integrating the businesses of
LHL and GoGreen; the risks related to the rollout of Lifezone
Metals’ business, the efficacy of the Hydromet Technology, and the
timing of expected business milestones; Lifezone Metals’
development of, and processing of mineral resources at, the Kabanga
Project; the effects of competition on Lifezone Metals’ business;
the ability of Lifezone Metals to execute its growth strategy,
manage growth profitably and retain its key employees; the ability
of Lifezone Metals to maintain the listing of its securities on a
U.S. national securities exchange; costs related to the business
combination; and other risks that will be detailed from time to
time in filings with the U.S. Securities and Exchange Commission
(the “SEC”). The foregoing list of risk factors is not exhaustive.
There may be additional risks that Lifezone Metals presently does
not know or that Lifezone Metals currently believes are immaterial
that could also cause actual results to differ from those contained
in forward-looking statements. In addition, forward-looking
statements provide Lifezone Metals’ expectations, plans or
forecasts of future events and views as of the date of this
release. Lifezone Metals anticipates that subsequent events and
developments will cause Lifezone Metals’ assessments to change.
However, while Lifezone Metals may elect to update these
forward-looking statements in the future, Lifezone Metals
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lifezone Metals’ assessments as of any date subsequent
to the date of this release. Accordingly, undue reliance should not
be placed upon the forward-looking statements. Nothing herein
should be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results in such forward-looking
statements will be achieved. You should not place undue
reliance on forward-looking statements herein, which speak only as
of the date they are made and are qualified in their entirety by
reference to the cautionary statements herein.
Certain statements made herein include references to “clean” or
“green” metals, methods of production of such metals, energy or the
future in general. Such references relate to environmental benefits
such as lower green-house gas (“GHG”) emissions and energy
consumption involved in the production of metals using the Hydromet
Technology relative to the use of traditional methods of production
and the use of metals such as nickel in the batteries used in
electric vehicles. While studies by third parties (commissioned by
Lifezone Metals) have shown that the Hydromet Technology, under
certain conditions, results in lower GHG emissions and lower
consumption of electricity compared to smelting with respect to
refining platinum group metals, no active refinery currently
licenses Lifezone Metals’ Hydromet Technology. Accordingly,
Lifezone Metals’ Hydromet Technology and the resultant metals may
not achieve the environmental benefits to the extent Lifezone
Metals expects or at all. Any overstatement of the environmental
benefits in this regard may have adverse implications for Lifezone
Metals and its stakeholders.
[1] NiEq23 = Ni% + (Cu% * 0.411) + (Co% * 2.765)
- Lifezone Metals Update on Resource Definition Drilling
Natasha Liddell
Chief Sustainability & Communications Officer, Lifezone Metals
info@lifezonemetals.com
Ingo Hofmair
Chief Financial Officer, Lifezone Metals
ingo.hofmaier@lifezonemetals.com
ICR, Inc.
Investor Relations, ICR, Inc.
+1 (646) 200 8879
LifezoneMetalsIR@icrinc.com
Bronwyn Wallace
US Media Enquiries, H+K Strategies
+1 (713) 724 3627
Bronwyn.Wallace@hkstrategies.com
Lifezone Metals (NYSE:LZM)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Lifezone Metals (NYSE:LZM)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024