Jubilee develops open pit mining operation to access copper reefs
Jubilee acquired a 95% interest in the Munkoyo mine, which is located within 55 kilometres of the Sable Refinery, in June 2024 and proceeded to develop an open pit mining operation to access the near surface weathered copper reefs.
The Munkoyo open-pit mining operations yield high-grade copper ore, which is transported directly to Sable, as well as lower-grade copper ore that is stockpiled on-site for further processing at a regional processing hub (discussed further below). The high-grade ore, with a target copper content of 3.0%, is refined at Sable. Munkoyo commenced operations in July 2024 and continues to ramp up to an initial target of 15 000 tonnes per month of run-of-mine of which 5 000 tonnes per month are to be delivered directly to Sable for refining. Munkoyo remains on track to reach its initial target of 15 000 tonnes per month mined run-of-mine ore by December 2024.
A resource drilling program is currently underway, and depending on the confirmation of resource continuity, will target the potential to increase production to 20 000 to 25 000 tonnes of run-of-mine ore per month.
The decision on the capacity of the regional processing hub is currently under-review and subject to the completion of the technical development program which is expected to be completed over the coming 4 months. The regional hub will focus on upgrading the mined and currently stockpiled lower grade copper reef (sub 1.0%).
This material will then be transported as a high grade copper concentrate to Sable which could potentially double the copper output from Munkoyo delivered to Sable. This approach would be replicated for all the open cast mining operations that Jubilee targets for acquisition.
Project G is the second open-pit mining operation being evaluated by Jubilee. The Company is nearing the completion of its due diligence, which has included full-scale processing trials at the Sable Refinery.
A final decision on Project G is anticipated by the end of September 2024. The due diligence focuses on an initial mining rate of 10 000 tonnes per month achievable by February 2025, with an existing on-site upgrading facility of the run-of-mine material which already can produce 3 000 tonnes of copper concentrate per month, containing 10% to 15% copper, for refining at Sable. The lower grade copper reef will initially be stockpiled at source for future processing through the regional processing hub.
Jubilee is also in advanced discussions regarding two additional open-pit mining opportunities in the Munkoyo and Project G region, as it aims to fully dedicate Sable’s 16 000 tonne per annum copper refining capacity to processing open-pit mining resources. Jubilee has set a goal to achieve this by December 2025.
