Austral Resources Australia (ASX: $ARI) announces significant increase in McLeod Hill Copper Mineral Resource

Austral Resources Australia Ltd (ASX: $ARI) is pleased to announce a substantial increase in the Mineral Resource Estimate for the McLeod Hill deposit within ML5426 and ML5474, near the Mount Kelly processing plant and Mount Clarke mine. The updated estimate is based on 21 additional drill holes completed by Austral Resources in 2023 at a 0.3% cut-off, resulting in a 50% increase in the total Mineral Resource with improvements in both tonnes and grade.

Executive Commentary on McLeod Hill Copper Mineral Resource Update

The McLeod Hill deposit was previously defined by CST Minerals in 2010 and has since remained unchanged. The current drilling program and Mineral Resource estimate by Austral Resources aims to refocus the Mineral Resource on principally a leach feed deposit, with potential for deeper fresh material to present sulphide for toll floatation treatment. The Mineral Resource confidence has improved, with one third now classified as Indicated, and the total Mineral Resource has 10.7 kt of contained copper. The deposit is located just 5 km southeast of the AR SX-EW processing plant, and the resource samples are consistently low carbonate (<1.0% Ca). Further work includes evaluation of technical, operational, and economic aspects for heap leach processing, diamond drilling to acquire local density measurements and copper mineralogy, and more detailed modelling of the high carbonate units within the Gunpowder Creek Formation.

Summary of McLeod Hill Copper Mineral Resource Update

The update to the Mineral Resource Estimate for the McLeod Hill deposit by Austral Resources Australia Ltd (ASX: $ARI) reflects a significant 50% increase in the total Mineral Resource, with improvements in both tonnes and grade. The Mineral Resource confidence has also improved, with one third now classified as Indicated. The deposit, located near the Mount Kelly processing plant and Mount Clarke mine, presents opportunities for further development and potential extraction. The company plans to undertake additional metallurgical test work and mine planning studies to better understand the leaching characteristics and potential processing recovery, particularly into the fresh domain. With the majority of the Mineral Resource included in optimised pits at 50% higher price assumptions, the Mineral Resource has reasonable prospects for future development. Austral Resources Australia Ltd continues to implement an intensive exploration and development program designed to extend the life of the mine and increase its resource base, with a focus on commercializing its copper resources.