Santana Minerals (ASX: $SMI) preliminary assessment

Santana Minerals Limited (ASX: $SMI) has disclosed the initial mining assessments for the Rise and Shine (RAS) deposit at the Bendigo-Ophir Project. The assessments indicate positive fiscal outcomes for further mine development studies, with open pit and underground evaluations yielding promising results. The company's CEO, Damian Spring, expressed enthusiasm for the preliminary economics, highlighting the potential for shareholder value and the support from the New Zealand government. The assessments are based on the Mineral Resource Estimate (MRE) update released on 16 February 2024.

Executive commentary on preliminary economics

We are thrilled to reveal some preliminary economics for part of this fantastic new discovery at the RAS prospect. To be able to show that just a part of our Bendigo-Ophir Project is capable of generating such positive conclusions from these initial mining assessments is a fantastic outcome for our shareholders. This, along with dramatically increased support and enthusiasm for mining from the new coalition government in NZ gives us great confidence as we rapidly advance the RAS discovery into pre- and definitive feasibility studies in the year forward. We also continue to track the open extensions of RAS down-plunge and assess the other nearby targets to RAS, expanding and extending the overall project.

Summary of preliminary assessment and outlook

The preliminary mining assessments for the RAS deposit at the Bendigo-Ophir Project have unveiled encouraging fiscal outcomes, propelling Santana Minerals Limited (ASX: $SMI) into pre-feasibility studies. The assessments, based on the updated Mineral Resource Estimate, demonstrate the potential for positive economic development. The company's CEO, Damian Spring, expressed confidence in the project's advancement and highlighted the increased support for mining from the New Zealand government. Santana Minerals plans to conduct further evaluations for other known mineral resources, aiming to enhance the overall project. The company emphasizes that the preliminary assessment is not intended as a feasibility study and is subject to further detailed studies, approvals, and market conditions. As the company progresses into pre-feasibility studies, it aims to complete revised mineral resource estimates for other deposits and continue evaluating the potential for economic development at the Rise and Shine deposit.