Nevsun Resources Ltd. is pleased to provide an update on the Company's Timok copper-gold project (“Timok Project”) in Serbia. Since closing the acquisition of the Timok Project this past June, Nevsun has been rapidly ramping up the Upper Zone pre-feasibility study ("PFS") work. In addition, the Company, with its joint venture partner, Freeport-McMoRan, has commenced a 67,000 meter drilling program on the Lower Zone deposit to further define the deep porphyry potential.
Cliff Davis, President and CEO of Nevsun stated, “A significant benefit to the Company has, and will be, the availability of local, skilled Serbian staff and contractors due to a rich mining history in country. Our Serbian team will be supplemented by Nevsun’s proven development expertise and specialist consultants. Nevsun looks forwards to mining in Serbia for decades to come.”
- Six drills on the Upper Zone targeting 50,000 meters of drilling
- PFS targeted to be completed in September 2017
- Exploration decline targeted to start later in Q4 2017
- US$35 to US$40 million budgeted for Upper Zone work through 2017
- Four drills on the Lower Zone targeting 67,000 meters of drilling over next 18-22 months
- US$20 million estimated for Lower Zone program