Dlversified metals group Marengo Mining Ltd has kicked off a pre feasibility study on its wholly-owned Yandera copper-molybdenum play in Papua New Guinea after unveiling a preliminary resource for the central portion of the project of more than 4 billion pounds of contained copper metal equivalent. The initial resource - which has an in situ value of some 14 billion US dollars at current copper prices - has reinforced the potential of the project to underpin a world-class mining development. Inferred resources estimated by Golder Associates Pty Ltd at a 0.5 percent copper equivalent cut-off grade totalled 27 million tonnes grading 0.7 percent copper equivalent for 1.96 billion pounds of contained copper metal equivalent. At a 0.3 percent copper equivalent cut-off this reached 371 Mt at 0.49 percent copper equivalent or 4.01 billion pounds of contained copper metal equivalent. The resource was based on 98 diamond drill holes completed during the 1970s by BHP Ltd (and other former explorers) as well as the first seven diamond drill holes completed by Marengo as part of its current resource drilling program.
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