CuFe Limited (ASX: CUF) has confirmed iron enrichment at its wholly-owned tenement EL33835 within the Camp Creek iron ore project in the Northern Territory. Initial exploration across three target areas to the north, central-west, and south revealed promising signs. CuFe is an Australian exploration company focused on discovering and developing high-grade iron ore and copper-gold resources. The company aims to create value for shareholders through strategic project development and exploration.
A desktop review and early-stage reconnaissance field work across 88 square kilometres focused on iron-enriched rock chip samples collected by previous explorers. Fifteen new samples returned assays exceeding 60% iron, including a maximum grade of 67.91%, with low levels of deleterious elements. Executive director Mark Hancock said the early-stage results support the prospectivity of EL33835 and highlight its potential to host high-grade iron mineralisation.
In addition, an open pit scoping study of CuFe’s 55%-owned Orlando copper-gold project in the Northern Territory highlighted a $355 million net present value (on a 100% ownership basis), a 59% internal rate, and a 23-month payback period. The study assumes a standalone development including the construction of a new processing plant, with plant purchase and installation costs estimated at $82 million. The scoping study also included a 14% increase in Orlando’s indicated resource, with the total resource now 5.95Mt grading 1.16% copper and 1.50g/t gold.
Based on the scoping study results, the board has endorsed proceeding to an open pit feasibility study. The Orlando open pit represents around 33% of CuFe’s overall resource at Tennant Creek, presenting an opportunity to restart operations and extract the remaining copper-gold ore utilising a new plant. CuFe is also considering integrating tonnes from its Tennant Creek Alliance partners as their projects mature.
