Canadian miner Nevsun Resources has broken ground at the Timok Upper Zone (Cukaru Peki) copper-gold project in Bor, Serbia.
Image: Timok Upper Zone Ground Breaking Ceremony. Photo: courtesy of CNW Group/Nevsun Resources Ltd.
The company has commenced the construction of the exploration decline at the project, which is located inside the central zone of the Timok Magmatic Complex (TMC). The TMC is considered to have the largest concentrations of copper enrichment in the Tethyan Belt.
The Timok copper-gold project is made of the Cukaru Peki Upper Zone and Lower Zone. While Nevsun owns 100% of the Cukaru Peki Upper Zone, in the Lower Zone, it is partnered by Freeport-McMoRan Exploration through a joint venture.
Nevsun said that it had awarded contracts for the portal preparation and decline development of the Timok Upper Zone project.
It revealed that the contractor for portal preparation has mobilized to the project location to begin the nearly eight-week work program.
After the portal preparation is over, the decline contractor will build the portal before commencing decline development.
The project is anticipated to be finished in about twenty-four months and will see development of diamond drilling platform bays at depth and a lateral drift into the high-grade segment of the orebody for bulk sampling.
Nevsun expects the initial production at Timok Upper Zone to start at 1.6 million tonnes per annum, which will be later on boosted to 3.2 million tonnes per annum.
Nevsun CEO Peter Kukielski said: “Commencing construction of the exploration decline on one of the world’s best undeveloped copper projects is a significant milestone for the Company.
“Support from all levels of the Serbian government as well as local stakeholders have been instrumental in helping achieve this historic event on this world-leading project.”
On the Timok (Cukaru Peki) Lower Zone, Nevsun said that it is on the verge of completing the work related to the initial 43-101 compliant resource.
It also said that a recently completed $20m drill campaign continued to find the potential world class nature of the deposit.