Lifezone Metals Limited (NYSE: LZM) has reported a substantial update to the mineral resources of its Kabanga Nickel Project in northwest Tanzania.
The updates stem from their 2021-2023 drilling programs and a revised interpretation of mineralization.
The updated Mineral Resource Report, dated November 2023, reveals a 69% increase in Measured and Indicated Resources, with an additional 20% rise in Inferred Resources.
The update confirms the continuity of high-grade nickel mineralization at Kabanga. Measured and Indicated Resources now total 43.6 million tonnes and Inferred Resources at 17.5 million tonnes.
Chris Showalter, CEO of Lifezone Metals, commented: “Kabanga continues to demonstrate its exceptional quality and world scale. The significant increase in the Measured and Indicated Mineral Resources provides a solid foundation for the ongoing Definitive Feasibility Study, which is expected to be completed by the end of Q3 2024. We believe that Kabanga has the potential to become a low-cost, long-life and environmentally responsible producer of nickel, copper and cobalt, which are critical metals for the green energy transition. We look forward to advancing the Project in close coordination with the Government of Tanzania, who have been highly supportive of our efforts.”
The Kabanga Nickel Project was acquired by Lifezone in 2021. The company believes that the Project comprises one of the world’s largest and highest-grade nickel sulfide deposits.
It intends to be a mine-to-metal mining operation producing battery-grade nickel, copper, and cobalt.