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Deep-South Resources taps MSA Group of South Africa to update resource estimate on Haib copper project

The updated resource estimate will follow the completion of Deep-South’s current drilling program, which aims to sink up to 10,000 metres into the Namibian project

Deep-South Resources Inc -
Haib is one of the largest undeveloped copper deposits in Africa

Deep-South Resources Inc (CVE:DSM) revealed Thursday that it has appointed MSA Group of South Africa to lead work on an updated NI 43-101 resource estimate for the Haib copper project.

Located in the Karas region of southern Namibia, Haib is one of the largest undeveloped copper deposits in Africa.

A 2018 estimate indicated the deposit hosts a 43-101 indicated resource of 456.9 million tons at 0.3% copper, equal to 3.1 billion pounds of copper and an inferred resource of 342.4 million tons at 0.3% copper for 2.2 billion pounds of copper at a cut-off grade of 0.3%.

READ: Deep-South Resources kicks off drilling at Haib copper asset in Namibia

More recently, a preliminary economic assessment demonstrated that at a price of copper of $3 per pound, it generates an after-tax NPV of $950 million and an after-tax IRR of 30%. At $4 per pound, those figures rise to an after-tax NPV of $1,650 million and an after-tax IRR of 42%.

The updated resource estimate will follow the completion of Deep-South’s current drilling program, which aims to sink up to 10,000 metres (m), with a first phase of 5,000m, mainly focused on growing the higher-grade zone of the deposit uncovered by Deep-South in 2019.

"We are pleased to have appointed MSA; their vast experience will help to enhance an already robust project and unlock further value while reducing risk for our shareholders,” Deep-South CEO Pierre Leveille said in a statement.

“With the backdrop of a strong copper price, we are highly optimistic for the coming years that Haib will garner additional interest from investors and other interested parties.” 

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Price: 0.215 CAD

TSX-V:DSM
Market: TSX-V
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