Lifezone Metals Announces Significant Mineral Resource Update For Its Kabanga Nickel Project In Tanzania; Infill Drill Program And Updated Interpretation Leads To A 69% Increase In Measured And Indicated Resources Plus A 20% Increase In Inferred Resources

Author: Benzinga Newsdesk | December 07, 2023 09:47am

Successful Infill Drill Program and Updated Interpretation Leads to a 69% Increase in Measured and Indicated Resources Plus a 20% Increase in Inferred Resources

Lifezone Metals Limited (NYSE:LZM) is a modern metals company creating value across the battery metals supply chain from resource to metals production and recycling. Lifezone Metals' Chief Executive Officer, Chris Showalter is pleased to announce the Mineral Resource Update for the Kabanga Nickel Project, located in north-west Tanzania. The November 2023 Mineral Resource Update reflects the results of Lifezone Metals' 2021-2023 drilling programs and an updated mineralization interpretation, reconfirming the continuity of high-grade nickel mineralization at Kabanga.

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The Kabanga Nickel Project is currently 69.7% owned by Lifezone Metals and all Mineral Resources are shown on an attributable to Lifezone Metals basis.

Mr. Showalter 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."

Highlights of the November 2023 Mineral Resource Update:

• Attributable Measured and Indicated Resources total 43.6 million tonnes grading 2.02% nickel, 0.28% copper and 0.16% cobalt (2.57% nickel-equivalent).
• Plus, attributable Inferred Resources totaling 17.5 million tonnes grading 2.23% nickel, 0.31% copper and 0.16% cobalt (2.79% nickel-equivalent).
• Significantly, 71% of Kabanga's Mineral Resource tonnage is now classified in the higher confidence Measured and Indicated categories relative to Inferred.
• Measured and Indicated Mineral Resource tonnages have increased by 69% relative to the February 2023 Mineral Resource Estimate. Nickel-equivalent metal contained in Measured and Indicated Resources has increased by 30%. Inferred Resources have also increased in tonnage by 20%, with contained nickel-equivalent metal increasing by 4%.
• The Mineral Resource cut-off grade has remained unchanged at 0.58% nickel-equivalent, as it was determined that the previous assumptions used remain current.
• A significant proportion of the additional Mineral Resource tonnage in the November 2023 Mineral Resource Update results from the inclusion of additional ultramafic mineralization. The change in the processing flowsheet, including the addition of a hydrometallurgical refinery, improves the prospects of economic extraction of the ultramafic material.
• The massive sulfide Mineral Resource has also increased across all categories, adding 10% more nickel-equivalent metal.
• Significant additional Mineral Resource tonnages have been achieved at the Tembo Zone, which is located 1.0 kilometer north-east of the North Zone. Tembo remains open along strike to the north-east towards the Safari Zone, in an area referred to as Safari Link.
• Other areas of Mineral Resource addition include at the North, Main and MNB zones, and the first reporting of a Mineral Resource at the Kima Zone.

The Kabanga Mineral Resource Update was independently prepared by Sharron Sylvester, Technical Director – Geology at OreWin Pty Ltd and in accordance with Regulation S-K subpart 1300 promulgated by the U.S. Securities Exchange Commission (S-K 1300). Mineral Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report.

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