Location and Infrastructure

  • Located in the established mining state of Minas Gerais, in close proximity to several operating mines
  • 6km off nation highway BR122 and contained within a single freehold farm with drilling access in place
  • Rail facilities pass very close to the project, affording access to local smelters (~400km SW) or alternatively to ports

Location Map

High Quality Advanced Base Metal Asset

  • Discovered in 2000 by Vale through geophysics, Monte Azul has never been mined or disturbed
  • Mineralisation at Monte Azul is of SEDEX type
  • Best intercepts include 14m @ 10.4% Zn, 2.1% Pb 263mdh (FD009) and 10m @ 6.1% Zn, 0.7% Pb 328mdh (FD013)
  • Historical resource estimate of 7.6Mt at 6.1% ZnEq including a higher-grade core of 3.6Mt @ 9.0% ZnEq
  • Drilling to date comprises of 57 diamond holes and 6 RC holes for 17,300m, over a strike length of approximately 1.4km
  • The deposit is interpreted to comprise of 3 lenses that are located closely within the known strike, with the majority of tonnage and higher grades found in the central lens
  • Significant resource upside as all 3 identified lenses remain open at depth and along strike
  • The average thickness of the central lens is above the commonly regarded 4m minimum thickness required for full scale mechanised underground mining methods

Resource Grade/Tonnes Sensitivity

Cut-Off
(Zn %)

Tonnage
(kt)

Zn %

Pb %

Zn Eq %

7.0

2,100

9.2%

1.4%

10.4%

6.0

2,800

8.6%

1.3%

9.8%

5.0

3,600

7.9%

1.2%

9.0%

4.0

4,900

7.0%

1.0%

7.9%

3.0

6,000

6.3%

0.9%

7.1%

2.0

6,900

5.8%

0.8%

6.5%

None

7,600

5.4%

0.8%

6.1%

Foreign Resource Estimate – Grade / Tonnes Sensitivity

Plan View

Three Dimensional Models

Along Strike View

  • Orebody outcrops at surface in numerous locations
  • All three lenses align along strike and on their dip angle
  • Ore bodies are extremely linear

Subsurface View

  • Shallow oxidation with fresh rock close to surface
  • Ore lenses (red) have the potential to join, as interpretation is from limited wide spaced drilling
  • All ore lenses remain open at depth and down plunge
  • Ore lenses average over 4m true thickness and are ideal for standard mechanised mining methods
  • Areas to the SE remain underexplored and provide significant potential to extend the current resource

Preliminary Metallurgical Results

  • Ore is of SEDEX style with simple SEDEX Zn-PB metallurgy
  • A single series of metallurgical testwork has been completed based on 100kg composite sample which had an average grade within expectations of typical Monte Azul ore
  • Initial metallurgical results indicate excellent recoveries with first pass results of >80% recovery, which also produced consistent high grade concentrates
  • Clean and simple concentrates can be produced from traditional and simple froth flotation methods
  • Initial XRF pre-concentration testwork showed >90% recovery, producing a 20% Zn grade from a 19mm crushed sample
  • XRF pre-concentration would result in significantly lower upfront capital expenditure due to requiring lower capacity

Exploration Potential

Consolidation of Strike Length

  • Odin is expanding its regional land holding to cover the vast majority of the belt through low cost transactions with GRB and IMS
  • Acquisitions include the highly prospective Alto Alegre Zinc prospect to the NE where mineralisation outcrops at surface
  • Outside of Monte Azul and the Alto Alegre target, the ~40km belt has had no known exploration
  • The unexplored belt is primarily covered by younger sediments (Macaubas Group) that can be up to 900m thick, however strongly ferruginous rocks (Banded Iron Formation) within the prospective (Riacho dos Machados) sequence that hosts Monte Azul and other known zinc occurrences clearly define the sequence in the airborne magnetics

Photo Gallery