Boi Novo Iron Ore Target Ranges 520-780Mt at 30-35% Fe with +68% Concentrate

A New Iron Ore Frontier at Boi Novo

Centaurus Metals Limited has revealed a significant new chapter in its Brazilian mining venture with the announcement of a maiden iron ore Exploration Target at the Boi Novo Project. Estimated between 520 and 780 million tonnes grading 30-35% iron, this target underscores the project's multi-commodity potential, complementing its already promising copper exploration results.

The Boi Novo Project, situated in the prolific Carajás Mineral Province, one of the world’s richest iron ore and copper-gold regions, has long been a focus for copper exploration. However, incidental findings of extensive iron mineralisation during drilling and mapping have now crystallised into a substantial iron ore opportunity. This dual commodity prospectivity enhances the strategic value of the project.

Promising Metallurgical Testwork

Preliminary bench-scale metallurgical testwork has delivered encouraging results. Using a straightforward low-intensity magnetic separation process, Centaurus has demonstrated the ability to produce a high-grade iron concentrate exceeding 68% Fe, suitable for blast furnace pellet feed. This is a critical milestone, as it suggests that the iron ore mineralisation can be upgraded efficiently with conventional beneficiation techniques.

The testwork, conducted on representative samples from different Banded Iron Formation (BIF) lithologies, showed mass recoveries up to 39%, with further optimisation underway. Notably, the inclusion of a pre-concentration stage in the process flow has the potential to produce concentrate grades approaching those required for direct reduction ironmaking, which could lower processing costs and energy consumption.

Copper Exploration Remains a Priority

While the iron ore findings are significant, Centaurus continues to prioritise copper exploration at Boi Novo. Recent drilling has confirmed the continuity of high-grade copper sulphide mineralisation, with intercepts such as 36.7 meters at 1.58% copper and 5.5 meters at 8.38% copper, including very high-grade zones. These results reinforce the project's potential to deliver near-term value from copper resources.

Strategic Location and Infrastructure Advantage

Boi Novo’s location within the Carajás Mineral Province offers considerable logistical advantages. The project lies just 30 kilometers from Vale’s Northern System rail line, which transports iron ore and copper concentrates to the port of São Luis. Proximity to the regional city of Parauapebas, sealed roads, and a high-voltage power line crossing the tenement further enhance its development prospects.

Moreover, the project is situated less than 20 kilometers from BHP’s Antas Norte copper flotation plant, potentially facilitating future processing synergies. These infrastructure factors are critical in reducing capital expenditure and operational risks for any future mining development.

Next Steps and Outlook

Centaurus is planning an expanded iron ore-focused exploration campaign, including additional mapping, surface sampling, auger drilling, and trenching to refine the BIF contacts. Diamond or reverse circulation drilling targeting the iron ore prospects is expected within the next 6 to 12 months, aiming to delineate a maiden JORC-compliant Mineral Resource within 18 to 24 months.

Further metallurgical testwork will focus on optimising grind size, improving liberation, and refining beneficiation processes. These efforts will be crucial to confirming the economic viability of the iron ore mineralisation and integrating it with ongoing copper exploration activities.

Overall, the Boi Novo Project is shaping up as a compelling multi-commodity asset with the potential to contribute significantly to Centaurus Metals’ growth trajectory.