New Frontier Minerals (ASX:NFM) announced that its mining lease application for the Big One Copper deposit, part of the company's NWǪ Copper Project in north-west Queensland, has progressed into the technical assessment phase following completion of the initial regulatory review by the Queensland Natural Resources and Mines Department.
The Big One deposit hosts a JORC-compliant mineral resource of 2.1 million tonnes at 1.1% copper, alongside 7,000 tonnes at 1.3% copper in surface stockpiles, positioning it as a potential near-term cash flow opportunity.
Sulphuric acid leach test-work on historical stockpiles has indicated copper recoveries of up to 99%, confirming suitability for conventional acid leach processing.
Initial development plans propose mining near-surface mineralisation and transporting material to Austral Resources' Mt Kelly processing facility, leveraging existing infrastructure and a low-strip, surface-based approach.
Historical drilling highlights include intercepts such as 40m at 1.64% Cu from surface and 34m at 1.51% Cu from surface, supporting potential resource extensions.
Chairman Gerrard Hall noted that advancing the MLA represents "an important milestone" for New Frontier, with the project positioned to benefit from the current copper upcycle, as prices exceed US$12,500 per tonne amid strong global demand.
Preparatory earthworks are expected to commence in the September quarter, subject to approvals.