29Metals is looking into the potential to make money from critical mineral cobalt at its Capricorn Copper site, north of Mount Isa.

Capricorn Copper is expected to produce up to 27,000 tonnes of copper and 250,000 oz of silver this calendar year.

The company is aiming to add cobalt to the mix, with a mineral deportment study underway to understand cobalt by-product recovery opportunities in its Capricorn Copper processing streams.

The study scope includes mineralogy, mineral liberation, and chemical assay analysis.

In an update to the market, 29Metals said the study was due to be completed in the first quarter of 2023.

It is among a raft of projects underway at Capricorn Copper including the installation of new high-efficiency mechanical evaporators to help reduce the volume of water stored on site.

New surface fans have been installed to upgrade ventilation for the Esperanza South mining area, however failure on one of the fans has delayed successful commissioning.

29Metals is seeking approval for the next lift of the Esperanza tailings storage facility, with construction planned to commence by the end of this year (subject to regulatory approvals).

It has begun design activities for a third and final lift of that facility along with studies and design work for a new life-of-mine TSF.

On the exploration front, recent surface drilling at Esperanza South intersected wide zones of copper, silver, and cobalt mineralisation.

The company said results exceeded what is modelled within the existing Mineral Resources estimates.

Highlights included:

– 72.9m grading at 2.9 per cent copper, 37g/t silver and 672ppm cobalt from 793m
– 86m at 2.8 per cent copper, 32g/t silver, 822ppm cobalt from 727m
– 104m at 2.0 per cent copper, 22g/t silver, 714ppm cobalt from 746m