At a cut off of 400 parts per million molybdenum equivalent, the total Resource contains 72,000 tonnes (159 million pounds) of molybdenum, 98,000 tonnes (216 million pounds) of copper and 19.4 million ounces of silver in situ metal.
Around 50% of the Resource is in the high confidence Measured category, which now hosts 102 million tonnes at 0.07% molybdenum equivalent, comprising a high grade Measured Resource accessible from surface of 54 million tonnes at 0.08% molybdenum equivalent.
Importantly, the conversion from Indicated to Measured was done with a minimal loss of grade.
The combined Measured and Indicated Resource of 138 million tonnes at 0.06% molybdenum equivalent, at a 400 parts per million molybdenum equivalent cut-off, could support a mine life in excess of 20 years at 5 million tonnes per annum, or about 15 years at 10 million tonnes per annum - a production rate that would enable significant economies of scale should Unicorn become a mining operation in the future.
The economics of this will be established by a Scoping Study due for release in October.
Lindsay Ward, managing director, commented: "Dart Mining is very pleased with the result of the updated JORC Mineral Resource and is now in a position to move quickly to finalise the Unicorn Scoping Study scheduled for release in October.
"A 100% Mineral Resource upgrade to 203 million tonnes, of which 102 million tonnes is at Measured status (at 0.07% molybdenum equivalent) is a promising result for the company.
"Even better is the extensive high grade block of the Measured Mineral Resource (54 million tonnes at 0.08% molybdenum equivalent) accessible from surface with a minimal strip ratio.
"Should Unicorn move into production at a later stage these high grade blocks could assist early cash flows from the project. This is very encouraging for the economics of the Unicorn deposit."
The total Resource, including the Measured component, remains open at depth below 450 metres.
Worth noting is that high grade mineralisation (2 metres at 0.48% molybdenum) has been intersected in a single hole at a depth of 538 metres.
This is some 200 metres below the current Resource base and confirms the potential for further high grade stacked molybdenum horizons typical of Climax-style porphyry intrusives such as Dart's Unicorn project and Henderson in Colorado.
The new Resource estimate positions Dart to now begin a Scoping Study to determine the economics of a 5 million tonne per annum operation.
The combined Measured and Indicated Resource could support a mine life in excess of 20 years at 5 million tonnes per annum, or about 15 years at 10 million tonnes per annum - a production rate that would enable significant economies of scale should Unicorn become a mining operation in the future.
While production is still sometime away, Dart's Unicorn Project presents the company with a set of economic advantages, including the existence of infrastructure that would lower development costs and provide logistics for getting the product to market.
Importantly, there is still plenty of exploration upside evident with the Resource remaining open at depth, and potential confirmed for further high grade stacked molybdenum horizons typical of Climax-style porphyry intrusives.
Dart has a market cap. of A$18 million and, with cash in hand of $3.5 million at the end of the June quarter, has an enterprise value of around $14.5 million. On an EV/Resource Unicorn is valued at just $0.07.
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