Altilium is pleased to announce that it has completed JORC drilling at its Medet copper tailings project, located in Bulgaria, marking a significant step towards the extraction of copper from one of Europe’s largest tailings resources.

The project, comprising 107 drill holes and the collection of 2,500 samples, was completed on time, paving the way for further analysis of the tailings and underlining the company’s commitment to developing a circular economy for critical battery metals.

Copper is an essential component in battery anode current collectors, electric motors and charging infrastructure. However, copper miners are struggling to meet growing demand and a significant shortfall is expected by 2030.

By recycling historic tailings, Altilium aims to provide a sustainable solution to help meet this demand, transforming what was once considered waste into a valuable resource for the European EV industry, while also reducing the harmful environmental impact of traditional mining.

Tailings samples have now been sent to a global leading laboratory testing facility, for multi-element analysis, with the first results surpassing expectations. The next stage will include data compilation and validation, followed by resource modelling, resource estimation and resource classification in compliance with the JORC Code.

To check tailings material volumes, an updated survey of the current tailings surface and valley has been completed, and a 3D reconstruction of the original topography developed.

All work is being undertaken in accordance with the Joint Ore Reserves Committee (JORC) Code 2012 edition with assistance from Ridge Consultants and designated Competent Person.

A maiden JORC resource statement is expected by the end of Q1 2024. This will enable Altilium and its stakeholders to make informed decision and supports transparency for investment in the Medet mine waste recycling project.

The JORC Code is a professional code of practice that provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in geological knowledge and technical and economic considerations in Public Reports.