NexMetals Mining (TSXV: NEXM) has lifted the resource estimate at its Selkirk copper-nickel-platinum group elements project in Botswana. The updated estimate is roughly 70% larger than the estimate it replaces and, more notably, is anchored largely in the higher confidence indicated category for the first time.
Highlights from the estimate include:
- Indicated: 78.2 million tonnes grading 0.66% copper equivalent (0.21% nickel, 0.23% copper, 0.012% cobalt, 0.10 g/t platinum, 0.42 g/t palladium, 0.05 g/t gold and 0.72 g/t silver), for 1.1 billion pounds of contained copper equivalent .
- Inferred: 15.1 million tonnes grading 0.60% copper equivalent (0.18% nickel, 0.21% copper, 0.010% cobalt, 0.09 g/t platinum, 0.40 g/t palladium, 0.05 g/t gold, 0.77 g/t silver), for 200 million pounds of contained copper equivalent.
The key change here, despite the increase in resources, is the shift to resources in the indicated category. The prior 2024 estimate sat entirely in the inferred bucket at 789 million pounds of copper equivalent. The bulk of Selkirk’s mineralization has now moved into the indicated category following a re-assaying and twin-drilling program against historical core.
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Several factors drove the larger inventory, including improved metallurgical recoveries, while cobalt, silver and gold were assigned value for the first time after earlier assaying gaps left them out. Expanded datasets across the precious and base metals also supported a wider mineralized envelope and a larger conceptual pit.
The company flagged a sharper economic profile as well, with the strip ratio falling to 1.02:1 from 1.65:1, which NexMetals describes as among the lowest for copper development projects globally. Improved metal prices meanwhile are said to have had a minimal impact.
“The 2026 MRE highlights the value embedded within our Botswana portfolio and reinforces Selkirk as a strategically important asset for the Company,” said chief executive Sean Whiteford. He added that the contained metal was “unlocked with relatively modest investment,” pointing to open-pit potential and the project’s ability to produce clean, saleable concentrates.
NexMetals said it is weighing options for Selkirk that range from partnerships to a spin-out or advancement toward an economic study, while a resource update and preliminary economic assessment are expected later this year at its flagship Selebi project.
NexMetals Mining last traded at $3.15 on the TSX Venture.
