Mt Carrington restated MRE gets TMZ close to 100Moz target

Investment Memo: TMZ 2022

Objective #1: Combine multiple deposits’ Mineral Resource Estimates to Hit 100 Moz AgEq (silver equivalent)

Today, our silver exploration Investment Thomson Resources (ASX:TMZ) released its restated Mt Carrington MRE to include base metals.

This gets TMZ mighty close to hitting the important 100Moz silver equivalent target that TMZ thinks is needed to make their “Hub and Spoke” strategy work.

The fresh look at Mt Carrington increases TMZ’s total resource base to 22.8 Mt at 119 g/t silver equivalent for 87.1 Moz of silver equivalent across the various deposits that TMZ is working with.

This 21% increase in tonnes was driven by a 2% increase in gold ounces, 17% increase in silver ounces and 100% increase in the zinc and copper tonnes.

We flagged how zinc and copper would be an important part of the Mt Carrington restated MRE given they had a good swathe of historical zinc and copper hits to incorporate.

Importantly, this was from just the Kylo and Strauss deposits at Mt Carrington with a cohesive and Mt Carrington-wide polymetallic resource to come.

We set out our bull, base and bear cases for TMZ in our latest note which can be found below:

What’s next for TMZ: We want to see TMZ complete all of its resource updates and come as close to our base case target of a portfolio wide 100m ounce silver equivalent JORC resource base. With metallurgical testwork ongoing, we are watching to see what comes from the rest of the Mt Carrington deposits (Guy Bell-Carrington-Lady Hampden-Silver King-White Rock).