NexMetals Mining Corp. has announced an updated Mineral Resource Estimate for the Selebi Main deposit at its past-producing Selebi copper-nickel-cobalt mine in Botswana. The estimate, completed by The MSA Group, was filed as an exhibit to the company's Form 8-K on October 1, 2026.
The updated estimate, known as the 2026 Selebi Main MRE, increases the total tonnage of the deposit by approximately 72% compared to the 2024 Mineral Resource Estimate. The resource is now reported at 32.47 million tonnes grading 1.53% copper and 0.98% nickel. The resource is classified as Inferred under Canadian standards.
Contained metal figures have also risen significantly. The estimate identifies 495,400 tonnes of contained copper and 316,800 tonnes of contained nickel. Additionally, cobalt is now included in the resource estimate, with 16,200 tonnes of contained cobalt reported. The company calculates a copper equivalent total of 1.77 billion pounds.
The growth is attributed largely to new drilling in the Flexure Zone, which accounts for 91% of the tonnage increase. The resource is divided into two zones: the Upper Zone, which contains 23.52 million tonnes grading 1.61% copper and 1.05% nickel, and the Lower Zone, which contains 8.95 million tonnes grading 1.31% copper and 0.77% nickel.
- Geological Context: The deposit is described as a metamorphosed magmatic nickel-copper sulphide deposit with massive, semi-massive, and disseminated sulphides.
- Data Sources: The geological database used in the estimate comprises 69 historical drillholes from the previous operator, BCL Limited, and 38 drillholes drilled by NexMetals.
- Technical Parameters: The resource was estimated using a cut-off value of US$75 per tonne Net Smelter Return (NSR) and long-term metal prices of US$5.10 per pound for copper and US$9.10 per pound for nickel.
- Outlook: NexMetals noted that step-out drilling completed after the resource cut-off date intersected thick, high-grade massive sulphide mineralization, which is not included in the current figures. The company also stated that the Selebi North Mineral Resource Estimate is nearing completion and will be reported separately.
