Since 2012 estimates were filed, new drilling focused on the lower part of the deposit has upgraded reserves from 760 million tonnes to 800Mt.

Overall, the new work has led to an increase in contained copper of 7%, an increase in contained gold of 14%, and an increase in tonnage of 5%.

OZ Minerals CEO Terry Burgess said the new results had again confirmed the significance of the Carrapateena deposit.

“This completes the current stage of work on delineating the Carrapateena resources and demonstrates again that we have a very significant copper resource in the global context,” he said.

“Carrapateena also has the significant added benefit of being located in a highly favourable mining jurisdiction and in a district which is demonstrating potential to host further deposits.”

The deposit is a mix of copper, gold, and iron oxide and is located 130km from Port Augusta in South Australia.

Early study has identified block caving as a viable mining method for Carrapateena and OZ said further study was underway to confirm the initial indication.

Estimated costs for mining the deposit currently sit at $A23/t.

OZ shares were down 1.2% this morning at $3.18.