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Australia

Sulphur Springs Project

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Summary

Mine TypeUnderground
Study CompletedFeasibility
StageConstruction
Commodities
  • Copper
  • Zinc
  • Lead
  • Silver
  • Gold
Mining Method
  • Transverse stoping
  • Longitudinal stoping
  • Longhole stoping
  • Longitudinal retreat
Backfill type ... Lock
Mine Life... Lock
SnapshotThe results of the Sulphur Springs Feasibility Study (2025) highlight the Project’s exceptionally low cash operating costs, robust margins and outstanding economic returns. This will allow Develop to commence project off-take arrangements, project financing and pre-development activities prior to a Final Investment Decision.

During the June quarter 2025 earthmoving contractor mobilised to site to commence activities associated with surface infrastructure and early-stage underground mining works. Initial work program activities are well advanced and include:
• Re-instating site access routes;
• Clearing of the mining and processing infrastructure footprint;
• Clearing of access to the underground boxcut;
• Establishment of the underground workshop and mining infrastructure will take place in parallel with the ground support installation for the boxcut.

The boxcut excavation is scheduled to be completed in the September quarter.
Latest NewsDEVELOP Global Ltd.: Updated DFS on Sulphur Springs - Substantial Value Uplift     October 9, 2025

Owners

SourceSource
CompanyInterestOwnership
DEVELOP Global Ltd. 100 % Indirect
The Sulphur Springs Project is wholly owned (100%) by Develop Global through its wholly-owned subsidiary, Venturex Sulphur Springs Pty Ltd.

Contractors

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Deposit type

  • VMS

Summary:

The Sulphur Springs deposit is a volcanogenic massive sulphide (VMS) Zinc-Copper deposit located within the Sulphur Springs Group in the central east of the Archaean Pilbara Craton.

At the prospect scale, deposit lithologies and base metal mineralisation lies within the upper part of the Kangaroo Caves Formation. Local geology comprises polymictic breccia, chert, massive and stringer sulphide mineralisation, and felsic volcanic rocks of dacitic to rhyloite composition.

At deposit scale, Sulphur Springs deposit lithologies intersected in drill holes comprise polymictic breccia, chert, massive and stringer sulphide mineralisation, and felsic volcanic rocks of dacitic composition. Massive pyrite and base metal mineralisation occurs over a 550m strike length and 600m down-dip extent and consists of an upper zone of massive sulphide overlying a disseminated/stringer (disseminated) zone. The upper contact of the massive sulphide unit is generally sharp, while the lower contact with the footwall disseminated zone is diffuse, with gradational metal tenor over several metres. There are indications of structural thickening in some mineralisation areas, which has obscured primary morphology and metal zonation.

Massive sulphide horizon widths vary from less than 2m at the periphery to greater than 50m in the central part of the east/west lenses, whereas the lower disseminated stringer zone has more variable widths between 2m and 20m.

The following major mineralisation styles and relationships are recognised:
• Zinc-rich mineralisation is most prominent towards the hangingwall of the massive sulphide. Discrete zones of zinc occur towards the footwall of the massive sulphide and are interpreted to be structural emplacement. Lower tenor zinc-rich mineralisation is also defined within the footwall;
• Copper-rich mineralisation is most prominent towards the footwall of the massive and upper disseminated area of sulphide mineralisation;
• Hangingwall zinc mineralisation that lies 10–40 m above the massive sulphide is interpreted to be structural repetition of the massive sulphides. There is low marker breccia below the hangingwall mineralisation that is interpreted as localised thrust faulting.

The principal zinc mineral is a pale brown-coloured, iron-poor sphalerite occurring as fine-grained disseminations throughout the sulphide mineralisation, but is preferentially concentrated with pyrite in massive sulphide lenses towards the hangingwall of the massive sulphides. Fine-grained galena occurs as discrete, localised mineralisation.

The principal copper mineral is chalcopyrite, occurring as pervasive coarse disseminations, veins and fracture infill concentrated towards the footwall of the massive sulphide and hangingwall of the disseminated sulphide. Minor amounts of bornite and tennantite-tetrahedrite have been noted. Chalcocite has been noted in some of the shallower weathered intersections. Malachite is prominent in the gossan.

Sulphide mineralisation is offset by a steeply dipping north-south oriented fault (Main fault) which divides the mineralisation into the east and west lenses.

Drill holes intersecting the Main fault area show significant intersections of breccia, which is interpreted to be growth fault breccia that is not mineralised.

The principal zinc mineral is a pale brown–coloured, iron-poor sphalerite occurring as fine-grained disseminations throughout the sulphide mineralisation, but is preferentially concentrated with pyrite in massive sulphide lenses towards the hangingwall of the massive sulphides. Finegrained galena occurs as discrete, localised mineralisation.

Sulphide mineralisation is offset by a steeply dipping north–south oriented fault (Main fault) which divides the mineralisation into the east and west lenses.

Drill holes intersecting the Main fault area show significant intersections of breccia, which is interpreted to be growth fault breccia that is not mineralised.

Dimensions
The Sulphur Springs deposit comprises massive pyrite and base metal mineralisation is bound within a 550 m × 550 m area and 600 m depth extent. Across-strike widths vary from 1 m to <40m.

Reserves

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Mining Methods

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Heavy Mobile Equipment

Fleet data has not been reported.

Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityUnitsAvg. AnnualLOM
Copper kt 8.870
Zinc kt 51411
Silver koz 1,131
All production numbers are expressed as payable metal.

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Annual processing rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2025 study.

Production Costs

CommodityUnitsAverage
Assumed price Zinc USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
* According to 2025 study / presentation.

Project Costs

MetricsUnitsLOM Total
Pre-Production capital costs $M AUD  ......  Subscribe
Sustaining CapEx $M AUD  ......  Subscribe
Total CapEx $M AUD  ......  Subscribe
UG OpEx $M AUD  ......  Subscribe
Processing OpEx $M AUD 463.5
Refining and treatment costs $M AUD  ......  Subscribe
Transportation (haulage) costs $M AUD 108.2
G&A costs $M AUD 69.1
Total OpEx $M AUD  ......  Subscribe
Royalty payments $M AUD  ......  Subscribe
Gross revenue (LOM) $M AUD  ......  Subscribe
Net revenue (LOM) $M AUD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M AUD  ......  Subscribe
$M AUD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 2, 2025
....................... Subscription required ....................... Subscription required Subscription required Oct 2, 2025

Workforce

Aerial view:

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