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ABM Resources NL
Summary
| Project: | Twin Bonanza | |
|---|---|---|
| Deposit: | Old Pirate | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/19/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 19-8-2016: ABM Resources NL announces a Resource Estimation report for its Old Pirate deposit at the Twin Bonanza project. Updated mineral resource estimate for Old Pirate deposit. ABM Resources NL (“ABM” or the “Company”) advises that CSA Global Pty Ltd | |
| Resources: | (Resource, I+I): 760000t @ 4.7g/t Au for 114900oz Au contained at Old Pirate | |
| CP/QP: | [Resources]: David Williams (CSA Global Pty Ltd.) | |
| ABSTRACT: | ABM Resources NL (“ABM” or the “Company”) advises that CSA Global Pty Ltd (CSA Global) have prepared an updated Mineral Resource estimate for the Company’s Old Pirate deposit. Between March 2015 and March 2016, ABM operated five small open pits at Old Pirate with a total of 155,357 tonnes of ore grading 5.9g/t mined and processed to produce 29,376 ounces of gold. Following the completion of mining, CSA Global were engaged to prepare an independent estimate of remaining Mineral Resources at Old Pirate in accordance with the 2012 Edition of the JORC Code. CSA Global’s Mineral Resource estimate for Old Pirate is 760,000 tonnes at an average grade of 4.7g/t for 114,900 ounces of contained gold, classified as Indicated and Inferred. The updated Mineral Resource estimate represents a significant reduction in both tonnage and grade compared to previous estimates, the most recent of which was produced in September 2014 (ASX 30 September 2014). The CSA Global resource model was extended into the voids of the four main open pits enabling a comparison of modelled tonnage and grade with reconciled mine production. This material is not included in the Mineral Resource estimate reported above. As shown in Table 2 below, the CSA Global model has lower tonnage, higher grade and contains approximately 7% less ounces of gold than actually produced. Mining dilution, ore loss, the mining of mineralisation not identified by exploration drilling and typical margins of error for a Mineral Resource estimate could explain these differences. | |
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