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Beadell Resources Ltd.
Summary
| Project: | Tucano | |
|---|---|---|
| Deposit: | Tucano | |
| Location: | Brazil | |
| Commodities: | Gold | |
| Date: | 12/4/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 4-12-2018: Beadell Resources Ltd. announces a Resource Estimation report for its Tucano deposit at the Tucano project. Update mineral resource and ore reserve estimate at the project. Beadell Resources Limited (Beadell or Company) announces a depletion on | |
| Resources: | (Reserve, P+P): 21.672Mt @ 1.81g/t Au for 1.2611Moz Au contained | |
| CP/QP: | [Resources]: Paul Tan, Marcelo Batelochi, Brian Wolfe (Internal;Independent) | |
| ABSTRACT: | Beadell Resources Limited (Beadell or Company) announces a depletion only Annual Ore Reserve and Mineral Resource update as at 30 June 2018, produced in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Due to budget constraints (resulting from the Tucano Plant Upgrade and change in mining contractor) and changes in management earlier in the year, Beadell has undertaken insufficient drilling to add to its mineral resources and ore reserves estimates in 2018. This update is a re-statement of the Annual Ore Reserve and Mineral Resource statement as at 30 June 2017, after depletion by mining and processing activities from 1 July 2017 through to 30 June 2018. Initial limited drilling has indicated promising results, but the Company is not able to report exploration results until further drilling and analysis has occurred. Beadell expects to be in a position to undertake this further work throughout 2019 upon completion of the announced transaction with Great Panther Silver Limited (Great Panther) (ASX Announcement 24 September 2018). Beadell plans infill and step out drilling to convert inferred resources to measured and indicated resources and to further define the four discoveries (ASX Announcement 18 September 2018) along the Tucano mine trend. The highest priority step-out target will be the Neo lodes as they occur in the current Tap AB reserve pit outline in an area classified as waste. The Company will update the market on the progress of this drilling once underway. Dr Nicole Adshead-Bell, CEO & Managing Director of Beadell, commented: “We look forward to demonstrating the potential of the Tucano mine trend upon completion of the transaction with Great Panther. This transaction will result in the creation of a growth-oriented precious metals producer with the balance sheet to prove the potential of the Tucano mine trend via investment in infill and step-out drilling to increase Tucano’s reserves, life of mine and net present value, delivering increased value per share to both Beadell and Great Panther shareholders”. | |
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