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Carbine Resources Ltd.
Summary
| Project: | Mount Morgan | |
|---|---|---|
| Deposit: | Shepherds Gully | |
| Location: | Australia | |
| Commodities: | Gold-Copper-Silver-Sulphur | |
| Date: | 8/1/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 1-8-2016: Carbine Resources Ltd. announces a Resource Estimation report for its Shepherds Gully deposit at the Mount Morgan project. Updated resource, Indicated resource at Shepherds Gully now 24% higher than previous estimate. The JORC 2012 Indicated Min | |
| Resources: | (Resource, Ind.): 4.83Mt @ 0.84g/t Au, 0.17% Cu, 1.42g/t Ag, 12.4% S at Shepherds Gully | |
| CP/QP: | [Resources]: Dr M. Abzalov (Independent) | |
| ABSTRACT: | The JORC 2012 Indicated Mineral Resource at Mount Morgan’s Shepherds Gully tailings dump is 4.83Mt at 0.84 g/t Au for 131,000 ounces of gold (above a 0.00 g/t gold cut-off grade). This represents a significant increase in both the confidence and size of the Shepherds Gully Mineral Resource from the previously reported Inferred Mineral Resource of 3.9Mt at 0.86g/t for 106,000 ounces (Norton Goldfields Limited ASX announcement 28 October, 2009). This announcement for the Shepherds Gully tailings dump represents the third of four resource updates on the tailings dumps at Mount Morgan. The previous resource updates for the No 2 Mill and Mundic Gully tailings dumps were announced previously (ASX: 18 July 2016, 27 July 2016). These updates include the results from the recently completed drilling program in May 2016 (ASX: 1 June 2016). Importantly, the total Indicated Resource for the Mount Morgan Project has grown to 9.35Mt @ 1.12g/t gold for 335,000oz. These updated Mineral Resources (and Red Oxide resource upgrade in progress) will be incorporated in the Definitive Feasibility Study (DFS) due for completion this quarter. A total of 37 drill holes were completed at the Shepherds Gully tailings dump in 2016 to both convert the Inferred Resources to Indicated Resources and to increase the overall resource by testing for potential extensions to the known resource. At that time, the Shepherds Gully tailings dump had an Inferred Mineral Resource of 3.9Mt at 0.86g/t gold for 106,000 ounces (Norton Gold Fields Limited ASX announcement 28 October, 2009). The new total Inferred and Indicated Mineral Resource for Shepherds Gully is 4.83Mt at 0.84g/t gold for 131,000 ounces (Table 1). This new Mineral Resource represents a 24% increase (25,000 ounces) compared with the previous Mineral Resource in 2009. | |
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