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Cradle Resources Ltd.
Summary
| Project: | Panda Hill | |
|---|---|---|
| Deposit: | Panda Hill | |
| Location: | Tanzania | |
| Commodities: | Niobium | |
| Date: | 1/20/2015 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 20-1-2015: Cradle Resources Ltd. announces a Resource Estimation report for its Panda Hill deposit at the Panda Hill project. Updated mineral resource estimate, 10% increase in grade. Cradle Resources Limited (“Cradle”) is pleased to announce that the upd | |
| Resources: | (Resource, I+I): 96.3Mt @ 0.52% Nb2O5 for 504Kt Nb2O5 contained total | |
| CP/QP: | [Resources]: Ingvar Kirchner, Ellen Maidens (Tetra Tech/Coffey Mining Ltd.) | |
| ABSTRACT: | Cradle Resources Limited (“Cradle”) is pleased to announce that the updated 2014 Resource for the Panda Hill Niobium Project has been completed. The Resource was undertaken by the independent mining consultants Coffey Mining based in Perth, Western Australia. The 2014 Resource has been reported in accordance to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, The JORC Code 2012 Edition. The updated total Resource (Weathered and Primary Carbonatite , Indicated and Inferred) contains 96.3Mt at 0.52% Nb2O5 for 503Kt of contained Nb2O5 reported at a 0.3% Nb2O5 cut off, and is based predominantly on new drilling undertaken in 2013 and 2014. The MIK method used incorporates both increased mining selectivity and internal dilution in its SMU model, which is expected to have a positive effect on the head grades of the future feasibility studies. This program has significantly increased the endowment of expected high-recovery Primary Carbonatite mineralisation to 88.4Mt at 0.52% Nb2O5 for 459Kt of Nb2O5 which represent a 37% increase in metal and 10% increase in grade to the 2013 estimate. The increase in Primary Carbonatite mineralisation incorporates depth extensions due to drilling in the Angel Zone, as well as extensions on strike to the North of the deposit. The 2014 infill drill program was planned to increase the overall confidence of the Resource so as to enable advanced mining studies to be undertaken. Significantly, this new drilling has enabled a substantial increase in Primary Resource Indicated material to 35.9Mt at 0.54% Nb2O5 for 194Kt of Nb2O5. | |
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