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Doray Minerals Ltd.
Summary
| Project: | Andy Well | |
|---|---|---|
| Deposit: | Andy Well | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/28/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 28-9-2016: Doray Minerals Ltd. announces a Resource Estimation report for its Andy Well deposit at the Andy Well project. Updated mineral resources and ore reserves for project. Doray Minerals Ltd (ASX: DRM, Doray, the Company), today announced an updated | |
| Resources: | (Reserve, P+P): 734Kt @ 6.1g/t Au for 145000oz Au contained at Andy Well | |
| CP/QP: | [Resources]: Mark Cossom (Internal) | |
| ABSTRACT: | Doray Minerals Ltd (ASX: DRM, Doray, the Company), today announced an updated Resource and Reserve estimate as at 30 June 2016, including a 17% increase to the Group Mineral Resource Inventory, which now totals approximately 1.38 million ounces contained gold across the Andy Well and Deflector Projects. Doray has increased the total Andy Well Resource inventory by 33% over the past 12 months, net of mining depletion. The Andy Well Resource (excluding Gnaweeda) now stands at 1.9Mt @ 8.4g/t Au for 520,000 ounces with approximately 368,000 ounces (46%) classified as “Measured and Indicated” and with an average grade of approximately 9.6g/t Au. The Andy Well Ore Reserve has been maintained at approximately 145,000 ounces @ 6.1g/t Au after production of over 84,000 ounces in the financial year ending 30 June 2016 and approximately 250,000 ounces to date. Doray’s Managing Director, Mr Allan Kelly,said that the Andy Well Project had exceeded expectations when compared with the original BFS, completed in 2012, prior to the commencement of mining and construction. “Since commencement of production in August 2013, Andy Well has produced over 250,000 ounces of gold and has at least a further 2 years of Reservesremaining, compared with the BFS estimate of 256,000 ounces and mine life of 3.7 years,” Mr Kelly said. “If we look at the cumulative production to date, when combined with the current Resource, the total number exceeds 1 million ounces for the first time in the Project’s short history,” he added. Combined with Deflector, the Group Ore Reserve Inventory totalled 467,000 contained ounces @ 5.8g/t Au at 30 June 2016, before the commencement of production from Deflector. There has been no change to the Mineral Resource / Reserve at the Deflector Project at 30 June 2016, as the Project had only recently commenced mining and production at that date, however upcoming exploration programs have the potential to add to the mining inventory in the near‐term. | |
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