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Eastern Goldfields Ltd.
Summary
| Project: | Siberia | |
|---|---|---|
| Deposit: | Missouri | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/15/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-12-2016: Eastern Goldfields Ltd. announces a Resource Estimation report for its Missouri deposit at the Siberia project. Updated mineral resource and Initial ore reserve at Missouri deposit at Siberia. Eastern Goldfields Limited (ASX: EGS) (Easter | |
| Resources: | (Reserve, Prob.): 1.205Mt @ 2.2g/t Au for 85000oz Au contained at Missouri deposit | |
| CP/QP: | [Resources]: Ross Whittle-Herbert (Internal) | |
| ABSTRACT: | Eastern Goldfields Limited (ASX: EGS) (Eastern Goldfields or the Company) is pleased to announce a Mineral Resource upgrade and associated Ore Reserve for the Missouri Deposit, located approximately 80km north west of Kalgoorlie within the North Eastern Goldfields of Western Australia (Figure 1). This Resource estimation represents the culmination of a recently completed 6,414m Resource definition drilling program, including recent confirmatory drilling on the historical holes within the database that also allows a JORC 2012 Code upgrade for the deposit. The combined indicated and inferred Mineral Resource is now 2.43 Mt @ 2.9g/t Au for 227,000 ounces (1g/t cut‐off). This represents an increase of 85% in contained ounces over the previous published Mineral Resource (December 2007). This upgrade, combined with creation of an Ore Reserve, represents significant additional value to the Company and a major step toward commencement of mining and processing in Q1 2017. The Company remains focused on delivering strong cash flow from the mining of this deposit. Executive Chairman Michael Fotios said: “We have achieved a major milestone in delivering an updated resource and reserve statement for Missouri which surpasses our expectations. The tonnage and grade within the maiden JORC 2012 Ore Reserve at Missouri represents a compelling initial mining and near term cash flow opportunity. The results are pleasing and we continue to work on presenting the other deposits in the near future which have the potential to further enhance the mine life and project economics.” | |
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