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Eastern Goldfields Ltd.
Summary
| Project: | Siberia | |
|---|---|---|
| Deposit: | Sand King | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/14/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 14-2-2017: Eastern Goldfields Ltd. announces a Resource Estimation report for its Sand King deposit at the Siberia project. Initial open pit reserve for Sand King deposit. Eastern Goldfields Limited (ASX: EGS) (Eastern Goldfields or the Company) is please | |
| Resources: | (Reserve, Prob.): 2.025Mt @ 2.3g/t Au for 150000oz contained at Siberia | |
| CP/QP: | [Resources]: Michael Thomson (Internal) | |
| ABSTRACT: | Eastern Goldfields Limited (ASX: EGS) (Eastern Goldfields or the Company) is pleased to announce a maiden open pit Reserve for the Sand King Deposit of 820,000t @ 2.5g/t Au for 65,000 ounces. The Sand King Deposit forms part of the Siberia Project, located approximately 37 kilometres from the Company’s Davyhurst Mill (Figure 1). This now completes the current phase of resources and reserve generation work at the Siberia Project and establishes a combined open pit mining Reserve for the Missouri and Sand King deposits of 2,025,000t @ 2.3g/t Au for 150,000 ounces. This represents a 30% gold ounce conversion from the combined resource of 4,884,000 @ 3.2g/t Au for 498,000 ounces with the majority of the non‐converted ounces sitting below the optimised open pits. Mine evaluation work investigating the underground mining potential beneath these two deposits continues. Importantly, all the necessary statutory approvals are now in place to commence mining at Siberia. Entech Pty Ltd, an independent international mining consultant specialising in mining engineering, conducted a mining study at the Sand King Deposit that successfully defined an open pit Ore Reserve. Executive Chairman Michael Fotios said: “The combined Sand King and Missouri Reserve will underpin the baseload feed requirements for the Davyhurst plant whilst establishing an early robust cash flow for the early years of the project. We intend to combine supplementary oxide open pit ores and higher grade underground ore feed over the baseload as the Project develops. With the completion of Reserve generation works delivering such strong gold ounce conversion, we now look forward to the commencement of mining at Siberia in the coming weeks.” | |
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