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Excelsior Gold Ltd.
Summary
| Project: | Kalgoorlie North | |
|---|---|---|
| Deposit: | Zoroastrian | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/14/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 14-10-2016: Excelsior Gold Ltd. announces a Resource Estimation report for its Zoroastrian deposit at the Kalgoorlie North project. Updated mineral resource and ore reserve at Zoroastrian. Excelsior Gold Limited (ASX: EXG) (“Excelsior Gold” or the “Compan | |
| Resources: | (Reserve, Prob.): 490Kt @ 2.1g/t Au for 32.7Koz Au contained | |
| CP/QP: | [Resources]: Patrick Adams (Cube Consulting Pty Ltd.) | |
| ABSTRACT: | Excelsior Gold Limited (ASX: EXG) (“Excelsior Gold” or the “Company”) wishes to provide a market update on the operations and organisational aspects of the Company. The market has previously been informed that the Company is intending to urgently review its Mineral Resource and Ore Reserve statements and this announcement addresses in particular the Zoroastrian open pit resource and reserve (ASX announcement 30 September 2016 Annual Report). Since open pit mining commenced in November 2015, there has been increasing evidence that mine production has been below the production estimates from the open pit diluted resource models on which the pit designs were based. The resultant significant shortfall in actual ounces mined and recovered has placed significant pressure on the Company’s cash position and its share price. An indication of the magnitude of mine production and in pit resource issues in the Zoroastrian Pit was initially recognised in June 2016 when open pit mining had generated an estimated 105,453 tonnes of ore grading 1.40g/t Au for 4,745 contained ounces of gold production versus the reserve predicted 198,600 tonnes of ore grading 1.49g/t Au for 9,490 contained ounces (ASX announcement of 4 July 2016). As mining has progressed in the Zoroastrian Central Pit and additional detailed drilling and mapping information has become available, it is apparent that the distribution of the gold mineralisation is markedly different to the original geological interpretations. The mineralisation in the main steeply dipping shear structures(Birthday Dream and Royal Mint structures) is less consistent and potentially controlled by flat shears and there is also a previously unrecognised predominance of flatter quartz vein structures over steeply west dipping mineralised shears in sections of the pit. In addition, as noted in an ASX announcement on 13 July 2016, it was determined that “corrupted resource definition modelling data …. provided erroneous mine reconciliation information”. | |
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