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Explaurum Ltd.
Summary
| Project: | Tampia | |
|---|---|---|
| Deposit: | Mace | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/7/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 7-12-2018: Explaurum Ltd. announces a Resource Estimation report for its Mace deposit at the Tampia project. Initial mineral resource estimate for Mace deposit. Explaurum Limited (Explaurum or the Company) is pleased to provide an update on the initial Mi | |
| Resources: | (Resource, Inf.): 400Kt @ 1.4g/t Au for 20Koz Au contained at Mace | |
| CP/QP: | [Resources]: Rene Sterk (RSC Global Pty Ltd.) | |
| ABSTRACT: | Explaurum Limited (Explaurum or the Company) is pleased to provide an update on the initial Mineral Resource estimate for the Mace supergene mineralisation based on recent RC and diamond drilling programs. Commenting on the progress at Mace, Explaurum Managing Director, John Lawton, said: “At a headline level, the initial Mace Mineral Resource estimate has returned a somewhat frustrating result. However, the finer detail behind it presents a different story. The infill RC drilling program was undertaken on a close-spaced 20m x 10m drill pattern, with many high-grade intercepts being returned. However challenging sample quality, as a result of the gold mineralisation being coarse, or nuggety, and being hosted by unconsolidated clay, has had the effect of significantly negatively biasing the final grade estimate for the resource. “This dynamic is illustrated simply by comparing the RC drilling results with the corresponding diamond drilling results. The average RC intercept grade of 4.1g/t Au is less than half of the average diamond drill intercept grade of 9.4g/t Au. The Competent Person has clearly established that, on a statistical basis, all RC intercept grades above 0.6g/t Au are negatively biased, thereby significantly downgrading estimation of the actual gold grade. This relatively low statistical level of confidence in the grade estimate is the reason why the Mace Resource cannot be classified in anything other than the Inferred category. “Notwithstanding these dynamics, the strong grade, shallow depth and sediment hosted nature of the Mace supergene mineralisation highlight that this material has excellent potential to deliver high recovery and low cost ounces early in the proposed Tampia mine plan – a dynamic that we are rapidly evaluating. “We have now confirmed the presence of a sizable body of shallow, enriched gold mineralisation at Mace. The strike extent of this mineralisation exceeds 1.1 kilometres – and remains open to the west. Subject to approval of the Alkane strategic investment, we plan to aggressively accelerate extensional drilling at Mace in early 2019.” | |
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