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Galaxy Resources Ltd.
Summary
| Project: | Mt Cattlin | |
|---|---|---|
| Deposit: | Mt Cattlin | |
| Location: | Australia | |
| Commodities: | Lithium-Tantalum | |
| Date: | 1/23/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 23-1-2019: Galaxy Resources Ltd. announces a Resource Estimation report for its Mt Cattlin deposit at the Mt Cattlin project. Updated mineral resource estimate at the project. Galaxy Resources Limited ("Galaxy" or the "Company") (ASX: GXY) is pleased to a | |
| Resources: | (Resource, Total): 16.7Mt @ 1.28% Li2O, 159ppm Ta2O5 | |
| CP/QP: | [Resources]: David Billington (Mining Plus Pty Ltd.) | |
| ABSTRACT: | Galaxy Resources Limited ("Galaxy" or the "Company") (ASX: GXY) is pleased to announce a Mineral Resource and Ore Reserve update following drilling activities undertaken during the second half of 2018 at the Mt Cattlin Project in Ravensthorpe, Western Australia. There has been a 42% increase in classified Resources (Table 1) compared with the equivalent position as at June 2018 (Table 2). Ore Reserves continued to be modeled using a US$650 per tonne revenue factor and have increased 40% overall to 10.7Mt (Proven and Probable) @ 1.15% Li2O and 137 ppm (parts per million) Ta2O5 (Table3). Ore Reserves were last updated in December 2017. These increases take into account the additional drilling completed in the second half of the year (as announced 28 November 2018) and also reflect an increase in measured resources (with grade control drilling), as well as an increase in inferred resources (given deeper extensional and development drilling) completed during that period. A 17% dilution at zero grade and 93% mining recovery have been applied to the Ore Reserve. During the second half of 2018, Galaxy received all necessary approvals from the West Australian Department of Mines, Industry Regulation and Safety (DMIRS) to transition mining away from the Dowling and 2SW pits, which had been the focus of mining since the recommencement of production at Mt Cattlin, to begin mining east of and on Floater Road. State approval was also received to increase the process plant throughput to 2.0Mtpa (million tonnes per annum). The yield optimization program, which included the installation of an ultrafines DMS (dense media separation) circuit, ore optical sorting circuits, and a WHIMS (Wet High Intensity Magnetic Separation) circuit has now reached practical completion. RESOURCE The Mineral Resource estimate was completed by independent consultant Mining Plus. Galaxy was responsible for the logging, sampling, analytical and QA/QC protocols. Mining Plus was responsible for the interpretation and modeling of the geology and lithia (Li2O), as well as related mineralisation, geostatistical analysis, block modeling, resource and ore reserve classification. | |
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