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Highland Gold Mining Ltd.
Summary
| Project: | Mnogovershinnoye | |
|---|---|---|
| Deposit: | Mnogovershinnoye | |
| Location: | Russia | |
| Commodities: | Gold | |
| Date: | 5/5/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 5-5-2017: Highland Gold Mining Ltd. announces a Resource Estimation report for its Mnogovershinnoye deposit at the Mnogovershinnoye project. Updated resource and reserve estimates for Mnogovershinnoye (MNV) mine. Highland Gold Mining Limited ("Highland G | |
| Resources: | (Reserve, Prob.): 2.984Mt @ 5.2g/t Au for 500koz Au contained at project | |
| CP/QP: | [Resources]: Stanley Bartlett (Independent) | |
| ABSTRACT: | Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) is pleased to announce the results of updated JORC-compliant Mineral Resource and Ore Reserve estimates for its Mnogovershinnoye (MNV) mine, conducted by Micon International Co Limited. The Mineral Resource and Ore Reserve estimates take into account data from the extensive near-mine exploration programme conducted at MNV in 2016, which included over 14,000 metres of diamond drilling. The data supports the extension of MNV's life of mine to 2022, as announced earlier this year. Total Ore Reserves increased to 500,400 oz, compared to 245,618 oz previously estimated to remain from the last reserve audit conducted in 2012 and reported in the Company's 2016 Annual Report. Mineral Resources were reduced to 631,720 oz, compared to the 1.6 million oz reported in the 2016 Annual Report, as a result of employing a different approach to modelling and a higher cut-off grade. This was done with the goal of optimising resources under both Russian and international standards, and therefore omits resources with grades of lower than 2 g/t for underground mining. Due to the geological complexity of mineralisation, Micon has exercised further caution by assigning Mineral Resources to the Indicated and Inferred categories, and Ore Reserves to the Probable category. The Company is carrying out additional surface and underground exploration at several of the ore bodies at MNV in 2017 with a view toward further increase reserves and extending the life of mine beyond 2022. In addition, 4,300 m of drilling is planned at the satellite Bear ore zone to the north this year. This exploration programme has the potential to upgrade the current MNV Mineral Resources and Reserves. | |
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