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Kolar Gold Ltd.
Summary
| Project: | Jonnagiri | |
|---|---|---|
| Deposit: | Jonnagiri | |
| Location: | India | |
| Commodities: | Gold | |
| Date: | 10/21/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 21-10-2016: Kolar Gold Ltd. announces a Resource Estimation report for its Jonnagiri deposit at the Jonnagiri project. Updated resource estimate. Kolar Gold Limited (LON: KGLD), the AIM-quoted gold exploration and mine development company, is ple | |
| Resources: | (Resource, I+I) 0.007Mt @ 1.55g/t Au for 351 koz Au contained | |
| CP/QP: | [Resources]: Andrew Weeks (Golder Associates) | |
| ABSTRACT: | Kolar Gold Limited (LON: KGLD), the AIM-quoted gold exploration and mine development company, is pleased to provide an update on its Indian interests. As previously announced, Geomysore Services (India) Private Limited ("Geomysore"), in which Kolar owns 22.31% equity as at today's date, is in the process of undertaking an Economic Feasibility Study ("EFS") in respect of building a producing open pit gold mine from the East Block at Jonnagiri, for which Geomysore has been granted a 30-year mining licence to mine 365,000 tonnes of gold ore per year. Whilst drilling and mine planning for the EFS continues at Jonnagiri, Geomysore commissioned Golder Associates Pty Limited ("Golders") to review the drilling programme and estimate the JORC compliant resource at Jonnagiri. Following completion of this review based on the data available as at 30 June 2016, Golders has estimated a JORC compliant resource (the "Resource") of 351,000 ounces (Indicated and Inferred) in aggregate at the East and West (formerly 'Temple Deep') blocks (234,000 ounces and 117,000 ounces respectively), a significant increase from the approximate 150,000 ounces identified at the East Block and announced on 30 March 2016. Kolar Gold CEO, Cameron Parry, commented: "We are delighted to report that the JORC compliant resource at Jonnagiri has materially increased since earlier this year thanks to the significant improvement at the East block and through the addition of the underground prospect in the West block. "The EFS is scheduled to be completed before the end of the first quarter next year. Kolar intends to provide an interim update on the EFS drilling results at Jonnagiri over the next couple of months. Upon completion of the EFS drilling programme and pit optimisation study, the size of the JORC resource will be updated further. "Kolar Gold continues to progress its threefold strategy; build value in Kolar's Indian gold interests, establish fintech applications that can leverage off Kolar's gold focus in India, and, as recently secured in Finland, develop high grade gold assets in a second jurisdiction." | |
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