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Malachite Resources Ltd.
Summary
| Project: | Lorena | |
|---|---|---|
| Deposit: | Lorena | |
| Location: | Australia | |
| Commodities: | Gold-Copper | |
| Date: | 10/26/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 26-10-2018: Malachite Resources Ltd. announces a Resource Estimation report for its Lorena deposit at the Lorena project. Updated mineral resource and ore reserve at the project + new drill results. Malachite Resources Limited (ASX Code: MAR) (“Malachite” | |
| Resources: | (Reserve, Prob.): 295Kt @ 5.0g/t Au for 49Koz Au contained | |
| CP/QP: | [Resources]: Troy Lowien (Groundwork Plus Pty Ltd.) | |
| ABSTRACT: | Malachite Resources Limited (ASX Code: MAR) (“Malachite” or the “Company”) is pleased to confirm its Mineral Resource and Ore Reserves as at 30 June 2018 in respect of the Lorena Gold Mine near Cloncurry, Queensland. The Lorena Gold Mine is an operating gold mine in which Malachite holds a 55% interest in the current open pit operation at Lorena in joint venture with Cloncurry Gold Recovery Management Pty Ltd (CGR) and Ore Processing Services Pty Ltd (“OPS”). CGR is the manager of a joint venture between Chinova Resources Tennant Creek Pty Ltd (70%) and BIM Gold Pty Ltd (BIM) (30%). Malachite retains a 70% interest in any additional resources not within the open cut operation and within the Lorena Gold Project mining leases. Details of commercial arrangements under the Joint Venture, project and working capital obligations and each joint venture parties corporate/project financing commitments are not considered in the following/attached statements. Mineral Resources for the Lorena Gold Project have been estimated as at 30 June 2018 and are reported in accordance with the guidelines in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code). The Indicated Mineral Resource is inclusive of those Mineral Resources that convert to Ore Reserves. The information in this report that relates to Exploration Targets, Exploration Results and Mineral Resources is based on information compiled by Troy Lowien, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Lowien is employed by Groundwork Plus Pty Ltd and is a consultant to Malachite Resources. Mr Lowien has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Lowien consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. | |
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