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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Bartons | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/17/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 17-10-2016: Millennium Minerals Ltd. announces an Exploration/Drilling Update report for its Bartons deposit at the Nullagine project. Drilling results incl. 12m @ 8.96g/t Au from 105m. Millennium Minerals Limited (Millennium or Company – ASX: MOY) is ple | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Dunn (Internal) | |
| ABSTRACT: | Millennium Minerals Limited (Millennium or Company – ASX: MOY) is pleased to report on a strong September 2016 Quarter (Quarter), which saw the Company remain firmly on track to reach the upper end of its production guidance while also generating more outstanding exploration results at its 100 per cent-owned Nullagine Gold Project (Project) in Western Australia (Figure 1). The Company produced 20,018 oz at an all-in sustaining cost (AISC) of $1249/oz during the Quarter. This took production for the nine months to 30 September 2016 to 65,944 oz, trending ahead of FY2016 guidance of 80,000-85,000 oz. The AISC for the year to date is $1211/oz, which is within the FY2016 guidance range of $1180/oz-$1220/oz. The strong production and margins saw the Company generate free operating cashflow of $9.4 million for the Quarter. This enabled the Company to invest $4.0 million in exploration drilling and a further $2.7 million in expansionary capital. Despite this substantial investment in the growth of the Project, the Company increased its cash on hand to $24.2 million at the end of the Quarter while remaining debt-free. The investment in exploration at the Project also continues to pay dividends, with drilling delivering another round of significant results at depth from three additional deposits including Shearers, ABC Reef and D Reef. This follows highly encouraging results returned from the first phases of deep drilling at Bartons completed in two phases during July and September 2016, including 7 m @ 12.06 g/t Au (including 2 m @ 39.73 g/t Au), 9 m @ 6.53 g/t Au (including 2 m @ 23.65 g/t Au) and 13 m @ 3.23 g/t Au (including 1 m @ 14.55 g/t Au) (ASX release 12 September 2016). The latest intersections provide further evidence that extensive but relatively shallow mineralisation lies under the existing open pits at the Project. | |
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