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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Bartons Underground | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/11/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 11-1-2018: Millennium Minerals Ltd. announces a Resource Estimation report for its Bartons Underground deposit at the Nullagine project. Amended Mineral Resource and Ore Reserve report containing further information. Millennium Minerals Limited (Millenniu | |
| Resources: | (Reserve, Prob.): 270Kt @ 4.5g/t Au for 39Koz contained at Bartons Underground | |
| CP/QP: | [Resources]: Andrew Finch (Entech Pty Ltd.) | |
| ABSTRACT: | Millennium Minerals Limited (Millennium or the Company – ASX: MOY) is pleased to advise that the proposed development of the first-ever underground mining operation at its 100%- owned Nullagine Gold Project in Western Australia (Figure 1) has further progressed with the completion of an updated Mineral Resource and interim Ore Reserve for the Bartons deposit. The updated Mineral Resource, comprising 627,300 tonnes grading 4.9g/t Au for 97,900oz of contained gold (see Table 1 below), represents a 22% increase on the Phase 1 Mineral Resource announced in August (see ASX Announcement, 7 August 2017). The increase follows on from the highly successful in-fill diamond and reverse circulation and diamond core drilling programs completed up until mid-November 2017. Importantly, the updated Mineral Resource features a more than sixfold increase in Indicated Resources to 407,400 tonnes grading 5.6g/t Au for 72,900oz, up from 10,100oz previously. This reflects the success of the in-fill drilling programs completed last year and has paved the way for a maiden Ore Reserve estimate for the Bartons underground deposit, comprising 270,000 tonnes grading 4.5 g/t Au for 39,000oz of contained gold (see Table 2 below). Both the Phase 2 Mineral Resource and the maiden Ore Reserve, which were completed by the leading global mining consultant Entech, will underpin the Feasibility Study on the Bartons underground mine, due for completion this quarter. One of the final inputs to this study are firm mining costs from the selected underground mining contractor. A short-list of preferred tenderers has now been finalised, with the award of the contract expected by the end of this month and underground development scheduled to commence by quarter-end. | |
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