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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Bartons Underground | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/7/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 7-8-2017: Millennium Minerals Ltd. announces a Resource Estimation report for its Bartons Underground deposit at the Nullagine project. Initial undergound Mineral Resource estimate for Bartons Underground. Millennium Minerals Limited (Millennium or Compan | |
| Resources: | (Resource, I+I): 4.759Mt @ 5.3g/t Au for 80.4koz Au contained at Bartons underground | |
| CP/QP: | [Resources]: Jillian Irvin (Entech Pty Ltd.) | |
| ABSTRACT: | Millennium Minerals Limited (Millennium or Company – ASX: MOY) is pleased to report a maiden JORC 2012 Indicated and Inferred Mineral Resource estimate for Bartons Underground, located below the existing Bartons pit at its Nullagine Gold Project in WA. The Mineral Resource estimate comprises 475,900 tonnes grading 5.3g/t Au for 80,400 ounces of contained gold (see Table 1). It represents the first Underground Resource to be completed by the Company as part of its strategy to develop a significant underground mining operation at Nullagine. The Phase 1 Resource, which was completed by leading global mining consultant Entech, was based on drilling results received up to the second week of July 2017. It has been calculated to a maximum depth of only 200 metres, with the mineralisation remaining open at depth and along strike to the south-west and north-east. The Resource does not include several recent high-grade intercepts including the recently reported high-grade result of 41m @ 6g/t Au (see ASX Announcement dated 24 July 2017). In addition, recent exploration results have led to a revised interpretation of the south-western portion of the Bartons deposit, where the Company now considers three separate lodes may converge into a single mineralised zone at depth. Further testing of this revised interpretation, as well as the latest drilling results and ongoing drilling data will be incorporated into a Phase 2 resource estimate for the Bartons Underground as further results come to hand. Millennium Chief Executive Peter Cash said the Phase 1 Resource provides a strong foundation for the Company’s plans to develop its first underground mining operations at the Nullagine Project. “This is a very pleasing result, providing the basis for what we believe will rapidly progress as a high-quality, long-life underground mining operation at Nullagine. “The latest high-grade drilling results from Bartons, including a 41 metre intercept grading 6 grams per tonne gold, provide immediate potential for Resource upside, with a new geological interpretation of the south-western end of the deposit also providing a key target for upcoming drilling. | |
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