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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Nullagine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/15/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 15-2-2017: Millennium Minerals Ltd. announces a Resource Estimation report for its Nullagine deposit at the Nullagine project. Increase in ore reserves and mineral resources at Nullagine. Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Compan | |
| Resources: | (Reserve, P+P): 3.99Mt @ 1.4g/t Au for 185.9Koz Au contained at project | |
| CP/QP: | [Resources]: B. Shi, G. Louw, A. Paterson,C. Shore (CSA Global Pty Ltd.;Dampier Consulting Group;Internal) | |
| ABSTRACT: | Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Company”) is pleased to advise that the exploration strategy at its Nullagine Gold Project (Project) in WA continues to generate outstanding results. Following the success of its +200,000 m drilling campaign in 2016, the Project’s Ore Reserves for the year have increased by nearly 50 per cent to 185,900 oz (after mining depletion of 97,000 oz), and Mineral Resources have risen by 160,000 ounces to 1.3 M oz. It is noteworthy that during the year, funds were targeted mainly toward Mineral Resource to Ore Reserve conversion, rather than drilling out greenfield prospects. To this end, new Ore Reserve ounces were added at a cost of just $87/oz. Approximately 75 per cent of the 1.3 M oz Mineral Resource is classified in the Measured and Indicated category. The total Group Mineral Resource inventory now stands at 31.8 Mt @ 1.3 g/t Au for 1,280,400 ounces and Ore Reserves at 3.99 Mt at 1.4 g/t Au for 185,900 ounces. Millennium Chief Executive Glenn Dovaston said the new Ore Reserve and Mineral Resource figures demonstrated the success of the Company’s exploration strategy. “We replaced almost 100,000 ounces of Ore Reserves mined during 2016 while increasing our Ore Reserves by nearly 50% since January 2016,” Mr Dovaston said. “This strong result has been achieved at an extremely low cost, demonstrating that not only are we growing our Mineral inventory but we are also doing it in a highly cost effective manner - which paves the way for more strong financial returns.” | |
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