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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Nullagine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/26/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 26-2-2018: Millennium Minerals Ltd. announces a Resource Estimation report for its Nullagine deposit at the Nullagine project. 2017 Ore Reserve and Mineral Resource Statement. Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Company”) is pleas | |
| Resources: | (Reserve, P+P): 4.1297Bt @ 1.7g/t Au for 221.6Koz contained at Nullagine | |
| CP/QP: | [Resources]: G Thompson, C Shore, G Louw, A Paterson (Internal;Internal;CSA Global Pty Ltd.;Dampier Consulting Group) | |
| ABSTRACT: | Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Company”) is pleased to announce that it has completed the first step in its strategy to establish a plus-five-year mine life at its Nullagine Gold Project in the Pilbara, with a 20 per cent increase in ore Reserves to 221,600 ounces. Following the success of the Company’s +246,000m drilling campaign in 2017, the Project’s Ore Reserves at 31 December 2017 have increased by 20 per cent to 221,600oz, up from 185,900oz last year (net of mining depletion of 84,808oz for CY2017). The average grade of the updated Ore Reserve has increased from 1.4g/t to 1.67g/t, reflecting the Company’s continued focus on delineating larger, higher grade ore sources across the Nullagine Project. Total Group Mineral Resources at 31 December 2017, net of mining depletion, stands at 22.80 million tonnes at 1.5g/t for 1,121,700oz, with approximately 65 per cent of the total in the higher confidence Measured and Indicated categories. Millennium Chief Executive Peter Cash said the Company would take the second step in its strategy to establish a five-year life at Nullagine in the next quarter, when completion of the expansion study would pave the way for its entire mineral inventory to be reviewed. “This is an interim upgrade based solely on the results of our extensive exploration program last year – which once again was extremely successful in continuing to push out our mine life while replacing mined ounces,” he said. “ | |
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