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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Nullagine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/27/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 27-10-2016: Millennium Minerals Ltd. announces a Resource Estimation report for its Nullagine deposit at the Nullagine project. Updated mineral resources and ore reserves for project. Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Company”) | |
| Resources: | (Reserve, Total): 3.95Mt @ 1.5g/t Au for 184300oz Au contained at project | |
| CP/QP: | [Resources]: C Shore, B Shi, A Patterson, Grant Louw (Internal;CSA Global Pty Ltd.;Dampier Consulting Group) | |
| ABSTRACT: | Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Company”) is pleased to advise that it is continuing to grow the gold inventory and mine life at its Nullagine Gold Project (“Project”) in WA’s Pilbara region. Following the success of its exploration campaign, the Project’s Ore Reserves have increased by 16 per cent to 184,300 oz and Mineral Resources have risen by 12 per cent to 1.2 M oz. These increases come despite Millennium mining 45,000 oz since publication of its previous Ore Reserves and Mineral Resources estimate in April, 2016. Importantly, around 75 per cent of the 1.2 M oz Mineral Resource base is in the Measured and Indicated category. Given the success of the exploration program and its positive impact on the Project’s mine life, Millennium has increased the 2016 exploration budget by ~$4 million to $13.9 million to accelerate drilling, with a similar spend anticipated for 2017. Millennium Chief Executive Glenn Dovaston said the increase in the Nullagine gold inventory was an outstanding result for several reasons. “We have replaced the gold we have mined and processed as well as increasing the mineral inventory and mine life,” Mr Dovaston said. “But it is also important to note that our exploration program has established the presence of mineralisation at depth, opening the door to what could be a game-changing underground operation at Nullagine. “Our confidence in our ability to continue to grow the gold inventory at Nullagine on both open pit and underground fronts is reflected in our decision to increase the exploration budget for this year and commit to a similar spend for 2017. “This will underpin an aggressive exploration program aimed at unlocking the true value of Nullagine, especially at depth.” The total Group Mineral Resource Inventory now stands at 29.6 Mt @ 1.2 g/t Au for 1,200,000 ounces and Ore Reserves at 3.95 Mt at 1.5 g/t Au for 184,300 ounces. This increase includes the addition of maiden Mineral Resources at Crossing, Gambols Hill, Hut and Majuba Hill deposits. These Mineral Resources and Ore Reserves are JORC Code2 (JORC) compliant and are stated as at 30 September 2016. | |
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