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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Nullagine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/3/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 3-11-2016: Millennium Minerals Ltd. announces an Exploration/Drilling Update report for its Nullagine deposit at the Nullagine project. Drilling results incl. 20m @ 2.51g/t Au from 28m. Millennium Minerals Limited (Millennium or Company – ASX: MOY) is ple | |
| Resources: | (Reserve, Total): 3.95Mt @ 1.5g/t Au for 184300oz Au contained at project | |
| CP/QP: | [Overall Report]: Andrew Dunn (Internal) | |
| ABSTRACT: | Millennium Minerals Limited (Millennium or Company – ASX: MOY) is pleased to announce that it has discovered a new 2.25 km-long zone of mineralisation at its Nullagine Gold Project (Nullagine or Project) in WA’s Pilbara region (Figure 1 and Figure 2). The drilling results highlight the strong potential to establish open pit operations along this trend, which stretches from the All Nations North deposit in the north-east to the Hopetoun deposit to the south-west. Recent drilling has also returned strong results from Majuba Hill and Billjim South, both of which are close to the Project’s existing mining centres. Millennium has had three RC drilling rigs as well as a diamond rig (where required) operating at the Project for most of 2016 to assist with delineation of new Mineral Resources. Given the success of the exploration program and its positive impact on Nullagine’s mine life, Millennium has increased the 2016 exploration budget by ~$4 million to $13.9 million with a similar expenditure expected next year. The Company recently announced that Ore Reserves at Nullagine had increased by 16 per cent to 184,300 oz and Mineral Resources had risen by 12 per cent to 1.2 M oz (ASX Release 27 October 2016). These increases came despite 45,000 oz being mined since the previous estimates. Importantly, around 75 per cent of the 1.2 M oz Mineral Resource is in the Measured and Indicated category. Millennium Chief Executive Glenn Dovaston said the discovery of significant mineralisation along the Hopetoun – Endeavour trend provided further evidence that the Company’s strategy to grow Nullagine’s mine life was working. | |
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