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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Nullagine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 31-7-2018: Millennium Minerals Ltd. announces a Resource Estimation report for its Nullagine deposit at the Nullagine project. Updated Ore reserve estimate at Nullagine project. Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Company”) is ple | |
| Resources: | (Reserve, P+P): 6.02Mt @ 1.57g/t Au for 304.7Koz Au contained at Nullagine | |
| CP/QP: | [Overall Report]: Andrew Dunn (Internal) | |
| ABSTRACT: | Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Company”) is pleased to announce that it has taken another key step towards growing production and mine life at its flagship 100%-owned Nullagine Gold Project in WA, with an interim Ore Reserve update for the six months to 30 June 2018 delivering a 38% increase in Ore Reserves, net of mining depletion, to 304,700 ounces. The increase in Ore Reserves is a result of recent successful drilling programs, as well as the conversion of several sulphide Mineral Resource estimates to Ore Reserves. The Project’s Ore Reserves at 30 June 2018 have increased by 38 per cent to 304,700oz, up from 221,600oz as at 31 December 2017 (net of mining depletion of 38,000oz for 1HCY2018) . The updated Ore Reserve delivers mine life visibility of over three years, based on Millennium’s targeted annual production rate of 100,000ozpa which the Company is on-track to achieve in the December 2018 Quarter. The Company’s objective is to further increase its Reserve base to deliver a plus-five year mine life, with significant opportunities to deliver near-term Reserve growth through the conversion of additional sulphide Mineral Resources and through further exploration success. The conversion of sulphide Mineral Resource to Ore Reserves is underpinned by the newly-identified sulphide processing option announced on 5 February 2018. Progress towards the expansion of the existing 2Mtpa CIL processing plant at Nullagine to facilitate the treatment of sulphide ore is continuing, with front end engineering design commenced on long lead items. The Company expects to appoint an engineer to complete detailed design and construction management during the September Quarter. Millennium Chief Executive Peter Cash said the interim Ore Reserve update delivered a very pleasing result for the Company, increasing mine life to beyond three years with strong potential for further growth. “This represents a fantastic result for Millennium, increasing our Reserve base by more than onethird, net of mining depletion. “Importantly, we have now successfully delivered a three-year mine life at Nullagine based on our targeted annual production rate of 100,000 ounces per annum. “This updated Reserve figure includes the conversion of sulphide Mineral Resources at the All Nations, Au81 West, Gambols, Golden Eagle, Little Wonder, Otways, Roscoes Reward, Shearers deposits, with numerous other deposits yet to be converted. | |
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