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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Nullagine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/4/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 4-2-2019: Millennium Minerals Ltd. announces a Resource Estimation report for its Nullagine deposit at the Nullagine project. Updated mineral resource and ore reserve estimate at the project. Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Co | |
| Resources: | (Reserve, P+P): 7.14Mt @ 1.64g/t Au for 375.3Koz Au contained | |
| CP/QP: | [Resources]: Andrew Paterson, Graeme Thompson, Christine Shore (Dampier Consulting Group;Internal) | |
| ABSTRACT: | Millennium Minerals Limited (ASX: MOY) (“Millennium” or the “Company”) is pleased to announce that its ongoing aggressive exploration programs at the Nullagine Gold Project in WA have again successfully extended mine life, with an updated Ore Reserve estimate for the 12 months to 31 December 2018 delivering a 70% increase in Ore Reserves, net of mining depletion, to 375,300 ounces. The increase in Ore Reserves is a result of recent successful drilling programs, as well as the conversion of several Mineral Resource estimates to Ore Reserves. The Project’s Ore Reserves at 31 December 2018 have increased by 70 per cent to 375,300oz, up from 221,600oz as at 31 December 2017 (net of mining depletion of 98,900oz for CY2018). The Mineral Resource at 31 December 2018, net of mining depletion, stands at 22.9 million tonnes at 1.6g/t Au for 1.16Moz, with approximately 65 per cent of the total in the higher confidence Measured and Indicated categories. The updated Ore Reserve delivers mine life visibility approaching four years, based on Millennium’s current annualised production rate of approximately 100,000ozpa, which the Company has successfully maintained since September 2018. The Company’s objective is to further increase its Ore Reserve base to deliver a plus-five year mine life, with significant opportunities to deliver near-term Ore Reserve growth through the conversion of additional sulphide Mineral Resources and through further exploration success. The updated Ore Reserve includes a maiden Ore Reserve estimate for Golden Gate Underground of 220,000 tonnes at 3.8g/t Au for 27,100oz. This Ore Reserve is underpinned by the recent strong metallurgical test work results from arsenopyrite-dominant sulphide ore using Millennium’s patented pressurised in-mill oxidation process (PINOX), which delivered gold recoveries averaging approximately 70 per cent (see ASX Announcement dated 1 February 2019). | |
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