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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Redbeard | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/3/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 3-7-2018: Millennium Minerals Ltd. announces a Resource Estimation report for its Redbeard deposit at the Nullagine project. Updated Ore reserve estimate at Redbeard. Millennium Minerals Limited (Millennium or the Company – ASX: MOY) is pleased to advise | |
| Resources: | (Reserve, Prob.): 153Kt @ 3.5g/t Au for 17.2Koz Au contained at Redbeard | |
| CP/QP: | [Overall Report]: Andrew Dunn (Internal) | |
| ABSTRACT: | Millennium Minerals Limited (Millennium or the Company – ASX: MOY) is pleased to advise that gold production is on-track to commence from the high-grade Redbeard oxide deposit later this month, with the completion of an updated Probable Ore Reserve estimate comprising 153,000 tonnes grading 3.5g/t Au for 17,200oz of contained gold. The head grade of 3.5g/t gold makes Redbeard the highest-grade open pit gold deposit defined at the Company’s Nullagine Gold Project in WA to date. The Probable Ore Reserve is based on the Measured and Indicated components of the Redbeard Mineral Resource estimate announced on 25 June 2018, delivering a positive 76% Resource-toReserve conversion rate. Following the completion of the updated Ore Reserve, mining is scheduled to commence at Redbeard in late July, with the deposit expected to contribute to strong production growth from Nullagine over the second half of 2018, with Millennium expecting to achieve its targeted 100kozpa production rate by the end of the year. A deep drilling program has now commenced to assess the Redbeard deposit’s underground potential on an 80m x 80m spaced pattern at approximately 130 metres beneath surface | |
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