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Millennium Minerals Ltd.
Summary
| Project: | Nullagine | |
|---|---|---|
| Deposit: | Redbeard | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/9/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 9-4-2018: Millennium Minerals Ltd. announces an Exploration/Drilling Update report for its Redbeard deposit at the Nullagine project. Drilling results incl. 10.8m @ 6.20g/t Au from 13.2m. Millennium Minerals Limited (Millennium or the Company – ASX: MOY) | |
| Resources: | (Resource, I+I): 245.7Kt @ 2.6g/t Au for 20.6Koz contained at Redbeard deposit | |
| CP/QP: | [Overall Report]: Andrew Dunn (Internal) | |
| ABSTRACT: | Millennium Minerals Limited (Millennium or the Company – ASX: MOY) is pleased to report on strong operational and exploration results at its 100%-owned Nullagine Gold Project (Nullagine or Project) in WA’s Pilbara region during the March quarter. Gold production for the quarter was 20,323 ounces which is comfortably within the Company’s recently announced annual guidance range for CY2018 of 75-80koz at an AISC of A$1280- 1350/oz (refer ASX announcement, 19 March 2018). Cash and bullion increased to $23.3 million at 31 March 2018, from $22.4 million at 31 December 2017 – a pleasing result after taking into consideration expenditure of $4.1 million on exploration as well as capital investment and expansionary feasibility costs expended during the quarter. The Company remains debt-free. As foreshadowed in the announcement of 19 March, pre-stripping and mining activities have commenced at the Golden Eagle Mining Centre which will see gold production for the rest of 2018 sourced predominantly from this large deposit, supplemented by high grade oxide feed from the new Redbeard discovery (see recent results below) and Shearers North later in the year. | |
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