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Mincor Resources NL
Summary
| Project: | Kambalda | |
|---|---|---|
| Deposit: | Widgiemooltha | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/1/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 1-12-2016: Mincor Resources NL announces an Exploration/Drilling Update report for its Widgiemooltha deposit at the Kambalda project. Drilling results incl. 18m @ 1.95g/t Au from 23m. Mincor Resources NL (ASX: MCR) is pleased to report continued strong pr | |
| Resources: | (Resource, Total): 4.151Mt @ 1.8g/t Au for 238640oz Au contained | |
| CP/QP: | [Overall Report]: Rob Hartley (Internal) | |
| ABSTRACT: | Mincor Resources NL (ASX: MCR) is pleased to report continued strong progress on its Widgiemooltha Gold Project in WA, with final drilling results buttressing the existing resource estimations and highlighting new targets for follow-up. The results pave the way for delivery of a Definitive Feasibility Study in the first quarter of 2017. Mincor’s core strategy is to build a long-term gold business through the early development of gold cash flows, while simultaneously maintaining and enhancing the Company’s strong option on a recovery in the nickel price. The Company has established 240,000 ounces of gold in Mineral Resources from six prospects, in addition to its 99,200 tonnes of nickel in Mineral Resources and numerous high-quality gold and nickel exploration prospects. The latest assays are the final results from the second round of drilling at Widgiemooltha. The second phase of the program was designed to complete infill drilling of the existing resources and to test the potential of the numerous additional gold trends discovered in the first round of drilling. The program achieved these goals, with the infill component largely confirming Mincor’s initial resource estimates, although this remains subject to detailed data integration and remodelling, which is currently underway. Widgiemooltha currently has an Indicated and Inferred Resource of 177,080 ounces of gold (Figure 1) across five prospects (Figure 1). Of particular significance are the extensional targets that have emerged from both rounds of drilling. These include an outstanding target north of the Bass prospect (reported on 8 November 2016) and, from the latest results, an excellent intersection to the north of the West Oliver prospect, which is supported by three lines of drilling and which has potential to add significantly to that resource. | |
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