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Mincor Resources NL
Summary
| Project: | Kambalda | |
|---|---|---|
| Deposit: | Widgiemooltha, Norseman | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/6/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 6-2-2017: Mincor Resources NL announces a Resource Estimation report for its Widgiemooltha, Norseman deposit at the Kambalda project. Total mineral resource for the Kambalda Gold Strategy increases by 30%. Mincor Resources NL (ASX – MCR) is pleased to re | |
| Resources: | (Resource, Total): 5.108Mt @ 1.9g/t Au for 310120oz Au contained at project | |
| CP/QP: | [Resources]: Rob Hartley (Internal) | |
| ABSTRACT: | Mincor Resources NL (ASX – MCR) is pleased to report a substantial upgrade to its gold Mineral Resource following two highly successful drilling campaigns completed last year. The results are a major step forward for Mincor’s Kambalda Gold Strategy, and pave the way for the completion of definitive feasibility studies by the end of the current quarter. Mincor’s total gold Mineral Resource has increased by 30%, to 310,120 ounces of contained gold. The updated Mineral Resource – comprising Indicated and Inferred Resources totalling 5.1 million tonnes at an average grade of 1.9 g/t Au – adds 71,480 ounces of gold to Mincor’s five key gold prospects at Widgiemooltha. There was no change to the Mineral Resource at Jeffreys Find, which is located east of Norseman. Importantly, the total Resource at Widgiemooltha that is now classified at the higher-confidence ‘Indicated Resource’ level (which means they are available for conversion to Ore Reserves), has increased to 2.6 million tonnes at 2.0 g/t Au for 166,000 ounces, representing two-thirds of the total resource, up from 43% previously. This is an excellent result as the infill drilling programs mainly focused on areas within previously defined scoping pit shells*, not on extending the existing resources. All the existing resources remain open and all retain very significant untested potential. The updated Mineral Resource provides a strong foundation for the Company’s Kambalda Gold Strategy, which is based on establishing near-term gold production and cash flow by mining a series of low-cost open pits, with the ore processed under a toll treating arrangement. In addition, outstanding extensional targets have been identified immediately north of Bass, West Oliver and Flinders, together with numerous shallow high-grade intersections in historical holes in the wider area. In total Mincor believes the Widgiemooltha region has the potential to host a substantial gold resource and underpin a long-term gold business (Figure 1). Mincor’s Managing Director, Mr Peter Muccilli, said the Company had made excellent and cost-effective progress since embarking on its Kambalda Gold Strategy last year. | |
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