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Newfield Resources Ltd.
Summary
| Project: | Tongo | |
|---|---|---|
| Deposit: | Tongo | |
| Location: | Sierra Leone | |
| Commodities: | Diamonds | |
| Date: | 11/26/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 26-11-2018: Newfield Resources Ltd. announces a Resource Estimation report for its Tongo deposit at the Tongo project. Updated mineral resource estimate at the project. Newfield Resources Limited (Newfield) is pleased to announce an updated JORC-compliant | |
| Resources: | (Resource, I+I): 2.97Mt Kimberlite for 7369000 carats contained at project | |
| CP/QP: | [Resources]: Karl Smithson (Internal) | |
| ABSTRACT: | Newfield Resources Limited (Newfield) is pleased to announce an updated JORC-compliant resource estimate for its Tongo Diamond Project in Sierra Leone (Tongo Project or Project). This resource update is one outcome of the ongoing Front End Engineering Design (FEED) program for the Tongo Project, and incorporates data from the recent mine development drilling program of 10,792 metres of 50m infill core drilling. Newfield Executive Director, Mike Lynn, commented: “The updated JORC-compliant resource statement reveals a robust Indicated and Inferred diamond resource of 7.4 million carats from just four of the 11 known kimberlites hosted by the Tongo Project. It is significant to note that a substantial portion, some 1.9 million carats, or approximately 25% of the updated in-situ resource, is classed in the Indicated category. This underlines a considerably higher confidence level in key geological and technical parameters. It is very pleasing that this substantial resource has been declared so early in the Newfield work program at Tongo. Karl Smithson and his team thoroughly deserve our congratulations for this outstanding result. “The diamond grades and values, in particular for the Kundu and Lando kimberlites, point to some of the most impressive kimberlites globally on a dollar per tonne rock value basis. The updated resource estimate is also predominantly limited to a depth of just 230m from surface. Previous deeper drilling has shown that these kimberlites extend to much greater depths which, along with the clear potential from other identified kimberlites on the Project, would suggest the global resource could be significantly increased in the future with more evaluation work. It is for this reason that we have previously described the Tongo Project as a potential generational asset. “These updated grade and value results will now be incorporated into the mine optimisation work being undertaken as part of the current FEED program on the Tongo Project. This program remains on track for completion during the current quarter.” | |
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