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Pan African Resources Plc
Summary
| Project: | Barberton Mines | |
|---|---|---|
| Deposit: | Royal Sheba | |
| Location: | South Africa | |
| Commodities: | Gold | |
| Date: | 11/30/2018 | |
| Report Code: | SAMREC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 30-11-2018: Pan African Resources Plc announces a Resource Estimation report for its Royal Sheba deposit at the Barberton Mines project. Updated mineral resource and new drill results at Royal Sheba deposit. Shareholders are referred to previous announcem | |
| Resources: | (Resource, Total): 8.97Mt @ 2.62g/t Au for 757Koz Au contained | |
| CP/QP: | [Resources]: Hendrik Pretorius (Internal) | |
| ABSTRACT: | Shareholders are referred to previous announcements relating to Royal Sheba, specifically, the announcement of 6 September 2018 pertaining to the update on the exploration drilling programme and the Mineral Resource Estimate (“MRE”). The Group has finalised the exploration drilling programme on the Royal Sheba project and can now provide an updated MRE, signed off by an independent mining consultant - SRK Consulting (South Africa) Pty Ltd (“SRK”) in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resource and Mineral Reserve, 2016 edition (the “SAMREC Code”). The exploration results have exceeded expectations and the salient features of the updated MRE are as follows. “Pan African is very pleased with the outcome of our in-fill drilling programme and the updated Mineral Resource Estimate for the Royal Sheba Project. The drilling programme has confirmed that the orebody extends to surface, with the potential to establish a new open pit mining operation, which will transition to an underground mining operation only after a number of years. The scale and grade of the Royal Sheba Mineral Resource gives us confidence to advance the near-surface mineral resource to a definitive feasibility study status, which DRA is currently undertaking, with this full study expected in February 2019.We are excited by the further prospectivity of our mining lease specifically New Consort, where drilling has recently commenced to identify similar near-surface mineral resources at the Main Maiden Reef orebody, targeting 0.2Moz to 0.3Moz at an in-situ grade of between 2g/t and 4g/t.Royal Sheba’s opencast has the potential to sustainably increase production from our flagship Barberton operations at a very competitive cost, further bolstering Pan African’s low cost, long-life asset portfolio. In conjunction with the feasibility process, we have commenced work on planning and permitting. We look forward to working with all stakeholders in advancing this project, to the benefit of all our stakeholders – including our shareholders, the Mpumalanga province and the greater Barberton area.” | |
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