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Ramelius Resources Ltd.
Summary
| Project: | Coogee | |
|---|---|---|
| Deposit: | Coogee | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/30/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-9-2016: Ramelius Resources Ltd. announces a Resource Estimation report for its Coogee deposit at the Coogee project. Annual resource statement, unchanged since last estimate. The Directors of Ramelius Resources Limited (ASX: RMS) are pleased to announc | |
| Resources: | (Resources, I+I): 96Kt @ 3.4g/t Au for 11Koz Au contained | |
| CP/QP: | [Resources]: Rob Hutchison (Internal) | |
| ABSTRACT: | The Directors of Ramelius Resources Limited (ASX: RMS) are pleased to announce new estimates of Mineral Resources and Ore Reserves as at 30 June 2016. Overall changes to Resources and Reserves since 30 June 2015, are relatively minor. Addition of the Milky Way Resource has virtually matched mining depletions & adjustments whilst Reserves have increased in tonnes (+12%), although dropped slightly in grade and ounces (-4.5%). The Mt Magnet Ore Reserves have been estimated at a gold price of A$1,500 per ounce. The new Milky Way Ore Reserve has used a more up-to-date A$1,650 per ounce gold price, whilst the Vivien Ore Reserves remain based on a A$1,450 per ounce price which was the price used for the 2014 Bankable Feasibility Study. Timing has meant that likely Resource to Reserve conversions at Vivien have not been included in this year’s estimate. Managing Director, Mr Mark Zeptner today said: “This time last year we had a 3 year life-of-mine and reducing, now we are projecting a 4 year life-ofmine and that is after producing over 110,000 ounces in the 2016 financial year. A revised mine plan and likely Reserve upgrade at our Vivien gold mine was not possible prior to 30 June 2016 but will be incorporated into the 30 June 2017 estimate, along with any deeper extensions confirmed by underground drilling scheduled for late 2016 / early 2017. Further resources from the Milky Way area such as a Stellar & Stellar West are also expected to be incorporated and exploration drilling of the highly prospective BIF-hosted underground targets at Mt Magnet such as Galaxy & Morning Star are planned for commencement in the New Year. While the overall number of Resource and Reserve ounces are slightly down on the previous year, Ramelius believes its Reserves are both realistic and somewhat conservative, and they frequently deliver better production results than expected. As stated above, the Company has several initiatives in progress which it believes will grow the current Reserve base strongly in the next 12 months in order to extend the overall life-of-mine out to 5 years and beyond.” | |
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