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Richland Resources Ltd.
Summary
| Project: | Capricorn Sapphire | |
|---|---|---|
| Deposit: | Capricorn Sapphire | |
| Location: | Australia | |
| Commodities: | Sapphire | |
| Date: | 6/22/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-6-2016: Richland Resources Ltd. announces a Resource Estimation report for its Capricorn Sapphire deposit at the Capricorn Sapphire project. Updated resource estimate for Capricorn Sapphire mine. Richland (AIM: RLD), the gemstones producer and develope | |
| Resources: | (Resource, Total): 115.5 million Carats of Sapphire and Corundum | |
| CP/QP: | [Resources]: Andrew Cunningham (Independent) | |
| ABSTRACT: | Richland (AIM: RLD), the gemstones producer and developer, today announces an updated JORC resource estimate for the groupʼs wholly owned Capricorn Sapphire mine, located in Queensland, Australia. One of the Companyʼs core objectives during Q4 2015 and H1 2016, has been to update the geological model at the groupʼs Capricorn Sapphire mine and further expand the resource estimate in compliance with the JORC Code (2012). The Capricorn Sapphire project remains on schedule to meet its ramp-up targets in 2016, and our geological delineation programme allows the Company to improve and refine its mine programme and scheduling. During 2016 to date, independent geological consultant, Mr Andrew Cunningham, a highly experienced alluvial diamonds and gemstone geologist, has identified and analysed the paleo channels within which sapphires are predominantly concentrated. The Companyʼs new forward mining model allows for structured grade control as increased capacity is reached across the mining circuits. Updated Measured and Inferred Mineral Resource of 115.5 million carats of sapphire and corundum comprising: original JORC Code (2004) compliant historical Measured Resource of 107.5 million carats following the mining of 1.5 million carats since July 2015; and additional JORC Code (2012) Inferred Resource of 8 million carats at a grade of 10 carats per tonne recently established. | |
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