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Saracen Mineral Holdings Ltd.
Summary
| Project: | Carosue Dam | |
|---|---|---|
| Deposit: | Carosue Dam | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/7/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 7-12-2016: Saracen Mineral Holdings Ltd. announces an Exploration/Drilling Update report for its Carosue Dam deposit at the Carosue Dam project. Drilling results incl. 59.4m @ 3.1g/t Au. Drilling at the Karari mine has shifted to the south, following the | |
| Resources: | (Reserve, P+P): 10.628Mt @ 1.9g/t Au for 665500oz Au contained at Carosue Dam total | |
| CP/QP: | [Overall Report]: Daniel Howe (Internal) | |
| ABSTRACT: | Drilling at the Karari mine has shifted to the south, following the completion of the southern drill drive late in Q1. The southern drill position is ideally positioned to test the Dhoni Lode. Drilling has been focused on the immediate grade control areas below current mine development, and three extensional holes have been drilled to assist with the positioning of future exploration holes at depth. All three holes were drilled outside the current Ore Reserve, with the deepest (KREX010) returning an outstanding result of 7.2m @ 9.5g/t, 135m below the Ore Reserve. Two holes drilled 50m below the Ore Reserve also returned very solid results. These extensional holes (KRRD129 and KRRD130) returned 27.5m @ 2.4g/t and 26.7m @ 4.9g/t respectively. These results highlight the opportunity for further Ore Reserve growth pending the completion of further drilling over the next two quarters. Prior to the drilling switching to the south of the mine, two additional holes were drilled in the north. These holes returned significant widths and grades (43.3m @ 2.4g/t and 59.4m @ 3.1g/t), resulting in the mineralisation remaining open along strike to the north. A second rig will commence at Karari in the March quarter 2017 to further define the northern margin of the mineralisation. Drilling at Deep South has been focused on grade control, establishing further confidence in the mine plan. Ore drive development and detailed mapping has illustrated a strong relationship between the sulphide phases (pyrite-pyrrhotite) and gold. The detailed face sampling and mapping data has illustrated that there is local variability in the distribution of sulphides. In response to this observation, the grade control spacing has been reduced from nominally 20m x 20m down to 15m x 15m. This increase in drill density will allow for better local estimation of grades that will optimise the longhole stopes. A third rig has been mobilised for a one month period to ensure that the Resource extension and deep exploration programs remain on track to be delivered in late March quarter and June quarter 2017. | |
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