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Saracen Mineral Holdings Ltd.

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Summary

Project:

Carosue Dam

Deposit:Karari, Deep South
Location:Australia
Commodities:Gold
Date:9/26/2017
Report Code:JORC
Report Type:Exploration/Drilling Update
Project Stage:Active Mining & Production
Report details:26-9-2017: Saracen Mineral Holdings Ltd. announces an Exploration/Drilling Update report for its Karari, Deep South deposit at the Carosue Dam project. Drilling results incl. 18.1m @ 10.45g/t Au from 177m. Saracen Managing Director Raleigh Finlayson said:
Resources:(Reserve, Prob.): 465koz Au contained at Karari Underground
CP/QP:[Overall Report]: n/a (n/a)
ABSTRACT:Saracen Managing Director Raleigh Finlayson said: “These results provide further strong evidence of the organic growth opportunities at Carouse Dam. With the encouraging results at Karari and the commencement of drilling at Whirling Dervish, will aim to extend our visibility well beyond five years at Carosue Dam and we anticipate further drilling updates over the coming months.” Drilling at Karari has continued following the release of the updated Ore Reserve of 465,000oz (Refer ASX Announcement, 2nd August 2017), an increase of 264,000oz after depletion of 76,000oz. The drilling has focused on further infill, building confidence in the mine plan between FY19 to FY21. The infill drilling has demonstrated the robustness of the key mineralised zones previously defined (Figure 1). Over the last six weeks, a deep underground extensional drill program has commenced. This program is being carried out from the existing drill platforms and aims to intercept the key stratigraphic position some 600m below surface. The mineralisation at Karari has a strong relationship with the host volcanoclastic sandstone, therefore understanding its position as drilling is stepped out is vital. This program is partially completed with early results showing encouragement with the key host stratigraphy and mineralisation intercepted (Figure 2).

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