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Spitfire Materials Ltd.
Summary
| Project: | Kalgoorlie North | |
|---|---|---|
| Deposit: | Zoroastrian, Bulletin South | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/13/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 13-11-2018: Spitfire Materials Ltd. announces a Resource Estimation report for its Zoroastrian, Bulletin South deposit at the Kalgoorlie North project. Updated mineral resource estimates at Zoroastrian. Excelsior Gold Limited (ASX: EXG) (“the Company” or | |
| Resources: | (Resource, I+I): 6.244Mt @ 2.1g/t Au for 428Koz Au contained at Zoroastrian | |
| CP/QP: | [Resources]: Ross Whittle-Herbert, Patrick Adams (Internal;Cube Consulting Pty Ltd.) | |
| ABSTRACT: | Excelsior Gold Limited (ASX: EXG) (“the Company” or “Excelsior”) is pleased to provide the following Mineral Resource update for the Zoroastrian and Excelsior deposits following completion of the fully-funded resource drilling program at its 100%-owned Kalgoorlie North Gold Project (“KNGP”), located 30 to 55km north of Kalgoorlie in Western Australia. Since the completion of open pit mining and ore processing of Zoroastrian Central open pit in late 2017 and repayment of all outstanding debt and hedging commitments, the Company has been focused on improving geological confidence of the Zoroastrian and Excelsior deposits, with approximately 5,800m of infill reverse circulation (“RC”) and 2,500m of infill diamond core (“DD”) drilling completed at the Zoroastrian deposit. This announcement reports new Mineral Resource estimates for both deposits reflecting a higher degree of geological confidence and constrained by open pit optimisation shells. The Zoroastrian deposit remains open at depth and mining studies will more accurately establish the optimal crossover between open pit and underground mining. This work is ongoing, and the Company remains confident that a significant portion of the KNGP Mineral Resource will convert to Ore Reserves. The updated open pit Mineral Resource estimates for both the Zoroastrian and Excelsior deposits are reported above a 0.6g/t Au cut-off and are constrained within an A$2,700/oz optimisation shell (Table 1). | |
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