Eine Mio Unzen Gold in Australien...was meint ihr?
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Millennium Minerals test work to reduce costs at Nullagine Gold Project
Millennium Minerals (ASX: MOY) has reported the metallurgical testing results from a diamond core drilling programme completed late last year at the company’s Nullagine Gold Project in the East Pilbara District of Western Australia.
The small core drilling programme was designed to obtain sufficient mineralised whole rock samples to conduct confirmatory metallurgical testing and to provide spatial coverage over a number of the gold ore bodies.
Gold recoveries of 95% were achieved from a conventional leach at a 75 micron grind size.
High levels of gravity recovered gold, up to 52% from some ore sources, and confirm the inclusion of the gravity circuit in the process plant design and capital estimate.
Significant recovery of gold in the gravity circuit should result in downstream reagent cost saving and higher overall gold recovery.
Millennium said test work results show gold recovery well above the feasibility figures warranting a review of the base case assumptions used.
The Nullagine Gold Project is a 1.13 million ounce gold resource contained within 7 deposits on granted mining leases.
The largest deposit is Golden Eagle located approximately 10 km south of the township of Nullagine and contains 68% of the total Mineral Resource inventory.
Much of the permitting and design work for a nominal 1 million tonne per annum Carbon-In-Leach (CIL) processing facility has been completed providing for an early start to development.
The short diamond core drilling programme totalling 9 holes for 203 core metres was completed in December.
The company said the current flow sheet, capital costs and operating costs are formulated and designed on the basis of a worst case scenario, in terms of ore hardness, reagent usage and ore type.
Brian Rear, chief executive officer, said the test work program demonstrates that the company can potentially reduce capital and operating costs in the process area of the proposed operation and revise the base case gold recovery assumption upwards.
http://www.proactiveinvestors.com.au/companies/...d-project-6638.html
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Wertpapier: Millennium Minerals |
Millennium Minerals Limited (ASX Code: "MOY") is an emerging metals company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia. The high-quality portfolio encompasses a large gold inventory and a secondary molybdenum project.
Monday, May 17, 2010
Millennium Minerals hits high grade gold at Golden Eagle deposit
Millennium Minerals (ASX: MOY) has reported results from an on-going RC drilling programme at its Nullagine Gold Project, in the East Pilbara District of Western Australia, with high grade gold intersected.
The Nullagine Gold Project is a 1.15 million ounce JORC compliant gold resource contained within 7 deposits on granted mining leases.
The largest deposit is Golden Eagle, located approximately 10 km south of the township of Nullagine, and contains 68% of the total Mineral Resource inventory. A programme of 49 RC holes has been completed at Golden Eagle for a total of 5,307 metres.
First assay results have now been received for first 38 holes from Ultra Trace in Perth, and collated in conjunction with QA/QC results (Certified Reference Material standards, field and laboratory duplicates), which demonstrated acceptable performance.
Significant gold intercepts include:
- 8 metres at 9.32 g/t Au from 45 metres including 1 metre at 65 g/t Au;
- 6 metres at 7.28 g/t Au from 92 metres including 1 metre at 16 g/t Au from 93 metres & 1 metre at 16 g/t Au from 96 metres; and
- 3 metres at 20 g/t Au from 72 metres including 2 metres at 26 g/t Au from 72
metres.
Brian Rear, chief executive officer, said the company is "extremely pleased with the early results from the RC drilling at Golden Eagle; in particular the confirmation of mineralisation beyond the current pit design, and the indicated potential for extending the known Mineral Resources of the deposit."
The results indicate robust gold mineralisation over 200 metres of strike to the southwest of the proposed Golden Eagle pit design.
With further infill drilling, the company anticipates that Measured and Indicated Mineral Resources will be defined in this area with the view to extending the proposed pit and materially increasing contained gold ounces.
With only a few exceptions, almost all the new intersections fall outside the current pit design.
The company said the new results clearly show that there are multiple zones with potential to expand Golden Eagle. Follow up drilling has been planned.
In addition, drilling is targeting gold mineralisation at the Otways prospect, located adjacent to the Shearers prospect, in order to upgrade this largely Inferred Mineral Resource estimate to Measured and Indicated.
RC drilling has also been completed at Shearers where 30 holes were drilled for 2675 metres. All samples have been sent for assay and results are awaited.
RC drilling has now commenced at Otways which is located approximately 300 metres to the southeast of Shearers.
Millennium said drilling is designed to provide sufficient drill density in order to upgrade the current Indicated and Inferred Mineral Resource estimate to Measured and Indicated.
by Proactive Investors company news image
Western Australian based gold project developer, Millennium Minerals (ASX: MOY) has received a shot in the arm today with drill results received from an RC drilling programme at its Nullagine Gold Project, in the East Pilbara District of Western Australia.
Multiple gold zones were intersected outside and adjacent to both the current Golden Eagle and Shearers proposed pits.
The primary objective of this round of drilling is to convert Mineral Resources to Ore Reserve status to increase confidence levels from the current 80% of resources in the Measured and Indicated categories.
To date, Millennium has defined a 1.15 million ounce JORC compliant gold resource contained within 7 deposits on granted mining leases at the Nullagine Gold Project. Of the total Resource of 28.86 million tonnes, 80% or 23.24 million tonnes fall into the Measured and Indicated categoriesHowever,additional exploration is likely to see this increase.
The largest deposit is Golden Eagle located approximately 10 km south of the township of Nullagine and contains 68% of the total Mineral Resource inventory.
Most of the permitting and design work for a 1 million tonne per annum Carbon‐In‐Leach (CIL) processing facility has been completed. This should provide Millennium prospects for an early start to development when financing is completed.
The drilling programme was also looking for extensions to mineralisation outside the margins of the current proposed pit designs at Golden Eagle and Shearers targeting Inferred Mineral Resources outside of the current proposed pits.
Some significant gold intercepts at Golden Eagle included:
- 8 metres at 5.08 g/t Au from 22 metres, including 1 metre at 35 g/t;
- 13 metres at 1.26 g/t Au from 14 metres, including 2 metres at 2.37 g/t;
- 10 metres at 1.01 g/t Au from 92 metres;
- 4 metres at 2.73 g/t from 83 metres, including 2 metres at 4.78 g/t
At Golden Eagle, additional gold intercepts confirm strong mineralisation 200 metres along strike to the south west ogf the proposed Golden Eagle pit design, and this area is still open to the north and west.
Significantly, it is likely that Measured and Indicated mineral resources will be defined in this area, leading to an extension of the proposed pit, as well as lifting contained gold ounces.
While at Shearers, best intercepts included:
- 28 metres at 1.09 g/t Au from 30 metres including 4 metres at 2.24 g/t;
- 10 metres at 1.34 g/t Au from 5 metres, including 4 metres at 2.29 g/t Au from 5 metres;
- 10 metres at 1.73 g/t Au from 72 metres, including 1 metre at 5.19 g/t;
- 17 metres at 1.49 g/t Au from 91 metres including 4 metres at 2.3 g/t.
A programme of 10,540 metres of RC drilling has been completed, comprising 6,531 metres at Golden Eagle, 2,681 metres at Shearers and 1,328 metres at Otways. There are still over 3,368 assays remain outstanding for Golden Eagle, Shearers and Otways, providing additional news flow.
In the Bankable Feasibility Study, a conservative base spot price of only A$1175/0z was used, compared to a current spot price of A$1500/oz. This would boost project returns on re-modelling, and in tandem with current results indicate an even more robust base case for development of Nullagine.
Tellingly, the company is engaged with a number of financial institutions in respect of project finance relating to funding development of the Nullagine Gold Project.
With requisited financing, first gold could be poured as early as Q1 2011 – Q2 2011, given infrastructure and services and approvals are largely in place. Then, the longer term plan is to expand expand production to 100koz pa.
On this trajectory, valuations for MOY appear conservative relative to its peers.
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Other Millennium Minerals Limited news
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17/05/10 Millennium Minerals hits high grade gold at Golden Eagle deposit
*
22/04/10 Millennium Minerals test work to reduce costs at Nullagine Gold Project
*
19/11/09 Millennium Minerals to raise $2.7 million in private placement
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Wertpapier: Millennium Minerals |
The "heap of garbage'' should never have been taken out of the can, he said.
The head of Fortescue Metals Group has been one of the loudest critics of the proposed 40 per cent tax on mining companies.
"The RSPT is now officially dead,'' Mr Forrest told reporters in Parliament House after attending a business forum lunch for Chinese Vice President Xi Jinping today.
"If it proceeds forward it will look nothing like that dreadful economy-smashing tax.''
Mr Forest said concerns about the tax had been expressed around the globe.
"Capital that was to come to Australia, is now not coming, and capital that is here has either left or is considering leaving,'' he said, adding the tax was "theoretical hogwash''.
nachdem gestern dann noch alles runterging konnte ich es mir schon fast denken ;-)
naja die zeiten werden auch mal wieder besser.
schönen tag!
aber man kann die schwäche nutzen und nachkaufen
irgendwann ist die kriese auch vorbei und dann sieht es im depot auch wieder anders aus!!
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Wertpapier: Millennium Minerals |
Millennium Minerals' resource estimates for Nullagine Gold Project to get boost
by Proactive Investors
Perth-based Millennium Minerals (ASX: MOY) has received high grade gold intersections from Otways and "spectacular" gold zone intersections from assay results from reverse circulation drilling at Shearers, part of the Nullagine Gold Project, in the East Pilbara District of Western Australia.
The Nullagine Gold Project is a 1.15 million ounce JORC compliant gold resource contained within 7 deposits on granted mining leases. The largest deposit is Golden Eagle located approximately 10 km south of the township of Nullagine.
The primary objective for this round of drilling was to convert Mineral Resources to Ore Reserve status at Shearers, to increase the mining inventory from this ore body over that currently assumed in the life of mine production plan.
At Otways, the objective was to upgrade the confidence levels of the Mineral Resource estimates such that the deposit can be assessed for inclusion in the Project’s Ore Reserve and mining inventory. These objectives are now more likely to be achieved.
In addition, the drilling targeted gold mineralisation at the Otways prospect, located adjacent to the Shearers pit. This drilling is aimed at upgrading the Inferred Mineral Resource estimate to Measured and Indicated with a plan to assess the prospect for ore reserve potential.
Shearers
Signficant Shearers gold results included:
- 41 metres at 4.2 g/t Au from 89 metres, including 3 metres at 29.6 g/t, 1 metre at 9.67 g/t Au, and 1 metre at 12 g/t Au;
- 14 metres at 6.57 g/t Au from 106 metres, including 2 metres at 29.5 g/t Au from 107 metres and
- 4 metres at 4.09 g/t Au from 100 metres.
At Shearers the new results, just 20 metres below the current proposed southern open pit, show very strong potential to expand the pit design with further infill drilling. At Shearers, the final fire assay results for the last 9 holes were received from Ultra Trace in Perth.
Many of the new and very strong intersections fall outside the current southern pit design. The results to date confirm that there are several zones with potential to expand Shearers mineral resources.
Wide, locally very high grade gold intersections have now been demonstrated along over 80+ metres of strike, within the broader current southern pit design. The recent results show excellent continuity with mineralisation incorporated within current pit designs.
These, and previously released results also show potential to merge the current southern and northern pit designs. With further infill drilling, it is anticipated that Measured and Indicated Mineral Resources will be defined in this area with the view to deepening the southern pit and materially increasing contained gold ounces.
Otways
Significant gold results from Otway included:
- 17 metres at 3.72 g/t Au from 16 metres, including 1 metre at 44.1 g/t Au from 17 metres;
- 7 metres at 5.39 g/t Au from 79 metres, including 1 metre at 31.5 g/t Au from 83 metres;
- 5 metres at 3.87 g/t Au from 2 metres;
- 6 metres at 2.66 g/t Au from 23 metres;
- 9 metres at 2.04 g/t Au from 0 metres and
- 19 metres at 1.46 g/t Au from 0 metres
Results show moderate to broad zones of shallow mineralisation which, with further planned extension and infill drilling, has potential to further upgrade the current Indicated and Inferred Mineral Resource estimate to Measured and Indicated. The assays confirm that the mineralisation strikes for over 600 metres, and provides good support for potential extension a further 150 metres further to the east.
Gold mineralisation at Otways is hosted by east‐north easterly trending quartz veins within siltstone, sandstones and conglomerates of the Mosquito Creek Formation and dips between 80 and 90 degrees to the northwest.
Brian Rear, managing director of Millennium Minerals said the company is very pleased with the results from the RC drilling at Shearers and Otways.
He said the potential for continuing development of the Mineral Resource base indicated by the drilling
to date in and around Golden Eagle, Shearers and Otways also continues to be encouraging, and will warrant further exploration work both on strike and at depth.
Future work will target gold grades suitable for both Carbon –in – leach (CIL) and heap leach potential aimed at building the CIL Ore Reserve and providing the basis for engineering studies of the stage 2 heap leach project.
The assay results from Shearers and Otways were final. Outstanding assay results from the final 12 holes at Golden Eagle will be reported as they come to hand.
Millennium said the geological data collected from the work at all three deposits will now be added to the existing databases so that revised Mineral Resource estimates can be determined. The results of this work will be included in a re‐assessment of pit designs and Ore Reserve estimation. This work is expected to take approximately 8 weeks from receipt of final assay results.
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