Malachite enhances prospects at Conrad silver project Unit Price: Bid: Ask:
11 Aug 2008 01:37:00
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Sydney - Monday - August 11: (RWE Aust Business News) - Malachite Resources (MAR) has a new estimate of mineral resources at Conrad silver project, NSW, which enhances the prospect of re-opening the mine.
The new resource figures represent a major increase on the previously published results and include 8.8 million ounces of silver or 17.7 million ounces of silver equivalent.
Most of the resource (77pc based on silver equivalent) is contained within the Conrad Lode, much of which has so far been drilled only at a wide spacing.
The combined global lode resource is 3.12mt at 82.6 per cent silver, 0.16pc copper, 0.99pc lead, 0.52pc zinc and 0.18pc tin.
The toal combined resources is 3.53mt at 77.6g/t silver, 0.14pc ocpper, 0.98pc lead, 0.53pc zinc and 0.17pc tin.
Managing director Garry Lowder said the drilling since June has continued to intersect very encouraging mineralisation along strike and at depth, including a new style of silver-copper-tin rich mineralisation (not yet in the resource estimates) that seems to be a feature of the southeastern extremity of the area drilled so far.
Infill drilling will continue over the coming months and is expected to enhance both the global resource and the higher grade component within it that would be the target for initial production.
A revised and further upgraded resource estimate should be completed later this year.
At the same time, plans are being drawn up for de-watering of the mine to allow underground access for detailed reserve drilling in 2009, as well as more comprehensive metallurgical and mining studies.
Over the next few months scoping studies will take place, based on the current and future upgraded resource figures.
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