TUE 25 JULY15:20:46 NZST
OVERVIEWANNOUNCEMENTS
NTL / ANNOUNCEMENTSWoodstock Resource Upgrade3:15pm, 25 Jul 2017 | MKTUPDTE
Previous estimates were carried out without application of a cutoff grade. The 2013 Pre-Feasibility study determined that a cutoff grade of 2.5 g/t would be applicable to the Woodstock area. Application of this cutoff grade has seen the average grade of resources in the Woodstock Zone increase from 3.7g/t to 6.3g/t. This makes economic exploitation of the area a possibility and further work will be carried out to ascertain possible mining configurations and economics.
.
Figure 1 - Work in progress with support upgrades at the Talisman Project
This is the second module of the Talisman deeps Resource upgrade and is reported in compliance with the 2012 version of the JORC Code.
The prospecting phase currently well underway at the Talisman site has established the site and the refurbishment of underground areas is providing access to the Mystery Vein. The underground team are now some 300 Metres inside the mine and are near completion of attachments for water and compressed air hoses to allow specialist equipment needed install robust ground support.
The resource upgrade at Woodstock and the any further resource increases at Talisman Deeps in its entirety will be included in an updated pre-feasibility study and ore reserve statement in due course. Where possible, areas identified will be prospected and tested for inclusion into the body of works during Bulk sampling.
Figure 2 - 90 metres inside the mine looking outward. This area is adjacent to the Woodstock orebody
Figure 3 - Graphic of the Maria Vein wireframe with historic drives shown in grey, the Woodstock Zone is shown in red. This is the pre-mined model, historic depletions were subtracted from this model.
The updated resource table for the Woodstock Zone is shown below:
Table 1: Woodstock Resources reported in compliance with the reporting standards set out in the 2012 version of the JORC code.
Category Volume Tonnes Aueq g/t Grams Ounces
Measured 20,064 50,361 5.25 264,265 8,496
indicated 18,577 46,629 3.56 166,205 5,344
inferred 42,276 106,112 8.01 850,055 27,330
Total resources 80,917 203,102 6.30 1,280,524 41,170
Figure 4a - Comparison between previous Mineral Resource Estimate and 2017 update
Figure 4b - Comparison between previous Mineral Resource Estimate and 2017 update
Figure 5 - Section View of the Woodstock Zone showing Measured Resources in red, Indicated in green and Inferred in blue. Areas in grey denote historic stoping.
A lower cut-off grade of 2.5g/t Au Eq (previously 0g/t) was applied to reflect the mine cut-off grade estimated for the financial modelling in the 2013 prefeasibility study. This is 0.5g/t lower than that applied at the Dubbo Zone as the costs of mining this area No top cut to the data was applied.
Gold equivalents have been used due as the historic data is expressed in bullion values. These have been converted to gold equivalents based on the gold price during the main historic mining period to 1919 where gold price was a constant £4.25 or USD20.47. All more recent exploration data has been converted to gold equivalents at the same metal prices for consistency of resource estimation and reporting. A more detailed explanation of the methodology can be found in the technical summary at the end of this announcement.
A further area of 206,000m2 on the plane of the orebody has been identified as a Exploration Target. Information available indicates that this area is likely to yield a vein width of between 1.6m to and 2.4m (827296 to 1,240,944 tonnes) with AuEq grades ranging between 2.70g/t and 5.35g/t. This target constitutes a global Exploration Target as defined in the 2012 JORC Code. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.on completion of the current prospecting programme the company will focus on developing an exploration programme to investigate the exploration targets.
BONANZA/TALISMAN RESOURCES MODULES NEAR COMPLETION
With modelling of the first two zones now complete the company is now focused on completion of the Talisman/Bonanza estimate where the historic databases acquired in 2015 have shown potential to increase the current resources to JORC 2012 compliance, which would further enhance the overall mineral resource estimate.
It is important to note that the Talisman and Bonanza Zones have not been included in previous resource estimates. However, evaluation of the historic channel sampling and considering recorded production and stope volumes there are a number of areas where there are unmined blocks of potentially economic grades remaining. NTL’s engineering team is currently evaluating the ability to access these areas during prospecting and bulk sampling.
The entire Talisman Deeps project including all known data is expected to be finalised by 31 July. It is intended to have results peer reviewed before final release to the market.
Replacing the JORC 2004 Dubbo Resource and Woodstock estimates with the new estimate for both zones, and converting the remaining JORC 2004 resources from Crown and Mystery to gold equivalents gives total measured, indicated, and inferred resources of 396,000 Oz Au_Eq prior to the resource modelling underway on Talisman/Bonanza.
Add to My Watchlist
What is My Watchlist?