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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ggg Resources | LSE:GGG | London | Ordinary Share | GB00B4KDJB03 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGGG GGG Resources plc (the "Company" or "GGG") Bullabulling Gold Project - Resource Drilling Update 15 December 2010 GGG Resources plc is pleased to announce the first results from the current resource and metallurgical drilling programmes at the Bullabulling Gold Project, located near Kalgoorlie, Western Australia which the Company is developing with its Joint Venture partners Auzex Resources Ltd. The aim of the drilling programme, which utilises three drill rigs, is to upgrade the recent inferred resource estimation to measured and indicated categories, to infill and expand the known resource estimate and for metallurgical tests (see announcement of 18 November 2010). Highlights Assays from 11 infill drill holes intersected gold in line with expected historic mineralisation, with a further 25 drill holes currently pending assays Assays confirm the presence of a westerly dipping low grade zone of mineralisation with high grade zones Higher grade zones include 11m @ 2.92 g/t gold from 79 metres and 9m @ 6.85 g/ t gold from 98 metres, including 4m @ 14.40g/t gold from 103 metres Gold mineralisation was intersected beneath the current resource model 120m cut off Metallurgical drilling has started with 120 metres out of a planned 270 metres drilled and the scoping studies on plant design and hydrology have commenced Specific gravity measurements indicate possible additional resource Commenting on the drill results, Jeff Malaihollo, Managing Director of GGG Resources Plc, said: "These drill results received so far are encouraging and further bolster our confidence in the Bullabulling project. The results confirm the widths and grades expected at the Bullabulling Gold Project. These results are helping to build an ongoing platform for us to deliver an updated JORC compliant resource Measured, Indicated and Inferred mineral resource on the Bullabulling project in the first half of next year." Geological Details: GGG Resources plc today announces the first results from the current resource and metallurgical drilling programmes at the Bullabulling Gold Project, located near Kalgoorlie, Western Australia which the Company is developing with its Bullabulling Joint Venture partners Auzex Resources Ltd. Three drill rigs are currently operating at the Project with two Reverse Circulation ("RC") rigs working on resource drilling and one diamond rig collecting samples for metallurgical test work. The drilling is currently progressing as planned and the work programme remains on track to deliver an updated JORC compliant Measured, Indicated and Inferred mineral resource for the project in the first half of 2011. The current reported JORC compliant mineral resource is 41.5 Million tonnes @ 1.48 g/t Au for 1.98 million ounces of gold at a 0.7 g/t Au cut off to a depth of approximately 120m. Drill production for the two RC drill rigs to date is 4,834m from 36 holes (see Table 1) over 28 days averaging 173m per shift. Drilling has focused on infilling to the east of the Bacchus and Phoenix pits, testing the limits of the resource to the east and following up high grade intersections in historic drilling beneath the Bacchus North pit. Table 1 Bullabulling Collar information for RC drilling to 9 December 2010. Hole Easting Northing RL Dip Azimuth Length Comment BJ0008 299,355 6,566,675 431.0 -50.0 90.0 246.0 Assayed BJ0009 299,410 6,566,775 431.0 -55.0 90.0 252.0 Assayed BJ0010 299,388 6,566,775 431.0 -60.0 90.0 241.0 Assayed BJ0011 299,445 6,566,848 431.0 -60.0 90.0 241.0 Assayed BJ0012 299,395 6,566,850 431.0 -60.0 90.0 240.0 Assayed BJ0013 299,388 6,566,925 432.0 -60.0 90.0 247.0 Assayed BJ0014 299,931 6,566,857 431.0 -60.0 90.0 79.0 Assayed BJ0015 299,873 6,566,857 432.0 -60.0 90.0 100.0 Assayed BJ0016 299,831 6,566,855 430.0 -60.0 90.0 120.0 Assayed BJ0017 299,791 6,566,857 430.0 -60.0 90.0 139.0 Assayed BJ0018 299,752 6,566,855 430.0 -60.0 90.0 156.0 Assayed BJ0019 299,928 6,566,934 432.0 -60.0 90.0 90.0 Pending¹ BJ0020 299,617 6,566,855 432.0 -60.0 90.0 80.0 Pending BJ0021 299,565 6,566,855 432.0 -60.0 90.0 100.0 Pending BJ0031 299,892 6,566,680 430.0 -60.0 90.0 90.0 Pending BJ0032 299,852 6,566,680 430.0 -60.0 90.0 115.0 Pending BJ0033 299,812 6,566,680 430.0 -60.0 90.0 140.0 Pending BJ0034 299,772 6,566,680 430.0 -60.0 90.0 159.0 Pending BJ0035 299,732 6,566,680 430.0 -60.0 90.0 180.0 Pending BJ0036 299,955 6,566,780 431.0 -60.0 90.0 55.0 Pending BJ0037 299,935 6,566,780 431.0 -60.0 90.0 223.0 Pending BJ0038 299,915 6,566,780 431.0 -60.0 90.0 79.0 Pending BJ0039 299,832 6,566,780 431.0 -60.0 90.0 120.0 Pending BJ0040 299,790 6,566,780 431.0 -60.0 90.0 140.0 Pending BJ0041 299,848 6,566,930 432.0 -60.0 90.0 127.0 Pending BJ0042 299,768 6,566,930 432.0 -60.0 90.0 169.0 Pending BJ0043 299,730 6,566,930 431.0 -60.0 90.0 79.0 Pending BJ0044 299,675 6,566,930 431.0 -60.0 90.0 103.0 Pending BJ0045 299,633 6,566,930 431.0 -60.0 90.0 120.0 Pending BJ0046 299,909 6,566,960 432.0 -60.0 90.0 100.0 Pending BJ0047 299,870 6,566,960 432.0 -60.0 90.0 120.0 Pending BJ0048 299,830 6,566,960 432.0 -60.0 90.0 139.0 Pending BJM002 299,737 6,567,480 438.0 -70.0 90.0 61.0 Precollar² BJM003 299,914 6,566,856 432.0 -70.0 270.0 61.0 Precollar BJM004 299,880 6,567,380 439.0 -90.0 90.0 55.0 Precollar BJM005 299,852 6,567,542 415.0 -90.0 90.0 68.1 Precollar ¹ Pending denotes that drilling has been completed and the JV is awaiting for assay results ² Pre-collar means only the top part of the hole has been drilled A total of 4,401 samples have been submitted for assay from the start of the programme including 3,844 routine samples, 370 standards and blanks and 187 duplicates. Assays have been received for 11 of the 36 holes drilled to date. Every hole drilled to date has intersected significant mineralisation (see Table 2) that is similar to the historic drilling and intersections compare well with the current resource model. Typically multiple intersections of mineralisation are present and as expected the drilling has intersected narrow higher grade zones of mineralisation which lie within a large low grade halo over a mineralised structure that is 500m wide. Higher grade intersections include 11m at 2.92 g/t Au from 79m in BJ0009 and 9m at 6.85 g/t Au from 98m in BJ0011. A couple of holes have intersected gold mineralisation beneath the current depth of the resource model (approximately 120m below surface) and these are expected to add to the current resource base of the project. The Company continues to investigate whether there is additional high grade mineralisation in the Bacchus North area below the 120 metres level. There are several historic high grade intersections in this area. So far only five new holes have been drilled in this area to date and while all have encountered low grade mineralisation it does not currently appear to form a continuous high grade ore shoot. This area will require additional holes to be drilled in order to ascertain the broader mineralisation in this area and the Company will report on this as more information becomes available. Table 2. Intersection summary from drill assays received to date. Hole From (m) To (m) Length (m) Au grade (g/t) True Depth (m) Includes BJ0008 57 59 2 0.32 37 BJ0008 70 74 4 0.77 45 1m @ 1.78g/t From 72m BJ0008 80 91 11 0.98 51 1m @ 3.71g/t From 80m and 3m @ 1.14g/t From 87m BJ0008 102 112 10 0.73 66 1m @ 3.54g/t From 111m BJ0008 129 131 2 0.37 83 BJ0008 201 208 7 0.64 129 1m @ 2.95g/t From 207m BJ0009 79 90 11 2.92 45 2m @ 9.63g/t From 83m and 1m @ 8.48g/t From 89m BJ0009 98 103 5 0.44 56 BJ0009 118 122 4 0.57 68 BJ0009 136 138 2 0.78 78 BJ0009 200 202 2 0.52 115 BJ0009 234 240 6 1.07 134 1m @ 2.40g/t From 239m BJ0009 247 250 3 0.57 142 BJ0010 75 90 15 0.67 38 1m @ 3.35g/t From 38m BJ0010 96 102 6 0.79 48 1m @ 3.89g/t From 101m BJ0010 217 220 3 1.83 109 2m @ 2.46g/t From 218m BJ0011 57 60 3 1.18 29 BJ0011 69 74 5 0.72 35 BJ0011 98 107 9 6.85 49 1m @ 2.12g/t From 99m and 4m @ 14.40g/t From 103m BJ0011 113 120 7 0.60 57 BJ0011 150 155 5 0.41 75 BJ0011 191 199 8 1.21 96 4m @ 1.78g/t From 195m BJ0011 218 227 9 0.51 109 BJ0011 233 235 2 0.49 117 BJ0012 120 126 6 0.43 60 BJ0012 146 151 5 0.34 73 BJ0012 184 188 4 0.39 92 BJ0012 193 196 3 1.05 97 1m @ 2.03g/t From 195m BJ0012 202 227 25 0.81 101 3m @ 2.41g/t From 215m and 1m @ 2.62g/t From 219m BJ0013 149 152 3 0.74 75 BJ0013 203 205 2 1.10 102 BJ0013 225 227 2 0.43 113 BJ0014 37 40 3 0.45 19 BJ0014 52 60 8 0.67 26 BJ0014 62 64 2 0.40 31 BJ0015 38 64 26 0.64 19 1m @ 3.89g/t From 38m and 2m @ 1.37g/t From 43m BJ0015 71 85 14 0.81 36 4m @ 1.63g/t From 76m and 2m @ 3.34g/t From 73m BJ0016 36 38 2 0.95 18 BJ0016 47 53 6 0.31 24 BJ0016 62 68 6 0.48 31 BJ0016 73 76 3 2.33 37 BJ0016 82 101 19 1.30 41 4m @ 1.63g/t From 89m and 2m @ 1.54g/t From 97m BJ0017 1 6 5 2.17 1 3m @ 3.39g/t From 1m BJ0017 16 21 5 0.83 8 1m @ 2.46g/t From 16m BJ0017 33 34 1 10.40 17 BJ0017 70 87 17 0.59 35 1m @ 3.41g/t From 70m BJ0017 104 108 4 0.82 52 BJ0017 110 115 5 0.47 55 BJ0018 38 44 6 0.54 19 BJ0018 70 73 3 0.34 35 BJ0018 96 98 2 0.80 48 BJ0018 119 121 2 0.38 60 BJ0018 122 126 4 0.31 61 Metallurgy Drilling: The programme of diamond drilling to collect samples for metallurgical test work has started, with two holes located in the Phoenix pit drilled from surface to 68.1m and to 113.4m depth respectively, for a total of 119.8m. It is expected the remaining three drill holes for 150m will be completed in 6-7 shifts by the end of December. The core will then be logged, photographed and selected 20-25m intervals (300kg) from each drill hole and will be transported to the AMMTEC Laboratory before the Christmas break for the metallurgical test work to start. A scoping design study and a review of hydrology requirements for the processing plant have been commissioned to run concurrently with the metallurgical test work. The key outcome of this work is to compare various tonnage throughputs for a conceptual plant design within a 3-5 Mtpa range and ultimately recommend a single throughput with an estimate of processing and capital costs for this option. In addition, a sample of the bore water that will be used in the planned plant at Bullabulling is required for the metallurgical test work. Consequently, a part of the feasibility hydrology programme including water sampling will be completed by Q1 2011. Specific Gravity ("SG"): As reported previously, the number and quality of bulk density measurements of mineralisation were insufficient for upgrading the current resource category. A wet-dry SG determination system has consequently been implemented that has allowed the collection of 167 SG measurements from selected 1m intervals of fresh mineralised and adjacent unmineralised core from the July 2010 diamond drilling programme. The results so far indicate that the SG ranges from 2.6 to 3.1 in all amphibolite lithologies with an average of 2.9. The average SG used by CSA Global for primary ore in calculating the resource tonnage was 2.6, which consequently underestimates the tonnes of ore present in the resource model. The current Inferred Resource estimate will be upgraded once the QAQC results have been analysed and a new resource model estimated to include the new infill drilling results. The new resource is expected to include mineralisation below the current Inferred Resource. Technical information in the Company's news release has been reviewed and approved by Dr. Jeffrey F. A. Malaihollo the Company's Managing Director, who is a Fellow of the Geological Society of London. Dr. Jeffrey Malaihollo Westhouse Securities Limited (Nominated Adviser) Tel: 01992 531820 Tim Metcalfe / Martin Davison www.gggresources.com Tel: 020 7601 6100 Gresham PR Collins Stewart Europe Limited (Broker) Neil Boom John Prior / Adam Miller Tel: 07866 805 108 Tel: 020 7523 8350 END
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