Bullabulling Gold Limited Bullabulling Gold Project Resource Update (1470N)
26 9월 2012 - 3:00PM
UK Regulatory
TIDMBGL
RNS Number : 1470N
Bullabulling Gold Limited
26 September 2012
Bullabulling Gold Limited
26 September 2012 ASX Code: BAB, AIM Code: BGL
Bullabulling Gold Project Resource Update
-- Improved continuity of mineralisation demonstrated
-- Contained gold increased by over 120,000 ounces, in line with expectations
-- Increases in both tonnage and grade achieved
-- Total JORC resources now exceed 3.5 million ounces
Bullabulling Gold Limited is pleased to report a revised Mineral
Resource estimate for its wholly owned Bullabulling Gold Project.
Indicated and inferred resources at the Bullabulling deposit now
stand at 104.5 million tonnes grading 0.99g/t. Total project
resources stand at 109.3 million tonnes at 1.00g/t for just over
3.5 million ounces, as detailed in the table below.
Bullabulling Gold Project Resource Estimate (0.5g/t cut-off)
----------------------------------------------------------------------------
Deposit Class Tonnes (Mt) Grade (g/t) Ounces
----------------------- ----------- ------------ ------------ ----------
Bullabulling Laterite Inferred 1.7 0.89 48,000
----------------------- ----------- ------------ ------------ ----------
Bullabulling Primary Indicated 71.7 0.96 2,209,000
----------------------- ----------- ------------ ------------ ----------
Inferred 31.1 1.07 1,070,500
----------------------------------- ------------ ------------ ----------
Bullabulling Total 104.5 0.99 3,327,500
------------------------------------ ------------ ------------ ----------
Gibraltar Inferred 4.8 1.15 177,500
----------------------- ----------- ------------ ------------ ----------
Project Total 109.3 1.00 3,505,000
------------------------------------ ------------ ------------ ----------
The resource update was prepared following the completion of a
26 hole infill RC drilling program in early August (see market
release 23 August 2012). This program targeted several sections of
the deposit where previous hole spacing was too broad to confirm
geological continuity. The program focused on areas considered
likely to fall within the planned open pit, therefore the expanded
resource is expected to increase the mining inventory and improve
the strip ratio.
The revised resource model will be used together with revised
operating cost estimates currently under preparation as the basis
for the final round of prefeasibility study pit optimisations.
Detailed mine design and production scheduling will follow.
The new Bullabulling resource estimate was prepared by Snowden
Mining Industry Consultants in accordance with the JORC Code (2004)
and ASX Companies Updates.
For information, contact:
Brett Lambert
Bullabulling Gold Limited
Level 2, 55 Carrington
Street
Nedlands, WA, 6009, Australia
Tel: +61 8 9386 4086
------------------------------- -----------------------------------------------
Canaccord Genuity (Broker) Westhouse Securities Limited
John Prior (UK Nominated Adviser)
Tel: +44 20 7523 8350 Martin Davison
Tel: +44 20 7601 6100
------------------------------- -----------------------------------------------
Neil Boom John Gardner / Blake Wilshaw
Gresham PR Ltd (UK media) MAGNUS Investor Relations
Tel: +44 7866 805 108 (Australian Media)
Tel: +61 8 9212 0101
jgardner@magnus.net.au/bwilshaw@magnus.net.au
------------------------------- -----------------------------------------------
About Bullabulling Gold Limited
Bullabulling Gold Limited is listed on the Australian Securities
Exchange (ASX:BAB) and London's AIM Market (AIM:BGL) and has
approximately 289 million shares on issue. The Company's primary
asset is the wholly owned Bullabulling Gold Project, located near
Coolgardie in Western Australia.
The Bullabulling Gold Project hosts JORC compliant Mineral
Resources of 3.5 million ounces comprising Indicated Resources of
71.7 million tonnes at 0.96 g/t gold and Inferred Resources of 32.8
million tonnes at 1.06 g/t gold at Bullabulling and Inferred
Resources of 4.8 million tonnes at 1.15 g/t gold at Gibraltar.
Exploration has demonstrated strong potential for further expansion
of the resource base.
The Bullabulling deposit is amenable to bulk tonnage open pit
mining and conventional CIL processing has delivered high gold
recoveries. The deposit is situated on granted Mining Leases in
close proximity to infrastructure.
The Company is currently undertaking a pre-feasibility study
into the development of a large scale, low cost mining operation at
Bullabulling, with first production targeted for 2015.
Competent Person Statements
The information in this report that relates to the September
2012 Bullabulling Mineral Resource estimate is based upon
information compiled by Richard Sulway. Mr Sulway is a Member of
the Australasian Institute of Mining and Metallurgy (MAusIMM (CP))
and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity to which he is undertaking to qualify as a Competent
Person as defined in the 2004 edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Sulway is a full-time employee of Snowden Mining
Industry Consultants Pty Ltd. Mr Sulway consents to the inclusion
in the report of the matters based on his information in the form
and context in which it appears.
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves, other than the
September 2012 Bullabulling Mineral Resource, is based upon
information compiled by Dr. Gregor Partington, who acts as an
exploration consultant to the company and is a member of The
Australasian Institute of Mining and Metallurgy and the Australian
Institute of Geoscientists. Dr. Partington has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and the activity in which he is
undertaking to qualify as a Competent Person under 2004 Edition of
the Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Dr. Partington consents to
the inclusion in this report of the matters based on his
information in the form and context in which it appears.
Glossary of Technical Terms
Cut off The lowest grade of mineralised material
included in the Mineral Resource estimate
------------------- -----------------------------------------------
g/t Grams per tonne
------------------- -----------------------------------------------
JORC Joint Ore Reserves Committee
------------------- -----------------------------------------------
Indicated resource In situ Mineral Resource calculated with
a moderate confidence level to which economic
parameters have not been applied
------------------- -----------------------------------------------
Inferred resource In situ Mineral Resource calculated with
a low confidence level to which economic
parameters have not been applied
------------------- -----------------------------------------------
Mt Millions of tonnes
------------------- -----------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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