Bullabulling Gold Limited Resource Extension Drilling Underway (1702Y)
19 2월 2013 - 5:00PM
UK Regulatory
TIDMBGL
RNS Number : 1702Y
Bullabulling Gold Limited
19 February 2013
Bullabulling Gold Limited
19 February 2013 ASX Code: BAB, AIM Code: BGL
Resource Extension Drilling Underway at Bullabulling
-- Extensions to the higher grade Edwards and Gryphon prospects targeted
- Resource grades are 30% above Bullabulling average
- Potential for additional high grade mill feed early in the mine life
- Proposed open pits may be combined, increasing mining efficiency
-- First assay results available by March
-- Full results to be incorporated into the definitive feasibility study
-- Potential to contribute to lower cash costs and an improved
cash flow profile for the Bullabulling Gold Project
Bullabulling Gold Limited (the "Company") is pleased to report
that a selective reverse circulation ("RC") drilling program has
commenced at the Edwards and Gryphon prospects within the Company's
wholly owned Bullabulling Gold Project.
Edwards and Gryphon are located in the southern portion of the
Bullabulling trend. Limited prior RC drilling has identified
mineralisation at the two prospects that is approximately 30%
higher in grade than the average for the project. The recently
completed Bullabulling prefeasibility study (see market release of
7 February 2013) incorporated two small open pits at Edwards and
Gryphon with a combined mining inventory of 2.2 million tonnes
grading 1.14g/t, for 81,000 ounces of gold. A breakdown of the
Bullabulling PFS mining inventory with resource classifications is
shown in Table 1.
The current program has been designed to test for down dip
extensions to existing high grade mineralisation and to determine
whether there is sufficient continuity between the two prospects to
support the development of a single larger pit. This would increase
the mining inventory and improve the efficiency of the mine design
by eliminating the need for two haulage ramps and potentially
reducing the strip ratio.
If the known higher grade mineralisation is found to extend
beyond current resource limits, it could provide additional high
grade mill feed early in the mine life, leading to further
improvement in the cash flow profile of the project and reduced
cash costs.
In the first instance, 20 holes for approximately 3,000 metres
will be drilled, with the results of these initial holes
determining the requirement for further drilling. A broader program
of up to 56 holes has been provisionally laid out, as shown in red
on Figure 1. While a number of proposed holes appear close to
existing holes, these were generally only drilled to around 60
metres below surface and the current drilling will extend coverage
to a greater depth.
First assay results from the program are expected to be
available by early March.
Table 1 - Bullabulling Gold Project PFS Mining Inventory
Pit Indicated Inferred Total
------------- ---------------------------- ------------------------- ---------------------------
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
------------- -------- ------ ---------- ------- ------ -------- ------- ------ ----------
Bonecrusher 8.8Mt 0.73 206,367 2.5Mt 1.03 82,383 11.3Mt 0.79 288,749
Dicksons 11.2Mt 0.98 37,132 0.4Mt 0.81 9,461 1.5Mt 0.94 46,593
Phoenix 56.4Mt 0.86 1,552,459 7.6Mt 1.01 245,567 64.0Mt 0.87 1,798,026
Edwards 0.8Mt 1.11 27,204 0.8Mt 1.11 27,204
Gryphon 1.1Mt 1.16 41,810 0.3Mt 1.11 12,129 1.5Mt 1.15 53,939
------------- -------- ------ ---------- ------- ------ -------- ------- ------ ----------
Total 67.5Mt 0.85 1,837,768 11.6Mt 1.01 376,744 79.1Mt 0.87 2,214,512
------------- -------- ------ ---------- ------- ------ -------- ------- ------ ----------
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
Andrew Chubb/Sebastian Jones (UK Nominated Adviser)
Tel: +44 20 7523 8000 Martin Davison/Jonathan Haines
Tel: +44 20 7601 6100
-------------------------------------------------
Neil Boom John Gardner / Kusal Meemeduma
Gresham PR Ltd (UK media) MAGNUS Investor Relations
Tel: +44 7866 805 108 (Australian Media)
Tel: +61 8 9212 0101
jgardner@magnus.net.au kmeemeduma@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 302.5 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 (2.2 million ounces) and
Inferred Resources of 32.8 million tonnes at 1.06 g/t gold (1.1
million ounces) at Bullabulling and Inferred Resources of 4.8
million tonnes at 1.15 g/t gold (0.2 million ounces) 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 has recently completed a pre-feasibility study into
the development of a large scale, low cost mining operation at
Bullabulling and is now moving into definitive feasibility study.
First production is targeted for Q4 2015.
Competent Person Statement
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves is based upon
information compiled by Mr Trevor Pilcher, who is a full time
employee of the Company and is a member of The Australasian
Institute of Mining and Metallurgy. Mr Pilcher 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). Mr Pilcher consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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