TIDMBGL
RNS Number : 3267O
Bullabulling Gold Limited
19 September 2013
18 September 2013 ASX Code: BAB, AIM Code: BGL
BULLABULLING RESOURCE UPGRADE
-- Northern Bullabulling resource updated following drilling in the infrastructure corridor
-- Both resource tonnage and grade have increased
-- Infrastructure relocation study to proceed
-- Potential to increase gold production and extend proposed mine life
Bullabulling Gold Limited is pleased to report that the Mineral
Resource estimate for the Bullabulling Gold Project has been
updated, resulting in an increase in both tonnage and grade.
Work completed to date on the definitive feasibility study (DFS)
has confirmed potential for a large scale gold mining operation at
Bullabulling with an initial mine life of 12 years based on
development of four open pits. The northern most pits, Bonecrusher
and Dicksons, are constrained by two exclusion zones accommodating
overhead power transmission lines, a below-ground
telecommunications cable, Great Eastern Highway and the Goldfields
Water Supply pipeline. Less than half of the resource north of the
highway is captured within the current pit designs. The next phase
of the DFS will evaluate potential to relocate some or all of the
public infrastructure in order to extend and possibly amalgamate
the northern pits.
A small RC drilling program, eight holes for 1,088 metres, was
carried out ahead of the infrastructure relocation study to test an
area near the power transmission lines where there was insufficient
data to confirm continuity of mineralisation. The update, which
only addresses the resource north of 6,569,000mN (Figure 1*), the
approximate position of the highway, incorporates results from this
program. The variograms that were applied during the resource
modelling process were also adjusted to conform with an updated
geostatistical analysis of all current data, which marginally
affected grade distribution and resource classification.
The resource within the remodelled area increased by 700,000
tonnes and average grade by 0.03g/t, which combined to lift
contained gold by 46,000 ounces or 6.3%. The additional resource
tonnage was in line with expectations, however the 3.5 percent
increase in average grade was an unexpected gain. A comparison of
the latest resource figures with the previous estimate from
September 2012 is presented in Table 1. The updated full project
resource, which totals 3.76 million ounces of gold, is presented in
Table 2.
Table 1: Bullabulling Mineral Resource Estimate North of 6
569 000 mN (0.5g/t cut-off)
---------------------------------------------------------------------------------------------
September 2012 Resource September 2013 Resource
------------------- ------------------------------ ------------------------------ --------
Classification Tonnage Grade Contained Tonnage Grade Contained Change
Gold Gold in Gold
------------------- --------- ------- ---------- --------- ------- ---------- --------
14.6 0.83 388,000 14.3 0.86 394,000
Indicated Mt g/t oz Mt g/t oz +1.5%
------------------- --------- ------- ---------- --------- ------- ---------- --------
10.0 1.05 338,000 11.0 1.07 378,000
Inferred Mt g/t oz Mt g/t oz +11.8%
------------------- --------- ------- ---------- --------- ------- ---------- --------
24.6 0.92 726,000 25.3 0.95 772,000
Indicated+Inferred Mt g/t oz Mt g/t oz +6.3%
------------------- --------- ------- ---------- --------- ------- ---------- --------
Note: Small discrepancies may occur due to the effects of
rounding
*A version of this announcement which includes Figure 1 is
available on the Company's website:
http://www.bullabullinggold.com/
Figure 1: Updated resource model with infrastructure
locations
Table 2: Bullabulling Gold Project Mineral Resource Estimate
(0.5g/t cut-off)
---------------------------------------------------------------------------
Deposit Classification Tonnage Grade Cont. Gold
---------------------- --------------- --------- --------- ------------
Bullabulling Laterite Inferred 1.7 Mt 0.89 g/t 48,000 oz
---------------------- --------------- --------- --------- ------------
Bullabulling Primary Indicated 72.4 Mt 0.98 g/t 2,279,000
oz
---------------------- --------------- --------- --------- ------------
Inferred 35.0 Mt 1.12 g/t 1,257,000
oz
---------------------- --------------- --------- --------- ------------
Bullabulling Total Ind. & Inf. 109.1 Mt 1.02 g/t 3,584,000
oz
---------------------- --------------- --------- --------- ------------
Gibraltar Inferred 4.8 Mt 1.15 g/t 177,000 oz
---------------------- --------------- --------- --------- ------------
Project Total Ind. & 113.9 Mt 1.03 g/t 3,761,000
Inf. oz
---------------------- --------------- --------- --------- ------------
The revised 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 Westhouse Securities Limited
Bullabulling Gold Limited (UK Broker & Nominated Adviser)
Level 2, 55 Carrington Street Martin Davison
Nedlands, WA, 6009, Australia Tel: +44 20 7601 6100
Tel: +61 8 9386 4086
------------------------------- -----------------------------------------------
Neil Boom John Gardner / Rupert Dearden
Gresham PR Ltd (UK media) MAGNUS Investor Relations. Corporate
Tel: +44 7866 805 108 Communication. (Australian Media)
Tel: +61 8 6160 4900
jgardner@magnus.net.au rdearden@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 341.7 million shares on issue. The Company's primary
asset is the wholly owned Bullabulling Gold Project, located 60
kilometres west of Kalgoorlie in Western Australia.
The Bullabulling Gold Project hosts JORC compliant Mineral
Resources of 3.76 million ounces comprising Indicated Resources of
72.4 million tonnes at 0.98 g/t gold (2.28 million ounces) and
Inferred Resources of 41.5 million tonnes at 1.11 g/t gold (1.48
million ounces). 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. All resources are situated
on granted Mining Leases in close proximity to infrastructure.
The Company is conducting a definitive feasibility study into
the development of a large scale, low cost mining operation at
Bullabulling which is scheduled for completion in 2014.
Competent Person Statements
The information in this report that relates to the September
2013 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
2013 Bullabulling Mineral Resource estimate 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.
Glossary of Technical Terms
Assay Quantitative analysis of a substance to
determine the proportion of some valuable
constituent
------------------- -----------------------------------------------
Au Gold
------------------- -----------------------------------------------
Cut off The lowest grade of mineralized 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
------------------- -----------------------------------------------
Km kilometres
------------------- -----------------------------------------------
m Metres
------------------- -----------------------------------------------
Measured Resource In situ Mineral Resource calculated with
a high confidence level to which economic
parameters have not been applied
------------------- -----------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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