TIDMAVM
RNS Number : 3798U
Avocet Mining PLC
21 December 2011
Tri-K Gold Resource increases 52% to 2.24 Million Ounces
Avocet Mining PLC ("Avocet" or "the Company") announces an
updated Mineral Resource of 2.24 million ounces on the 100 per cent
owned Tri-K Block in northeast Guinea. This Mineral Resource
increase exceeds the Company's stated target of 2 million ounces by
year end.
The enlarged resource includes 1.83 million ounces at Koulekoun,
a 25 per cent increase on the previous Mineral Resource, and a
maiden Mineral Resource of 0.41 million ounces gold at Kodieran. In
total this is an increase of 772,400 ounces or 52 per cent over the
previously published Mineral Resource at the same cut-off of 0.5g/t
Au.
The Mineral Resource has been estimated and is reported in
accordance with the Australasian JORC Code.
Metric tonnes Grade Gold Attributable
(g/t Au) ounces ounces
-------------- -------------- ---------- ---------- -------------
Koulekoun
---------------------------------------------------------------------
Measured - - - -
-------------- -------------- ---------- ---------- -------------
Indicated 21,610,000 1.44 1,000,800 1,000,800
-------------- -------------- ---------- ---------- -------------
Measured +
Indicated 21,610,000 1.44 1,000,800 1,000,800
-------------- -------------- ---------- ---------- -------------
Inferred 22,600,000 1.15 832,200 832,200
-------------- -------------- ---------- ---------- -------------
Kodieran
---------------------------------------------------------------------
Inferred 7,260,000 1.76 411,100 411,100
-------------- -------------- ---------- ---------- -------------
Total 51,470,000 1.36 2,244,100 2,244,100
-------------- -------------- ---------- ---------- -------------
The Company owns 100% of Wega Mining Guinee, owner of the
Koulekoun gold project and Kodieran prospect
Note: rounding errors may occur.
Koulekoun
The Koulekoun Mineral Resource is hosted in a 40-80m thick,
steeply east-dipping zone of north-northwest-striking porphyry
dykes and adjacent wall rocks, cut by a steeply north-dipping
northeast-striking structure. To date, the main porphyry zone has
been tested over a strike length of 2,000 metres and to a vertical
depth of 350 metres. Resource grades occur over a strike length of
950 metres and the mineralisation is open at depth. Gold grades are
locally higher (>2 g/t gold) in the sub-vertically plunging pipe
(80 metres x 120 metres across) formed by the intersection of the
porphyry dyke complex and the northeast-striking structure, and
diminish along strike.
A late dolerite sill cuts the mineralised geology and controls
the position of the water table. As a result the rock above the
dolerite is highly weathered, whilst rocks in the footwall are
fresh.
The updated Mineral Resource is based on 30,675 metres of
reverse circulation and 16,463 metres of diamond drilling oriented
westward on east-west trending drill fences. The Company has
mobilised a diamond rig which is presently drilling across the
northeast-striking structure to allow the more accurate estimate of
the Mineral Resources in this zone. This will enable the increase
of resources to the higher category of Indicated Mineral Resources
from Inferred Mineral Resources.
CSA Global estimated the updated Mineral Resource using ordinary
kriging and validated it by a variety of methods including the use
of the inverse distance squared interpolation method as a check.
All estimates are constrained by geologically controlled wire
frames, based upon a lower gold value of 0.3 g/t gold. In
estimating gold grades a top cut of 30 g/t gold was applied in the
porphyry and wall rock mineralisation and 15 g/t gold along the
northeast-striking structure; less than the 50 g/t Au and 20 g/t
Au, respectively, used in the previous estimate. Density data was
calculated from diamond core billets. The Mineral Resource was
classified as Indicated and Inferred, based upon geological and
grade continuity, QAQC of sample assay data, and the quantity of
density data.
The significant portion of Inferred Mineral Resources occurs in
the deeper sections of the deposit, away from the high-grade pipe,
which explains the lower grade of Inferred Mineral Resources when
compared with the Indicated Mineral Resources.
The Koulekoun Mineral Resource will underpin a pre-feasibility
study scheduled to commence in early 2012, subject to which a full
feasibility study is expected to commence later in the year.
Kodieran
Separately, Avocet has estimated a maiden Inferred Mineral
Resource at Kodieran based on 6,190 metres of reverse circulation
and diamond drilling, which tested a zone of mineralised
granodiorite that is 140 metres wide, 600 metres long and 250
metres deep.
Drilling results were reported on 28 February 2011. The Company
has since completed an additional 8,680 metres of infill and
step-out reverse circulation drilling, which has visually confirmed
the mineralised zone, but assay results for this additional infill
and step-out drilling are not expected before February 2012.
Commenting on the Mineral Resource upgrade at Tri-K, Brett
Richards, Chief Executive Officer for Avocet, stated:
"The updated Mineral Resource at Tri-K has surpassed our two
million ounce target for 2011; growing the core resource at the
Koulekoun gold project as well as adding a new Mineral Resource at
Kodieran . It also increases our Group Mineral Resources from 5.4
million to 6.2 million ounces of gold.
This increase supports our firmly held view that Koulekoun and
the Tri-K district have the potential to support the development of
a significant gold producing region."
The information in this announcement that relates to Exploration
Results is based on information reviewed and audited by Mr. Peter
Flindell, (MAusIMM), Executive Vice President of Exploration for
Avocet. The information in this announcement that relates to the
Koulekoun Mineral Resource is based on information compiled by Mr.
David Williams (MAusIMM, MAIG), Principal Consultant, CSA; and the
information in this announcement that relates to the Kodieran
Mineral Resource is based on information compiled by John
Milovanovic (FAusIMM), Chief Resource Geologist for Avocet.
Messer's Flindell, Milovanovic and Williams have the experience
relevant to the style of mineralisation and type of deposit under
consideration to qualify as Competent Persons as defined by the
Australasian JORC Code (2004) for the reporting of Exploration
Results, Mineral Resources and Ore Reserves. Messer's Flindell,
Milovanovic and Williams consent to the inclusion of the technical
information in this announcement in the form and context in which
it appears.
For further information please contact:
=====================================================================================================
Avocet Mining Buchanan J.P. Morgan Arctic Securities SEB Enskilda
PLC Financial Cazenove Financial Financial
PR Consultants Lead Broker Adviser & Adviser &
and Sponsor Market Maker Market Maker
================ ================ ========================== ================== =================
Brett Richards, Bobby Morse Michael Wentworth-Stanley Arne Wenger Fredrik Cappelen
CEO James Strong Neil Passmore Petter Bakken
Mike Norris,
FD
Angela Parr,
IR
================ ================ ========================== ================== =================
+44 20 7466
5000
+44 20 7766 +44 78 7260 +44 20 7588 +47 2101 +47 2100
7674 4783 2828 3100 8500
Background
Avocet Mining PLC ("Avocet Mining" or "the Company") is a gold
mining and exploration company listed on the London Stock Exchange
(Ticker: AVM.L) and the Oslo Bors (Ticker: AVM.OL). The Company's
principal activities are gold mining and exploration in Burkina
Faso (as 90 per cent owner of the Inata gold mine and 100 per cent
owner of eight exploration licenses in the Belahouro region
surrounding Inata) and exploration in Guinea.
The Inata deposit presently comprises a Mineral Resource of 3.36
million ounces and a Mineral Reserve of 1.47 million ounces. Inata
Gold Mine poured its first gold in December 2009 and is expected to
produce in excess of 160,000 ounces of gold in 2011.
Other assets in West Africa include exploration permits in
Burkina Faso (the most advanced prospect within Belahouro being the
Souma Project, some 20 kilometres from Inata Gold Mine, with a
Mineral Resource of 0.56 million ounces), Guinea (the most advanced
being Koulekoun with a Mineral Resource of 1.83 million ounces) and
Mali.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAAAEAEKFFAF
Avocet Mining (LSE:AVM)
過去 株価チャート
から 6 2024 まで 7 2024
Avocet Mining (LSE:AVM)
過去 株価チャート
から 7 2023 まで 7 2024
