GGG Resources plc (the 'Company' or 'GGG') Bullabulling Gold Project-February Project Update
LONDON, UNITED KINGDOM -- (Marketwire) -- 02/08/11 -- GGG Resources plc (LSE: GGG) is pleased to announce a project update on its Bullabulling project, the former producing gold mine in the Coolgardie Goldfield of Western Australia. The update includes results from an additional 29 drill holes of the current resource drilling programme. Bullabulling is being re-developed by the Company with its joint venture partner, Auzex Resources Limited.
Highlights
-- Latest drill highlights indicate all 29 new drill holes were mineralised
including:
18m at 4.37 g/t Au from 53m in BJ0057,
4m at 3.30 g/t Au from 42m in BJ0084,
5m at 8.20 g/t Au from 23m in BJ0085.
-- To date 87 of 88 holes show mineralisation consistent with the current
JORC resource model
-- 22% of mineralisation in the current programme extends beyond the
current JORC
-- JORC resource model upgrade on track to be reported in Q2 2011
-- Additional 7km of drilling commissioned on top of the existing budgeted
17km
-- Metallurgical drilling has been completed ahead of schedule and
preliminary results indicate material is softer than expected
-- New prospecting licences were added to the existing tenements for a
total of 144km2
Jeff Malaihollo, Managing Director of GGG Resources, says:
'Results from the drilling continue to increase our confidence in the quality of the historic data and the accuracy of the resource model. We have now commissioned a further 7kms of new drilling in order to infill the new mineralisation we found outside of the historically drilled areas. If the results are consistent with the rest of the deposit, we expect to include these zones in the new resource estimate to an Indicated Resource category. We are also delighted that the metallurgical work indicates a softer material than expected. Although at an early stage, this may have a positive impact on the project by lowering mining and crushing costs and therefore enabling us to use a lower cut-off grade.'
Geological Review and Drilling:
The Joint Venture is pleased to announce an update on progress to date on work at the Bullabulling Gold Project. Work in the period after Christmas has focussed on completing the resource drilling, reviewing QAQC results, reviewing drill spacing requirements to upgrade the new resource estimate and completing metallurgical testwork.
The Bullabulling Gold project is a large tonnage, low grade deposit with high grade shoots, associated with the regional Bullabulling shear zone which extends over tens of kilometres. The current programme focuses on approximately 2.3km of the 6km portion known as the Bullabulling Trend which was previously mined by Resolute Mining. The focus for the Joint Venture is to establish an initial reserve to commence production in 2013. Mineralisation is open in all directions, and it is planned to follow up new exploration targets once the current programme is completed.
Resource Drilling
A key objective of the resource drilling programme is to compare results from the historic drilling to improve the confidence in the historical assays which should allow the current inferred resource to be reclassified in the indicated and measured categories. This, in turn, should enable initial JORC compliant reserves to be established for the project. The current reported JORC compliant mineral resource is 41,517,000 tonnes @ 1.48 g/t Au for 1.98 million ounces of gold at a 0.7 g/t Au cut off. This is estimated to an assumed economic mining depth of 315m RL, approximately 120m below the current surface.
Total drilling to date is 14,518m from 115 holes since the programme started (Table 1), including pre-collars for the metallurgical testwork sampling with average drilling since the start of the programme of 241m per day. This is an increase of 56 holes for 7,595m since the last work update announcement. Drilling during the period focussed on Titan, south and north of Phoenix, Bacchus South and reconnaissance drilling at Bonecrusher, which is located at the northern end of the Bullabulling mineralised trend.
Results have been received for 82 RC holes and 6 Diamond drillholes out of a total of 115 holes. Results from the remaining 27 holes are still pending, The results from the drilling to date continues to increase our confidence in the quality of the historic data and accuracy of our resource estimate. Only one hole drilled to date has failed to intersect mineralisation and this was predicted by the resource model (Table 2). The majority of holes are returning intersections similar to those predicted by the resource model and about a quarter are intersecting new zones of mineralisation outside the resource model both below and along strike from known mineralisation.
New intersections not reported previously include:
-- 7m at 1.44 g/t Au from 64m in BJ0041
-- 18m at 4.37 g/t Au from 53m in BJ0057
-- 18m at 1.10 g/t Au from 92m in BJ0058
-- 5m at 1.45 g/t Au from 117m in BJ0058
-- 5m at 2.10 g/t Au from 147m in BJ0063
-- 12m at 1.07 g/t Au from 36m in BJ0067
-- 12m at 1.08 g/t Au from 87m in BJ0071
-- 11m at 1.15 g/t Au from 12m in BJ0074
-- 6m at 1.73 g/t Au from 99m in BJ0077
-- 12m at 1.94 g/t Au from 62m in BJ0079
-- 4m at 3.30 g/t Au from 42m in BJ0084
-- 5m at 8.20 g/t Au from 23m in BJ0085
-- 7m at 1.64 g/t Au from 36m in BJ0085
-- 16m at 1.09 g/t Au from 44m in BJ0091
-- 6m at 1.41 g/t Au from 99m in BJ0092
-- 10m at 1.16 g/t Au from 26m in BJ0093 and
-- 6m at 1.41 g/t Au from 156m in BJ0095.
There are 303 intersections returned to date from 82 assayed RC holes, which averages 4 intersections per hole relating to the multiple stacked lodes defined by the structural mapping. These intersections have been compared to the resource block model to assess the validity of the reported resource.
Approximately 22% of the reported intersections have returned gold mineralisation outside the current resource model, which has been reported to approximately 120m below surface and these will add to the current resource base of the project.
Approximately 41% of the intersections returned similar grades or widths of mineralisation to the resource model.
About 20% of the intersections have better grades or widths than predicted by the resource model.
Only 17% of intersections returned widths not intersected or worse than predicted by the model.
Resource Estimation
Snowden, the project geological consultants, continue to work on the new resource and reserve estimate and are continuously reviewing drilling results as they become available in relation to QAQC and drill spacing requirements to upgrade the current resource to the Indicated and Measured categories. The drilling QAQC Standard Operating Procedures (SOP's) have been reviewed following a site visit and the QAQC twinning of historic Resolute drillholes has been modified to infilling between holes rather than exact twinning of historic holes. The QAQC part of the programme has consequently been redesigned to infill down-dip of holes originally planned for twinning. A review of the standards, blanks and duplicate samples to date has also been completed. While a high number of the Quality Assurance Quality Control (QAQC) samples are within the expected range of gold content, several batches of results have some inconsistencies and these have been resubmitted.
A geostatistical review of the results to date suggest that a drill spacing of at most 50 metres between sections along strike is required to classify any resources as Indicated. Most of the area that is being targeted, between Phoenix and Bacchus, is covered with a drill spacing of 50m or less. However, the number of new intersections that lie outside the current resource model at depth and to the east mean that additional drilling is required to infill these areas to the required drill spacing. About 7km of additional drilling is now planned to infill the new mineralisation with the aim of including these zones in the new resource estimate to an Indicated Resource category.
Drilling Programme Increased
The total number of meters planned over the targeted 2.5km strike of the Bullabulling trend has now increased to 24,140m over 175 drill holes. The new JORC resource estimate is expected to be completed on track in Q2 2011.
Metallurgy Test Work
The recent review study included an assessment of historical metallurgy and processing costs. The review has highlighted that processing costs are a critical variable in the economics of the Project. Although recoveries typically exceeded 90% and there does not appear to be any refractory gold within the deposit, the economics of the project and mining of the ore zones are sensitive to cut off grade. Also as the bulk of the resource upgrade has come from transitional and fresh material at depth, and the majority of ore processed historically came from oxide ore, a new metallurgical programme has been designed to review the metallurgical characteristics of fresh ore in detail with both physical and leaching properties closely examined. Gravity gold recovery will also form part of the programme due to the anticipated coarser gold in the plant feed, particularly the fresh ore.
Metallurgical core collected from the recent diamond drilling programme has been logged, photographed and selected 20-25m intervals (300kg) from each drillhole delivered to the Ammtec laboratory in Perth. The core has now been reviewed and various samples selected for comminution (the process in which solid materials are reduced in size, by crushing, grinding and other techniques), recovery and variability test work. Results have been received from the comminution metallurgical test work showing that a Bond Work Index of 6.9-9.5 with one sample at 12.6. In general the mineralised rock is competent and should not have any issues when crushed.
The remaining core has been crushed and assayed and composite samples selected with grades from 0.7 g/t - 1.5 g/t Au for recovery and metallurgical variability test work. Lycopodium is currently reviewing the data and has started modelling potential processing and plant capital costs, assuming a base case plant capacity of 5.0 mtpa and an alternate plant capacity of 3.5 mtpa. Preliminary crushing, mill and plant design work will also be carried out. This information will then be used to define operating and capital costs for the planned reserve estimation. Although at an early stage, the Bond Work Index is softer than expected and this may lower the operational costs and therefore lower the required economic cut-off grade.
New Prospecting Licences Acquired
The Joint Venture is also pleased to announce that new Prospecting Licences have now been granted to the Joint Venture. The Joint Venture now controls 144km2 in the region. These areas cover most of the prospective areas along the Bullabulling shear zone. The latest map of tenement will be available on the Company's website.
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.
Table 1: Bullabulling Collar information for RC drilling completed up to
01February 2011, excluding those reported in December 2010 and January 2011.
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Hole Easting Northing RL Dip AZ Length Comment
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BJ0057 299857 6567380 439 -60 90 109 Mineralised
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BJ0058 299813 6567381 438 -60 90 130 Mineralised
----------------------------------------------------------------------------
BJ0060 299731 6567375 437 -60 90 181 Mineralised
----------------------------------------------------------------------------
BJ0063 299618 6567200 433 -60 90 169 Mineralised
----------------------------------------------------------------------------
BJ0065 299770 6567228 434 -60 90 121 Mineralised
----------------------------------------------------------------------------
BJ0066 299728 6567230 434 -60 90 139 Mineralised
----------------------------------------------------------------------------
BJ0067 299689 6567227 434 -60 90 193 Mineralised
----------------------------------------------------------------------------
BJ0068 299650 6567225 433 -60 90 181 Mineralised
----------------------------------------------------------------------------
BJ0069 299804 6567680 444 -60 90 121 Mineralised
----------------------------------------------------------------------------
BJ0070 299760 6567680 443 -60 90 79 Mineralised
----------------------------------------------------------------------------
BJ0071 299703 6567374 437 -60 90 121 Mineralised
----------------------------------------------------------------------------
BJ0072 299663 6567375 435 -60 90 139 Mineralised
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BJ0073 299623 6567376 435 -60 90 163 Mineralised
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BJ0074 299734 6567477 438 -60 90 169 Mineralised
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BJ0075 299700 6567477 437 -60 90 109 Mineralised
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BJ0076 299660 6567477 437 -60 90 139 Results pending
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BJ0077 299628 6567478 437 -60 90 157 Mineralised
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BJ0078 299570 6567477 437 -60 90 199 Mineralised
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BJ0079 299717 6567583 440 -60 90 115 Mineralised
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BJ0080 299697 6567577 440 -60 90 127 Mineralised
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BJ0081 299673 6567577 440 -60 90 139 Results pending
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BJ0082 299634 6567577 439 -60 90 163 Results pending
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BJ0083 299596 6567578 438 -60 90 181 Results pending
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BJ0084 299453 6566175 372 -60 90 121 Mineralised
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BJ0085 299434 6566125 374 -60 90 127 Mineralised
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BJ0086 299404 6566075 372 -60 90 133 Results pending
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BJ0087 299460 6566025 372 -60 90 133 Mineralised
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BJ0088 299457 6565975 372 -60 90 115 Mineralised
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BJ0089 299422 6565875 367 -60 90 145 Results pending
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BJ0090 299454 6566075 372 -60 90 115 Results pending
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BJ0091 299730 6567680 443 -60 90 103 Mineralised
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BJ0092 299700 6567680 441 -60 90 121 Mineralised
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BJ0093 299676 6567677 440 -60 90 128 Mineralised
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BJ0094 299624 6567670 440 -60 90 160 Mineralised
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BJ0095 299584 6567670 440 -60 90 181 Mineralised
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BJ0096 299550 6567670 440 -60 90 205 Mineralised
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BJ0097 299680 6567716 441 -60 90 127 Results pending
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BJ0098 299640 6567716 438 -60 90 145 Results pending
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BJ0099 299615 6567722 439 -60 90 157 Results pending
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BJ0100 299579 6567725 440 -60 90 181 Results pending
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BJ0101 299833 6567778 444 -60 90 157 Results pending
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BJ0102 299803 6567778 444 -60 90 61 Results pending
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BJ0103 299781 6567778 443 -60 90 70 Results pending
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BJ0104 300050 6567880 444 -60 90 43 Results pending
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BJ0105 300025 6567880 444 -60 90 49 Results pending
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BJ0106 299985 6567880 444 -60 90 79 Results pending
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BJ0107 299945 6567880 446 -60 90 109 Results pending
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BJ0108 299825 6567880 445 -60 90 49 Results pending
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BJ0109 299785 6567880 443 -60 90 67 Results pending
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BJ0111 299705 6567880 444 -60 90 109 Results pending
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BJ0112 300048 6567980 448 -60 90 79 Results pending
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BJ0113 300018 6567980 428 -60 90 97 Results pending
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BJ0114 299864 6570782 434 -60 90 187 Results pending
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BJ0121 299429 6566075 372 -60 90 127 Results pending
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BJ0122 299757 6566481 481 -60 90 121 Results pending
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BJ0123 299719 6566480 428 -60 90 121 Results pending
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Table 2: Intersection summary from drill assays received to 01February 2011,
excluding those already reported in December 2010 and January 2011.
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Hole From To Width Au g/t Includes Comment
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BJ0041 40 42 2 0.36 New
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BJ0041 44 46 2 0.97 New
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BJ0041 56 58 2 0.35 New
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BJ0041 64 71 7 1.44 1m @ 7.30g/t From New
64m
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BJ0041 83 95 12 0.92 New
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BJ0057 42 45 3 0.47 New
----------------------------------------------------------------------------
BJ0057 53 71 18 4.37 2m @ 36.26g/t From New
61m
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BJ0057 76 85 9 0.54 New
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BJ0057 101 104 3 0.80 New
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BJ0058 34 53 19 0.48 New
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BJ0058 92 110 18 1.10 New
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BJ0058 117 122 5 1.45 1m @ 5.42g/t From New
117m
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BJ0060 23 25 2 0.64 New
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BJ0060 63 70 7 0.61 New
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BJ0060 78 84 6 0.85 New
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BJ0060 122 128 6 0.41 New
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BJ0060 133 139 6 0.56 New
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BJ0060 142 144 2 0.41 New
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BJ0060 156 161 5 0.32 New
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BJ0063 60 62 2 0.48 New
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BJ0063 68 75 7 1.08 New
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BJ0063 84 88 4 0.43 New
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BJ0063 94 104 10 0.52 New
----------------------------------------------------------------------------
BJ0063 125 127 2 2.89 1m @ 5.37g/t From New
126m
----------------------------------------------------------------------------
BJ0063 130 133 3 0.34 New
----------------------------------------------------------------------------
BJ0063 138 142 4 0.65 New
----------------------------------------------------------------------------
BJ0063 147 152 5 2.10 3m @ 3.21g/t From New
147m
----------------------------------------------------------------------------
BJ0065 29 32 3 0.55 New
----------------------------------------------------------------------------
BJ0065 36 40 4 0.42 New
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BJ0065 48 59 11 0.46 New
----------------------------------------------------------------------------
BJ0065 85 92 7 0.65 New
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BJ0065 98 101 3 0.32 New
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BJ0066 26 31 5 0.66 New
----------------------------------------------------------------------------
BJ0066 55 57 2 0.46 New
----------------------------------------------------------------------------
BJ0066 98 102 4 0.36 New
----------------------------------------------------------------------------
BJ0066 103 105 2 0.37 New
----------------------------------------------------------------------------
BJ0066 107 109 2 0.65 New
----------------------------------------------------------------------------
BJ0067 36 48 12 1.07 1m @ 7.07g/t From New
46m
----------------------------------------------------------------------------
BJ0067 82 84 2 0.69 New
----------------------------------------------------------------------------
BJ0067 148 152 4 0.89 New
----------------------------------------------------------------------------
BJ0067 169 183 14 0.83 1m @ 3.97g/t From New
177m
----------------------------------------------------------------------------
BJ0068 0 3 3 0.32 New
----------------------------------------------------------------------------
BJ0068 59 66 7 0.69 New
----------------------------------------------------------------------------
BJ0068 72 77 5 0.73 New
----------------------------------------------------------------------------
BJ0068 92 95 3 0.77 New
----------------------------------------------------------------------------
BJ0068 103 107 4 0.61 New
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BJ0068 119 122 3 0.50 New
----------------------------------------------------------------------------
BJ0068 129 134 5 0.55 New
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BJ0068 173 175 2 1.29 New
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BJ0068 178 180 2 0.32 New
----------------------------------------------------------------------------
BJ0069 26 48 22 0.91 3m @ 2.39g/t From New
34m, 1m @ 5.80g/t
From 46m
----------------------------------------------------------------------------
BJ0069 98 120 22 0.73 New
----------------------------------------------------------------------------
BJ0070 41 65 24 0.47 New
----------------------------------------------------------------------------
BJ0071 37 45 8 0.46 New
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BJ0071 49 53 4 0.40 New
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BJ0071 63 66 3 0.46 New
----------------------------------------------------------------------------
BJ0071 74 77 3 0.78 New
----------------------------------------------------------------------------
BJ0071 87 99 12 1.08 3m @ 2.16g/t From New
96m
----------------------------------------------------------------------------
BJ0071 101 103 2 0.36 New
----------------------------------------------------------------------------
BJ0072 36 50 14 0.56 New
----------------------------------------------------------------------------
BJ0072 79 94 15 0.90 New
----------------------------------------------------------------------------
BJ0072 100 102 2 1.40 New
----------------------------------------------------------------------------
BJ0073 59 76 17 0.96 2m @ 3.14g/t From New
60m
----------------------------------------------------------------------------
BJ0073 111 117 6 0.58 New
----------------------------------------------------------------------------
BJ0073 126 128 2 0.63 New
----------------------------------------------------------------------------
BJ0073 133 138 5 0.81 New
----------------------------------------------------------------------------
BJ0074 12 23 11 1.15 1m @ 6.58g/t From New
12m
----------------------------------------------------------------------------
BJ0074 26 29 3 0.39 New
----------------------------------------------------------------------------
BJ0074 31 44 13 0.61 New
----------------------------------------------------------------------------
BJ0074 53 55 2 0.50 New
----------------------------------------------------------------------------
BJ0074 75 79 4 1.65 New
----------------------------------------------------------------------------
BJ0074 99 102 3 0.42 New
----------------------------------------------------------------------------
BJ0074 116 121 5 0.31 New
----------------------------------------------------------------------------
BJ0074 138 146 8 0.63 New
----------------------------------------------------------------------------
BJ0075 14 16 2 0.39 New
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BJ0075 29 43 14 0.66 New
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BJ0077 55 63 8 0.88 New
----------------------------------------------------------------------------
BJ0077 74 81 7 0.62 New
----------------------------------------------------------------------------
BJ0077 99 105 6 1.73 2m @ 3.73g/t From New
99m
----------------------------------------------------------------------------
BJ0077 113 128 15 0.72 New
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BJ0078 88 90 2 0.45 New
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BJ0078 94 101 7 0.76 New
----------------------------------------------------------------------------
BJ0078 142 161 19 0.72 1m @ 3.29g/t From New
154m
----------------------------------------------------------------------------
BJ0078 175 189 14 0.70 New
----------------------------------------------------------------------------
BJ0079 21 25 4 0.48 New
----------------------------------------------------------------------------
BJ0079 50 57 7 0.34 New
----------------------------------------------------------------------------
BJ0079 62 74 12 1.94 4m @ 3.17g/t From New
64m, 4m @ 2.17g/t
From 69m
----------------------------------------------------------------------------
BJ0079 93 97 4 0.81 New
----------------------------------------------------------------------------
BJ0080 9 11 2 0.68 New
----------------------------------------------------------------------------
BJ0080 31 35 4 0.35 New
----------------------------------------------------------------------------
BJ0084 31 33 2 1.37 New
----------------------------------------------------------------------------
BJ0084 42 46 4 3.30 1m @ 11.80g/t From New
42m
----------------------------------------------------------------------------
BJ0084 95 100 5 0.65 New
----------------------------------------------------------------------------
BJ0085 0 2 2 0.75 New
----------------------------------------------------------------------------
BJ0085 6 14 8 0.75 1m @ 3.34g/t From New
13m
----------------------------------------------------------------------------
BJ0085 23 28 5 8.20 2m @ 14.62g/t From New
23m, 2m @ 5.67g/t
From 26m
----------------------------------------------------------------------------
BJ0085 36 43 7 1.64 2m @ 4.40g/t From New
36m
----------------------------------------------------------------------------
BJ0087 125 127 2 1.18 New
----------------------------------------------------------------------------
BJ0088 1 3 2 0.80 New
----------------------------------------------------------------------------
BJ0088 8 12 4 0.40 New
----------------------------------------------------------------------------
BJ0088 27 35 8 0.95 New
----------------------------------------------------------------------------
BJ0091 18 21 3 0.61 New
----------------------------------------------------------------------------
BJ0091 33 36 3 0.57 New
----------------------------------------------------------------------------
BJ0091 44 60 16 1.09 9m @ 1.65g/t From New
45m
----------------------------------------------------------------------------
BJ0091 76 78 2 0.46 New
----------------------------------------------------------------------------
BJ0092 16 27 11 0.99 New
----------------------------------------------------------------------------
BJ0092 33 35 2 0.43 New
----------------------------------------------------------------------------
BJ0092 71 75 4 0.32 New
----------------------------------------------------------------------------
BJ0092 87 93 6 1.41 2m @ 3.58g/t From New
87m
----------------------------------------------------------------------------
BJ0093 26 36 10 1.16 2m @ 3.43g/t From New
26m
----------------------------------------------------------------------------
BJ0093 78 83 5 0.69 New
----------------------------------------------------------------------------
BJ0093 101 103 2 0.40 New
----------------------------------------------------------------------------
BJ0093 104 108 4 0.74 New
----------------------------------------------------------------------------
BJ0094 0 2 2 0.68 New
----------------------------------------------------------------------------
BJ0094 55 61 6 1.24 New
----------------------------------------------------------------------------
BJ0095 58 60 2 0.43 New
----------------------------------------------------------------------------
BJ0095 68 84 16 0.76 1m @ 8.08g/t From New
68m, 3m @ 2.40g/t
From 75m
----------------------------------------------------------------------------
BJ0095 119 121 2 0.40 New
----------------------------------------------------------------------------
BJ0095 123 126 3 0.75 New
----------------------------------------------------------------------------
BJ0095 156 162 6 1.41 1m @ 6.52g/t From New
156m
----------------------------------------------------------------------------
BJ0096 84 92 8 0.82 New
----------------------------------------------------------------------------
BJ0096 97 99 2 0.92 New
----------------------------------------------------------------------------
BJ0096 145 147 2 0.94 New
----------------------------------------------------------------------------
BJ0096 149 151 2 0.37 New
----------------------------------------------------------------------------
BJ0096 156 158 2 0.38 New
----------------------------------------------------------------------------
BJ0096 163 172 9 0.53 New
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To view the map, 'The Bullabulling Gold Trend,' please visit the following link: http://media3.marketwire.com/docs/gggFig1.pdf
To view the map, 'Drill plan showing the location of QAQC and infill drilling in the main resource areas and holes targeting the high grade mineralisation in the Bacchus Deeps area,' please visit the following link: http://media3.marketwire.com/docs/gggFig2.pdf
To view the map, 'Updated tenement Map of the Bullabulling Joint Venture,' please visit the following link: http://media3.marketwire.com/docs/gggFig3.pdf
Contacts:
GGG Resources plc
Dr. Jeffrey Malaihollo
01992 531820
www.gggresources.com
Gresham PR
Neil Boom
07866 805 108
Westhouse Securities Limited (Nominated Adviser)
Tom Price / Martin Davison
020 7601 6100
Collins Stewart Europe Limited (Broker)
John Prior / Adam Miller
020 7523 8350