JOHANNESBURG (miningweekly.com) – A 215% increase in the Joint Ore Reserves Committee- (Jorc-) compliant resources at the Queensland-based Mount Morgan gold-copper tailings project to 850 000 oz highlights the potential to increase the project’s mine life and production, says owner Carbine Resources.
The ASX-listed metals developer announced on Tuesday that total indicated and inferred resources had increased to 32.7-million tonnes at 0.71 g/t for 850 000 oz, comprising an indicated mineral resource of 394 000 oz and a total inferred mineral resource that increased to 456 000 oz.
The group’s new mineral resources comprise six tailings dumps that make up the tailings project, as well as a total of 7.9-million tonnes of pyrite, 36 000 t of copper, and 49 t of silver.
Carbine added that a definitive feasibility study was on track for completion at the end of September and would be based solely on the indicated mineral resource of 394 000 oz.
Meanwhile, in conjunction with its 2016 resource estimate update, the company has updated its Mount Morgan exploration target. This update involved a detailed review of previous studies, the existing and new mineral resource estimates, all known historical drill and trench data, historical reports, plans and site photos, and a visual site inspection of all visible mine dumps.
Carbine’s new exploration target, incorporating all near-surface tailings, dumps and metallurgical slag mineralisation, is between 1.9-million tonnes and 4.9-million tonnes for between 70 000 oz and 190 000 oz of gold.
The company noted, however, that the potential quality and grade of the exploration target was conceptual in nature as there had been insufficient exploration to estimate a mineral resource. It is also uncertain if additional exploration will result in an estimation of the mineral resource.
It further noted that the exploration target was less than the previously stated exploration target, owing to ongoing drilling and mineral resource conversion.
Drilling is expected to get under way in 2017 to test the highest-priority exploration targets based on the project’s potential size and its location, either adjacent to the planned site infrastructure or within existing openpit designs.