Company Announcement: Balamara Resources Announces Updated JORC Resource for Monty Base Metals Project
Balamara Resources Limited is pleased to report an updated JORC Mineral Resource for its 100%-owned Montenegro Base Metals Project in Central Europe incorporating the results of in-fill diamond drilling undertaken last year. The updated resource, which was prepared by independent consultants Golder Associates Pty Ltd (“Golder”), incorporates the results from 10 holes drilled at the Brskovo deposit last year, including a newly discovered silver zone. The final seven holes from the Brskovo drilling programme have now largely been completed, with remaining drilling or assaying to be completed during 2013.
In May 2011 Balamara announced an initial JORC resource for the Monty Project, calculated by Golder, comprising an Inferred Resource of 9.2Mt at 3.77% zinc, 1.21% lead and 0.36% copper and encompassing all three deposits which form part of the Project. This initial resource was based entirely on historical drilling results; accordingly, Balamara planned a further in-fill drilling programme in 2012 in order to upgrade part of the Brskovo deposit from Inferred to Indicated status as the foundation for feasibility studies and mine planning, to target any increases in tonnage and grade, and to incorporate silver mineralisation into the resource estimate for the first time.
The 2012 drilling program has also given the Company a better understanding of the nature of the orebody, the zoning of grade and the distribution of different metals across the deposit. Balamara focused its 2012 drilling primarily on the main Brskovo deposit with only limited drilling undertaken to date at the nearby Visnjica deposit.
This resource upgrade is therefore based entirely on Brskovo, with further drilling planned during 2013 at the Visnjica and Zuta Prla deposits, which may lead to a potential upgrade of the JORC resource estimates for these two deposits.
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