Excelsior adds to Bulletin South resource
PERTH (miningweekly.com) – ASX-listed gold developer Excelsior Gold has increased the mineral resource estimate for the Bulletin South deposit, which forms part of its larger Kalgoorlie North project, in Western Australia.
The junior on Friday noted that a December drilling programme had increased the indicated and inferred mineral resource at Bulletin South from 729 700 t, grading 1.98 g/t gold for 46 500 oz, to 762 900 t, grading 2.02 g/t gold for 49 500 oz.
The 6.5% increase in the mineral resource was accompanied by a 13.7% increase in indicated mineral resource ounces, through the conversion of inferred mineral resource within and adjusted to the preliminary pit design.
Ninety-five per cent of the mineral resource was now classified as indicated, with the mineralisation remaining open along strike and at depth.
The Bulletin South project has a probable ore reserve of 458 000 t, grading 2.14 g/t gold for 31 600 oz of gold.
The Kalgoorlie North project was expected to require a capital investment of some $56-million, with ASX-listed Norton Gold Fields providing milling treatment for the ore mined at Kalgoorlie North.
The milling agreement allowed Excelsior a minimum allocation of 2.5-million tonnes at Norton’s Paddington mill, with the allocation expected to be used at a rate of 500 000 t/y over a five-year period.
Excelsior said on Friday that the company was progressing towards production by the second half of 2015, and would initially mine the four Bardoc South openpits, with a cumulative ore reserve of 205 000 t, grading 2.75 g/t gold for 18 100 oz of gold.
Production from the Bulletin South openpit mine was currently scheduled to start in January 2016.
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