G-Resources upgrades Martabe ore reserves
Wednesday, May 11 2011 - 03:03 AM WIB
The company?s Martabe Ore Reserves as at this date are estimated to contain 3.03 million ounces of gold and 33.63 million ounces of silver, contained within the Pit 1, Barani and Ramba Joring deposits at the Martabe project site in North Sumatra.
The new statement shows an increase in G-Resources? Group Ore Reserves with gold up by 315,000 ounces (11.6% increase), and silver up by 810,000 ounces (2.5% increase) due to the addition of the Ramba Joring Ore Reserves.
The updated Martabe Ore Reserve estimate contains 45.5 million tonnes of ore, an increase of 6.0 million tonnes (15% increase) from the previous Martabe Ore Reserve statement. The average grade of the updated Martabe Ore Reserve is 2.1 g/t gold and 23.0 g/t silver.
The Ramba Joring Ore Reserves were determined following extensive drilling and completion of a number of studies including geotechnical assessment, metallurgical test work, pit optimisation and mine design as well as the estimation of expected revenue and cost factors. The Ore Reserves were also prepared consistent with the necessary environmental controls and community relations issues.
The Ramba Joring Ore Reserves are based on the Mineral Resource estimate which was conducted by Cube Consulting and PTAR and released on 28 October 2010.
"This Martabe Ore Reserve upgrade provides further support for the Company?s belief that the Martabe project represents one of the world?s most outstanding undeveloped gold projects and highlights the potential for extensions and expansions to the current proposed mine production schedule," the company said.
The Martabe project site is only a small part of a much larger COW area covering 1,639 sq. km. A regional exploration programme is underway to explore a number of known targets hosting gold, silver and copper mineralisation, it added.
Drilling continues at Martabe, with 5 drill rigs currently on site continuing to return positive results as reported to the market on 13 December 2010 for the Horas prospect and 14 February 2011 for the Tor Uluala prospect.(romel)
Martabe Ore Reserve Estimate
| Deposit | Category | Tonnes (Mt) | Gold Grade (g/t Au) | Silver Grade (g/t Ag) | Contained Gold (koz) | Metal Silver (koz) |
| Pit 1 | Proved Reserves | 4.4 | 3.0 | 53.5 | 428 | 7,548 |
| Probable Reserves | 30.6 | 2.1 | 25.3 | 2,066 | 24,860 | |
| Barani | Probable Reserves | 4.5 | 1.6 | 2.8 | 225 | 412 |
| Ramba Joring | Probable | 6.0 | 1.6 | 4.2 | 315 | 810 |
| TOTAL ORE RESERVES | 45.5 | 2.1 | 23.0 | 3,034 | 33,630 | |
