Straits reports exploration, resource update at Mt Muro gold project
Wednesday, March 16 2011 - 05:03 AM WIB
Key Points:
? JORC compliant resource upgrade of 657 Koz AuEq, an increase of 56%. The total resource base has increased to 1.83 Moz AuEq in all categories, including 1.27 Moz AuEq in the Indicated category.
? Resource modelling has been independently undertaken by Cube Consulting Pty Ltd.
? New resources are close to existing mine infrastructure and potentially amenable to open pit mining.
? New reserve calculation at Mt Muro to be completed in the June 2011 quarter.
? New resources only include drill intersections to November 2010. Significant intersections since then with drilling at Serujan and Bantian continuing to intersect mineralisation outside the resource envelope.
? The cumulative strike length of the ?fertile? vein systems is at least 8km with numerous additional exploration targets outside the defined resources.
? Resources at Permata, Hulubai and Kerikil define a substantial ?project pipeline? within the Mt Muro volcanic complex.
? Drilling continues with further increases in reserves & resources expected as a result of continuing exploration activities, pit design work and an aggressive exploration programme over the next 12-18 months.
? Total historic production combined with current resources for the Mt Muro Volcanic complex are in excess of 4 Moz AuEq, establishing Mt Muro as a significant epithermal province. (end of edited excerpt)
| Indicated - as at 31 December 2010 | |||||||||
| Deposit | Cut Off | Mining Method | Tonnes | Gold | Silver | Gold Eq | Gold | Silver | Gold Eq |
| Gold Eq | (t) |
(g/t) |
(g/t) |
(g/t) | (oz) |
(oz) |
(oz) | ||
| SERUJAN | 0.5 | OP | 3,700,000 | 2.4 | 70 | 4.0 | 290,000 | 8,370,000 | 471,000 |
| BANTIAN | 0.5 | OP | 2,800,000 | 1.4 | 39 | 2.2 | 127,000 | 3,490,000 | 202,000 |
| HULUBAI | 0.5 | OP | 370,000 | 3.0 | 114 | 5.5 | 36,000 | 1,370,000 | 66,000 |
| PERMATA | 0.5 | OP | 290,000 | 2.2 | 91 | 4.1 | 20,000 | 850,000 | 38,000 |
| KERIKIL | 0.5 | OP | 620,000 | 2.2 | 38 | 3.0 | 43,000 | 750,000 | 59,000 |
| LANGANTIHAN | 0.5 | OP | 1,190,000 | 1.2 | 15 | 1.5 | 45,000 | 580,000 | 58,000 |
| ANAK DUA | 0.5 | OP | 290,000 | 2.9 | 29 | 3.6 | 27,000 | 260,000 | 33,000 |
| SOAN | 1.0 | UG | 770,000 | 4.2 | 57 | 5.4 | 103,000 | 1,400,000 | 134,000 |
| Sub Total Resource | Variable | All | 10,030,000 | 2.1 | 53 | 3.3 | 691,000 | 17,070,000 | 1,061,000 |
| Tailings Dam - Stockpile | Variable | Stockpile | 7,700,000 | 0.20 | 30 | 0.85 | 49,000 | 7,420,000 | 209,000 |
| Sub Total Indicated | Variable | All | 17,730,000 | 1.30 | 43 | 2.23 | 740,000 | 24,490,000 | 1,270,000 |
|
Inferred - as at 31 December 2010 |
|||||||||
| Deposit | Cut Off | Mining Method |
Tonnes | Gold | Silver | Gold Eq | Gold | Silver | Gold Eq |
| Gold Eq | (t) | (g/t) | (g/t) | (g/t) | (oz) | (oz) | (oz) | ||
| SERUJIAN | 0.5 | OP | 550,000 | 2.2 | 55 | 3.4 | 40,000 | 990,000 | 61,000 |
| BANTIAN | 0.5 | OP | 250,000 | 2.0 | 55 | 3.1 | 15,000 | 450,000 | 25,000 |
| HULUBAI | 0.5 | OP | 270,000 | 2.9 | 129 | 5.7 | 25,000 | 1,130,000 | 49,000 |
| PERMATA | 0.5 | OP | 310,000 | 3.0 | 95 | 5.0 | 30,000 | 970,000 | 51,000 |
| KERIKIL | 0.5 | OP | 690,000 | 1.6 | 28 | 2.1 | 34,000 | 610,000 | 48,000 |
| LANGANTIHAN | 0.5 | OP | 1,930,000 | 1.3 | 15 | 1.6 | 79,000 | 900,000 | 99,000 |
| DUA LUGI | 0.5 | OP | 40,000 | 9.5 | 138 | 12.5 | 14,000 | 210,000 | 19,000 |
| SOAN | 1.0 | UG | 30,000 | 1.1 | 30 | 1.7 | 1,000 | 30,000 | 1,000 |
| SINBAR | 1.0 | UG | 1,280,000 | 2.1 | 23 | 2.6 | 85,000 | 930,000 | 105,000 |
| SINTER | 1.0 | UG | 590,000 | 2.9 | 45 | 3.9 | 55,000 | 850,000 | 74,000 |
| Sub Total Resource | Variable | All | 5,940,000 | 2.0 | 37 | 2.8 | 378,000 | 7,070,000 | 532,000 |
| Tailings Dam - Stockpile | Variable | Stockpile | 2,000,000 | 0.10 | 17 | 0.47 | 6,000 | 1,090,000 | 29,000 |
| Sub Total Inferred | Variable | All | 7,940,000 | 1.50 | 32 | 2.20 | 384,000 | 8,160,000 | 561,000 |
|
Mt Muro Total Resource (Indicated + Inferred) - as at 31 December 2010 |
|||||||||
| Total Resource | Variable | All | 15,970,000 | 2.1 | 47 | 3.1 | 1,069,000 | 24,140,000 | 1,593,000 |
| Tailings Dam - Stockpile | Variable | Stockpile | 9,700,000 | 0.2 | 27 | 0.8 | 55,000 | 8,510,000 | 238,000 |
| Grand Total | Variable | All | 25,670,000 | 1.4 | 40 | 2.2 | 1,124,000 | 32,650,000 | 1,831,000 |
|
Mt Muro Total Resource - as at 30 June 2010 |
|||||||||
| Total Resource | Variable | All | 7,400,000 | 2.9 | 48 | 3.9 | 690,000 | 11,420,000 | 936,000 |
| Tailings Dam - Stockpile | Variable | Stockpile | 9,700,000 | 0.2 | 27 | 0.8 | 55,000 | 8,510,000 | 238,000 |
| Grand Total | Variable | All | 17,100,000 | 1.4 | 36 | 2.1 | 745,000 | 19,930,000 | 1,174,000 |
| Gold Eq values calculated using a $US13000 and $US28 price ratios (Gold Eq = Gold + Silver/(1300/28)). | |||||||||
| Gold Equivalent Calculations and reported ounces do not have gold and silver recoveries applied. | |||||||||
| Current and Historical Metallurgical recoveries for Gold range from 90 to 91% and Silver from 65 to 70%. | |||||||||
| All tonnage, grade and ounce values have been rounded to relevant significant figures. Slight errors may occur due to rounding of these values. | |||||||||