Resource Wrap: 24 March 2010 – NMG, AZM, GGG, RVE
March 23, 2010
Noble Mineral Resources Limited (NMG) announced a 605,000 ounce Ore Reserve for its Bibiani Gold Mine in Western Ghana. The company said independent consultants estimated a Proved and Probable JORC Code compliant Ore Reserve of 8.4 million tonnes at an average grade of 2.24g/t Au for 605,000 contained ounces. Noble said this was based on an open pit cutback and a cut-off grade of 0.7g/t Au.
Azumah Resources Limited (AZM) announce a 45% increase in resources at its Wa Gold Project in north-west Ghana to over 1.1 million ounces of contained gold following a maiden 350,100 ounce Mineral Resource estimate for the Julie prospect. The company said the addition of near-surface Indicated and Inferred Mineral Resources of 4.9 million tonnes grading 2.2g/t for350,100 ounces at Julie has added further weight to the Company’s decision to accelerate development of the project to make it the first commercial-scale gold mining operation in the emerging Ghana gold province. Azumah said the Julie resource also contains in two, near-surface high-grade zones 1.8 million tonnes grading 3.57g/t gold for 211,000 ounces. The company said it remains on track to complete by the end of CY10 a Feasibility Study based on a 1.0Mtpa gold project producing an initial 70,000 ounces gold per annum.
Greenland Minerals and Energy Limited (GGG) said it has received notice from the Bureau of Mines and Petroleum, Greenland, that the company’s application for an exploration license has been approved. The company said the new license, which covers the Kvanefjeld multi-element project, was the second in the new license series to be issued by the new self-governing parliament. Greenland said in its view the current zero tolerance towards uranium mining and exploration is likely to be resolved during November 2010. The company said it has decided to accelerate the 2010 work program which would include, amongst other things, environmental and social impact assessments to ensure that Kvanefjeld’s JORC compliant 4.79 Mt Rare earth Oxide and 0.12 Mt Uranium Oxide project, by the end of 2010, is in a position to initiate the full Bankable Feasibility Study.
Azumah Resources Limited (AZM) announce a 45% increase in resources at its Wa Gold Project in north-west Ghana to over 1.1 million ounces of contained gold following a maiden 350,100 ounce Mineral Resource estimate for the Julie prospect. The company said the addition of near-surface Indicated and Inferred Mineral Resources of 4.9 million tonnes grading 2.2g/t for350,100 ounces at Julie has added further weight to the Company’s decision to accelerate development of the project to make it the first commercial-scale gold mining operation in the emerging Ghana gold province. Azumah said the Julie resource also contains in two, near-surface high-grade zones 1.8 million tonnes grading 3.57g/t gold for 211,000 ounces. The company said it remains on track to complete by the end of CY10 a Feasibility Study based on a 1.0Mtpa gold project producing an initial 70,000 ounces gold per annum.
Greenland Minerals and Energy Limited (GGG) said it has received notice from the Bureau of Mines and Petroleum, Greenland, that the company’s application for an exploration license has been approved. The company said the new license, which covers the Kvanefjeld multi-element project, was the second in the new license series to be issued by the new self-governing parliament. Greenland said in its view the current zero tolerance towards uranium mining and exploration is likely to be resolved during November 2010. The company said it has decided to accelerate the 2010 work program which would include, amongst other things, environmental and social impact assessments to ensure that Kvanefjeld’s JORC compliant 4.79 Mt Rare earth Oxide and 0.12 Mt Uranium Oxide project, by the end of 2010, is in a position to initiate the full Bankable Feasibility Study.
Riviera Resources Limited (RVE) said that it has executed a Heads of Agreement (“HOA”) with South American Ferro Metals Limited (“SAFM”) to acquire 100% of its Brazilian subsidiary which owns the mineral rights and property at Ponte Verde, located in the heart of the Iron Ore Quadrilateral, some 40 kilometres from the town of Belo Horizonte in Minas Gerais State, Southern Brazil. The Ponte Verde property has been drilled with the geology well understood, and containing an exploration target of between 140 to 150 million tonnes (“Mt”) of Hematite rich Itabirite, grading 39% in situ, upgradeable to +60% Fe.
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