Millennium Minerals has found a lot more gold, wants to boost production by 20pc
8th February 2019
Resources Rising Stars
Gold miner Millennium Minerals has been on the hunt for gold at its Nullagine site in WA’s Pilbara region (reports Stockhead).
And the company says its “dedicated exploration program” has paid off.
Total ore reserves as at the end of December amounted to 375,300 ounces — a 70 per cent increase from the 2017 total of 221,600.
Millennium (ASX: MOY) says the prospective life-cycle of its Nullagine project has now increased to four years.
That projection is based on extrapolated 2018 production rates of 100,000 ounces (ozpa).
However, “the company’s objective is to further increase its ore reserve base to deliver a plus-five year mine life”, Millennium said.
The latest increase was driven by a new ore reserve totalling 220,000 tones. It’s expected to yield 27 grams per tonne (g/t) for a total of 27,100 ounces.
In addition to some success in its exploratory drilling programs, Millennium says it can also boost ore reserves via the conversion of existing sulphide resources.
The net result is that total production for the 2019 calendar year is now forecast at 90,000-100,000 tonnes, up from 75,000-80,000 last year.
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