GGG Resources plc: Bullabulling Gold Project: Bullabulling Drill Parameters Agreed
08.08.2011 | Marketwire
LONDON, UNITED KINGDOM -- (Marketwire - Aug. 8, 2011) - GGG Resources plc (AIM:GGG) (ASX:GGB)Highlights
- The JV partners have agreed with the resource consultants the required drill spacing to define JORC Indicated resources.
- Indicated JORC spacing is set at 75m North-South by 35m East-West.
- Confirms Bullabulling mineralised zones as unusually continuous and readily predictable.
- Phase 2 infill drilling now underway will be done using the wider drill spacing with 25,000+m already completed.
- Less than 45,000 metres of infill drilling are now required to convert the resource at the Bullabulling Gold Project to the Indicated category.
- The Infill drilling programme will now have a reduced cost and take less time to complete, releasing drill rigs to accelerate the exploration programme.
- The substantial historic drilling data acquired on acquisition has now been significantly duplicated and will now only be used as a supplement to future JORC resource estimates.
- The current JORC resource estimate is in the process of being finalised pending sign off by the resource consultants.
The Joint Venture, comprising GGG and Auzex, is pleased to announce that after a geostatistical review of the new drill data from the Bullabulling Gold Project, using the conditional simulation technique, the drill density required to classify the resource estimate into the Indicated category has been increased to 75m north-south and 35m east-west (from the original 50m north-south and 25m east-west spacing). The widening of the drill spacing will reduce both the timeline and cost to complete the current infill drilling programme along the Bullabulling Trend and confirms Bullabulling as having consistent and highly predictable mineralisation.
A revised plan and budget has been completed for infill drilling remaining between Gryphon in the south to Bonecrusher in the north, which is a strike length of more than eight kilometres.
There is now less than 45,000m of infill drilling required to convert the Inferred resources to Indicated resources.
That infill drilling should be finished by the end of 2011. Drilling from early August to the end of September will be dedicated to drilling the remaining areas between Bacchus, Titan, Phoenix and Hobbit. Drilling of the Dickson's to Bonecrusher area should be completed by late November. A new resource estimate will be completed once this phase of drilling has been completed.
The drill spacing study has delayed the finalising of the classification of the new resource estimate. The new resource estimate is currently being reviewed to reclassify the estimate using the wider drill spacing, which will increase the number of ounces in the Indicated category.
Competent Person Statement
The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Dr. Jeffrey Malaihollo who is a full-time employee of the Company and Fellow of The Australasian Institute of Mining and Metallurgy and a fellow of the Geological Society of London. He is qualified as a Competent Person under the Code for the Reporting Mineral Exploration Results, Mineral Resources and Mineral Reserves, 2004 ("The Reporting Code") prepared by the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists.
A map showing the drill areas referred to in this announcement is available on the version of this release available on the Company's website.
To view "Bullabulling Gold Project Location plan", please visit the following link: http://media3.marketwire.com/docs/ggg_f1_808.jpg
Contact Information
Dr. Jeffrey Malaihollo
MD, GGG Resources plc (UK)
+ 44 1992 531820
www.gggresources.com
Westhouse Securities Limited (UK Nominated Adviser)
Tom Price / Martin Davison
+ 44 20 7601 6100
Neil Boom
MD, Gresham PR Ltd (UK).
+ 44 7866 805 108
Collins Stewart Europe Limited (Broker)
John Prior / Adam Miller
+ 44 20 7523 8350
David McArthur
GGG Resources plc (Australia)
41 Stirling Highway
Nedlands, WA 6009
Australia
+61 8 9423 3200
David Brook
Professional Public Relations (Australia media)
+61 8 9388 0944/ +61 433 112 936
david.brook@ppr.com.au