The Asia Miner

OCT-DEC 2016

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

Issue link: https://asiaminer.epubxp.com/i/735093

Contents of this Issue

Navigation

Page 21 of 75

20 | ASIA Miner | Volume 13 • Issue 4 | 2016 Papua New Guinea ENCOURAGING results have been re- ceived from the 2016 drilling campaign at Era Resources' Yandera Copper Project. The drilling may add extra resources with an updated estimate expected by the end of 2016 . A total of 43 diamond drill holes compris- ing 8917 metres were completed at Yande- ra during the program, which was designed to infill and expand the resource, testing op- portunities within and around the margin of the known resource . Drilling focused on infill in the Dengru, Dimbi, South Dimbi, Gremi, Imbruminda, Gamagu, and Kauwo areas, as well as test- ing proximal areas, including targets east of South Dimbi, east of Omora, at East Gremi and at Benbenubu . At Dengru four holes for 924 metres were completed . Drilling intersected copper mineralisation in material previously clas- sified as waste within preliminary open pit models based on the 2015 estimate . The results fill gaps in data and are expected to increase the estimate locally and con- vert some in-pit waste to resource . Two holes intersected good mineralisation within the current open pit shell that could connect Gremi and Omora areas in future pit designs . Six holes for 1210 metres were complet- ed at Omora . Drilling also intersected miner- alisation at the edge of the 2015 estimate . Results from one hole may expand the open pit boundary to the east . Six holes for 1358 metres were com- pleted at Benbenubu . Targets focused on mineralisation east of known mineralisation at Dengru and Omora areas . Drilling inter- sected additional mineralisation likely to add resource to the eastern side of the 2015 estimate . Results from two holes show relatively shallow copper mineralisation near historical results that are likely to build the resource to the east . Results from another show good copper mineralisation likely to add resource between Omora and Benbenubu . Eight holes for 1624 metres were com- pleted at South Dimbi . Drilling intersected additional mineralisation within and beneath open pit shells . Results from one hole show previously unknown mineralisation within the model 2015 resource pit, which is like- ly to add resource and potentially locally increase the average grade . Results from another show mineralisation thought to be a further extension of a mineralised trend intersected previously . Five holes for 936 metres were completed at East Gremi . Targets focused on miner- alised trends thought to extend southeast from known mineralisation in the South Dim- bi area . Mineralisation here is likely to add resource along these trends outside the 2015 estimate . ST Barbara Limited achieved record annual production of 110,286 ounces at Simberi Gold Project during the financial year ending June 30, 2016 . This was 39% higher than the 79,568 ounces pro- duced in FY15 and exceeded the FY16 guidance of 100,000 to 110,000 ounces . Production during the June quarter was 26,935 ounces, which was higher than the 25,433 ounces produced in the previous quar- ter and exceeded the annual target of 100,000 ounces for the fifth consecutive quarter . AISC was A$1266 per ounce, down from A$1404 in the March quarter . The total volume of material moved for the quarter was a new record at 1 . 6 million cubic metres . The improvement was due to a full quarter utilising additional mining equipment that arrived on site in the March quarter . Ore milled was a new record, with 881,000 tonnes processed for the quarter, up from 743,000 tonnes in the previous quarter . St Barbara expects Simberi to produce between 95,000 and 105,000 ounces in FY17 at an AISC of between A$1330 and A$1490 per ounce, with capex of between A$5 million and A$6 million . St Barbara has received results for the first five holes of a 10-hole diamond drill program targeting high grade trench results at Bekou South . Best result was 8 metres from 12 metres @ 5 . 9 grams/tonne (g/t) gold, including 2 metres from 17 metres @ 17 . 9 g/t . At Tatau Island prospect a 400 to 600 metre wide geophysical anomaly associated with a historical copper-gold porphyry target has been identified that warrants drill testing. The prospect was to be investigated via a single 500 metre diamond drill hole during the September quarter . Preparatory work for generating further poten- tial copper-gold drill targets on Tatau also commenced during the quarter . Trenching and mapping has commenced in southwest Tatau Is- land in preparation for drill testing high grade oxide and sulphide gold mineralisation . A strategic review announced in February 2016 of St Barbara's PNG assets, including Simberi, has progressed . The purpose of the review was to determine how best to maximise shareholder value from the Simberi assets . Discussions are under way with a number of third parties regard- ing a variety of options . Options under consideration include: • Continued ownership, exploration and development; • Potential joint venture arrangements, and • Divestment of some or all of the assets . Record production at Simberi The various zones and prospects at Era Resourc- es' Yandera Copper Project in the PNG highlands. Era likely Era likely to add to Yandera resource to add to Yandera resource

Articles in this issue

Archives of this issue

view archives of The Asia Miner - OCT-DEC 2016