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ACROW LIMITED — Capital/Financing Update 2012
Mar 7, 2012
64288_rns_2012-03-07_b26fb674-67e0-4cd1-9b8d-5f9dd9702b6d.pdf
Capital/Financing Update
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8 March, 2012
More High-Grade Drilling Results from Bibiani
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New assay results of up to 52 g/t from satellite deposits
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Results are outside the current 2.26Moz resource
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Commissioning of processing plant in advanced stage
First gold pour set for later this month
Noble Mineral Resources (ASX: NMG) is pleased to advise that it has received more highgrade drilling results of up to 52 g/t from outside the current resource area at its Bibiani Gold Project in Ghana.
The drilling has continued to focus on resource definition drilling at the Big Mug and South Hill satellite deposits along with brownfields exploration at the West and East Wall of the Main Pit.
Grade control drilling in the satellite Walsh-Strauss Gap area also continues to return excellent results from much shallower depths than previously encountered.
The latest results are considered highly significant as they come from areas outside the existing 2.26 million-ounce resource at Bibiani. The satellite deposits will provide the first source of primary ore feed for the refurbished 3 million tonne a year plant.
Significant intercepts include:
- 17m @ 8.21 g/t from 80m Big Mug
oIncluding 2m @ 52.49 g/t
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Email [email protected] Web www.nobleminres.com.au
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
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23m @ 3.02 g/t from 195m
oIncluding 2m @ 12.36 g/t -
6m @ 2.14 g/t from 136m
oIncluding 1m @ 3.68 g/t -
3m @ 18.44 g/t from 205m
Big Mug
Big Mug
East Wall of Main Pit
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Including 1m @ 37.64 g/t
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3m @ 7.70 g/t from 225m
East Wall of Main Pit
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Including 1m @ 21.95 g/t
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6m @ 2.14 g/t from 136m
oIncluding 1m @ 3.68 g/t -
1m @ 3.74 g/t from 24m
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1m @ 4.82 g/t from 45m
South Hill
Walsh-Strauss Gap Walsh-Strauss Gap
The commissioning of the processing plant is now in the advanced stage with plant running time improving rapidly in line with budgeted ramp-up projections.
Calculated head grade of the commissioning feed to date is 1.18g/t versus the budgeted grade of 0.9g/t - a 30 per cent increase. Recoveries are consistent with budgeted projections and are expected to improve further as the plant reaches steady-state production.
The first gold pour is scheduled for this month. Production is forecast to ramp up to an annual rate of 150,000oz in 2012.
Authorised by:
Wayne Norris Managing Director
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Email [email protected] Web www.nobleminres.com.au
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
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Competent Person’s Statement
The information in this announcement that relates to Exploration Results, Mineral Resource or Ore Reserves is based on information compiled by Mr Mark Laing (BE (Hons), Mining), who is a Corporate Member of the Australasian Institute of Mining and Metallurgy. Mr Laing is a full-time employee of Noble Mineral Resources Ltd, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Laing consents to the inclusion in this report of the matters based on his information in the form and content in which it appears.
About Noble Mineral Resources Limited
Noble Mineral Resources Limited listed on the Australian Stock Exchange on 26[th] June 2008 with a focus on exploring for large-scale gold deposits in the world-class Ashanti Gold Belt in Ghana, West Africa. In November 2009, the Company entered into an agreement for the acquisition of the Bibiani Gold Mine , a project located in the Sefwi-Bibiani Gold Belt in Ghana, host to over 30 Million Ounces of gold. On July 20[th] 2010 the final Share Transfer Form was executed to consummate the purchase.
Noble’s other primary gold concessions are Exploration Licences at Cape Three Points, Brotet and Tumentu, which cover some 141.3km² and all are located within the world-class Ashanti Gold Belt in south western Ghana. Ghana is the second largest gold producer in Africa and is the 10[th] largest gold producing nation in the world, with annual production of approximately 2.9 Million Ounces. Noble’s on-going focus will be to expand the drilling program at Bibiani to target new shallow resources near the Bibiani Mine and adjacent tenements while still progressing the Cape Three Points, Brotet and Tumentu concessions within the Southern extension of the Ashanti Gold Belt. Initial exploration at Cape Three Points will be targeted towards the Satin Mine Project and the Morrison Project , both of which lie in an area of historic underground gold exploration. Noble believes that there is significant potential for the delineation of additional high-grade gold mineralisation relating to the down-plunge and strike extension to these zones. When added to the potential now available at Bibiani it will place Noble in a strong position to achieve its goal in building Australia’s next major gold mining house.
The Company recognises the Bibiani , Cape Three Points, Brotet and Tumentu concessions are relatively under explored, highly prospective projects and aims to rapidly redefine JORC-compliant resources for development.
ASX Code: NMG
www.nobleminres.com.au
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Email [email protected] Web www.nobleminres.com.au
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
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Figure 1 – Areas of Drilling
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Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Email [email protected] Web www.nobleminres.com.au
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
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Appendix 1 – Recent Drilling Results
| Interval (m) |
Au (g/t) |
||||
|---|---|---|---|---|---|
| Hole | From | Including | Comments | ||
| Walsh-Strauss Gap | |||||
| 4 | 1.02 | GPGC_613 | 29 | Grade Control Drilling | |
| 1 | 1.24 | 36 | Grade Control Drilling | ||
| 2 | 1.05 | GPGC_615 | 39 | Grade Control Drilling | |
| 5 | 1.14 | GPGC_611 | 42 | Grade Control Drilling | |
| 42 | 1m @ 3.22g/t | ||||
| 1 | 1.67 | GPGC_622 | 5 | Grade Control Drilling | |
| 1 | 3.74 | GPGC_629 | 24 | Grade Control Drilling | |
| 1 | 1.26 | GPGC_624 | 19 | Grade Control Drilling | |
| 2 | 1.17 | GPGC_640 | 5 | Grade Control Drilling | |
| 2 | 2.55 | GPGC_635 | 12 | Grade Control Drilling | |
| 1 | 4.82 | GPGC_625 | 11 | Grade Control Drilling | |
| 1 | 1.10 | GPGC_646 | 45 | Grade Control Drilling | |
| South Hill | |||||
| 6 | 2.14 | MP11_019 | 136 | Resource Definition Drilling | |
| 139 | [email protected]/t | ||||
| 1 | 1.19 | MP10_037 | 181 | Resource Definition Drilling | |
| 1 | 1.19 | 181 | Resource Definition Drilling | ||
| Main pit - West Wall | |||||
| 1 | 1.15 | WW11_013 | 8 | Resource Definition Drilling | |
| 2 | 2.41 | WW11_015 | 10 | Resource Definition Drilling | |
| 3 | 18.44 | MP11_007A | 205 | Resource Definition Drilling | |
| 206 | 1m @ 37.64g/t | ||||
| Main Pit - East Wall | |||||
| 3 | 7.70 | 225 | Resource Definition Drilling | ||
| 227 | [email protected]/t | ||||
| Big Mug | |||||
| 5 | 4.91 | MP11_022 | 189 | Resource Definition Drilling | |
| 192 | 1m @ 11.56g/t | ||||
| 8 | 1.95 | MP11_023 | 183 | Resource Definition Drilling | |
| 187 | 1m @ 7.46g/t | ||||
| 23 | 3.02 | 195 | Resource Definition Drilling | ||
| 210 | 2m @ 12.36g/t | ||||
| 195 | 1m @ 14.02g/t | ||||
| 2 | 1.66 | MP11_025 | 165 | Resource Definition Drilling |
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Email [email protected] Web www.nobleminres.com.au
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
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| Interval (m) |
Au (g/t) |
||||
|---|---|---|---|---|---|
| Hole | From | Including | Comments | ||
| Big Mug | |||||
| 9 | 1.91 | MP11_011 | 187 | Resource Definition Drilling | |
| 189 | 2m @ 5.06g/t | ||||
| 4 | 3.58 | MP11_012 | 148 | Resource Definition Drilling | |
| 1 | 4.9 | 158 | Resource Definition Drilling | ||
| 1 | 1.09 | 177 | Resource Definition Drilling | ||
| 2 | 2.11 | MP11_024 | 116 | Resource Definition Drilling | |
| 8 | 1.94 | 144 | Resource Definition Drilling | ||
| 22 | 2.92 | MP11_004 | 121 | Resource Definition Drilling | |
| 123 | 2m @ 7.07g/t | ||||
| 6 | 1.24 | 154 | Resource Definition Drilling | ||
| 4 | 2.35 | MP11_003 | 95 | Resource Definition Drilling | |
| 27 | 1.89 | MP11_009 | 84 | Resource Definition Drilling | |
| 17 | 1.6 | 114 | Resource Definition Drilling | ||
| 1 | 2.58 | 134 | Resource Definition Drilling | ||
| 3 | 1.4 | 144 | Resource Definition Drilling | ||
| 3 | 3.25 | MP11_008 | 73 | Resource Definition Drilling | |
| 75 | 1m @ 6.76g/t | ||||
| 17 | 8.21 | 80 | Resource Definition Drilling | ||
| 80 | 1m @ 13.14g/t | ||||
| 86 | 2m @ 52.49g/t | ||||
| 1 | 1.33 | 103 | Resource Definition Drilling |
Only results > 1.0 g/t have been reported or intercepts longer than 10m above 0.5 g/t.
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Email [email protected] Web www.nobleminres.com.au
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
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Appendix 2a – March 2010 JORC Mineral Resource Estimate
| TONNAGE | GRADE | CONT'D GOLD | ||
| 0.5 g/t cut-off | ||||
| Tonnes | (Au g/t) | Ounces | ||
| Measured | 6,560,000 | 2.05 | 430,000 | |
| Indicated | 13,370,000 | 1.77 | 760,000 | |
| BIBIANI MAIN PIT | ||||
| Total M&I | 19,920,000 | 1.86 | 1,190,000 | |
| Inferred | 13,060,000 | 1.89 | 790,000 | |
| Total | 32,980,000 | 1.87 | 1,980,000 |
Global Mineral Resource Estimate based on a cut-off grade of 0.5g/t
Appendix 2b – November 2011 JORC Resource Estimate
| TONNAGE | GRADE | CONT'D GOLD | ||
| SATELLITE AREAS | 0.4 g/t cut-off | |||
| Tonnes | (Au g/t) | Ounces | ||
| Measured | - | - | - | |
| AHEMAN | Indicated | 607,500 | 0.73 | 14,300 |
| Inferred | - | - | - | |
| Measured | 1,748,000 | 1.68 | 94,400 | |
| WALSH-STRAUSS PRELIMINARY |
||||
| Indicated | 2,430,000 | 1.12 | 87,500 | |
| Inferred | 6,000 | 1.69 | 300 | |
| Measured | - | - | - | |
| GRASSHOPPER | Indicated | 433,200 | 1.25 | 17,400 |
| Inferred | 4,800 | 1.20 | 200 | |
| Measured | - | - | - | |
| OLD TAILINGS* | Indicated | 2,860,200 | 0.70 | 64,000 |
| Inferred | - | - | - | |
| Total | 8,089,700 | 1.07 | 278,100 |
Global Mineral Resource Estimate based on a cut-off grade of 0.4g/t
- Cut-off grade 0.0g/t
TOTAL RESOURCES = 41.1Mt @ 1.71 g/t (2.26Moz)
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Email [email protected] Web www.nobleminres.com.au
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
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Appendix 3a – Bibiani Main Pit Proved and Probable Ore Reserves as at June 2011
| Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oxide | Fresh | Fill | Total | |||||||||
| Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | |
| Kt | g/t | Kozs | Kt | g/t | Kozs | Kt | g/t | Kozs | Kt | g/t | Kozs | |
| Proved | ‐ | ‐ | ‐ | 5,020 | 2.17 | 349 | ‐ | ‐ | ‐ | 5,020 | 2.16 | 349 |
| Probable | 360 | 1.34 | 16 | 6,280 | 2.02 | 407 | 340 | 1.73 | 19 | 6,980 | 1.97 | 441 |
| Total | 360 | 1.34 | 16 | 11,300 | 2.08 | 756 | 340 | 1.73 | 19 | 12,000 | 2.05 | 790 |
| Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t |
Derived from Measured and Indicated Mineral Resources using a cut‐off grade of 0.6g/t
Appendix 3b – Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves as at October 2011
Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011
| Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oxide | Transition | Sulphide | Total | |||||||||
| Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | |
| Kt | g/t | Kozs | Kt | g/t | Kozs | Kt | g/t | Kozs | Kt | g/t | Kozs | |
| Proved | 181 | 1.30 | 8 | 132 | 1.70 | 7 | 753 | 2.22 | 54 | 1,065 | 2.00 | 69 |
| Probable | 448 | 1.39 | 20 | 172 | 1.71 | 9 | 102 | 2.05 | 7 | 722 | 1.56 | 36 |
| Total | 628 | 1.36 | 28 | 303 | 1.70 | 17 | 855 | 2.20 | 61 | 1,787 | 1.82 | 105 |
| erived from Measured and Indicated Resources usinga cut‐offgrade of 0.5g/t |
erived from Measured and Indicated Resources using a cut‐off grade of 0.5g/t
Appendix 3c – Tailings Deposits Probable Ore Reserves as at November 2011
Bibiani Tailings Deposits Probable Ore Reserves – November 2011
| Bibiani Tailings Deposits Probable Ore Reserves – November 2011 | Bibiani Tailings Deposits Probable Ore Reserves – November 2011 | Bibiani Tailings Deposits Probable Ore Reserves – November 2011 | Bibiani Tailings Deposits Probable Ore Reserves – November 2011 |
|---|---|---|---|
| Deposit | Tonnes | Grade | Cont’d Gold |
| Kt | Au(g/t) | Kozs | |
| Dams 1 & 2 | 850 | 0.74 | 20 |
| Levees 6 & 7 | 2,030 | 0.65 | 43 |
| Total | 2,880 | 0.68 | 63 |
TOTAL RESERVES = 16.7Mt @ 1.79 g/t (958,000oz)
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Email [email protected] Web www.nobleminres.com.au
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
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