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NORTHERN STAR RESOURCES LTD — Capital/Financing Update 2012
Jul 25, 2012
65447_rns_2012-07-25_dd9d9f8e-7618-4015-8070-29d245bf8902.pdf
Capital/Financing Update
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26 JULY 2012
Strong Drilling Results, New Discoveries Support Ashburton Development Plans Fresh results point to increase in current 1Moz resource
Highlights
Significant new RC and diamond drilling results support Northern Star’s plan to make the Ashburton Project its second 100,000ozpa stand-alone operation
- Resource drilling at the main Mt Olympus resource confirms potential to upgrade the current sulphide Mineral Resource (689,000oz[2] @ 2.9g/t) with significant results including:
Code: NST
Board of Directors
-
56m @ 4.2g/t Au including 15m @ 10.4g/t Au
-
o76m @ 3.4g/t Au including 30m @ 5.3g/t Auo22m @ 5.3g/t Au including 14m @ 7.3g/t Auo25m @ 4.5g/t Au including 15m @ 5.7g/t Auo11m @ 5.9g/t Au including 2m @ 25.5g/t Au -
12m @ 6.7g/t Au
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Managing Director
Mr Michael Fotios
Non-Executive Director
Mr Peter Farris
Non-Executive Director
Mr Peter O’Connor
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Issued Capital
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Options 27.7M
Current Share Price
$0.815
Market Capitalisation
$333 million
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Projects Commodities
Zn, Cu, gold
Investments Commodities Venturex (15%) Cu, Zn, Ag & gold
-
3m @ 9.8g/t Au
-
5m @ 8.1g/t Au
-
o6m @ 7.1g/t Au -
Significant gold results returned from the newly defined satellite Sparta and Cheela prospects:
-
Sparta: 6m @ 5.3g/t Au and 6m @ 4.1g/t Au
-
oCheela: 11m @ 4.2g/t Au including 4m @ 8.4g/t Au -
Sparta is located immediately adjacent to the 123,000oz[1] Peake resource and has a similar geological model
-
Growing free milling oxide potential of the Ashburton further de-risks Paulsens operations in years to come
-
Tenement package surrounding Cheela is emerging as an exciting new project area called ‘Electric Dingo’, located halfway between Paulsens and Ashburton
-
The results point to an increase in Ashburton’s current 1Moz resource inventory, as well as an upgrade in the classification, enabling a Reserve to be estimated
-
Next phase of drilling underway to test for substantial downplunge extensions to the current resources at Mt Olympus and Peake. Sparta exploration drilling continues
Northern Star Resources (ASX: NST) is pleased to announce that its plans to develop a 100,000-ounce-a-year operation at its Ashburton Gold Project in WA have been further boosted by fresh high-grade drilling results from both the main Mt Olympus deposit and a series of satellite prospects, pointing to a potential increase in the current 1 million ounce resource inventory.
ASX ANNOUNCEMENT 26 JULY 2012
The new results include outstanding broad intersections of 76m @ 3.4g/t and 56m @ 4.2g/t gold from Mt Olympus and a host of encouraging results from nearby satellite prospects including Sparta, Cheela and Electric Dingo (Figure 1).
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Figure 1 - Ashburton Project
Northern Star aims to establish a stand-alone 100,000ozpa operation at Ashburton. At the same time, it is expanding production at its neighbouring Paulsens Project from around 80,000ozpa to 100,000ozpa.
The Company embarked on an accelerated, multi-phase exploration program over several targets at Ashburton in April this year after metallurgical tests showed gold recoveries of 96.4 per cent from the sulphide concentrate and overall total gold recoveries of 80 per cent via bacterial oxidation. Ongoing metallurgical studies are focussed on further improving the overall gold recoveries from sulphide concentrates via bacterial oxidation and a number of other processing options.
The drilling program has been successful in exploring, discovering and extending satellite prospects. It involves targeting both future sulphide open pit and underground opportunities as well as extending known oxide prospects in addition to existing reserve inventory.
Mt Olympus:
Northern Star has received assays for 22 Reverse Circulation holes and four diamond holes completed since the last release from the Mt Olympus Project ( see ASX Announcement - 2 July 2012 ). This is the second batch of assays from that program. Numerous assays are pending as drilling is still underway.
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Figure 2 - Mt Olympus Surface drilling, plan view
Level 1, 1 Puccini Court, Stirling WA 6021 Tel: +6 8 6188 2100 Fax: +6 8 6188 2111
Email: [email protected] Website: www.nsrltd.com
ASX ANNOUNCEMENT 26 JULY 2012
Importantly, the new high-grade intersections confirm the current geological and mineralisation models. With the sulphide mineralisation now amenable to modern processing techniques, these results will lead to further upgrades in the Mineral Resource as well as potential down-plunge extensions (Figures 2, 3 and 4) .
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Figure 3 - Mt. Olympus Long Section of Recent and Planned drill intersections
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Figure 4 - Mt Olympus Cross Sections of recent drill intersections
Level 1, 1 Puccini Court, Stirling WA 6021 Tel: +6 8 6188 2100 Fax: +6 8 6188 2111
Email: [email protected] Website: www.nsrltd.com
ASX ANNOUNCEMENT 26 JULY 2012
Sparta:
Sparta is situated just 300m from the Peake Prospect, where a maiden resource of 123,000oz[1] of gold was recently announced ( ASX Announcement 02 April 2012 ), and 4km from Mt Olympus. The geological model for Sparta is similar to that of Peake. RC drilling has returned significant intercepts including: 6m @ 5.3 g/t and 6m @ 4.1 g/t Au ,
These results have extended the mineralisation to 95m below surface ( Figures 5 and 6 ). Further RC drilling is underway to test along-strike and down-dip of recently discovered mineralisation.
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Figure 5 - Sparta prospect, plan view
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Figure 6 - Sparta Prospect, drill cross section
Cheela:
The Cheela prospect is located 80km south-east of Paulsens Gold Mine, 120km north-west of Mt Olympus and 9km north-west along strike from the Electric Dingo prospect, where NST has announced a maiden resource of 22,000oz[1] of gold ( see ASX Announcement 02 Apr 2012 ).
Level 1, 1 Puccini Court, Stirling WA 6021 Tel: +6 8 6188 2100 Fax: +6 8 6188 2111
Email: [email protected] Website: www.nsrltd.com
ASX ANNOUNCEMENT 26 JULY 2012
Drilling by previous explorers has outlined a 60km long mineralised gold corridor with higher grade zones (including the Electric Dingo Resource), however historic drill lines are too widely spaced in places and the potential for further discoveries is considered to be high.
RC drilling by Northern Star has returned 11m @ 4.2gpt Au (including 4m @ 8.4gpt Au) from <40m depth ( Figure 7 ). This result has now extended the strike extent of mineralisation by 200m and validated historic results. It is significant to note that 500m of strike remains untested and further drilling is planned.
The tenement package also hosts the same rock type sequence seen at Mt Olympus and is underexplored. The area is rapidly emerging as an independent and new project for Northern Star called 'Electric Dingo'.
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Figure 7 - Cheela Prospect, plan view
Northern Star Managing Director Bill Beament said the latest drilling results added further significant momentum to its plans to develop a second standalone 100,000ozpa operation at the Ashburton Project.
"Following favourable metallurgy results earlier this year, confirmation drilling and now with added exploration success at the Mt Olympus prospect and surrounding satellite deposits, we are firmly on track towards developing our second operation at the Ashburton Project," Mr Beament said.
"These initial results indicate that the Mt Olympus orebody will continue below the current oxide pit reserve, with further extension opportunities down-plunge to be drilled in next two Quarters.
"This combined with the great results being achieved from the satellite prospects gives us great confidence that we will be able to increase the current 1Moz resource inventory and establish sufficient reserves to underpin a long-life operation at Ashburton," he added.
Assays received are attached in the appended table. Further announcements will be released regarding the ongoing surface diamond and reverse circulation drilling as more results become available.
Yours faithfully,
Bill Beament Managing Director
Level 1, 1 Puccini Court, Stirling WA 6021 Tel: +6 8 6188 2100 Fax: +6 8 6188 2111
Email: [email protected] Website: www.nsrltd.com
ASX ANNOUNCEMENT 26 JULY 2012
| Mt Olympus Resource Definition drilling | Mt Olympus Resource Definition drilling | Mt Olympus Resource Definition drilling | Mt Olympus Resource Definition drilling | Mt Olympus Resource Definition drilling | Mt Olympus Resource Definition drilling | Mt Olympus Resource Definition drilling |
|---|---|---|---|---|---|---|
| Drill Hole # | Downhole From (m) |
Downhole To (m) |
Downhole Intersection (m) |
Au (g/t) | Oxide / Transitional / Sulphide |
|
| AMORC0012 | 87 | 99 | 12 | 4.94 | Sulphide | |
| 120 | 124 | 4 | 5.83 | |||
| including | 120 | 123 | 3 | 7.57 | ||
| 165 | 176 | 11 | 4.00 | |||
| 214 | 215 | 1 | 6.30 | |||
| 218 | 227 | 9 | 4.32 | |||
| including | 223 | 226 | 3 | 9.84 | ||
| AMORC0018 | NSI | Sulphide | ||||
| AMORC0019 | NSI | Sulphide | ||||
| AMORC0020 | 119 | 122 | 3 | 3.93 | Sulphide | |
| 126 | 131 | 5 | 4.3 | |||
| 137 | 162 | 25 | 4.5 | |||
| including | 142 | 157 | 15 | 5.70 | ||
| 171 | 174 | 3 | 3.30 | |||
| 179 | 182 | 3 | 3.50 | |||
| 194 | 199 | 5 | 3.36 | |||
| AMORC0021 | -70 | 97 | 103 | 6 | 3.74 | Sulphide |
| 107 | 113 | 6 | 3.46 | |||
| including | 107 | 109 | 2 | 8.44 | ||
| 140 | 162 | 22 | 5.28 | |||
| including | 140 | 154 | 14 | 7.25 | ||
| 174 | 176 | 2 | 3.76 | |||
| AMORC0022 | -80 | 182 | 194 | 12 | 4.24 | Sulphide |
| including | 182 | 188 | 6 | 7.11 | ||
| 202 | 208 | 6 | 3.03 | |||
| 253 | 255 | 2 | 3.32 | |||
| AMORC0023 | -88 | 131 | 133 | 2 | 3.93 | Sulphide |
| AMORC0024 | -77 | NSI | Sulphide | |||
| AMORC0025 | -63 | NSI | Sulphide | |||
| AMORC0026 | -79 | NSI | Sulphide | |||
| AMORC0027 | -71 | NSI | Sulphide | |||
| AMORC0028 | -63 | 54 | 57 | 4 | 3.07 | Sulphide |
| 77 | 80 | 3 | 3.06 | |||
| AMORC0029 | -63 | NSI | Sulphide | |||
| AMORC0031 | -71 | 70 | 72 | 2 | 3.43 | Sulphide |
| 76 | 79 | 3 | 3.35 | |||
| 89 | 94 | 5 | 8.07 | |||
| AMORC0033 | -65 | NSI | Sulphide | |||
| AMORC0036 | -56 | 142 | 155 | 13 | 3.0 | Sulphide |
| AMORC0037 | -67 | NSI | Sulphide | |||
| AMORC0039 | -67 | 182 | 238 | 56 | 4.24 | Sulphide |
| including | 188 | 190 | 2 | 7.03 | ||
| including | 220 | 235 | 15 | 10.36 | ||
| AMORC0040 | -73 | NSI | Sulphide | |||
| AMORC0041 | -63 | 124 | 126 | 2 | 3.05 | Sulphide |
| 142 | 218 | 76 | 3.44 | |||
| including | 163 | 193 | 30 | 5.30 | ||
| including | 206 | 215 | 9 | 6.34 | ||
| 221 | 223 | 2 | 8.66 | |||
| 248 | 267 | 19 | 5.30 | |||
| including | 252 | 264 | 12 | 6.67 | ||
| 314 | 319 | 5 | 3.10 | |||
| AMORC0042 | -60 | 104 | 109 | 5 | 3.16 | Sulphide |
| 155 | 159 | 4 | 3.15 | |||
| 167 | 173 | 6 | 4.58 | |||
| including | 168 | 170 | 2 | 6.40 | ||
| 233 | 235 | 3 | 3.15 | |||
| AMORC0043 | -70 | 196 | 198 | 2 | 3.77 | Sulphide |
| 227 | 229 | 2 | 5.33 | |||
| 232 | 235 | 3 | 7.68 | |||
| AMODD0001 | -43 | 67.9 | 80 | 11.1 | 5.88 | Sulphide |
| including | 71.65 | 73.6 | 1.95 | 25.45 | ||
| 150.7 | 154.4 | 3.7 | 3.83 | |||
| 174.8 | 182.25 | 7.75 | 3.24 | |||
| AMODD0002 | 77.25 | 84 | 6.75 | 3.23 | Sulphide | |
| AMODD0004 | 103 | 105 | 2 | 4.46 | Sulphide | |
| 115.5 | 122 | 6.5 | 4.00 | |||
| including | 119.5 | 122 | 2.5 | 6.80 | ||
| 129 | 137 | 8 | 3.32 | |||
| including | 132.8 | 136 | 3.2 | 6.23 | ||
| 162.4 | 164.9 | 2.5 | 4.71 | |||
| AMODD005 | 100 | 101.6 | 1.6 | 5.89 | Sulphide | |
| 115 | 131.2 | 18 | 3.51 | |||
| including | 115.7 | 120 | 4.3 | 7.06 |
At a nominal 0.7g /t lower cut off and no upper cut off, with <2m internal dilution. NSI means no significant result
Level 1, 1 Puccini Court, Stirling WA 6021 Tel: +6 8 6188 2100 Fax: +6 8 6188 2111
Email: [email protected] Website: www.nsrltd.com
ASX ANNOUNCEMENT 26 JULY 2012
Quality Control – Mt Olympus. All core is logged and cut for sampling. The half core is sampled and sent to SGS Australia Pty Ltd (‘SGS’) in Perth Western Australia for assaying. The remaining half core is stored at Mt Olympus. At SGS, samples are dried then crushed. The reverse circulation samples are crushed material and split with a proportion pulverised. A 50-gram portion of the pulp is treated by Fire Assay method with an Atomic Absorption finish. Northern Star Resources inserts on average one standard and blank every 25 samples. Laboratory standards and blanks are inserted by SGS and several pulp duplicates are also assayed as a determinant of mineralisation variability and to their ISO 9001 standard and a NATA Technical certificate.
| 31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
31 December 2011 Measured Indicated Inferred Total Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Tonnes (,000) Grade (g/t) Oz Au (,000) Mt Olympus 1,712 2.5 1,533 2.3 4,956 2.8 8,201 2.6 695 Peake 95 5.6 794 4.2 889 4.3 123 Waugh 347 3.6 240 3.6 587 3.6 68 Zeus 508 2.1 532 2.2 1,040 2.2 72 Electric Dingo 98 1.6 444 1.2 542 1.3 22 Romulus 329 2.6 329 2.6 27 Total 1,712 2.5 2,581 2.5 7,295 2.8 11,588 2.7 1,007 1Table1 - Ashburton Mineral ResourcesInclusive of Reserves-0.7g/tlowercut usedfor Mt Olympus and 0.9g/tlowercutforothers. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Measured | Indicated | Inferred | Total | |||||||||
| Tonnes (,000) |
Grade (g/t) |
Oz Au (,000) |
Tonnes (,000) |
Grade (g/t) |
Oz Au (,000) |
Tonnes (,000) |
Grade (g/t) |
Oz Au (,000) |
Tonnes (,000) |
Grade (g/t) |
Oz Au (,000) |
|
| Oxide and **Transitional ** |
655 | 2.4 | 50 | 1,425 | 2.6 | 120 | 1,995 | 2.3 | 148 | 4,075 | 2.4 | 318 |
| Sulphide | 1,057 | 2.6 | 86 | 1,156 | 2.4 | 90 | 5,300 | 3.0 | 513 | 7,513 | 2.9 | 689 |
| Total | 1,712 | 2.5 | 136 | 2,581 | 2.5 | 210 | 7,295 | 2.8 | 661 | 11,588 | 2.7 | 1,007 |
2 Table 2 - Ashburton Mineral Resource split by material type (free milling and sulphide)
| 3Ta | 31 December 2011 | 31 December 2011 | Proved | Proved | Proved | Probable | Probable | Probable | Probable | Total | Total | Total | Total | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes (,000) |
Grade (g/t) |
Tonnes (,000) |
Grade (g/t) |
Tonnes (,000) |
Grade (g/t) |
Oz Au (,000) |
||||||||
| Mt Olympus | 248 | 3.6 | 113 | 3.6 | 361 | 3.6 | 42 | |||||||
| Peake | 47 | 5.0 | 47 | 5.0 | 8 | |||||||||
| **Waugh ** | ||||||||||||||
| Zeus | 38 | 2.4 | 38 | 2.4 | 3 | |||||||||
| **Electric dingo ** | ||||||||||||||
| Romulus | ||||||||||||||
| Total | 446 | 3.7 | 53 | |||||||||||
| Ashburton Exploration | ||||||||||||||
| Prospect | Drill Hole # | Downhole From (m) |
Downhole To (m) |
Downhole Intersection (m) |
Au (g/t) |
Oxide / Transitional / Sulphide |
||||||||
| Sparta | ASPRC0002 | 30 | 32 | 2 | 2.6 | Oxide | ||||||||
| 40 | 42 | 2 | 5.8 | Oxide | ||||||||||
| Sparta | ASPRC0003 | 18 | 24 | 6 | 4.1 | Oxide | ||||||||
| 29 | 35 | 6 | 5.3 | Oxide | ||||||||||
| 74 | 76 | 2 | 3.2 | Transitional | ||||||||||
| 79 | 81 | 2 | 5.4 | Transitional | ||||||||||
| 84 | 87 | 3 | 4.9 | Transitional | ||||||||||
| 93 | 96 | 3 | 3.7 | Transitional | ||||||||||
| Sparta | ASPRC0003 | 1 | 3 | 2 | 2.6 | Oxide | ||||||||
| 8 | 10 | 2 | 1.8 | Oxide | ||||||||||
| Cheela | ACHRC0003 | 34 | 45 | 11 | 4.2 | Oxide | ||||||||
| including | 36 | 40 | 4 | 8.4 | Oxide | |||||||||
| Cheela | ACHRC0006 | 33 | 39 | 6 | 0.9 | Oxide | ||||||||
| Cheela | ACHRC0007 | 21 | 33 | 12 | 1 | Oxide |
3Table 3 - Ashburton Reserves @ A$1600 gold price based on oxide and transitional material only (free milling)
Assays reported using a 0.5g/t lower cut off, no upper cut off, ≤2m internal dilution, rounded to one decimal place. NSI means no significant result.
Level 1, 1 Puccini Court, Stirling WA 6021 Tel: +6 8 6188 2100 Fax: +6 8 6188 2111
Email: [email protected] Website: www.nsrltd.com
ASX ANNOUNCEMENT 26 JULY 2012
Quality Control – Exploration. Sparta: rig-mounted static cone splitter, 1m composite sample. Cheela: rig-mounted three tier riffle splitter, 3m composite sample. For ACHRC0002&3, 3m composite assay results > 0.25g/t Au were split to 1m using a three tier riffle splitter. For ACHRC0006&7, 1m splits have not yet been taken. All samples were sent to SGS Australia Pty Ltd Perth for analysis. Samples were crushed and split with a proportion pulverised. A 50-gram portion of the pulp was treated by Fire Assay method with an Atomic Absorption Spectrometry finish. Northern Star Resources inserts on average one standard, blank and duplicate every 25 samples. Laboratory standards and blanks are inserted by SGS and several pulp duplicates are also assayed as a determinant of mineralisation variability and to their ISO 9001 standard and a NATA Technical certificate.
Competent Persons Statements
The information in this report that relates to Exploration Results is based on information compiled and reviewed by Jason Boladeras, who is a Member of the Australian Institute of Geoscientists (AIG) and Exploration Manager and casual employee of Northern Star Resources Limited. Mr Boladeras has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, 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 Boladeras consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
The information in this announcement that relates to the mineral resource estimation, exploration results, data quality, geological interpretations and potential for eventual economic extraction, is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a fulltime employee of Northern Star Resources Ltd. Mr Ekers 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 Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Ekers consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
Information in this announcement that relates to the Ore Reserves has been compiled by Shane McLeay, Principal Engineer – Entech Pty Ltd, who has sufficient experience 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”. Shane McLeay is a Member of the Australasian Institute of Mining and Metallurgy and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Forward Looking Statements
Northern Star Resources Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Northern Star Resources Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.
This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.
Level 1, 1 Puccini Court, Stirling WA 6021 Tel: +6 8 6188 2100 Fax: +6 8 6188 2111
Email: [email protected] Website: www.nsrltd.com