RESOURCE UPDATE – MARRIOTT’S NICKEL PROJECT , W.A
RESOURCE INCREASE OF 25%
Australian Mines (ASX:AUZ) is pleased to announce a 25% increase in resources at its 100% owned Marriott’s nickel project, following the completion of Phase 1 infill diamond drilling.
Marriott’s, located 65 km from BHP Billiton’s Leinster nickel operation is Australia Mines’ most advanced nickel project outside of the Blair nickel mine.
The November 2007 Indicated and Inferred Resource to a vertical depth of 160 metres is now stated as:
830,000 tonnes @ 1.13 % nickel for 9,400 nickel tonnes
Chief Operating Officer, Mr. Brett Young commented that “The new resource figures further enhance the potential of Marriott’s to become the Company’s second mine in the near term.
Further information will be obtained during the December 2007 Quarter with an additional 7 diamond holes currently undergoing metallurgical tests. Also during the quarter we will be commencing a preliminary open pit scoping study.
Phase 2 drilling is planned in the March quarter to better define the limits of the orebody and convert more Inferred Resource to Indicated.”
The November 2007 resource statement is contained in the table below:
|
Resource Category
|
Ore
(tonnes)
|
Ore Grade
(Ni %)
|
Nickel Metal
(tonnes)
|
|
Indicated
|
460,000
|
1.12
|
5,100
|
|
Inferred
|
370,000
|
1.15
|
4,300
|
|
|
|
|
|
|
Total
|
830,000
|
1.13
|
9,400
|
A detailed breakdown of the Marriott’s Indicated and Inferred Resource shows that tonnes and grade are both increasing with depth as shown in the table below:
|
Bench
From
|
Bench
To
|
Ore
Tonnes
|
Grade
Ni %
|
Nickel Tonnes |
|
420m Rl
|
Surface
|
29,000
|
0.77
|
220
|
|
400m Rl
|
420m Rl
|
56,000
|
0.80
|
450
|
|
380m Rl
|
400m Rl
|
69,000
|
0.84
|
580
|
|
360m Rl
|
380m Rl
|
117,000
|
0.90
|
1,060
|
|
340m Rl
|
360m Rl
|
148,000
|
0.95
|
1,400
|
|
320m Rl
|
340m Rl
|
151,000
|
1.17
|
1,770
|
|
300m Rl
|
320m Rl
|
182,000
|
1.47
|
2,670
|
|
280m Rl
|
300m Rl
|
78,000
|
1.62
|
1,250
|
|
|
TOTAL
|
830,000
|
1.13
|
9,400
|
Marriott’s – Combined Indicated and Inferred Resource table in 20 metre benches, November 2007
Marriott’s - Cross Sectional View of the November 2007 Resource Model
November 2007 Resource Model Parameters:
(a) The resource model of November 2007 was based solely on Australian Mines diamond drilling on a combination of 40 metre by 20 metre and 20 metre by 20 metre patterns with sampling 1 metre intervals through the ore zones.
(b) The assay technique used was 4-acid digest with ICP-OES finish.
SG determinations have been undertaken on four holes and are continuing.
(d) Geological interpretation used a 3D model of the ore surfaces created in Surpac.
(e) The Surpac shapes enclosed material grading plus 0.5 % nickel, with a maximum of 2 metres of internal dilution.
(f) Variography was conducted to determine the search ellipse for grade interpolation.
|
For further information contact: Brett Young Chief Operating Officer Australian Mines Limited Tel: 08 9481 5811 |
For media enquiries contact: Robert Williams Farrington National
Tel: 02 9332 4448 |
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr E Poole who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Poole in his capacity as Exploration Manager is a full time employer of Australian Mines Limited. Mr Poole has sufficient experience which is relevant to the style of mineralisation and type of deposits 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.’
The recently completed optimisation study has indicated that an open pit mine would make a significant profit with various treatment options producing 50,000 - 60,000 ozs of Au at a gold price of A$1,300/oz
Encouraging results have been received from recent drilling of East Shear North
exploration target which lies to the east of the main Mt Martin pit.
Australian Mines Limited (ASX:AUZ) is pleased to announce an increase of approximately 50% in gold resources at the Mt Martin mine.
Australian Mines Limited (ASX:AUZ) is pleased to announce that surface drilling will recommence at Mt Martin on Monday 14th June 2010 to further define new resources at Mt Martin.
Australian Mines Limited (ASX:AUZ) is pleased to announce very encouraging results from its latest RC drilling under the East Lode pit at the Mt Martin Project
AUZ Mines which announced encouraging results on 6th April from drilling its 100% owned Mt Martin gold project will be recommencing drilling this week.