Beadell announces preliminary Duckhead Resource
THE DRILL SERGEANT: Beadell Resources (ASX: BDR) has announced a preliminary open pit resource for the Duckhead deposit at Tucano in Brazil.
The company claimed the new resource defines Duckhead as one of the highest grade and lowest cost open pittable gold deposits in the world.
The new Duckhead JORC resource totals 94,000 tonnes at 30.9 grams per tonne gold for 93,000 ounces.
It comprises a JORC Indicated resource of 83,000 tonnes at 31.07g/t for 83,000 ounces of gold and JORC Inferred resources of 11,000 tonnes at 29.9g/t gold for 10,000 ounces of gold at a 1.5g/t lower cut-off.
Beadell indicated the inferred resource represents only the deepest extension of the block model where further drilling is required.
The Duckhead high-grade lode is overlain by a small colluvium resource which forms a thin veneer of ore totalling 31,000 tonnes at 1.7g/t for 2,000 ounces at a 1.5g/t lower cut-off.
Duckhead plan showing location of new RC drill results. Source: Company announcement
“This is an extraordinary oxide open pit resource which is still expanding,” Beadell Resources managing director Peter Bowler said in the company’s announcement to the Australian Securities Exchange.
“We are liaising closely with Anglo Ferrous personnel to facilitate a timely commencement date for this extremely low cost gold resource.
“The reserve statement will be released shortly and with the inclusion of the significant amount of friable iron ore contained within the proposed open pit, which is compensated on a cost recovery basis by Anglo Ferrous under the Duckhead Agreement, will result in one of the lowest cost gold mining operations globally.
“Additionally, the new drilling results released today are highly significant and indicate that the Duckhead deposit will continue to grow with ongoing drilling.”
New drilling results from the recently-discovered hangingwall lode include:
– 33 metres at 2.9g/t gold from 16 metres, including 14 metres at 5g/t gold from 17 metres; and
– 43m at 1.7g/t gold from surface, including 7m at 3.1g/t gold from 21m.
The company explained these new hangingwall intersections are located immediately southeast of the main high-grade lode and are not yet included in the resource model.
Beadell is currently undertaking RC drilling to extend the hangingwall lode to the southeast.
New drill results were also received from a direct down dip extension of the main high grade lode.
Results included:
– 14m at 7.4 g/t gold from 152m to bottom of the hole, including 4m at 23g/t gold from 152m.
Beadell said this result represents the deepest intersection of the main high-grade lode to date, which remains in completely oxidised ore.
Diamond drilling has commenced to further extend the main high grade lode and resource at depth.