Carbine Resources releases first of four Mt Morgan Resource upgrades

THE DRILL SERGEANT: Carbine Resources (ASX: CRB) announced the first of four Indicated Resources to be determined as part of the final stages of the Definitive Feasibility Study (DFS) on the company’s Mt Morgan gold-copper project in Queensland.

This first updated Mineral Resource is for the Mt Morgan’s No 2 Mill tailings dump, which Carbine said would be incorporated in the DFS due for completion this quarter.

Mt Morgan’s previously reported total Mineral Resource stands at 8.4 million tonnes at 1.23 grams per tonne gold for 329,000 ounces of gold, comprising the four tailings dumps, which make up the project.

This update for the No 2 Mill tailings dump is the first for the four tailings dumps at Mount Morgan, which will include results from a drilling program completed in May 2016.

A total of 47 drill holes were completed at the No 2 Mill tailings dump in April to convert the Inferred Resources to Indicated Resources.

The new Indicated Mineral Resource for No 2 Mill is 2.82 million tonnes at 1.1g/t gold for 100,000 ounces, representing a 113 per cent increase (53,000 ounces) in Indicated Resources and an overall 14 per cent increase compared with the previous combined Indicated and Inferred Mineral Resource.

In addition, the Indicated Resource contains an estimate of 690,000 tonnes of pyrite, 3,200 tonnes of copper, and 3,300 kilograms of silver.

“The JORC 2012 Indicated Mineral Resource at Mt Morgan’s No 2 Mill tailings dump is 2.82 million tonnes at 1.1g/t gold for 100,000 ounces of gold (above a 0.00g/t gold cut-off grade),” Carnibe Resources said in its ASX announcement.

“This is an increase of 53,000 ounces from the previous Mineral Resource completed in 2008.”

Email: admin@carbineresources.com.au

Website: www.carbineresources.com.au