MacPhersons increases Nimbus Resource.

THE BOURSE WHISPERER: MacPhersons Resources has increased the JORC Code-compliant mineral resource statement at the company’s 100 per cent-owned Nimbus silver-zinc-gold project located eight kilometres east of the Kalgoorlie superpit.

The company has increased the silver resource by 10 per cent while the zinc resource has risen by 16 per cent.

The Mineral Resource Statement now includes:

–    2,461,600 tonnes at 119 grams per tonne silver for 9,418,000 ounces silver; and

–    32,700 tonnes zinc.

MacPhersons said there had been no extra allowances added for the by-product quantities for gold, lead, mercury, antimony and copper, for which it has modelling completion planned during the next period.

 

Nimbus tenement location plan, 8km east of the Kalgoorlie SuperPit. Source: Company announcement

 

The resource blocks start immediately from outcropping mineralisation and are modelled to only 260m below surface, although the mineralisation remains open at depth and has been intersected at deeper than 370m.

The company considers the resource to be of high-grade at 119g/t silver, but claims the existence of zones of much higher grade.

The new silver-rich VHMS lens and associated mineralisation recently announced by the company and new gold-silver zones remain unclassified pending a review to hbe conducted after the current drilling program is completed.

The recently announced extension to the East Pit VHMS lens has also not been included in the resource update.

“The Directors are pleased with the unexpected rapid resource upgrade to 9.4 million ounces of silver and 32,700 tonnes of zinc, and the potential for resource growth from the various additional unclassified mineralisation zones currently being drilled,” MacPhersons Resources managing director Moorie Goodz said in the company’s announcement to the Australian Securities Exchange.
 
“What this shows for MacPhersons Resources is that we are continuing to deliver value for our shareholders from our exciting Nimbus project.

“We are currently planning the upgrade and recommissioning of the Nimbus mill and are targeting first production from Nimbus in early 2013.”