THE BOURSE WHISPERER: MacPhersons Resources (ASX: MRP) has released an increase to the JORC Mineral Resource Inventory at the company’s 100 per cent-owned Boorara gold project.
Boorara is located just southwest of the company’s 100 per cent-owned Nimbus silver-zinc-gold project located 10 kilometres east of Kalgoorlie’s Super Pit gold mine.
The Boorara JORC Mineral Resource has increased to 7.37 million tonnes at 1.09 grams per tonne gold for 258,000 ounces of gold.
The new Resource number represents a 170 per cent increase to the Mineral Resource Estimate MacPhersons released in August last year based on historical drilling.
The company considers this resource as a maiden resource on the grounds it is based on a due diligence diamond drilling program completed in June 2013.
Macphersons said the Boorara project effectively doubles the available sources of feed material to the Nimbus processing facility and acts as an important step in its pipeline of projects.
According to MacPherson’s calculations 950,000 tonnes of ore at 1.3g/t gold would be available for processing through the company’s Nimbus mill located two kilometres away at a gold price of US$1240 per ounce.
MacPhersons said the Boorara project has more exploration upside with mineralisation open along strike and at depth.