Millennium Minerals Announces Nullagine Results and Redbeard Resource

THE DRILL SERGEANT: Millennium Minerals (ASX: MOY) has been busy at the company’s 100 per cent-owned Nullagine gold project in Western Australia.

Millennium Minerals received results from drilling recently carried out at the ABC Reef, Crow and D Reef prospects that are part of the Golden Gate Mining Centre, which it claims to demonstrate future underground potential below existing open pits.

New assays include:

13 metres at 15.42 grams per tonne gold from 90m, including 11m at 17.60g/t gold (Crow prospect)

4m at 4.84g/t gold from 60m, including 2m at 7.84g/t gold (D Reef prospect)

6m at 4.27g/t gold from 86m, including 1m at 16.55g/t gold (D Reef prospect)

10m at 5.99g/t gold from 109m, including 4m at 12.42g/t gold (D Reef prospect)

Millennium has also completed a maiden JORC 2012 Mineral Resource Estimate (MRE) for its new Redbeard oxide discovery, located within the Twenty Mile Sandy Mining Centre at Nullagine.

The MRE has come in as an Indicated and Inferred Resource of 245,700 toones at 2.6 grams per tonne gold for 20,600 ounces of gold.

Millennium considers the to be potential to grow the Resource, with further drilling planned this quarter targeting extensions along strike and down-plunge.

“The delivery of an initial oxide resource for the new Redbeard discovery in record time is an exceptional achievement by our exploration team, and shows just how quickly we are able to move from a conceptual exploration target to a resource definition scenario,” Millennium Minerals chief executive Peter Cash said in the company’s announcement to the Australian Securities Exchange.

“Importantly, the mineralisation at Redbeard remains open both along strike and down-plunge, and we see strong potential to build quickly on this initial resource with further drilling planned for this quarter to further evaluate this shallow deposit and assess its potential to form part of our mining plans over the next 1-2 years.

“We are continuing to make new shallow oxide discoveries across the field in areas where there has been relatively little modern exploration – which is a great sign for the future of Nullagine.

“Exploration in other areas is delivering exciting results too.

“Within the Golden Gate Mining Centre, we have identified three areas at Crow, D Reef and ABC Reef where deeper drilling is returning exciting results and demonstrating the potential both for potential cut-backs of existing pits and future underground mining scenarios – as we have seen recently at Bartons.

“Additional drilling is currently underway in this area as part of an aggressive exploration commitment for 2018 which sees four rigs currently operating on site across multiple areas – all focused on rapidly increasing our resource inventory and supporting the expansion studies currently underway to achieve a step-change in our production profile from open pit and underground mining.”