THE DRILL SERGEANT: Millennium Minerals (ASX: MOY) reported further results from exploration at the company’s Nullagine gold project in the Pilbara Region of Western Australia.
Millennium Minerals said the latest results have provided extra support to its plans to increase production and mine life.
Recent drilling has returned intercepts from Au81 West, part of the Golden Eagle Mining Centre.
Millennium said the drilling had also highlighted potential to extend the historical pits at Little Wonder and Roscoes Reward, part of the Camel Creek Mining Centre.
The company assed that its recent review of conglomerate-hosted gold potential at Nullagine has delivered initial positive results, confirming the presence of gold mineralisation within the Dromedaries – two conglomerate-capped ridges located immediately east of the Golden Eagle plant.
All of this follows the gold discovery at Redbeard, part of the Yates trend, and high-grade intersections including visible gold in core at Bartons Underground announced earlier this week.
“These latest drilling results – which traverse 40 kilometres from the south-west to the north-east of our Nullagine tenements – demonstrate the outstanding discovery potential within the Middle Creek Mineralised Corridor,” Millennium Minerals chief executive Peter Cash said in the company’s announcement to the Australian Securities Exchange.
“Millennium made the decision to dramatically expand our exploration efforts in 2017, increasing our exploration budget to $22 million for the year.
“Since then, we’ve hit high-grade gold at almost every target we’ve tested, with results spanning both open pit and underground, as well as oxide and fresh ore targets.
“In addition, the results of the conglomerate review are highly promising, confirming the presence of gold mineralisation within the Dromedaries and suggesting a possible correlation between the mapped conglomerate at Nullagine and some of the extensive geochemical anomalism in the surrounding area.
“Collectively, this puts us in an exceptionally strong position to deliver on our growth objective, aimed at delivering a five-year mine life at Nullagine based on production of 100,000 ounces per annum.”