Northern Star increases Resources and Reserves at Jundee and Pegasus
THE DRILL SERGEANT: Northern Star Resources (ASX: NST) has increased Resources and Reserves at the company’s Jundee gold mine in Western Australia.
Resources for Jundee have increased by 299,000 ounces to 1.15 million ounces (9.2 million tonnes at 3.9 grams per tonne gold).
Reserves have been increased by 32,000 ounces to 415,000 ounces (2.7 million tonnes at 4.7g/t gold).
Northern Star said the increases come despite the company having mined 120,000 ounces since the estimates were last calculated in July 2014.
The new underground Resource for Jundee is 3.3 million tonnes at 7.7g/t gold for 826,000 ounces, representing a 21,000 ounce increase.
The new underground Reserve has come in at 1.6 million tonnes at 7g/t gold for 363,000 ounces, marking an approximate 24,000 ounces increase despite the recent mining activity.
The company indicated recent drilling at Jundee has also returned a series of strong results, which are not included in this latest Resource-Reserve increase.
Northern Star also announced an increase to the JORC Resources at the Pegasus deposit near Kalgoorlie by 350,000 ounces, taking it to 1.1 million ounces of gold.
The total revised Resource at Pegasus, which is part of the Kundana project, is three million tonnes at 11.6g/t gold.
Northern Star has a 51 per cent interest in Kundana with Joint Venture partners, Rand Mining (ASX: RND) and Tribune Resources (ASX: TBR), holding 12.25 per cent and 36.75 per cent respectively.
In addition to the Resource increase at Pegasus, Northern Star said recent infill drilling has substantially increased Northern Star’s confidence in the estimate.
The Indicated Resource has increased by 199,000 ounces to 743,000 ounces, and now constitutes 66 per cent of the total Resource.
“We have always been confident that we can grow the mine lives of each of our projects,” Northern Star Resources managing director Bill Beament said in the company’s announcement to the Australian Securities Exchange.
“The results of our $50 million exploration campaign continue to demonstrate that our confidence is justified.
“We have now posted two Resource and Reserve upgrades at Jundee in six months, substantially grown the Pegasus Resource at Kundana, extended the known mineralisation significantly at Paulsens and made discoveries at Kanowna Belle and Kundana.”
“We have no doubt that the strong drilling results and further Resource-Reserve upgrades will continue thanks to the 22 rigs we have in operation across our sites.”
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