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Millennium Minerals Identifies Cost Cuts to Extend Nullagine Minelife

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THE BOURSE WHISPERER: Millennium Minerals (ASX: MOY) announced the appointment of Australia-based consulting engineering firm Ausenco to complete a Feasibility Study on an alternate processing option for the company’s 100 per cent-owned Nullagine gold project in Western Australia.

Millennium Minerals explained the alternate processing option had been identified as part of a Sulphide Ore Expansion Study at the project.

The company has identified an alternative processing configuration, which it believes could result in a reduction in both capital and operating costs compared to the integrated CIL and flotation circuit that had previously been touted.

The alternative process could also deliver several strategic benefits to Millennium’s expansion plans at Nullagine.

The basis of the new process method is scavenging un-leached sulphide concentrates from the existing CIL tailings and subjecting them to ultra-fine grinding and intense cyanidation to achieve an improvement in the overall leach recovery.

“The Sulphide Ore Expansion Study, which underpins our corporate objective of becoming a 100,000 ounces-a-year producer by unlocking the existing large sulphide Mineral Resource inventory at Nullagine, is now in its final and most important stages,” Millennium Minerals chief executive Peter Cash said in the company’s announcement to the Australian Securities Exchange.

“The identification of this new processing option could transform the economics of the expansion project, dramatically reducing both capital and operating costs and resulting in a major reassessment of our reserve inventory.

“We still have further work to do to confirm that this is the case, but the early indications are extremely positive.

“The imminent completion of the Expansion Study dovetails with our move underground at Nullagine, with development of our first underground mine at Bartons set to begin by the end of this quarter.

“It also comes at a time when our exploration team is continuing to enjoy success with deeper drilling identifying the potential to significantly grow the Mineral Resource base below and along strike of the existing open pits.”

 

Email: info@mmltd.com.au

Website: www.millenniumminerals.com.au

Millennium Minerals Announces Nullagine Results and Redbeard Resource

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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:

CROWRD0064A
13 metres at 15.42 grams per tonne gold from 90m, including 11m at 17.60g/t gold (Crow prospect)

DRRD010
4m at 4.84g/t gold from 60m, including 2m at 7.84g/t gold (D Reef prospect)

DRRD010
6m at 4.27g/t gold from 86m, including 1m at 16.55g/t gold (D Reef prospect)

DRRD014A
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.”

 

 

Email: info@mmltd.com.au

Website: www.millenniumminerals.com.au