Noble Mineral Resources Ltd

Published : March 24th, 2010

Delivers Maiden 605,000 Ounce Ore Reserve for Bibiani Gold Project, Ghana

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Noble Mineral Resources Ltd (ASX: NMG)

 

ASX RELEASE                                                                                                                                                           24 March 2010

 

 NOBLE DELIVERS MAIDEN 605,000 OUNCE ORE RESERVE

FOR BIBIANI GOLD PROJECT, GHANA

 

HIGHLIGHTS:

 

  • Proved and Probable JORC compliant Ore Reserve estimate for Bibiani Gold Project, Ghana of 8.4 million tonnes at a grade of 2.24 g/t for 605,000 ounces
  • Studies confirm optimal exploitation of Bibiani Mineral Resources will be through a combination of surface and underground mining operations
  • Further additions to the Mineral Resource inventory expected following completion of planned underground exploration programme
  • Pre-Feasibility Level Technical Study nearing completion on refurbishment of 2.7Mtpa Bibiani treatment facility and re-commencement of gold mining operations

 


 

Emerging West African gold producer Noble Mineral Resources Limited (ASX: NMG; �Noble�) is pleased to announce a 605,000 ounce Ore Reserve for its Bibiani Gold Mine in Western Ghana as the Company�s Pre-Feasibility Study into the re-commencement of gold mining operations at Bibiani gathers momentum.

Independent Consultants, SEMS Exploration Services Limited (�SEMS�), have estimated a Proved and Probable JORC Code compliant Ore Reserve of 8.4 million tonnes at an average grade of 2.24g/t Au for 605,000 contained ounces. This was based on an open pit cutback and a cut-off grade of 0.7g/t Au.

The definition of the Reserve forms part of a Pre-Feasibility Level Technical Study of the Bibiani Project carried out by SEMS to confirm the potential for refurbishment of the Company�s 2.7Mtpa Bibiani treatment facility and the subsequent re-commencement of gold mining operations.

As part of this study, SEMS have concluded that the optimal exploitation of the Mineral Resources would be through a combination of surface and underground mining operations running in tandem and utilising the existing infrastructure. This infrastructure includes a substantial underground mining trackless fleet and the modern Bibiani CIL gold mineral processing facility.

SEMS has now completed open pit evaluation work to the detailed design stage and work on underground design and optimisation has progressed to a Pre-Feasibility Level.

 

JORC Compliant Ore Reserve

The table below shows the Ore Reserve position at Bibiani, with the evaluation of the surface mining potential done using open pit cutback ore and a gold price of US$1,100 per ounce. This has resulted in the estimation of Proved and Probable Ore Reserves as set out in the table below.

Not included in the open pit cutback Ore Reserve is a total of approximately 0.8 million tonnes of marginal-grade material averaging 0.6g/t, and any of the Inferred Mineral Resource that is contained within the pit shell.

 

 

Table 1 - Open Pit Cutback Proved and Probable Ore Reserves

 

Bibiani Open Pit Detailed Design Cutback Proved and Probable Ore Reserves � March 2010

 

Oxide

Fresh

Fill

Total

 

Tonnes

Grade

Ounces

Tonnes

Grade

Ounces

Tonnes

Grade

Ounces

Tonnes

Grade

Ounces

 

Mt

G/t

Mozs

Mt

G/t

Mozs

Mt

G/t

Mozs

Mt

G/t

Mozs

Proved

  -

-

-

3.45

2.29

0.254

  -

-

-

3.454

2.29

0.254

Probable

0.30

1.45

0.014

4.40

2.28

0.323

0.25

1.79

0.014

4.946

2.21

0.351

Total

0.30

1.45

0.014

7.85

2.28

0.577

0.25

1.79

0.014

8.400

2.24

0.605

Derived from Measured and Indicated Mineral Resources using a cut-off grade of 0.7g/t

 

 

 

 

 

 

 

 

 

 

Underground Mineral Resource Estimate

After depletion of the mineral resource model to account for the open pit cutback, the delineated underground resource as detailed in the table below amounted to 6.53 million tonnes at a grade of 3.62g/t Au containing 760,000 ounces (at a cut-off grade of 2.0g/t).

 

Bibiani Underground Mineral Resource (Cut-off: 2.0g/t)

 

Tonnes

Grade

Ounces

 

Mt

G/t

Mozs

Measured

0.98

3.08

0.10

Indicated

1.77

3.34

0.19

M&I

2.76

3.25

0.29

Inferred

3.77

3.90

0.47

Total

6.53

3.62

0.76

After removal of Mineral Resources within the Open Pit Design

 

As the technical design and evaluation work is progressed, JORC compliant Ore Reserves will be declared for the underground mine on a progressive basis. Further additions to the Mineral Resource will be made available from the planned underground exploration programme.

This is another key milestone in our Pre-Feasibility Level Study and is a significant gold Reserve for us to build our initial mine plan around,� said Noble�s Managing Director, Mr Wayne Norris.

Based on work already completed by SEMS there is also very clear potential for the Bibiani Mining Lease area to host additional gold mineralisation, particularly at depth and along strike from the existing mine, so we are very confident of adding further Mineral Resources and Ore Reserves as our exploration work continues.

We now look ahead to progressing work relating to our operational and business plan for the Bibiani gold mine, which will be the next milestone on our path to establishing a profitable, long-term gold mining operation in Western Ghana,� he added.

 

Project Background

 

Noble acquired the world-class Bibiani Project in November last year as the cornerstone of an emerging gold business in Western Ghana. The acquisition, subject to the satisfaction of certain conditions, included a 2.7 million tonne per annum (Mtpa) processing facility, a fully operational mine site with mining fleet and infrastructure and a 100 square kilometre tenure package.

The Company  commissioned SEMS Exploration Services Limited (�SEMS�) to compile a Pre-Feasibility Level Technical Study  on the commercial viability of  recommencing gold mining operations at Bibiani as part of a 90-day operational review which commenced in December 2009. SEMS will continue its work in the establishment of the Bibiani Mine Plan.

SEMS is a Geological and Mining Engineering Consultancy Company which provides specialist services to the Mineral Exploration and Mining Industry throughout West Africa and has many years of experience operating in the Birimian terrains of Ghana. SEMS has an in-depth understanding of the Bibiani area.

The Company has also commissioned the metallurgical assessment of the Project and a review of the process facility to determine the modifications and refurbishment required.  This is being conducted by independent metallurgical consultants Mineral Processors (WA) Pty Ltd under the direction of Dr Tony Mason.

 

 

ENDS

 

Released by:                                                                                                   On behalf of:

Paul Armstrong/Nicholas Read                                                                  Mr Wayne Norris

Read Corporate                                                                                              Managing Director

Telephone: (61-8) 9388-1474                                                                      Noble Mineral Resources Ltd

                                                                                                                            Telephone: + 61 (0) 438 623 568

 

www.nobleminres.com.au

 

ASX Code: NMG

 

 

Competent Persons� Statement

The information in this announcement relates to Mineral Resource and Ore Reserve estimates based on information compiled by Mr Adrian de Freitas (Bsc Mining) who is a full-time employee of SEMS Exploration Services Ltd.  

Mr de Freitas qualifies as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2004 edition) and each possesses relevant experience in relation to the mineralisation being reported herein as Mineral Resources and Ore Reserves.  Mr de Freitas has consented to the Public Reporting of these statements and the inclusion of the material in the form and context in which it appears.

 

 

About Noble Mineral Resources Limited

Noble Mineral Resources Ltd listed on the Australian Securities Exchange on 26 June 2008 with a focus on exploring for large-scale gold deposits in the world-class Ashanti Gold Belt in Ghana.

In November 2009, the Company entered into an agreement for the acquisition of the Bibiani Gold Mine, a project located in the Sefwi-Bibiani Gold belt in Ghana, host to over 30 million ounces of gold. A review is currently being undertaken on the Bibiani gold Project involving the development of a suitable funding and mining strategy to develop the project.

Noble�s other primary gold concessions are two Exploration Licences, Cape Three Points and Tumentu, which cover some 88km� and are located within the world-class Ashanti Gold Belt in south eastern Ghana. Ghana is the second largest gold producer in the African continent and is the 10th largest gold producing nation in the world, with annual production of approximately 2.4 million ounces.

Noble�s ongoing focus will be to evaluate the Cape Three Points Concession within the southern extension of the Ashanti Gold Belt. Initial exploration will be targeted towards the Satin Mine Project and the Morrison Project, which both lie in an area of historic underground gold production. Noble believes that there is significant potential for the delineation of additional high-grade gold mineralisation relating to the down-plunge and strike extension to these zones.

As well as these more advanced exploration opportunities, the Cape Three Points concession hosts three other project areas for immediate follow-up and five lower-priority prospect areas that Noble has earmarked for ongoing exploration.

 

The Tumentu Concession is located along strike between the Prestea gold mine and the 1.6 million ounce Salman-Anwia gold deposit currently being explored by ASX-listed Adamus Resources Limited. Artisanal mining, soil sampling, mapping and trench sampling, geological mapping and magnetic surveys have been undertaken and indicate anomalous gold levels within the concession.

The Company intends to apply the latest conceptual geological models and exploration strategies to these relatively under explored, highly prospective projects, with the aim of rapidly defining a JORC-compliant resource for development.

 

 

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Noble Mineral is a gold exploration company based in Australia.

Noble Mineral holds various exploration projects in Ghana.

Its main exploration properties are BIBIANI GOLD and MORRISON PROJECT in Ghana.

Noble Mineral is listed in Australia. Its market capitalisation is AU$ 2.5 millions as of today (US$ 2.0 millions, € 1.6 millions).

Its stock quote reached its highest recent level on November 25, 2015 at AU$ 22.50, and its lowest recent point on July 31, 2017 at AU$ 0.01.

Noble Mineral has 313 329 984 shares outstanding.

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