GME Resources Ltd

Published : May 26th, 2016

Devon Gold Mine Progress Update

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Evaluation | Gold Mine |

Devon Gold Mine Progress Update


Devon Gold Mine Progress Update

GME Resources Limited ("GME" or "the Company") is pleased to provide an update on its mining operations commenced early this year at the Company's 100% owned Devon Gold Mine (GME, ASX announcement, 17/02/2016).

Steady progress has been made over the past month. To date, approximately 70% of the total tonnes (i.e. Inclusive of waste & ore) have now been mined. Four batches of ore equating to 26,300 dry tonnes (40% of total ore) have been processed at Saracens Carosue Dam project.

Sale of gold ore from the first batch has been finalised and provisional assay results have been calculated for batch 2, both of which were processed in April 2016. Head grade assay results for batches 3 and 4 which were processed in May are pending. The gold price applicable to respective ore sales is determined by the monthly average price as set by the DMP mineral royalties division. The average gold price for the month of April was $1620.46.

Tonnes Processed to date

Batch 1 - 5,832 dry tonnes averaging 4.14 g/t (April)

Batch 2 - 9,633 dry tonnes averaging 3.61 g/t (provisional result) (April) Batch 3 - 6,244 dry tonnes - assays pending

Batch 4 - 4,591 dry tonnes - assays pending.

Mining over the next two weeks will focus on removing the western wall waste to the main pit floor which is at 22 metres below surface. Once this is competed, stripping ratios reduce significantly and allow the pit to be developed to its maximum depth of 45 metres.

A further 34,600 tonnes of high grade gold ore is planned to be mined over the next six weeks representing 60% of the total contained gold estimated within the final pit design.

Pleasingly, mining progress is timely and costs are running on estimate. Further updates will be provided as the development progresses.


Devon Gold Mine - Main Pit looking south

Competent Person Statement The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Mark Gunther who is a member of The Australasian Institute of Geoscientists. Mr Gunther is a Principal Consultant with Eureka Geological Services. Mr Gunther has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Gunther consents to the inclusion in the report of the matters based on information provided in the form and context in which it appears.

Forward Looking Statement This announcement contains statements related to our future business and financial performance and future events or developments involving GME Resources (GME) that may constitute forward-looking statements. These statements may be identified by words such as "potential", "exploitable", "proposed open pit", "evaluation", "expect," "future," "further," "operation, "development, "plan," "permitting", "approvals", "processing agreement" or words of similar meaning. Such statements are based on the current expectations and certain assumptions of GME management & consultants, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond GME's control, affect our operations, performance, business strategy and results and could cause the actual results, performance or achievements of GME to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. GME has concluded that it has a reasonable basis for providing the forward looking statements included in this announcement.

Figure 1 Devon Gold Project Location Plan

Figure 1

Read the rest of the article at

GME Resources Ltd

ISIN : AU000000GME7
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

GME Resources is a nickel producing company based in Australia.

GME Resources produces nickel, cobalt in Australia, develops cobalt and nickel in Australia, and holds various exploration projects in Australia.

Its main assets in production are MURRIN NORTH, HEPI and MURRIN MURRIN in Australia, its main assets in development are MT KILKENNY and MACEY HILL in Australia and its main exploration properties are WANBANNA, NIWEST, WAITE KAURI, MERTONDALE, EUCALYPTUS, LINDEN, ILGARARI and BINDAH in Australia.

GME Resources is listed in Australia and in Germany. Its market capitalisation is AU$ 48.7 millions as of today (US$ 35.1 millions, € 30.8 millions).

Its stock quote reached its lowest recent point on June 27, 2003 at AU$ 0.01, and its highest recent level on May 18, 2007 at AU$ 1.12.

GME Resources has 463 600 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Project news of GME Resources Ltd
9/4/2008(Murrin North)Wanbanna and Murrin North RC drill programme delivers result...
7/10/2008(Hepi)Hepi Grade Control Drilling Delivers High Nickel Grades and ...
6/19/2008(Hepi) Acquires the Major Components for its Hepi Heap Leach Demon...
Corporate news of GME Resources Ltd
7/25/2016June Quarter Activities Report and Appendix 5b
7/14/2016GME Expands North Eastern Goldfields Gold Assets
6/28/2016Standby Funding Facility Repaid and Devon Gold Mine Update
6/27/2016Standby Funding Facility Repaid and Devon Gold Mine Update
5/26/2016Devon Gold Mine Progress Update
4/12/2016First Ore Parcel Processed from Devon Gold Mine
4/1/2015Drilling results - Fairfield Gold Prospect
1/28/2015NiWest Nickel Laterite Project - Key Process Patents Granted
10/21/2014Notice of Annual General Meeting and Explanatory Statement
7/31/2008June 2008 Quarterly Activities Report
4/30/2008 March 2008 Quarterly Activity Report
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
AU$ 0.105
09/29 11:00 -0.010
Prev close Open
0.110 0.110
Low High
0.105 0.110
Year l/h YTD var.
0.056 -  0.150 61.54%
52 week l/h 52 week var.
0.053 -  0.150 69.35%
Volume 1 month var.
116,698 -16.00%
24hGold TrendPower© : 44
Produces Cobalt - Nickel
Develops Cobalt - Nickel
Explores for Cobalt - Nickel
Interactive chart Add to compare
Print Compare Export
Last updated on : 1/11/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.02+2.33%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 3.26+4.15%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.58+1.93%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Closes Bridge Loan Financing
CA$ 2.43-0.41%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.98+0.14%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.30+8.16%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.22+1.37%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 60.13-1.38%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :