Good morning,
Goldplat plc, the AIM listed gold producer, is up 7.33% to 12.88p following a resource update this morning. Goldplat announced a total JORC compliant Mineral Resources increase by 25% from 742,392 oz Au to 931,071 oz Au across its Kenyan, Ghanaian and Burkina Faso gold mining and development portfolio. The Company has also commenced optimisation studies at its Nyieme deposit in Burkina Faso to assess the suitability of the ore to provide feed material for the proposed Dano Gold Recovery plant in Burkina Faso. The new plant when developed will be Goldplat's third recovery business and complement its existing gold recovery operations in South Africa and Ghana which produced 31,354 ounces in FY 2012.
House Broker SP Angel currently has a BUY rating for Goldplat with a target price of 30p.
John Meyer from SP Angel has published the following comment this morning: 'Goldplat are close to the 1m oz target they have set for their brownfield gold resource portfolio and more importantly are looking at potential ways of exploiting the smaller resources in Ghana and Burkina Faso through their gold recovery business.'
I have included the full announcement and SP Angel note below.
Kindest regards,
Charlotte
Goldplat (GDP LN) 13.5 pence, Mkt Cap ?22.4m - Resource Upgrade Across Gold Projects
Buy: Target Price 30 pence
? The company has upgraded its resource by 25% to 931,071 oz across its portfolio of projects in Kenya, Ghana and Burkina Faso.
? At Kilimapesa resources have been upgraded by 26% to 671,446 oz based on the Kilimapesa Hill and Red Day deposits.
? These deposits are 4 km south west and 2 km north east of the gold processing plant where the company are targeting 10,000 oz of production in two years.
? The resource upgrade comes from Red Ray where in fill drilling at the west of Red Ray intersected mineralisation below historical colonial workings.
? Red Ray with mineralisation of a similar style to Kilimapesa Hill has now a JORC resource of 139,815 oz.
? At Anumso in Ghana a maiden JORC resource of 166,865 oz ( 2.54 Mt at 2.04 g/t gold) has been declared - 41% indicated and 56% inferred.
? The resource has been based on historical drill data as well as a 32 hole 6,125m diamond drilling programme completed over a 4 km strike.
? The company plan to do a scoping study to see if the ore can be processed through the CIL circuit at the recovery operations in Tema.
? At Nyieme in Burkina Faso they have a small JORC resource of 92,589 oz with no further exploration undertaken this year.
? The company are looking at ways of exploiting this resource through their proposed recovery operation in Burkina Faso.
? The feasibility on the third recovery plant is currently being undertaken.
Conclusion: Goldplat are close to the 1m oz target they have set for their brownfield gold resource portfolio and more importantly are looking at potential ways of exploiting the smaller resources in Ghana and Burkina Faso through their gold recovery business.
In Ghana where they have an existing recovery business in place, resource from Anumso could be processed though the CIL circuit at Tema and the company are doing a scoping study on this.
Similarly the Nyieme project in Burkina Faso could be exploited economically through the proposed third recovery operation in the country which is going through the permitting and feasibility process.
Kilimapesa in Kenya is being targeted as a standalone mine producing 10,000 oz in 2 years.
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
12 December 2012
Goldplat plc ('Goldplat' or 'the Company')
Resource Update
Goldplat plc, the AIM listed gold producer in Africa, announces an updated total JORC compliant Mineral Resource Statement across its gold mining and development portfolio in Africa including the producing Kilimapesa Gold Mine in Kenya, the Anumso gold exploration project Ghana and the Nyieme gold exploration project in Burkina Faso.
Overview
? Total Goldplat JORC compliant Mineral Resources increase by 25% from 742,392 oz Au to 931,071 oz Au across its Kenyan, Ghanaian and Burkina Faso gold mining and development portfolio
? Anumso gold project in Ghana - maiden JORC compliant mineral resource of 2,545,000 tonnes at 2.04 g/t Au for 166,865 oz Au at a cut-off of 1 g/t
? Kilimapesa Gold Mine in Kenya - updated mineral resource of 8,715,291 tonnes at 2.40 g/t Au for 671,446 oz Au at a cut-off of 1 g/t
? Optimisation study underway at Nyieme gold project in Burkina Faso which has a resource of 92,760 oz Au to access suitability of ore for processing at proposed new gold recovery plant at site
Goldplat's CEO Russell Lamming said, "We are pleased to report a 25% increase in our total resource to 931,071 ounces of gold across our three gold mining and exploration projects in Kenya, Ghana and Burkina Faso. In addition, we have also commenced optimisation studies on the Nyieme deposit to assess the suitability of the ore to provide feed material for the proposed Dano Gold Recovery plant in Burkina Faso. The new plant when developed will be Goldplat's third recovery business and complement its existing gold recovery operations in South Africa and Ghana which produced 31,354 ounces in FY 2012."
Anumso - Ghana
Goldplat's 29 sq km Anumso Gold Exploration licence is located in the highly prospective Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana. A 32 hole, 6,125m diamond drilling programme at Anumso has been completed over a 4km strike which had been identified on the eastern Tarkwaian conglomerate between the villages of Banka and Tokwae. The database used for the resource calculation also incorporated data from three historical drilling campaigns over the eastern conglomerate zone: Stanley Mining completed 29 reverse circulation ('RC') holes for 1,450m in 1995; Mwana Africa plc completed 25 diamond core holes in 2006 for 2,409 m and 21 diamond core holes in 2007 for 2,999m.
A JORC-Compliant ore resource of 2,545,000 tonnes at an average grade of 2.04 g/t giving 166,865 oz Au at a 1 g/t cut-off has been declared. All samples were submitted to ALS Chemex Laboratories in Kumasi and SGS in Tarkwa.
The following table summarises the significant intercepts for the drilling programme:
Hole ID | Easting UTM WGS84 30N | Northing UTM WGS84 30N | Total Depth (m) | Azimuth | Dip | Depth from (m) | Depth to (m) | Interval (m) | Grade (g/t) |
AGDD003 | 698 415 | 696 951 | 177 | 321 | -50 | 68.87 | 69.20 | 0.33 | 6.04 |
AGDD004 | 698 602 | 697 094 | 168 | 321 | -50 | 72.50 | 75.00 | 2.50 | 8.04 |
| | | including | 72.50 | 73.00 | 0.50 | 20.80 |
| | | | | | 107.50 | 109.00 | 1.50 | 4.15 |
| | | | | | 140.00 | 140.50 | 0.50 | 4.60 |
AGDD005 | 698 572 | 697 130 | 179 | 321 | -50 | 76.50 | 77.00 | 0.50 | 7.23 |
| | | | | | 167.50 | 168.00 | 0.50 | 3.13 |
AGDD006 | 698 642 | 697 216 | 138 | 321 | -50 | 44.00 | 44.50 | 0.50 | 3.45 |
| | | | | | 65.00 | 65.50 | 0.50 | 4.21 |
| | | | | | 72.00 | 73.00 | 1.00 | 5.53 |
| | | including | 72.50 | 73.00 | 0.50 | 8.50 |
AGDD007 | 698 764 | 697 279 | 171 | 319 | -50 | 115.00 | 115.50 | 0.50 | 4.95 |
AGDD009 | 698 816 | 697 366 | 132 | 317 | -50 | 59.50 | 60.00 | 0.50 | 4.84 |
| | | | | | 72.50 | 73.00 | 0.50 | 3.91 |
AGDD010 | 698 875 | 697 433 | 174 | 321 | -50 | 67.40 | 67.65 | 0.25 | 3.04 |
| | | | | | 77.50 | 78.00 | 0.50 | 4.90 |
| | | | | | 130.50 | 131.00 | 0.50 | 3.84 |
AGDD011 | 698 770 | 697 415 | 180 | 317 | -50 | 18.00 | 18.50 | 0.50 | 3.33 |
| | | | | | 47.50 | 48.00 | 0.50 | 7.25 |
AGDD012 | 698 921 | 697 516 | 186 | 318 | -50 | 113.00 | 113.50 | 0.50 | 3.47 |
| | | | | | 126.50 | 127.00 | 0.50 | 4.24 |
AGDD014A | 698 975 | 697 584 | 174 | 315 | -50 | 111.50 | 112.00 | 0.50 | 3.93 |
AGDD015 | 698 998 | 697 689 | 135 | 315 | -50 | 71.50 | 72.00 | 0.50 | 12.40 |
AGDD019 | 699 295 | 698 043 | 207 | 319 | -50 | 202.50 | 203.65 | 1.15 | 4.39 |
| | | including | 202.50 | 203.10 | 0.60 | 5.16 |
AGDD024 | 699 810 | 698 728 | 138 | 323 | -50 | 42.50 | 43.00 | 0.50 | 3.05 |
AGDD027 | 699 763 | 698 605 | 159 | 323 | -50 | 133.70 | 135.15 | 1.45 | 5.02 |
| | | including | 134.50 | 135.15 | 0.65 | 9.17 |
| | | | | | 148.00 | 149.50 | 1.50 | 3.58 |
| | | including | 149.00 | 149.50 | 0.50 | 6.60 |
| | | | | | 153.70 | 154.50 | 0.80 | 4.26 |
| | | including | 154.00 | 154.50 | 0.50 | 6.07 |
AGDD030 | 698 962 | 697 724 | 168 | 315 | -50 | 15.00 | 15.50 | 0.50 | 3.53 |
AGDD031 | 698 474 | 696 789 | 420 | 317 | -65 | 258.00 | 258.50 | 0.50 | 10.65 |
| | | | | | 317.50 | 318.00 | 0.50 | 6.76 |
| | | | | | 379.00 | 379.50 | 0.50 | 11.65 |
AGDD032 | 698 413 | 696 664 | 411 | 315 | -65 | 310.50 | 311.00 | 0.50 | 57.90 |
| | | | | | 322.00 | 323.00 | 1.00 | 3.17 |
| | | including | 322.00 | 322.50 | 0.50 | 3.41 |
| | | | | | 326.50 | 327.00 | 0.50 | 6.38 |
| | | | | | 359.50 | 360.00 | 0.50 | 3.73 |
The following tables show the Anumso Mineral Resource:
ANUMSO TOTAL RESOURCE( 1 g/t cut-off) | |
Resource Classification | Within Conglomeratic Horizons | |
Tonnes | Au Grade g/t | Contained Au Ozs | |
|
Measured | 8 000 | 11.29 | 2 903 | |
Indicated | 647 000 | 2.73 | 56 712 | |
Inferred | 1 393 000 | 1.72 | 76 875 | |
Total | 2 048 000 | 2.07 | 136 490 | |
| | | | |
| | | | |
ANUMSO TOTAL RESOURCE( 1 g/t cut-off) | |
Resource Classification | Outside Conglomeratic Horizons | |
Tonnes | Au Grade g/t | Contained Au Ozs | |
|
Inferred | 497 000 | 1.90 | 30 375 | |
Total | 497 000 | 1.90 | 30 375 | |
| | | | |
| | | | |
ANUMSO TOTAL RESOURCE( 1 g/t cut-off) | |
Resource Classification | Total Project | |
Tonnes | Au Grade g/t | Contained Au Ozs | |
|
Measured | 8 000 | 11.29 | 2 903 | |
Indicated | 647 000 | 2.73 | 56 712 | |
Inferred | 1 890 000 | 1.76 | 107 250 | |
Total | 2 545 000 | 2.04 | 166 865 | |
The Company will undertake a scoping study on the Anumso project to ascertain if the ore can be used as a source of primary material for the CIL circuit at the recovery operation in Tema, Ghana or potentially as a site for an additional recovery business in Ghana.
Kilimapesa, Kenya
Goldplat's wholly owned Kilimapesa gold mine is located in the historically productive Migori Archaean Greenstone Belt in western Kenya. Kilimapesa's updated mineral resource of 8,715,291 tonnes at 2.40 g/t Au for 671,446 oz Au at a cut-off of 1 g/t comprises the Kilimapesa Hill and the Red Ray deposits located approximately 4km to the southwest and 2km to the northeast of the gold processing plant location respectively. The Phase 2 drilling project at Red Ray was designed to infill the existing drill holes and also to extend the strike length of the mineralised zone from the 800m determined by Phase 1 to 2,500m. The drilling to the west of the Red Ray target area proved to be successful and a mineralised zone was intersected below some historical colonial and artisanal workings, with the best intersection of 100cm at 6.20 g/t. This extended the ore body strike to 1,800m. The drilling to the east of the Red Ray target failed to intersect the mineralised zone despite the presence of artisanal workings at the surface. Consequently, only 1,800m of the projected 2,500m extension has been proven so far. The drilling results to date confirm the similarity of mineralisation style between Red Ray and Kilimapesa Hill.
A JORC-compliant ore resource of 139,815 oz Au at an average grade of 2.28 g/t at a 1 g/t cut-off has been declared at Red Ray, based on a total of 22 diamond drill holes (13 holes in Phase 1 and 9 holes in Phase 2) for a total of 1,360m of core.. Total strike length of the area drilled is approximately 2.5km. All samples were submitted to ALS Chemex Laboratories in Johannesburg and Intertek Genalysis.
The following table summarises the significant intercepts for the drilling programme:
Hole ID | Eastings UTM ARC1960 | Northings UTM ARC 1960 | Total Depth (m) | Azimuth | Dip | Depth from (m) | Depth to (m) | Interval (m) | Grade (g/t) |
KPGRR15 | 702 450 | 9 863 482 | 50.28 | 20 | -50 | 23.16 | 23.94 | 0.78 | 0.75 |
KPGRR16 | 702 539 | 9 863 425 | 165.20 | 20 | -50 | 64.40 | 66.94 | 2.54 | 3.35 |
| | | | including | 64.40 | 65.40 | 1.00 | 6.20 |
KPGRR17 | 702 764 | 9 863 354 | 45.36 | 20 | -50 | 30.26 | 31.26 | 1.00 | 0.63 |
KPGRR23 | 703 457 | 9 863 064 | 50.57 | 20 | -45 | 12.46 | 13.60 | 1.14 | 1.24 |
| | | | | | 15.61 | 16.50 | 0.89 | 1.43 |
KPGRR24 | 703 521 | 9 862 941 | 123.98 | 20 | -50 | 70.38 | 73.08 | 2.70 | 16.30 |
| | | | including | 71.09 | 72.58 | 1.49 | 22.23 |
| | | | | | 74.88 | 75.38 | 0.50 | 2.42 |
| | | | | | 81.05 | 81.55 | 0.50 | 2.52 |
| | | | | | 97.58 | 101.28 | 3.70 | 1.12 |
KPGRR25 | 703 706 | 9 862 947 | 50.08 | 0 | -50 | 28.39 | 30.35 | 1.96 | 1.11 |
KPGRR26 | 703 737 | 9 862 918 | 120.98 | 20 | -50 | 51.21 | 52.90 | 1.69 | 1.16 |
KPGRR34 | 704 721 | 9 862 936 | 51.00 | 170 | -50 | - | | - | - |
KPGRR35 | 704 964 | 9 862 979 | 51.76 | 170 | -50 | - | | - | - |
The following table shows the updated Red Ray Mineral Resource:
Total Red Ray Resource (at 1 g/t cut-off)
RED RAY ( 1 g/t cut-off) | |
Resource Classification | Within Veins and Host | |
Tonnes | Au Grade g/t | Contained Au Ozs. | |
|
Measured | 514 678 | 2.92 | 48 319 | |
Indicated | 362 250 | 2.65 | 30 875 | |
Total | 876 928 | 2.69 | 79 194 | |
| |
Inferred | 1 028 363 | 1.83 | 60 621 | |
Total | 1 905 291 | 2.28 | 139 815 | |
No further exploration has taken place at Kilimapesa Hill for the year. The following table shows the Kilimapesa Hill Mineral Resource:
Total Red Ray Resource (at 1 g/t cut-off)
Kilimapesa Hill ( 1 g/t cut-off) | |
Resource Classification | Within Veins and Host | |
Tonnes | Au Grade g/t | Contained Au Ozs. | |
|
Measured | 112 000 | 3.65 | 13 143 | |
Indicated | 975 000 | 2.95 | 92 315 | |
Total | 1 087 000 | 3.02 | 105 458 | |
| |
Inferred | 5 723 000 | 2.32 | 426 173 | |
Total | 6 810 000 | 2.43 | 531 631 | |
The total resource for Kilimapesa Gold Mine, including the updated resource from Red Ray, is shown below.
TOTAL RESOURCE( 1 g/t cut-off) | |
Resource Classification | Within Veins and Host | |
Tonnes | Au Grade g/t | Contained Au Ozs | |
|
Measured | 626 678 | 3.05 | 61 462 | |
Indicated | 1 337 250 | 2.86 | 123 190 | |
Total | 1 963 928 | 2.92 | 184 652 | |
| |
Inferred | 6 751 363 | 2.24 | 486 794 | |
Total | 8 715 291 | 2.40 | 671 446 | |
Nyieme, Burkina Faso
The 246 sq km Nyieme project is located in the prospective Birimian Greenstone Belt in southern Burkina Faso, West Africa. As reported in October 2011, the Company defined a JORC compliant resource of 1,395,000 tonnes at 2.06g/t gold for 92,760 ounces. No further exploration has taken place at Nyieme this year. See the Nyieme resource table below:
NYIEME TOTAL RESOURCE( 1 g/t cut-off) | |
Resource Classification | Within Veins and Host | |
Tonnes | Au Grade g/t | Contained Au Ozs | |
|
Indicated | 305 000 | 2.85 | 27 941 | |
Inferred | 1 090 000 | 1.85 | 64 818 | |
Total | 1 395 000 | 2.07 | 92 760 | |
Goldplat is now undertaking optimisation studies on the Nyieme deposit to assess the suitability of the ore to provide feed material for the proposed Dano Gold Recovery plant to be located in the vicinity of the Nyieme project in Burkina Faso, with the intention of processing Goldplat's own ore in addition to by products from other mines. The Dano Gold Recovery plant, where a feasibility report is currently being completed, will be Goldplat's third gold recovery operation and complement its existing operations in South Africa and Ghana.
Total Goldplat Group
The total resources for the Goldplat Group are shown below:
GOLDPLAT TOTAL RESOURCE( 1 g/t cut-off) | |
Resource Classification | Total Project | |
Tonnes | Au Grade g/t | Contained Au Ozs | |
|
Measured | 634 678 | 3.15 | 64 365 | |
Indicated | 2 289 250 | 2.82 | 207 843 | |
Inferred | 9 731 363 | 2.11 | 658 862 | |
Total | 12 655 291 | 2.29 | 931 071 | |
Qualified Person
This announcement has been reviewed by Mr. Mark Austin, the group geologist for Goldplat who has more than 30 years of relevant experience in the field of activity concerned. He is a fellow of the Geological Society of South Africa ('GSSA') and is registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions and he has consented to the inclusion of the material in the form and context in which it appears.
The author and practioner of the Anumso resource estimation report, Mr. Dexter Ferreira, is a senior geostatistician with over 20 years' experience in project evaluation internationally, including extensive involvement with mineral projects throughout South America and Africa. He is a member of the South African Council for Natural Scientific Professions, and qualifies as an 'Expert', 'Competent Person' and 'Qualified Person' as defined in National Instrument 43-101 and the JORC Code.
The JORC-Compliant resource for the Red Ray area was compiled by Dr Cedric Simonet, European Geologist No. 739 and who qualifies as a Competent Person in terms of the rules of the JORC code.
* * ENDS * *
For further information visit www.goldplat.com or contact:
Russell Lamming, CEO | Goldplat plc | Tel: +44 (0) 781 0870587 |
Ewan Leggat/Katy Birkin | SP Angel Corporate Finance LLP | Tel: +44 (0)20 3463 2260 |
Felicity Edwards | St Brides Media & Finance Ltd | Tel: +44 (0)20 7236 1177 |
Notes:
Goldplat plc, which has a market cap of circa ?22 million, is an AIM-listed profitable, debt free gold producer and mine development company focused in Africa, which has a strong cash position of ?4.57 million as at 30 June 2012. The Company has a solid portfolio of assets including two gold recovery operations in South Africa and Ghana, which recover precious metal from by-products of the mining process such as woodchips, fine carbon and waste grease. For the FY 2012 these operations produced circa 31,354 ounces of gold. Goldplat also has a producing gold mine in Kenya and two brownfield gold development projects in Ghana and Burkina Faso.
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