MacPhersons Resources finds new zones at Nimbus, BFS complete mid-2014
MacPhersons Resources’ (ASX: MRP)
has completed drilling at the Nimbus-Boorara Project in Western
Australia, which confirmed the silver-zinc mineralisation remains open
at depth and along strike.
In addition, preliminary assays of up to 4 metres at 354 grams per tonne silver have identified further opportunities for near term production once the East Pit is completed.
These have confirmed a new lens and two lens extensions within the current mine model just 12 metres beneath the East Pit cutback.
“NBDH034 has intersected several silver-zinc mineralisation extensions which confirms the system remains open at depth and along strike,” managing director Morrie Goodz said.
“Preliminary assay results have been received on three of these lenses and have confirmed a new lens and two lens extensions within the current mine model, only 12m beneath the East Pit cutback providing further opportunities for near term production once the pit is completed.”
Bankable Feasibility Study activities, including the now completed diamond drilling, continue on schedule for the completion of BFS studies mid-2014.
The NBDH034 hole intersected at least six zones showing silver-zinc sulphide mineralisation with assays on two of these zones confirming three new silver lens extension adjacent to the East Pit cutback.
Assays to date from the hole are:
- 18.75 metres at 122g/t silver from 133.85 metres depth including 4 metres at 354g/t silver from 136 metres and 4.2 metres at 169g/t silver from 147.5 metres; and
- 2.75 metres at 137g/t silver from 226.5 metres including 1 metre at 337g/t silver from 227 metres.
The upper zone represents two silver lenses (at 136 metres and 147.5 metres) of which at least one represents a new lens and one may be a strike extension of lens AG342.
Pending the results from the met samples, this interval may be mined the full 18.75 metres width.
Notably, this new lens is only 12 metres below the East Pit cutback and represents a new underground stoping opportunity once the open pit mining has been completed.
All three lens (at 136 metres, 147.5 metres, and 226.5 metres) represent new extensions within the current Nimbus mine design and therefore will require only minor development to access and develop.
Drill holes to date have confirmed the silver and zinc lodes within the reserve model and that mineralisation continues at depth and remains open.
In addition, the recent deep EIS hole is assaying mineable grades at more than twice the plunge depth of the current resource of AG211.
Results include confirming deep extension to 512–542 metres depth of silver-zinc mineralisation in EIS hole NBDH010 and AG211 Lode intersections provide a depth extension of 210 metres – a 130% increase.
Suitable geotechnical and variability samples were intersected and have been collected.
The depth extension of silver-zinc mineralisation at Nimbus potentially offers long term underground mining opportunities.
Nimbus-Boorara Silver-Gold-Zinc Project
Nimbus which is located just 10 kilometres east of Kalgoorlie’s superpit gold mine, currently hosts an Ore Reserve of 1.126 million tonnes at 298 grams per tonne, or 10.8 million ounces silver equivalent, and a Resource of 4.9 million tonnes at 149g/t, or 23.4 million ounces silver equivalent.
This is calculated to a depth of just 260 metres though the latest drilling that has further extended mineralisation at depth could further increase resources.
Initial mine designs and schedule support a 5.5 year mine plan with all in cash costs of ranging between $12 per ounce to $16 per ounce silver and $600 per ounce to $1050 per ounce gold.
Initial production in the second year is expected to be between 2 million and 2.5 million ounces of silver as well as 1,000 to 2,000 ounces of gold before ramping up to 3.5 million to 4 million ounces of silver and 16,000 to 20,000 ounces of gold in the third year.
Thanks to its location near the Super Pit, Nimbus has existing infrastructure including electricity, gas, water and road infrastructure.
The confirmation that silver-zinc mineralisation remains open at depth and along strike at Nimbus-Boorara is value accretive for MacPhersons Resources.
Notably, this offers further confidence for underground mining opportunities that could substantially increase mine life at the project beyond the existing planned open pits.
The recent drilling also brings to light the likelihood for an upgrade to the current resource of 23.4 million ounces silver equivalent.
MacPhersons’ current market cap. of circa $42 million clearly does not reflect its potential and we expect the upcoming activity including further assays of the NBDH034 hole and the upcoming Bankable Feasibility Study to be key share price catalysts.
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