Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • Millennium Minerals Pours Gold Above Expectations In November At Nullagine 0 comments
    Dec 10, 2012 8:50 PM

    Millennium Minerals (ASX: MOY) has reported higher than expected metallurgical gold recoveries from its Nullagine Gold Project in the East Pilbara for the month of November.

    During the month the company achieve steady state operations at design capacity with critical operating parameters of plant throughput and gold recovery at times being exceeded.

    Gold production amounted to 5,470 ounces, with metallurgical recovery averaging 93.3% for the month - well above the company's recovery assumption of 89%.

    The SAG mill ran at the design throughput rate of 189 tonnes per hour and has demonstrated it is capable of processing ore at even higher rates.

    Unscheduled down time was mostly associated with poor tailings thickener settling characteristics of the highly oxidised material being mined from the top of the Golden Eagle deposit.

    While this material will decline over the coming months as mining operations go deeper, a more suitable flocculation agent is being introduced to better treat this material.

    The production objectives for December 2012 are based on the design criteria for the process plant, which will result in gold production of about 5,000 to 6,000 ounces.

    Expansion Studies

    Millennium is targeting a stage one expansion from the design throughput of 1.5 million tonnes per annum (Mtpa) to at least 1.7Mtpa treated for the 2013 financial year.

    This requires an increase in throughput from 189 tonnes per hour to around 200 tonnes per hour.

    Between now and the end of December the full capabilities of the process plant will be tested to establish a base case for expansion studies.

    Importantly, the mill has already demonstrated that it can operate at the 1.7 million tonne per year rate over a continuous 24 hour period.

    Further runs at this target throughput will be conducted over the coming weeks to confirm the operating parameters for next year.

    In the medium term, Millennium will look at requirements to further expand production above that level.


    Meanwhile, Millennium has begun an aggressive exploration program targeting an increase in the resource and ore reserve base.

    Reverse circulation drilling has begun at Golden Eagle and is targeting previously identified hanging wall mineralisation currently considered as a JORC Inferred resource.

    The Nullagine Gold Project currently hosts a 1.33 million ounce resource and 741,000 ounce ore reserve contained within seven deposits on granted mining leases.

    The largest deposit is Golden Eagle, which contains about 62% of the total resource inventory.

    For calendar year 2013, a minimum of 56,000 metres of drilling is proposed, targeting strike and depth extensions to known deposits as well as a large number of geochemical anomalies previously untested by drilling.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.