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  • Millennium Minerals Hits High Grade Gold At Golden Gate 0 comments
    Mar 6, 2013 12:12 AM

    Millennium Minerals (ASX: MOY) has received further high tenor assays from drilling at the Golden Gate deposit, part of its Nullagine Gold Project in Western Australia, that highlight the extensional potential of the deposit.

    Broad intersections from the 2013 reverse circulation drilling program at the ABC & D Reef, Falcon, Condor, Harrier, Crow and G Reef deposits include 21 metres at 5.59 grams per tonne (g/t) gold from 27 metres (G Reef), and 15 metres at 4.94g/t gold from 37 metres (Condor).

    These are supported by higher grade intersections of 9 metres at 5.7g/t gold from 24 metres (G Reef); 3 metres at 11g/t gold from 46 metres (Condor); and 3 metres at 10g/t gold from 50 metres (Condor).

    The Golden Gate deposits are very significant to the overall project, as they contain the highest average grades. Accordingly, they are expected to greatly enhance anticipated project cash flows.

    Multiple new medium to high grade intersections show that all the Golden Gate deposits are open
    along strike in existing, or in newly intersected lodes.

    Moderate to high grade intersections occur adjacent to, along strike of, and immediately beneath all of the current Golden Gate proposed pit designs, and show high potential to enlarge these with further drilling.

    A total of 50 reverse circulation holes for 3,600 metres were recently completed at all the deposits at the Golden Gate area.

    The drilling program was designed to infill, and test along‐strike and depth extensions to the mineralisation outside the current proposed pit designs.

    A small component was designed to upgrade resources in the Inferred category to the higher confidence Measured or Indicated category.

    The drilling was part of the total program of 56,000 metres of reverse circulation drilling planned for 2013 at the Nullagine Project.

    A further 5,700 metre follow-up reverse circulation drilling program is planned for the deposits this year.

    Once drilling is completed, updated Resource and Reserve estimates will be carried out for all of the Golden Gate deposits.

    Analysis

    Today's results continue the momentum at the Nullagine Project following the recent start of commercial production.

    The Golden Gate deposits are very significant to the overall project, as they contain the highest average grades. Accordingly, they are expected to greatly enhance anticipated project cash flows.

    The area is located about 33 kilometres to the northeast of the now fully operational 1.5 million tonne per annum carbon in leach gold processing facility at Golden Eagle.

    The company's cash and gold bullion holding at 31 December 2012 was A$8.2 million.

    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.

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