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Millennium Minerals updates Redbeard gold ore reserve, mining to start this month

A head grade of 3.5 g/t gold makes Redbeard the highest-grade open pit deposit defined at Nullagine.

Workers pouring liquid gold
A gold pour at Millennium’s Nullagine project in Western Australia

Millennium Minerals Ltd (ASX:MOY) has upgraded the probable ore reserve for Redbeard open pit oxide deposit within its Nullagine project area, prior to the start of mining later this month.

Redbeard’s reserve is now 153,000 tonnes at 3.5 g/t gold for 17,200 ounces, representing a resource-to-reserve conversion rate of around 76%.

Recent drilling at the Golden Gate Mining Centre, adjacent to Redbeard, has also highlighted the potential for the area to be re-established as a high-grade oxide mining centre.

Golden Gate was last mined in 2014, producing 55,952 ounces at an average grade of 2.58 g/t gold.

Focus now on deeper drilling at Redbeard

Redbeard is expected to contribute to strong production growth for Millennium in the second half of 2018 as it aims for an annual production rate of 100,000 ounces.

The company has begun to assess Redbeard’s underground potential on an 80 metre by 80 metre spaced pattern, around 130 metres beneath the surface.

READ: Millennium Minerals targets gold production of up to 80,000 ounces at Nullagine in 2018

Millennium chief executive Peter Cash said the latest results demonstrated the strong potential to develop the adjacent deposits as a major new production hub at Nullagine.

“These are very pleasing results that confirm there’s still plenty of high-grade gold yet to be discovered at Nullagine,” he said.

“Given that we only completed the first ever drill hole at Redbeard last November, we are delighted that this has now been confirmed as the highest-grade open pit deposit delineated at Nullagine to date.”

Positive exploration results from Golden Gate

Highlighted results from the Goshawk prospect at Golden Gate include 3 metres at 7.51 g/t gold from 53 metres, including 2 metres at 10.13 g/t; and 4 metres at 4.34 g/t from 36 metres including 1 metre at 10.75 g/t.

Results from the centre’s other three prospects include 2 metres at 3.41 g/t from 5 metres; 6 metres at 1.59 g/t from 25 metres; and 3 metres at 3.49 g/t from 6 metres, including 1 metre at 6.78 g/t.

Interpretation of these results is underway with the aim of establishing follow-up drilling programs.

Cash said: “The receipt of further positive exploration results from the Golden Gate Mining Centre … indicates the opportunity to potentially re-establish mining operations within this historical high-grade mining centre.

“Our focus will now be on completing maiden resource estimates for these new targets.”

Quick facts: Millennium Minerals Ltd.

Price: 0.051 AUD

Market: ASX
Market Cap: $45.46 m

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