viewMillennium Minerals Ltd.

Millennium Minerals results outline potential new high-grade gold feed sources at Nullagine

Resource modelling is underway with results to be used for a preliminary economic assessment of a second underground mine.

A gold pour at Millennium's Nullagine project in WA’s Pilbara

Millennium Minerals Ltd (ASX:MOY) has received high-grade results from drilling at Golden Gate Mining Centre, confirming potential to increase mine life at the Nullagine project in WA.

The results build on initial assays announced in December last year and include thick, high-grade intercepts across several prospects, confirming the area’s strong potential.

High-grade results

Drilling at ABC Reef, Condor and D Reef demonstrated future underground mining potential with best results including:

  • 16 metres at 7.06 g/t gold from 87 metres including 6 metres at 16.6 g/t from 94 metres;

  • 10 metres at 5.06 g/t from 94 metres including 1-metre at 16.9 g/t and 1-metre at 7.78 g/t; and

  • 6 metres at 4.07 g/t from 174 metres, including 3 metres at 6.51 g/t.

The results add further weight to the emerging mining potential at Golden Gate, which is expected to become a contributor to the impending sulphide plant expansion at Nullagine.

Underground potential supported

Millennium Minerals chief executive Peter Cash said: “We are very excited by what our recent drilling at Golden Gate has delivered.

“This area has historically delivered some of the highest-grade gold mineralisation ever mined at Nullagine, and this trend looks set to continue.

“The thicker, high-grade intercepts encountered in deeper drilling at ABC Reef, Condor and D Reef clearly support the potential for future underground mining, and we are now evaluating open pit and underground mining opportunities.

“Outstanding grades generated”  

“The outstanding grades being generated by our drilling at Golden Gate are consistent with our overarching exploration and mining strategy at Nullagine.

“This is to target larger, higher-grade ore sources at Nullagine capable of delivering high-grade material to support the Sulphide Expansion Project from both open pit and underground ore sources.

“The recent Golden Gate results show the huge exploration potential that can be unlocked across the Nullagine district as a result of deeper drilling being undertaken with the knowledge that there is a viable processing solution for all of the other ore types that we potentially discover.”

Decision to mine this quarter

The company is targeting a decision to mine for the underground development at Golden Gate this quarter.

This will coincide with the scheduled commissioning of the expanded sulphide plant late this quarter or early in the June quarter.

- Jessica Cummins

Quick facts: Millennium Minerals Ltd.

Price: 0.051 AUD

Market: ASX
Market Cap: $45.46 m

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