Millennium Minerals Full Millennium Minerals profile here
Millennium Minerals Limited (ASX:MOY) is an emerging metals company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia. The high-quality portfolio encompasses a large gold inventory and a secondary molybdenum project. Millennium Minerals drilling identifies potential to boost 1.24m oz gold Resource at Nullagine Monday, March 14, 2011 Emerging gold producer Millennium Minerals (ASX: MOY) has intercepted shallow oxide ore grades south of Shearers and southwest of Otways, indicating the potential of the deposits to increase the gold Mineral Resources in both areas.
Significant gold intercepts at Shearers include:
- 21 metres at 1.31 g/t Au from 36 metres; - 20 metres at 2.09 g/t Au from 62 metres; and - 13 metres at 1.89 g/t Au from 12 metres.
At Otways results include:
- 6 metres at 3.46 g/t Au from 28 metres; - 4 metres at 3.37 g/t Au from 16 metres; and - 4 metres at 2.11 g/t Au from 18 metres.
The results are the first from the 2011 reverse circulation (RC) drilling at the company?s 1.24 million ounce Nullagine Gold Project. Nullagine is contained within seven deposit locations on granted mining leases in the East Pilbara District of Western Australia.
The holes were designed to infill and step out on 2010 RC drilling, in order to locate additional Mineral Resources at these deposits.
At Shearers, the results show potential to extend the mineralisation to the northwest and south of the current Ore Reserve. This strike extension was not previously recognised is significant.
At Otways there is potential to extend the mineralisation to the west‐southwest. Results are still awaited for the 26 RC holes completed to date at Golden Eagle.
The company plans follow up drilling shortly with a 10,000 metre RC drill program targeting these new discovery zones at both Shearers and Otways.
The program is aiming to increase the Mineral Resource at Shearers, leading to an increase in the Ore Reserve after further optimisation studies.
The 55 holes completed so far at Shearers, Otways and Golden Eagle are part of a total 30,000 metres of RC drilling planned for 2011.
On March 9 Millennium received full funding confidence to progress the Nullagine Gold Project after agreeing commercial terms for the $35 million project finance facilities with BNP Paribas.
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