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 confirms potential open pit extension at 1.25m oz Nullagine Wednesday, May 04, 2011 by John Phillips Millennium Minerals (ASX: MOY) infill and step out drilling at Golden Eagle confirm the on strike potential of the southwest zone 250 metres beyond the current pit design.
Near surface gold hits include:
- 5 metres at 6.8 grams per tonne (g/t) gold from 38 metres, including 2 metres at 16g/t gold; - 22 metres at 1.23g/t gold from surface; and - 16 metres at 1.13g/t gold from 46 metres.
Adding to the potential of the latest discoveries, Millennium said pending results may extend the southwest zone further.
The impact of this is the strong probability of increasing the Golden Eagle mineral resource which already hosts around 70% of the 1.25 million gold ounce Nullagine Gold Project, located in Western Australia.
Exploration has now been boosted with an additional 2000 metres of infill drilling planned, with Millennium extremely well funded after the recent A$23.2 million fully underwritten rights issue.
A recent ore study identified that Golden Eagle would have an initial mine life of 7 years at a milling throughput rate of 1.5 million tonnes per annum producing a nominal annual gold production output of 72,000 gold ounces.
Operating cash flow is forecast at $311 million, producing a projected internal rate of return of 45% and a net present value of $112 million.
The gross operating margin would Quelle proactiveinvestor
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