🕐05.10.09 - 09:31 Uhr
Goldplat - Kilimapesa Gold Kenya - Resource Statement
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
5 October 2009
Goldplat plc (Goldplat or the Company)
Kilimapesa Gold - Resource Statement
Goldplat plc, an AIM listed gold producer, announces its initial
JORC-compliant resource from the Kilimapesa Hill gold mining project
(Kilimapesa) located in South Western Kenya within the historically
producing Migori Archaean Greenstone Belt.
The underground gold
resource estimate at Kilimapesa totalled 1.65Mt at 2.44 g/t Au for
129,000 oz Au at a cut-off grade of 1 g/t Au for all categories.
The Measured and Indicated resource totals 409,000t at 2.39 g/t Au for
31,416 oz Au plus an additional 1.24Mt at 2.43 g/t for 98,000 oz Au
within the Inferred category.
In addition, colonial tailings in the
immediate vicinity of the plant have a combined Measured and Indicated
JORC compliant Resource of 41,000t at 2.56 g/t Au for 3,400 oz Au.
This initial Measured and Indicated resource is expected to provide
Goldplat with sufficient ore to run its Kilimapesa operations in-excess
of eight years taking into account its current plant capacity.
The
Company has produced gold from development ore and tailings since
January 2009, and it intends to use future revenue from gold sales (due
to commence Q4 2009) to develop the mine and to expand the plants
production capacity.
Goldplats CEO Demetri Manolis said, "We are delighted to have produced
our initial JORC compliant resource at the Kilimapesa gold mining
project.
It gives us the foundation for the development of a profitable
small scale mining operation, which in-turn, will add value to the
Company organically via exploration."
Underground Resource
The resource is situated within a one kilometre strike length over the
Kilimapesa Hill target area.
The underground exposure is limited to a
maximum depth below surface of 60m.
The current resource calculation
encompasses the orebody from the surface to a depth of 70m below the
current workings.
Mineralisation is contained within three sub-parallel east-west trending
quartz veins that have intruded into both an Archaen Banded Iron
Formation (BIF) and basaltic country rocks.
The quartz veins vary in
thickness between 10cm and 1.2m.
Access to the orebodies is via a
single adit in which the Company has intersected and developed on the
three quartz reefs.
The sample database comprises 137 groove sampled channels, with each
completed channel averaging 2.2m in true stratigraphic width, divided
into 25cm contiguous samples.
Sample channels are located
approximately 3m apart horizontally.
The number of samples taken over
the quartz vein and the immediate surrounding country rock was in-excess
of 1,600 samples.
The sampling database represents a total combined
vein strike length in excess of 400m.
As a result, the model block size
chosen was 2m x 1m x 2m (x, y, z), with a total of 21,622,578 blocks
used in the estimation.
Geological mapping of the quartz veins allowed for a tight control over
the orebody morphology.
The orebody was interpreted and modelled by an
independent geologist using Datamine to create a wireframe model.
That
model was used by an independent geostatistician as a basis for the
resource estimation.
Ordinary Kriging was the estimation technique
used, given that it is the best linear unbiased estimator, allowing the
preservation of inherent grade variability, as opposed to other
estimation techniques.
Outlier analysis determined that any sample
value greater than 10g/t be trimmed to that threshold (uppercut);
although this only affected 2.14% of the sample population.
Drillhole data reported in the press release dated 7 April 2009 was used
only to delineate the veins, but has been excluded from the ore resource
calculations due to the poor recovery rates.
Resources by category at a cut-off value of 1 g/t Au are shown in the
following table:
Resource Classification
Veins and Host
Tonnes
Au Grade
(g/t)
Contained Au
Ounces
Measured
36,000
2.86
3,342
Indicated
373,000
2.32
28,074
Total
409,000
2.36
31,416
Inferred
1,242,000
2.43
97,895
Total
1,651,000
2.44
129,311
The determination of the resource classification is as follows:
* Measured - Resources estimated using a very restricted search
ellipsoid size of 10m in the principal direction
* Indicated - Resources estimated using a search ellipsoid of
equivalent to the second modelled variographic range of 90m in the
principal direction
* Inferred - Resources estimated using a search ellipsoid twice
the size of the second modelled variographic range, 180m in the
principal direction including any resources estimated outside the
modelled veins
Surface Tailings Resource
As announced on 26 October 2007, the tailings derived from colonial
operations in the mid-1900s.
These tailings have subsequently undergone
auger drill sampling, in order for a JORC compliant mineral resource to
be calculated.
The combined Measured, Indicated and Inferred Resources
totalled 51,600 tonnes at 2.52g/t Au, the majority of which lie within
200m of the existing plant infrastructure.
Initial gravity and
carbon-in-leach metallurgical test-work demonstrate recoveries in excess
of 65%, and on the ore derived from the quartz vein orebodies in-excess
of 85%.
Total resources by category are shown below:
Resource Classification
Colonial Tailings
Tonnes
Au Grade
(g/t)
Contained Au
Ounces
Measured
11,800
1.70
648
Indicated
29,200
2.91
2,725
Total
41,000
2.56
3,373
Inferred
10,600
2.40
819
Total
51,600
2.52
4,192
Further details
Kilimapesa Gold (Pty) Ltd (Kilimapesa Gold) is wholly owned by
Goldplat through its subsidiary Gold Mineral Resources Limited (GMR).
Kilimapesa Gold includes the operating Kilimapesa Hill gold mine and
adjacent exploration assets located in South Western Kenya within the
historically producing Migori Archaean Greenstone Belt.
The Migori Archaean Greenstone Belt is a northern continuation of the
Lake Victoria Goldfields, which hosts many major gold deposits including
Barricks multi-million ounce North Mara mine.
The licence area has
been the site of considerable historical gold mining and is still the
focus of localised artisanal mining.
Goldplat first became involved in the Kilimpaesa Hill gold mining
project in June 2007, with its then 50:50 JV project partner
International Gold Exploration AB (IGE).
The mine went into small
scale gold production in January 2009, processing development ore plus
high grade tailings.
On 24 September 2009, Goldplat announced that it had completed the
purchase of the remaining 50% interest in Kilimapesa Gold for the total
consideration of US$2.7 million from IGE, via the Companys wholly owned
subsidiary Gold Mineral Resources Limited.
The payment schedule
includes US$1.2 million paid on completion of the Sale Agreement, which
was on 24 September 2009, with the balance to be settled in six monthly
tranches of US$250,000.
As a result of the acquisition, Kilimapesa Gold is required to convert
its existing exploration licence to a mining licence.
Until the mining
licence is officially approved, Kilimapesa Gold is not permitted to make
commercial sales of gold.
The application now resides with the Kenyan
Authorities, which the Company expects to be granted soon.
Kilimapesa
Gold will then be in a position to move into commercial production and
an announcement regarding our future mining plans will be made on the
issuing of the mining licence.
* * ENDS * *
For further information visit www.goldplat.com
or contact:
Demetri Manolis, CEO
Goldplat plc
Tel: +27 (0) 11 423 1203
James Joyce
WH Ireland Limited
Tel: +44 (0) 20 7220 1666
David Porter
WH Ireland Limited
Tel: +44 (0) 20 7220 1666
Bill Sharp
Alexander David Securities Limited
Tel: +44 (0)20 7448 9820
David Scott
Alexander David Securities Limited
Tel: +44 (0)20 7448 9820
Felicity Edwards
St Brides Media & Finance Ltd
Tel: +44 (0)20 7236 1177
Isabel Crossley
St Brides Media & Finance Ltd
Tel: +44 (0)20 7236 1177
Notes
Summary of Important Criteria used in the Assessment and Reporting of
the Kilimapesa Underground Gold Resource
Criteria
Status
Sampling Techniques, Assay Data, Drilling Details
Sampling Techniques
* Sampling channels were cut using a hand-held pneumatic
chipping hammer.
* Individual samples were marked off using the
methodology as described in "South Africa Mine Valuation edited By C.D.
STORRAR, 1977" and are recorded as true sample widths.
* All sampling was supervised by a qualified geologist.
Location of Sampling Channels
* Sample Channels are located underground by a qualified surveyor.
* All sample sections are painted for further reference.
Sampling Data
* All sample channels are recorded on Sample Sheets which
diagrammatically represent each sample section and correlation.
* Each sample is recorded in a spatial data base
Verification of Sampling Data
* Several channels have been twinned and the results show a close
correlation.
Sample Assay
* All samples have submitted to certified laboratories in Tanzania
or South Africa.
* QA/QC has been done for all sample batches.
Drilling Methodology
* 5 wire line diamond drill holes were drilled to intersect the
orebody below the current underground workings
* Core size was BQ
* All core was logged and sampled by a qualified geologist.
* The core was split and half submitted to a certified laboratory
in Tanzania.
Location of Boreholes
* All borehole collars were surveyed by a qualified surveyor
* Down-the-hole surveys were not carried out due to the short
drillhole lengths.
Estimating and Reporting of Mineral Resources
Database Integrity
* Examination of the database has not revealed any issues of
concern that could significantly affect the current resource estimation
Estimation and Modelling Techniques
* Veins were modelled using Datamine software, whilst estimation
was done using GSLIB[i] software.
Estimation was completed using
ordinary kriging and a minimum and maximum number of composites of 3 and
10 respectively.
Cut-Off Parameters
* Outlier trimming limits were determined using "indicator
correlation for lag 1" plots, cumulative correlation plots and
cumulative logarithmic probability plots.
Classification
* Classification of estimated resources used variographic ranges
as factors.
Classification scheme as per CIM[ii]
Bulk Density
* The average SG of 3 was used based on measurements of samples
submitted to SGS Laboratories, Johannesburg
Moisture Content
* Dry tonnes have been used
This announcement has been approved for release by Mr Mark Austin.
Mr
Austin is a geologist and has more than 25 years relevant experience in
the field of activity concerned.
He is a fellow of the Geological
Society of South Africa (GSSA) and is registered as a Professional
Natural Scientist in the field of Geological Science with the South
African Council for Natural Scientific Professions and has consented to
the inclusion of the material in the form and context in which it
appears.
The orebody modelling was undertaken by Mr Corne Fourie, a geologist of
12 years direct industry experience and more than 5 years experience on
modelling using Datamine.
He has consented to the use of his modelling
in this announcement.
The author and practitioner of the underground
resource estimation report, who has consented to the inclusion of the
resource statement information reported in this announcement, is Mr.
Dexter Ferreira, a senior geostatistician with over 19 years experience
in project evaluation internationally, including extensive involvement
with mineral projects throughout South America and Africa.
He is a
member of the South African Council for Natural Scientific Professions,
and qualifies as an Expert, Competent Person and Qualified Person
as defined in National Instrument 43-101 and the JORC Code.
The results
of the surface deposits evaluation were previously reported in October
2007 and were the subject of an Independent report by Shango Solutions
of Johannesburg.
The geostatistics in the report were performed by Dr
Carina Lemmer, PhD (Stanford).
Notes to Editors
Goldplat plc is an AIM-listed gold producer with operations in Africa.
Goldplats strategy is to build itself into a highly profitable mid-tier
gold producer, through the acquisition of known deposits with targets of
between 200,000 and one million contained ounces.
To this end, it is
developing the Kilimapesa Gold Lolgorien project, located in the
historically producing Migori Archaean Greenstone Belt in western Kenya.
Kilimapesa Gold commenced initial production in January 2009 and an
aggressive exploration and development programme has been implemented to
define a JORC compliant resource at the project.
The Company has two recovery businesses based in South Africa and Ghana,
which, by safely disposing mining by-products, fulfilling an important
aspect of operating mines environmental management programmes.
The
South African plant is located near the centre of the East Rand
Goldfield and raw material feedstocks are sourced from many of the major
South African mining companies, including AngloGold Ashanti, Goldfields,
Harmony, DRD Gold and other smaller producers.
The Ghana plant, located
in the free port of Tema, provides access to raw materials from mines in
Mali, Guinea, Burkina Faso, Benin, Cote DIvorie, Senegal, the DRC and
Mauritania, as well as Ghana.
________________________________
[i] GSLIB is an acronym for geostatistical software library.
This name
was originally used for a collection of geostatistical programs
developed at Stanford University over the last 15 years
[ii] Canadian Institute of Mining, Metallurgy and Petroleum.
Glossary of Terms
MEASURED RESOURCE: the portion of a mineral resource for which tonnage,
densities, shape, physical characteristics, grade and mineral content
can be estimated with a high level of confidence.
It is based on
detailed and reliable exploration, sampling and testing information
gathered through workings and drill holes.
The locations are spaced
closely enough to confirm geological and/or grade continuity.
INDICATED RESOURCE: the part of a mineral resource for which tonnage,
densities, shape, physical characteristics, grade and mineral content
can be estimated with a reasonable level of confidence.
It is based on
exploration, sampling and testing information gathered though
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes.
The locations are too widely or
inappropriately spaced to confirm geological and/or grade continuity but
are spaced closely enough for continuity to be assumed.
INFERRED RESOURCE: the part of a mineral resource for which tonnage,
grade and mineral content can be estimated with a low level of
confidence.
It is inferred from geological evidence and assumed but not
verified geological and/or grade continuity.
It is based on information
gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes which may be limited or of
uncertain quality and reliability.
ADIT: a near-horizontal tunnel driven into a hillside
AUGER DRILLING: a drilling method to evaluate unconsolidated
sediments
ORDINARY KRIGING: Kriging is the estimation procedure used in spatial
geostatistics using known values Ordinary Kriging is the commonest type
of Kriging.
SPECIFIC GRAVITY: defined as the ratio of density of the material to the
density of water.
CARBON-IN-LEACH: a metallurgical process by which granular carbon
absorbs gold in solution.
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