Vector Resources Limited (ASX:VEC) Gold Resource Increased by 21,000 Ounces at Gwendolyn.
Data received to date from this year's drilling programs have been given to SRK Consulting (SRK) for validation, modelling and analysis work as they become available. The latest round of resource modelling work has concentrated on the inclusion of 13 drill holes previously drilled with results being released on 8th November 2011. The result of these holes is an outstanding increase to the project's resource. The historical resource at Gwendolyn was 317,700 tonnes for 33,300 ounces of gold. This new resource upgrade brings the projects resource to 1,452,000 tonnes @ 2.4 g/t for 111,600 ounces of gold, a 235% increase from the historical resource. This resource consists only of the part of the oxidised zone, from surface to approximately 89 metres in depth, classified as Inferred in accordance with the JORC Code (2004 edition) and of in Pit tailings from previous exploitation, classified as Indicated Resource. At this stage there is insufficient drill density to include the below oxidisation or fresh rock intercepts in the resource.
SRK previously reviewed the unclassified material identified within the oxidised zone which represented an area similar in size to the Inferred material. The majority of the material that forms this latest resource upgrade comes from a portion of the unclassified area from a result of an increase in the drill density.
The Inferred Resource
SRK was engaged by Vector to carry out validation, resource modelling and analysis of both historical data and new data from current drilling. The Inferred Mineral Resource was estimated within a constraining wireframe based on a low cut-off grade envelope of 0.2 g/t. The envelope was generated using Leapfrog(TM) software. The estimation is by Ordinary Kriging, with a top cut of 32 g/t applied to the composited data. This work concentrated on the oxide domain starting from the surface to an approximate depth of 89 metres.
From the resource model the indications are that Gwendolyn has high quality ounces within the deposit. By applying a "lower cut-off grade" of 1 g/t Au the resources ounces are only reduced by 1,000 ounces. The diagrams below represent the new resource and 3 dimensional cross section view looking ENE.
Currently the drill density below the base of oxidisation is insufficient to meet JORC requirements for resource estimates. Further drilling will address this issue.
The In Pit Tails Resource
The Gwendolyn tails Indicated Resource previously reported on the 17th October 2011 has remained the same at 238,000 tonnes for 5,600 ounces of contained gold using a low cut-off grade of 0.2 g/t.
As reported by SRK there is a large amount of ground within the Oxide zone that is at this time considered an Exploration Target due to the current drill density. This Exploration Target with a range of 592,000 t at 2.4 g/t and 1,100,000 t at 2.9 g/t for between 46,000 - 103,000 ounces of contained gold, requires additional drilling to make inferred category or better.
This Exploration Target with the range detailed above, has reduced by 7,000 ounces on the lower band and 11,000 ounces on the upper band that was reported with the 17th October 2011 resource upgrade, while the inferred resource has now increased by 21,000 ounces.
SRK Consultants Sarah Monoury, Peter Williams and Daniel Guibal carried out the resource modelling. Attached is the SRK Report of the resource modelling work completed to date.
Gwendolyn has significantly increased its resource with encouraging results from the additional 13 holes being included from the Phase 2 drilling. Further increases are anticipated when infill and extensional drilling is carried out. Other fundamentals are also encouraging and include:
- Additional mineralisation intercepts identified at depth outside the existing resource;
- Mineralisation continues to be discovered in all directions;
- Significant unclassified zone yet to be included in resource; and
- Geology boundaries of the base of oxidisation have been identified.
For the complete announcement including project report, please view the following link:
About Vector Resources Limited:
Vector Resources Limited (ASX:VEC) is a Western Australian focussed resource company with a corporate vision of acquiring and developing highly prospective resource assets that have the capacity of adding significant shareholder value.
Copyright 2011 ABN Newswire
Provided by Syndigate.info an Albawaba.com company
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 19, 2011|
|Previous Article:||Gold Anomaly Limited (ASX:GOA): 25% Residual Interest in Sao Chico to Be Sold for Kenai (CVE:KAI) Shares.|
|Next Article:||Rum Jungle Resources (ASX:RUM) Gains Washington H Soul Pattinson as Substantial Shareholder.|