RAMELIUS RESOURCES LIMITED 29 September 2017 For Immediate Release
RESOURCES AND RESERVES STATEMENT 2017The Directors of Ramelius Resources Limited (ASX: RMS) are pleased to announce new estimates of Mineral Resources and Ore Reserves as at 30 June 2017, with Mineral Resources up 16% and Ore Reserves up 12% for the year, after mining depletions.
29 September 2017
ISSUED CAPITAL
Ordinary Shares: 526M
DIRECTORS
NON-EXECUTIVE CHAIRMAN:
Robert Kennedy
NON-EXECUTIVE DIRECTORS:
Kevin Lines Michael Bohm
MANAGING DIRECTOR:
Mark Zeptner
www.rameliusresources.com.au info@rameliusresources.com.au
RAMELIUS RESOURCES LIMITED
Registered Office
Suite 4, 148 Greenhill Road Parkside, Adelaide
South Australia 5063
Tel +61 8 8271 1999
Fax +61 8 8271 1988
Operations Office
Level 1, 130 Royal Street East Perth WA 6004
Tel +61 8 9202 1127
Total Mineral Resources are estimated to be;
- 36.35Mt at 2.2g/t Au for 2,549,000 ounces of gold Total Ore Reserves are estimated to be;
- 6.58Mt at 2.1g/t Au for 452,000 ounces of gold
Additions for both Resources and Reserves were largely due to changes for the Morning Star, Stellar, Stellar West, Shannon and Brown Hill deposits. These deposits all saw additional drilling, resource model updates and mine feasibility work completed during the year.
The Vivien deposit saw a Reserve net increase of 5,000 ounces, after production of 53,000 ounces, due to an updated Resource model which included grade control data and increased levels of confidence gained during mining. The Mt Magnet and Vivien Ore Reserves have been estimated at a gold price of A$1,600 per ounce.
Managing Director, Mr Mark Zeptner today said:
"It is very encouraging to see the additional investment in brownfields exploration starting to pay off at Ramelius. To grow both the Mineral Resources and Ore Reserves by over 10% each whilst achieving a second straight year of record production is a significant result for the exploration and resource development teams.
With our ongoing drilling at a number of Mt Magnet locations plus the work that is ongoing at the Vivien underground mine, we are targeting a further increase next year with the aim to have a 5-year life-of-mine for our Mt Magnet based business model."
Detailed tables of Resources and Reserves are shown below.
For further information contact:
Mark Zeptner Duncan Gordon
Managing Director Executive Director
Ramelius Resources Limited Adelaide Equity Partners Limited
Ph: +61 8 9202 1127 Ph: +61 8 8232 8800
ABOUT RAMELIUSFigure 1: Ramelius' Operational Project Locations
Ramelius owns the Mt Magnet Gold mining and processing operation. Mt Magnet is comprised of a number of active open pits and the Water Tank Hill underground mine. The Company is also mining at, and hauling from, the high-grade Vivien gold mine near Leinster, Western Australia.
Recently, the Company also entered into a binding agreement with Evolution Mining Limited to purchase the Edna May gold mine, some 350km east of Perth. The transaction is expected to be completed in early October 2017 and will add significant Resources and Reserves in the 2018 financial year.
MINERAL RESOURCESTable A: Mineral Resources
MINERAL RESOURCES AS AT 30 JUNE 2017 - INCLUSIVE OF RESERVES | ||||||||||||
Deposit | Measured | Indicated | Inferred | Total Resource | ||||||||
Tonnes ('000s) | Au g/t | Au Oz | Tonnes ('000s) | Au g/t | Au Oz | Tonnes ('000s) | Au g/t | Au Oz | Tonnes ('000s) | Au g/t | Au Oz | |
Galaxy | 92 | 1.8 | 5,000 | 5,254 | 1.9 | 318,000 | 4,017 | 1.2 | 159,000 | 9,364 | 1.6 | 482,000 |
Morning Star | 4,866 | 1.9 | 301,000 | 4,322 | 1.5 | 205,000 | 9,188 | 1.7 | 506,000 | |||
Bartus Group | 49 | 2.2 | 4,000 | 115 | 2.1 | 8,000 | 238 | 1.6 | 12,000 | 402 | 1.8 | 24,000 |
Boomer | 1,194 | 1.8 | 68,000 | 786 | 1.0 | 26,000 | 1,980 | 1.5 | 94,000 | |||
Britannia Well | 179 | 2.0 | 12,000 | 179 | 2.0 | 12,000 | ||||||
Bullocks | 202 | 3.3 | 21,000 | 40 | 2.5 | 3,000 | 242 | 3.2 | 24,000 | |||
Eastern Jaspilite | 146 | 2.2 | 10,000 | 121 | 2.8 | 11,000 | 134 | 2.5 | 11,000 | 401 | 2.4 | 32,000 |
Eclipse | 167 | 2.2 | 12,000 | 41 | 2.1 | 3,000 | 208 | 2.1 | 15,000 | |||
Golden Stream | 154 | 2.9 | 14,000 | 7 | 1.7 | - | 160 | 2.8 | 14,000 | |||
Hill 60 | 309 | 4.6 | 46,000 | 309 | 4.6 | 46,000 | ||||||
Lone Pine | 199 | 2.5 | 16,000 | 277 | 1.7 | 15,000 | 147 | 1.7 | 8,000 | 623 | 1.9 | 39,000 |
Milky Way | 2,660 | 1.3 | 114,000 | 1,258 | 1.2 | 50,000 | 3,918 | 1.3 | 164,000 | |||
O'Meara Group | 231 | 2.5 | 18,000 | 151 | 1.5 | 7,000 | 383 | 2.1 | 25,000 | |||
Shannon | 249 | 3.3 | 27,000 | 81 | 3.9 | 10,000 | 330 | 3.5 | 37,000 | |||
Spearmont - Galtee | 25 | 2.9 | 2,000 | 207 | 4.3 | 28,000 | 232 | 4.1 | 30,000 | |||
Stellar | 637 | 1.5 | 32,000 | 124 | 1.9 | 7,000 | 761 | 1.6 | 39,000 | |||
Stellar West | 414 | 1.7 | 22,000 | 97 | 1.1 | 3,000 | 511 | 1.6 | 25,000 | |||
Welcome - Baxter | 222 | 1.6 | 11,000 | 276 | 1.6 | 15,000 | 198 | 1.8 | 11,000 | 696 | 1.7 | 37,000 |
Total Open Pit Deposits | 708 | 2.0 | 46,000 | 17,021 | 1.8 | 1,010,000 | 12,157 | 1.5 | 589,000 | 29,886 | 1.7 | 1,645,000 |
Hill 50 Deeps | 279 | 5.5 | 49,000 | 932 | 7.0 | 209,000 | 396 | 6.4 | 81,000 | 1,607 | 6.6 | 339,000 |
Morning Star Deeps | 195 | 4.2 | 26,000 | 334 | 5.0 | 53,000 | 528 | 4.7 | 79,000 | |||
Saturn UG | 1,607 | 2.5 | 127,000 | 1,607 | 2.5 | 127,000 | ||||||
Water Tank Hill UG | 229 | 6.6 | 49,000 | 89 | 4.9 | 14,000 | 318 | 6.1 | 63,000 | |||
Total UG deposits | 279 | 5.5 | 49,000 | 1,355 | 6.5 | 284,000 | 2,426 | 3.5 | 275,000 | 4,060 | 4.7 | 608,000 |
Mt Magnet Stockpiles | 594 | 1.2 | 23,000 | - | - | - | - | 594 | 1.2 | 23,000 | ||
Mt Magnet Total | 1,581 | 2.3 | 118,000 | 18,376 | 2.2 | 1,294,000 | 14,582 | 1.8 | 864,000 | 34,539 | 2.0 | 2,276,000 |
Western Queen South | 104 | 3.6 | 12,000 | 81 | 3.4 | 9,000 | 185 | 3.5 | 21,000 | |||
Coogee | 31 | 3.6 | 4,000 | 65 | 3.3 | 7,000 | 96 | 3.4 | 11,000 | |||
Vivien | 530 | 6.7 | 114,000 | 174 | 5.5 | 31,000 | 785 | 6.9 | 175,000 | |||
Kathleen Valley | 222 | 3.4 | 24,000 | 523 | 2.5 | 42,000 | 745 | 2.8 | 66,000 | |||
Other Projects Total | 886 | 5.4 | 154,000 | 844 | 3.3 | 89,000 | 1,812 | 4.7 | 273,000 | |||
Total Resources | 1,581 | 2.3 | 118,000 | 19,262 | 2.3 | 1,448,000 | 15,426 | 1.9 | 953,000 | 36,351 | 2.2 | 2,549,000 |
Note: Figures rounded to nearest 1,000 tonnes, 0.1g/t and 1,000 ounces. Rounding errors may occur.
Mineral Resource Commentary
Mt Magnet comprises of numerous gold deposits contained within a contiguous tenement holding and located within an 8km radius of the Checkers gold mill. The Galaxy group includes the Saturn, Mars, Perseverance, Titan, Brown Hill and Vegas deposits. Current mining operations include the Titan and Brown Hill North pits, Milky Way and Stellar West pits, and the Water Tank Hill underground mine. Mining depletions of 71,000oz were calculated for mining during the year to 30 June 2017.
Morning Star (refer Figure 3) is the most significant resource addition for the year (+403,000oz) as a result of significant additional drilling and re-modelling of earlier data. See RMS ASX Release 'Life of Mine Update, 24 May 2107', for full details.
All resources except Hill 50 Deeps, Morning Star Deeps, Saturn UG and Water Tank Hill UG (refer Figure 4) are generated as open pit resources and reported to maximum vertical depth of 200m below original topography. Morning Star and Milky Way are reported to 250m depth.
The Vivien resource was re-modelled in January 2017. The resource was upgraded due to drilling, grade control sampling and increased confidence. The Kathleen Valley deposits were mined during 2015/16 and have been depleted accordingly.
All resources are based on combinations of RC (usually predominant) and diamond drill holes. Sampling has been via riffle or cone splitters (RC) or by sawn half core. Assaying is carried out by commercial laboratories and accompanied by QAQC samples. A significant proportion of drill data is historical in nature, however Ramelius has added further resource drilling for most deposits, especially those forming Ore Reserves. Mineralisation has been modelled as cross- sectional interpretations using deposit suitable lower cut-offs & geological interpretations or characteristics. Interpretations have then been wire- framed using geological software, including Micromine & Surpac. Mineralisation has been grouped by domain where required and statistical analysis, top-cutting and estimation carried out using anisotropic search ellipses. Estimation uses Ordinary Kriging and/or Inverse Distance methods. Modelling has been undertaken with recognition of the probable mining method and resource classifications reflect drill spacing, data quality, geological and grade continuity. Density information is generally well established and new measurements have frequently been obtained. All deposits listed have had some degree of recent production or historic mining. Resources are reported using a A$1,600/oz gold price.
Ounces
Further details can be seen in RMS ASX Releases for individual projects. Further detailed information relating to generation of the resource estimates is attached below in Table 1 - JORC 2012 Reporting Criteria.
Resource Inventory Change2,800,000
2,600,000
2,400,000
2,200,000
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
June 2016
Mining Drilling, re‐
Depletion modelling & categorisation
Acquistion or
exploration addition
June 2017
Figure 2: Resource Inventory Change
Ramelius Resources Limited published this content on 29 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 September 2017 00:04:06 UTC.
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