ASX Announcement 18 October 2016
Okvau Gold Project Update and Drilling Results
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Definitive Feasibility Study progressing as planned with anticipated completion early 2017
Successful completion of shallow resource infill drilling program of 77 holes for 7,424m to infill the top 120 vertical metres of the 1.13Moz Okvau Deposit (refer Table Three) to approximately 25 metres x 25 metres
Assays from the initial 46 holes received with numerous +50 gram metre intersections including (refer Table One and Four for complete results):
o 16m @ 3.90g/t gold from 19m (RC16OKV258) o 5m @ 13.16g/t gold from 74m (RC16OKV272) o 31m @ 3.11g/t gold from 81m (RC16OKV275) o 9m @ 5.69g/t gold from 34m (RC16OKV279) o 3m @ 17.99g/t gold from 81m (RC16OKV279)
o 8m @ 10.25g/t gold from 81m (RC16OKV285) o 2m @ 33.91g/t gold from 14m (RC16OKC286) o 2m @ 25.38g/t gold from 109m (RC16OKV287) o 9m @ 15.09g/t gold from 35m (DD16OKV294)
- Results for remaining resource holes due within the next few weeks
- Okvau remains 'open' and step-out drilling has now commenced to test for strike and dip extensions with a ~4,000m program
- Geotechnical and hydrogeology studies nearing completion with positive outcomes
- Final metallurgical test work underway to be completed by year end to optimize proposed process flowsheet
- Community and provincial consultation completed as part of Environmental & Social Impact Assessment (ESIA) which is expected to be completed for submission in coming weeks
Emerald Resources Limited (ASX: EMR) ('Emerald') is pleased to provide an update on its Cambodian Gold Project, including the status of the Definitive Feasibility Study ('DFS') and results received to date from shallow resource drilling at the 1.13Moz Okvau Deposit (refer Table Three). Emerald is in the process of completing its merger with Renaissance Minerals Ltd ('Renaissance') where shareholders representing 96% of the Renaissance shares outstanding accepted Emerald's offer. Emerald is in the process of compulsorily acquiring the remainder. Following this merger, Emerald will have 100% ownership of the Cambodian Gold Project which includes the Okvau Deposit.
Emerald is completing a DFS on the development of the Okvau Deposit following on from Renaissance's positive PFS completed in August 2015. A resource infill program has recently been completed with assay results received for approximately two thirds of the program. Drilling attention is now focused on step-out drilling to test for strike and dip extensions outside the current Okvau resource envelope. All other aspects of the DFS are progressing on schedule for completion in early 2017. In particular a final metallurgical test work program is underway to optimize the flowsheet proposed in the Renaissance PFS which is expected to be completed by end of the year.
The ESIA is expected to be submitted to the Ministry of Environment in the next few weeks which follows from extensive community consultation at both local and provincial levels.
Emerald's Managing Director, Morgan Hart, commented:
"Whilst the drilling progress has been slower than we would have liked, partly due to the Cambodian wet season which is coming to an end, the results have been encouraging. The progress of the remaining components of the Definitive Feasibility Study have progressed as scheduled and are showing areas for improvement on the 2015 PFS completed by Renaissance. In particular, the work is confirming scope for capital cost reductions. We look forward to reporting the final DFS in early 2017."Emerald Resources NL AC N 009 795 046 1110 Hay Street, West Perth Western Australia 6005
PO BOX 1408 West Perth Western Australia 6872 | T: 1300 729 528 E: info@emeraldresources.com.au
Resource Drilling Program
A 7,424 metre resource infill drilling program was designed to improve the confidence in the resource estimate of the top 120 vertical metres of the Okvau Deposit by closing the drill spacing to approximately 25 metres by 25 metres. This area will represent the initial ~3 years of mill feed for the project. The program was designed to upgrade this area of mineralization from Indicated to Measured. Drilling progress was hampered by the Cambodian wet season and contractor mechanical issues but has now been completed. Step-out drilling is ongoing (refer below).
Assays results have now been received for 46 holes or approximately two thirds of the program. Results are confirming the existing geological and resource model.
A summary of results from these holes are shown below in Table One (refer Table Four for complete results).
Table One |Summary (+10 gram metre) Resource Drilling ResultsIntersection | ||||
Hole Name | From (m) | To (m) | Interval (m) | Gold (g/t) |
RC16OKV258 | 19 | 35 | 16 | 3.90 |
51 | 54 | 3 | 4.06 | |
RC16OKV260 | 9 | 12 | 3 | 3.48 |
25 | 30 | 5 | 8.32 | |
RC16OKV261 | 45 | 52 | 7 | 3.12 |
RC16OKV263 | 2 | 5 | 3 | 3.41 |
20 | 33 | 13 | 2.48 | |
39 | 42 | 3 | 3.91 | |
RC16OKV266 | 27 | 29 | 2 | 6.63 |
RC16OKV269 | 18 | 26 | 8 | 3.36 |
46 | 59 | 13 | 1.74 | |
RC16OKV271 | 63 | 67 | 4 | 2.69 |
RC16OKV272 | 12 | 18 | 6 | 3.47 |
74 | 79 | 5 | 13.16 | |
91 | 94 | 3 | 4.92 | |
RC16OKV273 | 2 | 7 | 5 | 2.08 |
65 | 78 | 13 | 2.25 | |
RC16OKV274 | 53 | 58 | 5 | 5.43 |
104 | 113 | 9 | 1.84 | |
RC16OKV275 | 32 | 40 | 8 | 1.84 |
81 | 112 | 31 | 3.11 | |
RC16OKV279 | 34 | 43 | 9 | 5.69 |
55 | 62 | 7 | 3.85 | |
81 | 84 | 3 | 17.99 | |
96 | 105 | 9 | 2.88 | |
RC16OKV280 | 64 | 67 | 3 | 3.32 |
94 | 97 | 3 | 4.56 | |
RC16OKV281 | 32 | 36 | 4 | 4.67 |
RC16OKV284 | 29 | 39 | 10 | 1.90 |
RC16OKV285 | 81 | 89 | 8 | 10.25 |
119 | 127 | 8 | 5.94 | |
RC16OKV286 | 14 | 16 | 2 | 33.91 |
33 | 45 | 12 | 1.89 | |
RC16OKV287 | 50 | 59 | 9 | 3.09 |
95 | 103 | 8 | 1.59 | |
109 | 111 | 2 | 25.38 | |
119 | 131 | 12 | 2.89 | |
RC16OKV288 | 126 | 131 | 5 | 5.77 |
RC16OKV289 | 36 | 45 | 9 | 2.44 |
RC16OKV290 | 13 | 16 | 3 | 4.39 |
52 | 55 | 3 | 3.77 |
Hole Name From (m) | Inte To (m) | rsection Interval (m) | Gold (g/t) |
127 RC16OKV291 91 | 131 | 4 | 2.77 |
96 | 5 | 2.32 | |
101 RC16OKV292 30 | 109 | 8 | 4.01 |
37 | 7 | 1.57 | |
DD16OKV294 35 | 44 | 9 | 15.09 |
60 99 112 RC16OKV296 75 | 70 | 10 | 3.89 |
101 | 2 | 16.76 | |
115 | 3 | 7.24 | |
76 | 1 | 10.00 | |
RC16OKV298 39 | 51 | 12 | 2.91 |
68 78 117 RC16OKV302 9 | 72 | 4 | 5.63 |
84 | 6 | 1.63 | |
123 | 6 | 4.00 | |
10 | 1 | 12.90 | |
21 61 RC16OKV303 111 | 29 | 8 | 3.09 |
64 | 3 | 14.32 | |
115 | 4 | 2.55 | |
RC16OKV305 27 | 37 | 10 | 1.72 |
47 RC16OKV306 48 | 72 | 25 | 1.39 |
55 | 7 | 2.36 | |
132 RC16OKV307 67 | 134 | 2 | 7.78 |
77 | 10 | 3.29 | |
RC16OKV309 30 | 38 | 8 | 4.07 |
87 133 RC16OKV310 14 123 | 92 | 5 | 2.31 |
140 | 7 | 1.46 | |
18 | 4 | 5.23 | |
129 | 6 | 5.07 |
The Okvau Deposit is hosted predominately in Cretaceous age diorite and, to a lesser extent, surrounding hornfels (metamorphosed, fine-grained clastic sediments). Gold mineralization is hosted within an array of sulphide veins, which strike northeast to southwest, and dip at shallow to moderately steep angles, to the south and south-east. Mineralisation is structurally controlled and mostly confined to the diorite. The highest grade intersections generally occur at the diorite- hornfels contact. The current reported Okvau resource estimate at 0.5g/t lower cut is 15.8Mt @ 2.2g/t for 1.13Moz (including 13.2Mt @ 2.3g/t for 0.96Moz of Indicated and 2.7Mt @ 2.0g/t for 0.17Moz of Inferred, refer Table Three for details).
A plan showing the collar locations of the resource drilling, along with historical exploration drill hole collars, is shown below in Figure One.
Typical cross sections showing the new resource drilling are shown below in Figures Two and Three.
The drilling will be incorporated into a new resource estimate and a maiden reserve which will accompany the DFS in early 2017.
Figure One| Okvau Resource Drilling Collar Location Figure Two| Cross Section RC16OKV269, 282, 283, 286, 288 & 290 Figure Three | Cross Section RC16OKV258, 262, 298Renaissance Minerals Limited published this content on 18 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 October 2016 00:13:03 UTC.
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