Vector Resources Limited (ASX:VEC) Global Gold Resource Increases to 308,765 oz
Perth, June 25, 2012 (ABN Newswire) - Vector Resources Limited (ASX:VEC) is pleased to announce that it is in a position to update the market on the current status of the Company's Gwendolyn resource.
The Company has carried out an internal review of the Gwendolyn East (M77/1263) resource based on the additional information obtained to-date from the drilling carried out as part of the Phase 3 drill program. The Phase 3 drill program consists of 147 reverse circulation (RC) holes totalling 17,294 metres and 8 diamond core (DD) PQ3 sized holes totalling 1,210 metres.
This program was designed with three main aims, firstly to test the continued potential extensions of mineralisation beyond the current envelope. Secondly, to complete infill drilling within the unclassified exploration target and inferred resource to meet the required drill density for JORC classifications and thirdly to obtain suitable diamond core samples to conduct preliminary metallurgical and geotechnical analysis for the future feasibility study.
The resource has significantly increased in size by 92% and classification as a result of the Phase 3 program which is a 544% increase on resource since June 2011. The fully diluted indicated resource is now a combination of 2,619,990 tonnes at 1.81 g/t for 151,791 Au ounces of material and 238,000 tonnes at 0.7 g/t for 5,600 Au ounces of tails, totalling 2,857,990 tonnes at 1.72 g/t for 157,391 Au ounces. The fully diluted inferred resource is now 1,357,940 tonnes at 1.31 g/t for 57,109 Au ounces of material, giving a total of 4,215,930 tonnes at 1.58 g/t for 214,500 Au ounces.
Chairman Damien O'Reilly said "The Board were extremely pleased with the results the Company has been able to achieve at Gwendolyn since June 2011. This resource upgrade is an increase of 92% from the December 2011 upgrade and the mineralisation envelope continues to be open in all directions. A total of 181,200 Au ounces have been added to the historical resource of 33,300 Au ounces in less than a year and the Company is fast tracking activities towards potential near-term production. Having a large amount of material now in the indicated category gives the Board great confidence in the resource as it moves towards mine feasibility. There are still a large number of assay results pending and 38 holes remaining to be drilled in the Phase 3 program before Phase 4 commences. The Company now has a global resource of 308,765 Au ounces with significant upside potential on all tenements currently reporting JORC resources."
Internal Resource Estimate of the Gwendolyn East Gold Project June 2012
The Company's Internal Global Resource Estimate for the Gwendolyn East Gold Project June 2012 was completed by the Company's Exploration Manager Mr Arnel Mendoza using IDW3 analysis. Mr Arnel Mendoza is a competent person capable to perform the model and resource evaluation and he is a Member of the Australian Institute of Geoscientists ("AIG") and a Member of The Australasian Institute of Mining and Metallurgy. The resource estimate is based on a mineralization model and no geological controls at this stage; the geological model is currently in progress. SRK will complete a final Phase 3 resource upgrade once the remaining 109 complete or partial RC hole samples are received.
The key elements of the Internal Mineral Resource study for the Gwendolyn project are:
- Assessment of quality and continuity of the lithological and grade data;
- Estimation of the Au Mineral Resource; and - Classification and reporting of the estimate in accordance with the JORC Code (2004 Edition).
The Gwendolyn East Project is at an exploration/resource definition stage. The existence of historical drilling and three new RC and diamond drilling programs allowed a geostatistical domain based on the Au grade continuity to be created. This geostatistical domain, named Mineralisation 0.2 g/t is based on a low cut-off grade envelope (shell) of 0.2 g/t.
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Contact: Vector Resources Limited T: +61-2-6389-5750 E: firstname.lastname@example.org WWW: www.vectorresources.com.au