HONG KONG (Yosefardi) – G-Resources Group Limited has found a significant increase in confidence in Purnama and Barani Resource categories, for the Martabe Gold Mine in Indonesia, as a result of further in-fill drilling and revised estimation.
Additional drilling and more advanced geological interpretation resulted in the conversion of 29 Mt at 1.1 g/t gold and 12 g/t silver from Inferred to Indicated categories. This is an increase of 230% to Indicated tons.
An additional 150 Koz of gold (+2%) was added to the total Mineral Resources, due to additional Resources indentified during delineation drilling.
The silver content in the Mineral Resource dropped by 1.7 Moz (-2%). This was due to 1.4 Moz mining depletion and a slightly more conservative estimate of the geological controls to silver mineralisation.
Inclusive of mining depletion, 350 Koz of gold were added to and 300 Koz of silver were removed from the estimated Mineral Resources.
Total Resources are now 8.2 Moz of gold and 75.3 Moz of silver. This is an increase in gold Resources of 0.150 Moz of gold and a decrease of 1.7 Moz of silver.
Total Reserves are now 3.2 Moz of gold and 33.4 Moz of silver. This is an increase in gold Reserves of 0.14 Moz of gold and a decrease of 0.299 Moz of silver.
The total G-Resources JORC Compliant Mineral Resources, as at 30 June 2013 are 206.6 Mt at 1.2 g/t gold and 11 g/t silver, for total metal content of 8.2 Moz of gold and 75.3 Moz of silver.
The total G-Resources JORC Compliant ore Reserves as at 30 June Ore Reserves as of 30 June 2013 are 51.4 Mt at 1.9 g/t gold and 20.2 g/t silver for a total metal content of 3.2 Moz of gold and 33.4 Moz of silver.
The Martabe mine is located on the western side of the Indonesian island of Sumatra in the Province of North Sumatra, in the Batangtoru sub-district. Martabe is established under a sixth generation Contract of Work (CoW) signed in April 1997.