Griffin Mining extends mine life of Caijiaying Zinc-Gold Mine
Griffin Mining (AIM: GFM) announced the latest JORC Mineral Resource for
Zone III at its Caijiaying mine in the People's Republic of China.
The
new JORC-compliant statement identifies extensive resources and a long
mine life for the company’s continuing mining operations and adds 4.7m
tonnes at 6.7% zinc, 0.9 grams per tonne (gpt) gold, 34.3gpt silver and
0.4% lead to the Measured Resource category.
On London’s AIM
market shares in the company surged 9% to trade at 45.25p in the first hour of trading
following the update.
"The new resource statement provides for a
35 year mine life within just the defined shallow resources at Zone III
at the increased throughput level of 750,000 tonnes per annum expected
to be reached in the later half of 2010”, Griffin Mining chairman Mladen
Ninkov commented. “This new resource statement ignores the deeper ore
in Zone III, the new resources at Zone II and the significant resources
believed to be contained in the large area between the two zones”.
The
results confirm increased grade and Measured Resources, as previously
reported in the 2002 micro-mine mineral resource estimate.
The
Measured Resource at Zone III contains 318,000 tonnes of zinc, 131,000
ounces of gold, 5.2m ounces of silver and 19,000 tonnes of lead. The new
statement also upgraded the Indicated and Inferred categories. There
was a 36% Increase in the zinc grade and a 16% Increase in the gold
grade for Caijiaying’s Indicated Resource, while in the Inferred
category the zinc and gold resource was increased by 51% and 90%
respectively.
According to Griffin, the resource statement
reflects a conservative recalculation of the resource at Zone III,
following 5 years of the grade control drilling. A 25,000m drilling
program will cover both surface and underground drilling, which the
company said may enable an estimate a JORC resource from the area
between Zones III and II.
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