TIDMGFM
RNS Number : 4976Z
Griffin Mining Ld
17 January 2011
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629
7773
E mail: griffin@griffinmining.com
Updated JORC Mineral Resource Estimate at Caijiaying
Substantial Increase in Tonnes and all Contained Metals
17th January 2011
Griffin Mining Limited ("Griffin" or the "Company") is very
pleased to announce the latest JORC reported Mineral Resource
Estimate for its Caijiaying Mine in the People's Republic of China.
The results not only significantly increase estimates of the
contained tonnes and metal within the Zone III mineral resource
after mining depletion, but also doubles estimates of the contained
tonnes of metal within the Zone II mineral resource.
In summary:
1. A combined 18% increase in the mineral resource at Zones II
& III rising from 32.8 million tonnes to 38.6 million tonnes,
representing a mine life of over 30 years at the increased
throughput rate.
2. The following increases:
o 12.1% increase in contained Zinc;
o 28.4% increase in contained Lead;
o 15.2% increase in contained Silver; and
o 12.8% increase in contained Gold.
3. A 12% increase in the zinc grade and a 72% increase in the
tonnage of the mineral resource at Zone II.
Drilling has continued to provide success along strike and south
of Zone III to Zone II, allowing the reinterpretation and upgrade
of the Zone II Mineral Resource Estimate. The 25,000 metre surface
and underground drilling program is approximately 60% complete and
is due to recommence in April 2011.
More underground drilling was undertaken in the mine corridor
Between Zone II and Zone III during 2010. Drilling continued to
intersect significant mineralisation which added to the Zone II
Mineral Resource Estimate. This work will continue in 2011. With
the Mineral Resource Estimate at Zone II approaching 10 million
tonnes and the drilling density approaching the required level, it
is envisaged that an application for a mining licence over Zone II
will be made in the near future. The mining licence application
will ensure that all the known mineralization covering Zones II and
III and the contiguous area between them will be covered. This
should allow a second ore source to be mined at Caijiaying and
significantly extend the life of the mining operations.
The 2011 Mineral Resource estimate is reported at a zinc cut-off
of 1%. Tabled below is the summary of the recently up-dated 2011
Mineral Resource
Zone
III
Metal Grade Contained Metal
Cut
Category off Tonnes Zn Pb Ag Au Zn Pb Ag Au
'000
t % % g/t g/t t t Oz Oz
Measured 1% 4,793 6.57 0.40 33.34 0.86 314,842 19,329 5,137,406 131,829
Indicated 7,352 5.47 0.31 30.15 0.89 402,501 22,639 7,126,105 209,726
Inferred 17,020 4.15 0.26 26.53 0.95 706,501 43,737 14,519,565 521,491
Total: 29,164 4.88 0.29 28.56 0.92 1,423,843 85,769 26,783,076 863,049
Zone
II
Metal Grade Contained Metal
Cut
Category off Tonnes Zn Pb Ag Au Zn Pb Ag Au
'000
t % % g/t g/t t t Oz Oz
Measured 1% - - - - - - - - -
Indicated 4,061 3.44 0.70 26.03 0.34 139,655 28,509 3,398,903 43,871
Inferred 5,386 3.71 0.56 23.90 0.29 199,706 30,087 4,138,064 50,617
Total: 9,447 3.59 0.62 24.81 0.31 339,362 58,596 7,536,968 94,488
Note: Zone II Resource includes 1.49 million tonnes at 3.09%
Zinc oxide material.
The information in this report that relates to the January 2011
Mineral Resource estimates is based on information compiled by Mr
Luke Marshall BSc Geology, Member AIG. Mr. Marshall is a full time
employee of Hebei Hua Ao Mining Industry Company Limited, a
subsidiary of Griffin Mining Limited. Mr. Marshall has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr
Marshall consents to the inclusion in the report of the matters
based on his information in the form and context in which they
appear.
Chairman Mladen Ninkov commented, "Caijiaying continues to
deliver on its promise as an extensive, long life and highly
profitable mineral system. The shareholders should continue to
enjoy the benefits of this mine for a very long time."
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44 (0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Gordon (UK) Limited
Dominic Morley Telephone: + 44 (0)20 7459 3600
Hannah Woodley
Griffin Mining Limited's shares are quoted on the Alternative
Investment Market (AIM) of the London Stock Exchange (symbol GFM).
The Company's news releases are available on the Company's web
site: www.griffinmining.com
GLOSSARY OF TECHNICAL TERMS
"cut-off" the grade above which mineralised material is
considered to be ore
"grade" the amount of mineral in each tonne of ore.
"g/t" gramme/metric tonne
"Indicated Resource" that part of a Mineral Resource for which
tonnage, densities, shape, physical characteristics, grade and
mineral content can be estimated with a reasonable level of
confidence. It is based on exploration, sampling and testing
information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes. The
locations are too widely or inappropriately spaced to confirm
geological and/or grade continuity but are spaced closely enough
for continuity to be assumed.
"Inferred Resource" that part of a Mineral Resource for which
tonnage, grade and mineral content can be estimated with a low
level of confidence. It is inferred from geological evidence and
assumed but not verified geological and/or grade continuity. It is
based on information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill
holes which may be limited or of uncertain quality and
reliability.
"JORC Code" the Australasian Code for Reporting of Mineral
Resources and Ore Reserves, 1999. Prepared by the Joint Ore
Reserves Committee of the Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and Minerals
Council of Australia
"Measured Resources" is that part of a Mineral Resource for
which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely enough
to confirm geological and grade continuity
"Mineral Resource" a concentration or occurrence of natural,
solid, inorganic or fossilized organic material in or on the
Earth's crust in such form and quantity and of such a grade or
quality that it has reasonable prospects for economic extraction.
The location, quantity, grade, geological characteristics and
continuity of a mineral resource are known, estimated or
interpreted from specific geological evidence and knowledge
"Mineral Reserve" that part of a Mineral Resource which has been
demonstrated to be economically exploitable
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLZLFFFFFBBBL
Griffin Mining (LSE:GFM)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Griffin Mining (LSE:GFM)
Historical Stock Chart
Von Jul 2023 bis Jul 2024