TIDMGFM
RNS Number : 9156U
Griffin Mining Ld
03 April 2019
Griffin Mining Limited
8(th) Floor, 54 Jermyn Street, London, SW1Y 6LX. United
Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629
7773
E mail: griffin@griffinmining.com
3(rd) April 2019
78.5% INCREASE IN MINERAL RESOURCE FOR ZONE III
2.051 MILLION TONNES OF ZINC METAL (from 1.244 million
tonnes)
885,000 OUNCES OF GOLD (from 574,000 ounces)
33.6 MILLION OUNCES OF SILVER (from 20 million ounces)
$7.8 BILLION METAL IN SITU IN ZONE III
Griffin Mining Limited ("Griffin" or the "Company") is extremely
pleased to announce a substantial resource upgrade to the operating
mine area at Zone III at its Caijiaying Mine. The Measured,
Indicated and Inferred Mineral Resources has increased to 48.7
million tonnes at 4.2% Zinc, 0.2% Lead, 21.4 grammes/tonne Silver
and 0.6 grammes/tonne Gold, a 78.5% increase in tonnes from the
previously reported Measured, Indicated and Inferred Mineral
Resources of 27.3 million tonnes at 4.6% Zinc, 0.2% Lead, 22.9
grammes/tonne Silver and 0.7 grammes/tonne Gold. The results lift
the estimate of the contained metal at Zone III from approximately
1.22 to 2.051 million tonnes of zinc metal, from 0.574 to 0.885
million ounces of gold and from 20 to 33.6 million ounces of
silver.
Relevant details are set out in the memorandum received from CSA
Global in Appendix 1 to this announcement.
It should be stressed that this new resource is not the total
"global resource" for the Caijiaying tenement area. The big
increase in resources at Zone III has been due to the combination
of additional drilling and a far improved understanding of the
controls and the distribution of ore within the deposit. Modelling
of the resources of the other "zones" at Caijiaying has been
progressing with work well advanced on a revised Zone II resource
model as well as the maiden estimate for Zone VIII (the recently
identified northern resource extension of the Zone III deposit).
Resource announcements for those zones should be forthcoming in the
near future.
Chairman Mladen Ninkov commented "This is truly an outstanding
result for the Company and its shareholders. The new resource
statement reaffirms the world class size of the current Zone III
orebody. One only wonders what the revised resource statements for
Zone II and Zone VIII will reveal and the size of the increase to
the global resource at Caijiaying. Stay tuned."
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
Dominic Morley
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
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
Appendix 1
CSA Global
Mining Industry Consultants
MEMORANDUM
To: Mladen Ninkov
Cc:
Date: 2(nd) April 2019
From: Steve Rose
CSA Global Report R206.2019
N :
Re: Caijiaying Zone III Mineral Resource estimate
31(st) December 2018
CSA Global Pty Ltd
Level 2, 3 Ord Street
West Perth, WA 6005
AUSTRALIA
T +61 8 9355 1677
F +61 8 9355 1977
E info@csaglobal.com
ABN 67 077 165 532
www.csaglobal.com
Summary
Griffin Mining Ltd (Griffin) requested CSA Global Pty Ltd (CSA
Global) to prepare an updated Mineral Resource estimate as at
December 31(st) , 2018 for Zone III of their Caijiaying Zinc-Gold
deposit (Caijiaying), located in Hebei Province, People's Republic
of China.
The new Mineral Resource estimate totals 48.7 Mt at 4.2% Zn and
0.6 g/t Au, and contains approximately 2,051 kt of zinc metal and
885 koz of gold metal. This is an increase of 21.5 Mt, 807Kt
contained zinc and 311 kOz of contained gold since the Zone III
Mineral Resources were last reported on 31(st) December 2017.
The updated Mineral Resources for Zone III of the Caijiaying
deposit as at December 31(st) , 2018 are shown in Table 1. The
Mineral Resource estimates are reported in accordance with The JORC
Code (Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition.
Prepared by: The Joint Ore Reserves Committee of The Australasian
Institute of Mining and Metallurgy, Australian Institute of
Geoscientists and Minerals Council of Australia (JORC)).
The Mineral Resource estimate is based on 3,754 underground
diamond drill holes and 169 surface drill holes. 2,016 new
underground diamond drill holes have been completed since the last
Mineral Resource estimate. Mineralisation wireframes were
interpreted by CSA Global in consultation with Griffin geologists
using a nominal 1% Zn cut-off grade ("Zinc Domains") or a nominal
0.5 g/t Au cut-off grade ("Gold Domains"). The Zinc and Gold
Domains are reported separately in Table 1. The mineralisation
wireframes were used to domain samples, and to then constrain
estimation within a 3D block model. Grade interpolation was carried
out by ordinary kriging methods.
The Mineral Resource has been depleted using a three-dimensional
survey "As Built" wireframe which represents the mined-out voids as
at 31(st) December 2018. The Mineral Resource estimate also
includes 19,039 t of surface stockpiles. The stockpile estimates
are based on actual survey and mine production data.
Table 1: Caijiaying Zone III Mineral Resource estimate December
31(st) , 2018. 1% Zn cut-off grade adopted for Zinc Domains,
including surface stockpiles, and 0.5 g/t Au cut-off grade adopted
for Gold Domains.
Caijiaying Zone III Mineral Resources December 31 2018
Zinc Domain Grade Tonnage Reported above a Cut-off Grade of 1.0% Zn
Tonnes Zn Pb Ag Au Zn Metal Pb Metal Ag Metal Au Metal
Category (Mt) (%) (%) (g/t) (g/t) (kt) (kt) (kOz) (kOz)
Measured 19.9 4.6 0.2 23.0 0.7 917 44 14,739 413
Indicated 10.1 4.0 0.2 18.2 0.6 404 17 5,907 187
Inferred 18.0 4.0 0.2 21.5 0.4 724 36 12,455 211
Sub-Total 48.0 4.3 0.2 21.5 0.5 2,045 98 33,100 812
Caijiaying Zone III Mineral Resources December 31 2018
Gold Domain Grade Tonnage Reported above a Cut-off Grade of 0.5 g/t Au
Tonnes Zn Pb Ag Au Zn Metal Pb Metal Ag Metal Au Metal
Category (Mt) (%) (%) (g/t) (g/t) (kt) (kt) (kOz) (kOz)
Measured - - - - - - - - -
Indicated - - - - - - - - -
Inferred 0.8 0.8 0.1 19.9 3.0 6 1 483 73
Sub-Total 0.8 0.7 0.1 19.9 3.0 6 1 483 73
Caijiaying Zone III Total Mineral Resources
Tonnes Zn Pb Ag Au Zn Metal Pb Metal Ag Metal Au Metal
Category (Mt) (%) (%) (g/t) (g/t) (kt) (kt) (kOz) (kOz)
Measured 19.9 4.6 0.2 23.0 0.6 917 44 14,739 413
Indicated 10.1 4.0 0.2 18.2 0.6 404 17 5,907 187
Inferred 18.7 3.9 0.2 21.5 0.5 730 37 12,938 284
Total 48.7 4.2 0.2 21.4 0.6 2,051 99 33,584 885
Note: rounding errors may occur
Competent Persons Statement
The information in this report that relates to Mineral Resources
is based on information compiled by Mr. Steve Rose. Mr. Steve Rose
is a full-time employee of CSA Global Pty Ltd and is a Fellow of
the Australasian Institute of Mining and Metallurgy. Mr. Steve Rose
holds share options in Griffin Mining Ltd. Mr. Steve Rose has
sufficient experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as Competent Persons as defined in the 2012
edition of the Australasian Code for the Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC Code). Mr. Steve
Rose consents to the disclosure of the information in this report
in the form and context in which it appears.
Appendix 2
Glossary of key terms
Competent Person A minerals industry professional who is a Member
or Fellow of The Australasian Institute of Mining
and Metallurgy, or of the Australian Institute
of Geoscientists, or of a 'Recognised Professional
Organisation' (RPO), as included in a list available
on the JORC and ASX websites. These organisations
have enforceable disciplinary processes including
the powers to suspend or expel a member.
A Competent Person must have a minimum of five
years relevant experience in the style of mineralisation
or type of deposit under consideration and in
the activity which that person is undertaking.
CSA CSA Global Pty Ltd. A private consulting firm
providing technical and management services to
the global resources industry.
cross-section A two dimensional geologic diagram which views
the earth as if it were cut open and seen from
the side.
cut-off The lowest grade, or quality, of mineralised
material that qualifies as economically mineable
and available in a given deposit. May be defined
on the basis of economic evaluation, or on physical
or chemical attributes that define an acceptable
product specification.
Indicated An 'Indicated Mineral Resource' is that part
of a Mineral Resource for which quantity, grade
(or quality), densities, shape and physical characteristics
are estimated with sufficient confidence to allow
the application of Modifying Factors in sufficient
detail to support mine planning and evaluation
of the economic viability of the deposit.
Geological evidence is derived from adequately
detailed and reliable exploration, sampling and
testing gathered through appropriate techniques
from locations such as outcrops, trenches, pits,
workings and drill holes and is sufficient to
assume geological and grade (or quality) continuity
between points of observation where data and
samples are gathered.
An Indicated Mineral Resource has a lower level
of confidence than that applying to a Measured
Mineral Resource and may only be converted to
a Probable Ore Reserve.
Inferred An 'Inferred Mineral Resource' is that part of
a Mineral Resource for which quantity and grade
(or quality) are estimated on the basis of limited
geological evidence and sampling. Geological
evidence is sufficient to imply but not verify
geological and grade (or quality) continuity.
It is based on exploration, sampling and testing
information gathered through appropriate techniques
from locations such as outcrops, trenches, pits,
workings and drill holes.
An Inferred Mineral Resource has a lower level
of confidence than that applying to an Indicated
Mineral Resource and must not be converted to
an Ore Reserve. It is reasonably expected that
the majority of Inferred Mineral Resources could
be upgraded to Indicated Mineral Resources with
continued exploration.
JORC Code Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves.
The JORC Code, 2012 Edition. Prepared by: The
Joint Ore Reserves Committee of The Australasian
Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council
of Australia (JORC).
Kriging Kriging is an advanced geostatistical procedure
that generates an estimated surface from a scattered
set of points with z-values
Measured A 'Measured Mineral Resource' is that part of
a Mineral Resource for which quantity, grade
(or quality), densities, shape, and physical
characteristics are estimated with confidence
sufficient to allow the application of Modifying
Factors to support detailed mine planning and
final evaluation of the economic viability of
the deposit.
Geological evidence is derived from detailed
and reliable exploration, sampling and testing
gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings
and drill holes, and is sufficient to confirm
geological and grade (or quality) continuity
between points of observation where data and
samples are gathered.
A Measured Mineral Resource has a higher level
of confidence than that applying to either an
Indicated Mineral Resource or an Inferred Mineral
Resource. It may be converted to a Proved Ore
Reserve of under certain circumstances to a Probable
Ore Reserve.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLITMJTMBTMTIL
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