Sydney, Australia (ABN Newswire) - Aurelia Metals Ltd.
(ASX:AMI) here reports that the Hera Resource Estimate as reported to the ASX in April 2015 has now been revised.
Following an independent review of the April 2015 Hera Resource estimate, a coding problem was found which served to overestimate volumes by approximately 12%. As a result the Resource has been re-estimated with this issue resolved and by adopting more conservative geo-statistical parameters. These more conservative parameters provide a stronger correlation to the reconciled ore grades to date (based on reconciliations of around 2% of the previous resource).
Whilst tonnage has been reduced to 2.5Mt, and the gold grade has been reduced from 3.75g/t Au to 3.48g/t Au, the grade of silver, zinc and lead have all increased as a result of the revision, and overall, the resource model demonstrates that Hera remains a high grade deposit. In addition the higher confidence categories of measured and indicated resources still represents approximately 65% of the total resource.
This revised Mineral Resource estimate has been completed in accordance with the guidelines of the JORC Code (2012 edition) and is summarised in Table 1, see link below.
Although this revised resource represents a modest addition to the June 2011 estimate, and still captures the exploration success achieved by the Company since that time, it does represents a smaller resource in comparison to the April 2015 release.
The Company is confident of continuing to grow the resource over time as exploration continues given the project remains open to both the north and south.
Commenting on the revised Hera Resource, Aurelia Managing Director, Rimas Kairaitis, said:
"Having to adjust the Hera Resource estimate is unfortunate, however this revised resource remains a strong platform for the Company to build an expanded project in time, and we have every expectation that the exploration success enjoyed by the Company both at Hera and at the nearby Nymagee deposit will continue"
Hera is a high-grade project, with the majority of the value contained in the gold, lead and zinc mineralisation. The Hera Project comprises multiple geological lenses of gold and base metal mineralisation, some being gold rich with base metals, and others richer in base metal content. The updated Resource has been calculated over 11 discrete lenses (as summarised in Appendix 1, see link below). A breakdown of the total Resource in all confidence categories by metal content (rounded to 3 significant figures) is as follows:
- Gold: 280,000 ounces
- Silver: 2,998,000 ounces
- Lead: 91,000 tonnes
- Zinc: 119,000 tonnes
As with the previous Hera Resource estimate, the Resource has been reported at a "Net Smelter Return (NSR)" cut-off grade of A$125/tonne. Given the polymetallic nature of the Hera Project, an NSR is considered the best representation of the recoverable value of gold and base metal content of the Resource. Further details of the NSR calculation are included as Appendix 1 with this release, see link below.
To view tables, figures and Appendix 1, please visit:
About Aurelia Metals Ltd:
Aurelia Metals Ltd.
(ASX:AMI) is focused on the development and exploration of the high grade Hera-Nymagee Project in the Cobar district of NSW.
Aurelia is actively drilling the evolving copper deposit at Nymagee with the potential that the Nymagee mineralisation may evolve into another 'Cobar Giant' similar to the world class CSA copper deposit located approximately 100km north-west along strike.
Aurelia also remains active in the exploration for copper, gold and tin on a number of tenements in the Lachlan Fold Belt of NSW.
Aurelia Metals Ltd.