08:24 AEST Nov 30, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) -
Westgold Resources Limited (ASX:WGR) is pleased to advise that it has completed its maiden resource estimate for its newly discovered Jim's Find prospect:
- Jim's Find Mineral Resource estimate totals 300,000 tonnes at 1.67 g/t Au containing 16,100 oz Au.
- Re-estimation of the Total Mineral Resource for the City of Chester area (including Jim's Find) has resulted in a 646% increase in contained Gold. The Total Mineral Resource Estimate now stands at 1,058,768 tonnes at 1.61g/t Au containing 54,790 oz.
Westgold believes it has now defined the drivers to mineralisation in this area and its geological reviews have identified a further eight new targets considered to have the potential to host mineralisation similar to that at Jim's Find.
Importantly, the discoveries in the City of Chester area are near-surface oxide type and amenable to open-pit mining. Westgold has commenced mining optimisation studies as part of its overall Central Murchison Gold Project.
Additionally, as part of its review of the open-pit potential of the Cuddingwarra district, Westgold has begun to evaluate the southern parts of the Cuddingwarra shear and is pleased to advise that drilling has returned shallow high grade results from the Lady Rosie Prospect:
CDRC0752 - 9m at 3.18g/t Au from 32m (Lady Rosie)
CDRC0756 - 10m at 5.02g/t Au from 34m (Lady Rosie)
CDRC0756 - 4m at 6.51g/t Au from 54m (Lady Rosie)
CDRC0750 - 7m at 1.92g/t Au from 33m (Lady Rosie)
The Lady Rosie prospect which has no identified mineral resource was previously the subject of widerspaced drilling during the late 1990's and early 2000's. The Lady Rosie prospect is located immediately along strike from the Black Swan South open pit at Cuddingwarra. Black Swan South is the most prolific producer in the Cuddingwarra area with recorded production in excess of 250,000oz.
Westgold will undertake an infill drilling campaign as part of its 2012 resource definition program (commencing in January).
Westgold Managing Director Scott Huffadine said 'the resource upgrade in the City of Chester area and the recent exploration success from other areas within our overall Central Murchison Gold Project highlights the underlying potential the area has to turn up additional mineralisation outside of the known historical mines. This further underpins the capacity for growth beyond the Company's current development plans.'
Please view the following link for the complete announcement including figures and tables:
http://media.abnnewswire.net/media/en/docs/ASX-WGR-569289.pdf
About Westgold Resources Limited:
Westgold Resources Limited (ASX:WGR) has established the strong platform to build Australia’s next mid-tier Gold producer targeting production of 200,000 ounces per annum. This will be sourced from two main production centres located within two geological provinces which have historical combined production in excess of 10 Million ounces of gold.
The key projects are the Rover 1 Gold-Copper Project in the Northern Territory and the Central Murchison Gold Project in Western Australia which contain a 3 Million ounce gold equivalent resource base in aggregate. Both projects hold significant underlying exploration potential which will see the company well positioned to advance to production and build a project pipeline leveraging shareholder value from long life projects with established infrastructure.
The Company is building near term gold production from an integrated open pit and underground mining operation at the brown fields Central Murchison Gold Project (CMGP) and will move to develop a decline access to the Rover 1 deposit over the next 12 months.
Contact:
Andrew Chapman
Company Secretary
Westgold Resources Limited
T: +61-8-9326-5700
E: admin@westgold.com.au
http://www.westgold.com.au
