Altona Mining Limited: Kylylahti Mine Resource and Reserves Update
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Altona Mining Limited: Kylylahti Mine Resource and Reserves Update
• Ore Reserve grade increased
• Mine development to permit extension drilling commenced
Altona Mining Limited (“Altona” or the “Company”) is pleased to announce updated Mineral Resource and Ore Reserve Estimates for the 100% owned Kylylahti underground mine at its Outokumpu Project in Finland.
So far, the copper grade of ore produced at the Kylylahti mine has consistently outperformed predictions. New geological mapping, mining information and underground drilling since the start of production in February 2012 together with prior drilling data demonstrate sufficient geological and grade continuity has permitted the estimation of a new Resource and Reserve Estimate for the upper Wallaby zone, and thus global resources and reserves for the Kylylahti Mine. Resources are reported above a 0.4% copper lower cut-off grade.
Mineral Resources
The December 2012 Resource Estimate for the Kylylahti mine is: 7.9 million tonnes at 1.25% copper, 0.69 g/t gold and 0.56% zinc for 99,050 tonnes of copper, 175,750 ounces of gold and 44,250 tonnes of zinc.
This compares to 8.1 million tonnes at 1.27% copper, 0.67g/t gold and 0.56% zinc for the previous estimate reported in Altona’s 2012 Annual Report.
Geological understanding of the upper Wallaby zone has improved resulting in a better defined, structurally controlled semi-massive copper domain at higher grades, and lower tonnages of the lowergrade disseminated copper domain.
Mining depleted the Resource by 0.38 million tonnes at a grade of 1.51% copper. However, infill drilling of a new hangingwall parallel and gold-rich zone successfully defined new disseminated resources which have been incorporated into the model.
The Resource includes new diamond drilling information, face sampling and underground mapping information above the 400 metres level (-300m RL). No new information exists below that level (the Wombat Zone) and the 2010 Feasibility Study Resource model is applied to that zone.
The Resource Estimate is reported inclusive of the Ore Reserves reported below.
Ore Reserves
The December 2012 Ore Reserves Estimate for the Kylylahti mine is: 3.6 million tonnes at 1.69% copper, 0.66g/t gold and 0.67% zinc for 60,500 tonnes of copper, 76,100 ounces of gold, 24,000 tonnes of zinc.
This estimate compares to 4.2 million tonnes at 1.57% copper, 0.56g/t gold and 0.58% zinc for the previous estimate reported in Altona’s 2012 Annual Report. The 0.6 million tonnage reduction comprises of 0.38 million tonnes of mining depletion plus the previously mentioned reduction in disseminated tonnes in the upper Wallaby zone.
The Ore Reserve has been derived from the latest design for the upper part of the mine where the new resource model is available whereas the 2010 Feasibility Study Ore Reserves are used for the deposit below 400 metres below surface (-300m RL).
Ore Reserves for Wallaby have reduced in tonnage but this has been almost completely offset by a significant improvement in copper grade. Overall, copper metal in the Wallaby Ore Reserve after mining depletion has decreased by 9% compared to June 2012 estimates.
Resource Extension
The lower Wombat Zone is open at depth with the deepest drillhole (OKU-927J) intersecting 72 metres at 1.8% copper of typical Outokumpu style of mineralisation. Altona has commenced underground development to provide a platform to drill test possible extensions of the Kylylahti mine at depth and to infill the upper and central parts of the Wombat orebody. The drive is scheduled to be completed in August 2013 with some 70 metres completed to date. Drilling will commence in August and is scheduled to be completed in March 2014.
Fifteen drillholes with a total length of 8,700 metres will target depth extensions 200-300 metres below current Ore Reserves. Typical Wombat geometry at typical Wombat grades would provide an exploration target of approximately 2-3 million tonnes at 1.3-1.5% copper. The target is inferred from characteristics and continuity demonstrated by other major deposits in the area. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
JORC 2012
The Company has reported Resources and Reserves according to the 2012 update of the JORC Code and a full ‘Table 1’ is included at Appendix 2 of this release. A full report has not been included as this release represents an update of prior releases associated with the 2010 Definitive Feasibility Study (Resource; 23/10/2010 and Reserve; 2/8/2010) and the changes are not material.
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Altona_090413_English.pdf
Please direct enquiries to:
Alistair Cowden
Managing Director
Altona Mining Limited
Tel: +61 8 9485 2929
altona(at)altonamining.com
James Harris
Professional Public Relations
Perth
Tel: +61 8 9388 0944
james.harris(at)ppr.com.au
Jochen Staiger
Swiss Resource Capital AG
Tel: +41 71 354 8501
js(at)resource-capital.ch
About Altona
Altona Mining Limited is a copper producer in Finland and has a major copper development project in Australia.
The Company’s Outokumpu Project in south-east Finland commenced production in early 2012. The project comprises the 550,000 tonnes per annum Kylylahti underground decline mine and the recently refurbished Luikonlahti mill. The annual production rate averages 8,000 tonnes of copper, 8,400 ounces of gold and 1,600 tonnes of zinc with a study to expand production up to 12,000 tonnes of copper underway. Regional resources include 9 million tonnes in 2 closed mines and 4 unmined resources within 30 kilometres of the Luikonlahti mill. Finland is a Eurozone country and has a long history of mining, a stable corporate tax regime (24.5%) and no royalties.
Altona’s other core asset is the Roseby Copper Project near Mt Isa in Queensland and is one of Australia’s largest undeveloped copper projects with a resource containing 1.52 million tonnes of copper and 0.38 million ounces of gold. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator. Little Eva’s proposed annual production is 38,800 tonnes of copper and 17,000 ounces of gold for a minimum of 11 years. A Definitive Feasibility Study has been completed and the project is fully permitted. Altona is engaged in discussions with potential partners to enable the funding of this major development.
Altona Mining is listed on the Australian Securities Exchange and the Frankfurt Stock Exchange.
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Altona_090413_English.pdf
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Datum: 09.04.2013 - 09:25 Uhr
Sprache: Deutsch
News-ID 247018
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