Kilimapesa Gold - Resource Statement
(Thomson Reuters ONE) - Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration5 October 2009 Goldplat plc ('Goldplat' or 'the Company') Kilimapesa Gold - Resource StatementGoldplat plc, an AIM listed gold producer, announces its initialJORC-compliant resource from the Kilimapesa Hill gold mining project('Kilimapesa') located in South Western Kenya within the historicallyproducing Migori Archaean Greenstone Belt. The underground goldresource estimate at Kilimapesa totalled 1.65Mt at 2.44 g/t Au for129,000 oz Au at a cut-off grade of 1 g/t Au for all categories.The Measured and Indicated resource totals 409,000t at 2.39 g/t Aufor 31,416 oz Au plus an additional 1.24Mt at 2.43 g/t for 98,000 ozAu within the Inferred category. In addition, colonial tailings inthe immediate vicinity of the plant have a combined Measured andIndicated JORC compliant Resource of 41,000t at 2.56 g/t Au for 3,400oz Au.This initial Measured and Indicated resource is expected to provideGoldplat with sufficient ore to run its Kilimapesa operationsin-excess of eight years taking into account its current plantcapacity. The Company has produced gold from development ore andtailings since January 2009, and it intends to use future revenuefrom gold sales (due to commence Q4 2009) to develop the mine and toexpand the plants production capacity.Goldplat's CEO Demetri Manolis said, "We are delighted to haveproduced our initial JORC compliant resource at the Kilimapesa goldmining project. It gives us the foundation for the development of aprofitable small scale mining operation, which in-turn, will addvalue to the Company organically via exploration."Underground ResourceThe resource is situated within a one kilometre strike length overthe Kilimapesa Hill target area. The underground exposure is limitedto a maximum depth below surface of 60m. The current resourcecalculation encompasses the orebody from the surface to a depth of70m below the current workings.Mineralisation is contained within three sub-parallel east-westtrending quartz veins that have intruded into both an Archaen BandedIron Formation (BIF) and basaltic country rocks. The quartz veinsvary in thickness between 10cm and 1.2m. Access to the orebodies isvia a single adit in which the Company has intersected and developedon the three quartz reefs.The sample database comprises 137 groove sampled channels, with eachcompleted channel averaging 2.2m in true stratigraphic width, dividedinto 25cm contiguous samples. Sample channels are locatedapproximately 3m apart horizontally. The number of samples takenover the quartz vein and the immediate surrounding country rock wasin-excess of 1,600 samples. The sampling database represents a totalcombined vein strike length in excess of 400m. As a result, themodel block size chosen was 2m x 1m x 2m (x, y, z), with a total of21,622,578 blocks used in the estimation.Geological mapping of the quartz veins allowed for a tight controlover the orebody morphology. The orebody was interpreted andmodelled by an independent geologist using Datamine to create awireframe model. That model was used by an independentgeostatistician as a basis for the resource estimation. OrdinaryKriging was the estimation technique used, given that it is the bestlinear unbiased estimator, allowing the preservation of inherentgrade variability, as opposed to other estimation techniques.Outlier analysis determined that any sample value greater than 10g/tbe trimmed to that threshold (uppercut); although this only affected2.14% of the sample population.Drillhole data reported in the press release dated 7 April 2009 wasused only to delineate the veins, but has been excluded from the oreresource calculations due to the poor recovery rates.Resources by category at a cut-off value of 1 g/t Au are shown in thefollowing table: +---------------------------------------------------------------+ | | Veins and Host | | Resource Classification |-------------------------------------| | | Tonnes | Au Grade | Contained Au | | | | (g/t) | Ounces | |-------------------------+-----------+----------+--------------| | Measured | 36,000 | 2.86 | 3,342 | |-------------------------+-----------+----------+--------------| | Indicated | 373,000 | 2.32 | 28,074 | |-------------------------+-----------+----------+--------------| | Total | 409,000 | 2.36 | 31,416 | |---------------------------------------------------------------| | | |---------------------------------------------------------------| | Inferred | 1,242,000 | 2.43 | 97,895 | |-------------------------+-----------+----------+--------------| | Total | 1,651,000 | 2.44 | 129,311 | +---------------------------------------------------------------+The determination of the resource classification is as follows: * Measured - Resources estimated using a very restricted search ellipsoid size of 10m in the principal direction * Indicated - Resources estimated using a search ellipsoid of equivalent to the second modelled variographic range of 90m in the principal direction * Inferred - Resources estimated using a search ellipsoid twice the size of the second modelled variographic range, 180m in the principal direction including any resources estimated outside the modelled veins Surface Tailings ResourceAs announced on 26 October 2007, the tailings derived from colonialoperations in the mid-1900s. These tailings have subsequentlyundergone auger drill sampling, in order for a JORC compliant mineralresource to be calculated. The combined Measured, Indicated andInferred Resources totalled 51,600 tonnes at 2.52g/t Au, the majorityof which lie within 200m of the existing plant infrastructure. Initial gravity and carbon-in-leach metallurgical test-workdemonstrate recoveries in excess of 65%, and on the ore derived fromthe quartz vein orebodies in-excess of 85%.Total resources by category are shown below: +------------------------------------------------------------+ | | Colonial Tailings | | Resource Classification |----------------------------------| | | Tonnes | Au Grade | Contained Au | | | | (g/t) | Ounces | |-------------------------+--------+----------+--------------| | Measured | 11,800 | 1.70 | 648 | |-------------------------+--------+----------+--------------| | Indicated | 29,200 | 2.91 | 2,725 | |-------------------------+--------+----------+--------------| | Total | 41,000 | 2.56 | 3,373 | |------------------------------------------------------------| | | |------------------------------------------------------------| | Inferred | 10,600 | 2.40 | 819 | |-------------------------+--------+----------+--------------| | Total | 51,600 | 2.52 | 4,192 | +------------------------------------------------------------+Further detailsKilimapesa Gold (Pty) Ltd ('Kilimapesa Gold') is wholly owned byGoldplat through its subsidiary Gold Mineral Resources Limited('GMR'). Kilimapesa Gold includes the operating Kilimapesa Hill goldmine and adjacent exploration assets located in South Western Kenyawithin the historically producing Migori Archaean Greenstone Belt.The Migori Archaean Greenstone Belt is a northern continuation of theLake Victoria Goldfields, which hosts many major gold depositsincluding Barrick's multi-million ounce North Mara mine. The licencearea has been the site of considerable historical gold mining and isstill the focus of localised artisanal mining.Goldplat first became involved in the Kilimpaesa Hill gold miningproject in June 2007, with its then 50:50 JV project partnerInternational Gold Exploration AB ('IGE'). The mine went into smallscale gold production in January 2009, processing development oreplus high grade tailings.On 24 September 2009, Goldplat announced that it had completed thepurchase of the remaining 50% interest in Kilimapesa Gold for thetotal consideration of US$2.7 million from IGE, via the Company'swholly owned subsidiary Gold Mineral Resources Limited. The paymentschedule includes US$1.2 million paid on completion of the SaleAgreement, which was on 24 September 2009, with the balance to besettled in six monthly tranches of US$250,000.As a result of the acquisition, Kilimapesa Gold is required toconvert its existing exploration licence to a mining licence. Untilthe mining licence is officially approved, Kilimapesa Gold is notpermitted to make commercial sales of gold. The application nowresides with the Kenyan Authorities, which the Company expects to begranted soon. Kilimapesa Gold will then be in a position to moveinto commercial production and an announcement regarding our futuremining plans will be made on the issuing of the mining licence. * * ENDS * *For further information visit www.goldplat.com or contact:Demetri Manolis, CEO Goldplat plc Tel: +27 (0) 11 423 1203James Joyce WH Ireland Limited Tel: +44 (0) 20 7220 1666David Porter WH Ireland Limited Tel: +44 (0) 20 7220 1666Bill Sharp Alexander David Securities Tel: +44 (0)20 Limited 7448 9820David Scott Alexander David Securities Tel: +44 (0)20 Limited 7448 9820Felicity Edwards St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177Isabel Crossley St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177NotesSummary of Important Criteria used in the Assessment and Reporting of the Kilimapesa Underground Gold Resource+-------------------------------------------------------------------+| Criteria | Status ||-------------------------------------------------------------------|| Sampling Techniques, Assay Data, Drilling Details ||-------------------------------------------------------------------|| Sampling Techniques | * Sampling channels were || | cut using a hand-held pneumatic || | chipping hammer. || | * Individual samples were || | marked off using the methodology as || | described in "South Africa Mine || | Valuation edited By C.D. STORRAR, 1977" || | and are recorded as 'true sample || | widths'. || | || | * All sampling was supervised by a || | qualified geologist. ||-----------------------+-------------------------------------------|| Location of Sampling | * Sample Channels are located || Channels | underground by a qualified surveyor. || | * All sample sections are painted for || | further reference. ||-----------------------+-------------------------------------------|| Sampling Data | * All sample channels are recorded on || | 'Sample Sheets' which || | diagrammatically represent each || | sample section and correlation. || | * Each sample is recorded in a spatial || | data base ||-----------------------+-------------------------------------------|| Verification of | * Several channels have been twinned || Sampling Data | and the results show a close || | correlation. ||-----------------------+-------------------------------------------|| Sample Assay | * All samples have submitted to || | certified laboratories in Tanzania or || | South Africa. || | * QA/QC has been done for all sample || | batches. ||-----------------------+-------------------------------------------|| Drilling Methodology | * 5 wire line diamond drill holes were || | drilled to intersect the orebody || | below the current underground || | workings || | * Core size was BQ || | * All core was logged and sampled by a || | qualified geologist. || | * The core was split and half submitted || | to a certified laboratory in || | Tanzania. ||-----------------------+-------------------------------------------|| Location of Boreholes | * All borehole collars were surveyed by || | a qualified surveyor || | * Down-the-hole surveys were not || | carried out due to the short || | drillhole lengths. ||-------------------------------------------------------------------|| Estimating and Reporting of Mineral Resources ||-------------------------------------------------------------------|| Database Integrity | * Examination of the database has not || | revealed any issues of concern that || | could significantly affect the || | current resource estimation ||-----------------------+-------------------------------------------|| Estimation and | * Veins were modelled using Datamine || Modelling Techniques | software, whilst estimation was done || | using GSLIB[i] software. Estimation || | was completed using ordinary kriging || | and a minimum and maximum number of || | composites of 3 and 10 respectively. ||-----------------------+-------------------------------------------|| Cut-Off Parameters | * Outlier trimming limits were || | determined using "indicator || | correlation for lag 1" plots, || | cumulative correlation plots and || | cumulative logarithmic probability || | plots. ||-----------------------+-------------------------------------------|| Classification | * Classification of estimated resources || | used variographic ranges as factors. || | Classification scheme as per CIM[ii] ||-----------------------+-------------------------------------------|| Bulk Density | * The average SG of 3 was used based on || | measurements of samples submitted to || | SGS Laboratories, Johannesburg ||-----------------------+-------------------------------------------|| Moisture Content | * Dry tonnes have been used |+-------------------------------------------------------------------+This announcement has been approved for release by Mr Mark Austin. MrAustin is a geologist and has more than 25 years relevant experiencein the field of activity concerned. He is a fellow of the GeologicalSociety of South Africa ('GSSA') and is registered as a ProfessionalNatural Scientist in the field of Geological Science with the SouthAfrican Council for Natural Scientific Professions and has consentedto the inclusion of the material in the form and context in which itappears.The orebody modelling was undertaken by Mr Corne Fourie, a geologistof 12 years direct industry experience and more than 5 yearsexperience on modelling using Datamine. He has consented to the useof his modelling in this announcement. The author and practitioner ofthe underground resource estimation report, who has consented to theinclusion of the resource statement information reported in thisannouncement, is Mr. Dexter Ferreira, a senior geostatistician withover 19 years experience in project evaluation internationally,including extensive involvement with mineral projects throughoutSouth America and Africa. He is a member of the South AfricanCouncil for Natural Scientific Professions, and qualifies as an'Expert', 'Competent Person' and 'Qualified Person' as defined inNational Instrument 43-101 and the JORC Code. The results of thesurface deposits evaluation were previously reported in October 2007and were the subject of an Independent report by Shango Solutions ofJohannesburg. The geostatistics in the report were performed by DrCarina Lemmer, PhD (Stanford).Notes to EditorsGoldplat plc is an AIM-listed gold producer with operations inAfrica. Goldplat's strategy is to build itself into a highlyprofitable mid-tier gold producer, through the acquisition of knowndeposits with targets of between 200,000 and one million containedounces. To this end, it is developing the Kilimapesa Gold Lolgorienproject, located in the historically producing Migori ArchaeanGreenstone Belt in western Kenya. Kilimapesa Gold commenced initialproduction in January 2009 and an aggressive exploration anddevelopment programme has been implemented to define a JORC compliantresource at the project.The Company has two recovery businesses based in South Africa andGhana, which, by safely disposing mining by-products, fulfilling animportant aspect of operating mines' environmental managementprogrammes. The South African plant is located near the centre ofthe East Rand Goldfield and raw material feedstocks are sourced frommany of the major South African mining companies, including AngloGoldAshanti, Goldfields, Harmony, DRD Gold and other smaller producers.The Ghana plant, located in the free port of Tema, provides access toraw materials from mines in Mali, Guinea, Burkina Faso, Benin, CoteD'Ivorie, Senegal, the DRC and Mauritania, as well as Ghana.[i] GSLIB is an acronym for geostatistical software library. Thisname was originally used for a collection of geostatistical programsdeveloped at Stanford University over the last 15 years[ii] Canadian Institute of Mining, Metallurgy and Petroleum.Glossary of TermsMEASURED RESOURCE: the portion of a mineral resource for whichtonnage, densities, shape, physical characteristics, grade andmineral content can be estimated with a high level of confidence. Itis based on detailed and reliable exploration, sampling and testinginformation gathered through workings and drill holes. The locationsare spaced closely enough to confirm geological and/or gradecontinuity.INDICATED RESOURCE: the part of a mineral resource for which tonnage,densities, shape, physical characteristics, grade and mineral contentcan be estimated with a reasonable level of confidence. It is basedon exploration, sampling and testing information gathered thoughappropriate techniques from locations such as outcrops, trenches,pits, workings and drill holes. The locations are too widely orinappropriately spaced to confirm geological and/or grade continuitybut are spaced closely enough for continuity to be assumed.INFERRED RESOURCE: the part of a mineral resource for which tonnage,grade and mineral content can be estimated with a low level ofconfidence. It is inferred from geological evidence and assumed butnot verified geological and/or grade continuity. It is based oninformation gathered through appropriate techniques from locationssuch as outcrops, trenches, pits, workings and drill holes which maybe limited or of uncertain quality and reliability.ADIT: a near-horizontal tunnel driven into a hillsideAUGER DRILLING: a drilling method to evaluate unconsolidatedsedimentsORDINARY KRIGING: Kriging is the estimation procedure used in spatialgeostatistics using known values Ordinary Kriging is the commonesttype of Kriging.SPECIFIC GRAVITY: defined as the ratio of density of the material tothe density of water.CARBON-IN-LEACH: a metallurgical process by which granular carbonabsorbs gold in solution.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 05.10.2009 - 08:00 Uhr
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