GOLD
EXPLORATION TO RESUME AT BEACONSFIELD
GOLD MINE
EXPLORATION
PERMISSION GRANTED
London, 25th Jan
2021 -- InvestorsHub NewsWire -- UK and US traded
NQ Minerals
Plc is
pleased to report that permission has been granted
to start
over 2 kilometres of surface trenching
at the Company's
Beaconsfield Gold Mine in northern Tasmania,
Australia,
to identify near surface gold deposits to add to the Beaconsfield's estimated
483,000 ounces of JORC (2012) compliant Mineral Resources
(1.454 Mt at
10.3 grams
per tonne of gold ("g/t Au")).
David
Lenigas, NQ's Chairman, commented:
"This
approval
marks an
important milestone in bringing this historic gold-rich property
back on stream. Having
acquired Beaconsfield in June
2020,
we see
scope to
identify new and
significant shallow
ounces of gold that will be
incremental
to
the
already
known JORC
compliant reserves
of
nearly half a million ounces.
The
resumption of gold exploration kick-starts
an exciting new era at Beaconsfield, with
the
trenching
programme being
a
precursor to a follow up RC (Reverse
Circulation)
drill
programme, which the Company is
aiming to start
this quarter."
Six
(6)
costeans are
to be
progressed covering 2,100 metres in total. They will
test for the
surface expressions of the main Beaconsfield gold lodes - the main Tasmania Reef, the Moonlight-cum-Wonder
line (to the northwest of the main
Tasmania Reef) and the Olive Branch
workings –
where historically exploration efforts were focused on developing
the deeper levels of the mine.
In addition to the
exploration undertakings, the Company is completing the final
stages of Metallurgical optimisation on the surface stockpiles material
within the mining
lease, which is now estimated
to have 120,000
tonnes grading 3.2 g/t Au. This optimisation work has
been undertaken to provide specific detail for the
Beaconsfield gold
plant refurbishment
design and
engineering. This work is expected to be completed by the end of
this quarter. The work has taken longer than expected due to high
demand for slots at the Metallurgical test Laboratories.
Beaconsfield
history
–
c.1.9m
ounces of gold recovered to
2012
Prospectors
first
discovered the
Tasmania Reef in 1877 when investigating the source of alluvial
gold in nearby Brandy Creek. Mining between 1877 and 1914 yielded
854,600 ounces of gold at an average grade of 24.3 g/t. During this
time, mining occurred between surface and 455 metres.
Modern mining
re-commenced in 1998 after 84 years of
inactivity, with mining depths taken
down to 1,200 metres from surface, producing a further 920,000
ounces at an average grade of 10.5 g/t gold when the mine closed
again
in 2012
due to the low
gold price at the time.
It is proposed to
ascertain the likelihood of defining additional near-surface
gold
resources that
could be exploited by surface or underground methods to provide
ongoing mill feed for the phase
whilst the new proposed Beaconsfield mine
access decline is developed.
The Company
will be providing regular updates on its
Beaconsfield gold exploration activity.
-END-
About NQ
Minerals
NQ Minerals Plc is
listed on London's Aquis Stock Exchange (AQSE) under the ticker
NQMI and has its 1:100 ADR traded on the US OTC
QB under ticker NQMIY and its ordinary shares are dual traded
on the US OTC QB under the ticker NQMLF.
NQ Minerals
operations are in Australia. NQ commenced base metal and precious
metal production in 2018 at its 100% owned flagship Hellyer Gold
Mine in Tasmania. Hellyer
has a published JORC compliant Mineral Resource estimated as of the
end of August 2020 at 7.57 Mt which is host to Gold at 2.60 g/t Au
for 633,600 oz Au, Silver at 94 g/t Ag for 22,873,600 oz Ag, Lead
at 3.01% Pb for 228,000 tonnes and Zinc at 2.33% Zn for 176,700
tonnes. In addition to these resources, the Hellyer assets include
a large mill facility and full supporting infrastructure.
The Company is also
planning to re-open the historic high-grade Beaconsfield Gold Mine
in Tasmania, which has a JORC (2012) compliant Mineral Resource
Estimate of 1.454 Mt at 10.3 g/t Au for 483,000 ounces of gold.
Regular updates on the progress of the Hellyer Gold Mine and
Beaconsfield can be viewed on NQ's website at
www.nqminerals.com.
Competent
Person's Statement
The
information in this report that relates to the Hellyer project is
based on information compiled by Mr. Roger Jackson, an Executive
Director of the Company, who is a 25+ year Member of the
Australasian Institute of Mining and Metallurgy (MAusIMM) and a
Member of Australian Institute of Company Directors. Mr. Jackson
has sufficient experience which is relevant to the style of
mineralisation and type of deposits
under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration results, Mineral
Resources and Ore Reserves". Mr. Jackson consents to the inclusion
of the data contained in relevant resource reports used for this
announcement as well as the matters, form, and context in
which the relevant
data appears.
For more
information, please contact:
NQ
Minerals plc
David Lenigas,
Chairman
lenigas@nqminerals.com
Adrian Moroz,
Director and CFO
Adrian.moroz@nqminerals.com
Media
Enquiries
IFC Advisory
Limited
Graham Herring /
Tim Metcalfe
graham.herring@investor-focus.co.uk
Tel: +44 (0)
203 934 6630
(United Kingdom)
Corporate
Adviser
First
Sentinel Corporate Finance Limited
Brian Stockbridge /
Gabrielle Cordeiro
Tel: +44 (0) 207
183 7407 (United Kingdom)
Corporate
Broker
VSA Capital
Limited
Andrew Monk/Maciek
Szymanski
+ 44 (0) 203 005
5000 (United Kingdom)
The information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
The Following section relates to NQ Minerals Plc's news releases
distributed in the United States:
Cautionary Note to US Investors
The
United States Securities and Exchange Commission ("SEC") permits US
Mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. Any estimates of mineral resources shown in
this press release or on NQ Minerals PLC's website
have been prepared in accordance with definition standards of the
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves produced by the Australasian Joint Ore
Reserves Committee, which may differ from definition standards of
the United States Securities and Exchange Commission ("SEC")
Industry Guide 7. The Company may use certain
terms which
the SEC guidelines strictly prohibit US registered companies from
including in their filings with the SEC.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
include, but are not limited to, any statements based on current
expectations, estimates, forecasts, and projections, including
those related to our growth strategy, mineral estimates and any
other statements that are not historical facts. Forward-looking
statements are based on management's current expectations and are
subject to risks and uncertainties that could negatively affect our
business, operating results, financial condition, and stock price.
Factors that could cause actual results to differ materially from
those currently anticipated are risks related to our growth
strategy; risks relating to exploration, development and/or
extraction; our ability to obtain, perform under, and maintain
financing and strategic agreements and relationships; our ability
to attract, integrate, and retain key personnel; global demand for
mineral resources; our need for substantial additional funds;
government regulation; as well as other risks. The Company
expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in our expectations or any
changes in events, conditions, or circumstances on which any such
statement is based, except as required by law.
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