African Consolidated Resources Plc New JORC Estimate lifts Total Gold Resource Inventory to 4.3 million ounces
September 13 2012 - 1:00AM
UK Regulatory
TIDMAFCR
African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
13 September 2012
African Consolidated Resources plc ('ACR' or the 'Company')
New JORC Estimate lifts Total Gold Resource Inventory to 4.3 million ounces
ACR, the AIM listed southern African focussed resource development company, is
pleased to announce a major upgrade to 3.2 million ounces, of which over 50% is
in the Measured and Indicated category, from 513,000 ounces (mostly Inferred
category) at its 100% owned highly prospective Pickstone-Peerless gold project
in Zimbabwe. Significantly, this consists of 1.5 million open-pittable ounces
at 2.0g/t Au (with over 1 million ounces in the Measured and Indicated Category)
plus 1.7 million underground ounces at 4.0g/t Au (with 460,000 ounces Measured
and Indicated). A Bankable Feasibility Study ('BFS') is expected to commence
this month, targeting over 100,000 ounces of gold per year.
Including ACR's Gadzema Project, 18 miles to the north of Pickstone-Peerless,
the total Resource of the Company's Midland gold projects in Zimbabwe has
increased to 4.3 million ounces (1.9 million ounces Measured and Indicated).
The new Pickstone-Peerless Resource estimate combines an extensive database of
surface Reverse Circulation drilling ('RC') and diamond drilling, by ACR and
earlier operators, of some 550 holes totalling approximately 60,000 metres,
merged with historical underground drilling by Rio Tinto comprising over 900
drillholes (approximately 14,000 metres) and almost 10,000 channel samples. ACR
is in possession of Rio Tinto's extremely detailed original mine plans. For the
last six months a team of four cartographers has been digitising this primary
data into a 3D model of both the mines down to the base of old mine development
(90 metres in Peerless and 750 metres in Pickstone).
ACR is extremely encouraged by the size and grade potential of Pickstone-
Peerless, and is determined to move the project forward through a BFS, which
will be commissioned this month.
ACR's total gold resource inventory is detailed below;
+----------------+-------------+-----------+---------+-----------+-------------+
|ACR JORC Gold | | | | | |
|Resources | | | | | |
|September 2012 | | | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
| | | | | | Vertical|
| | | | | | Depth of|
| | Million| | | Cutoff | Resources|
| | Tonnes| Grade| Ounces| g/t| (metres)|
+----------------+-------------+-----------+---------+-----------+-------------+
|Peerless | | | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
|Open Pittable | | | | | |
|Measured (ox + | | | | | |
|sulphide) | 1.34| 1.5| 64,038| 0.6| 0-120|
+----------------+-------------+-----------+---------+-----------+-------------+
|Open Pittable | | | | | |
|Indicated (ox + | | | | | |
|sulphide) | 2.99| 1.4| 137,640| 0.6| 0-120|
+----------------+-------------+-----------+---------+-----------+-------------+
|Open Pittable | | | | | |
|Inferred (ox + | | | | | |
|sulphide) | 0.88| 1.4| 38,297| 0.6| 0-120|
+----------------+-------------+-----------+---------+-----------+-------------+
|Underground | | | | | |
|Measured | | | | | |
|(sulphide) | 0.03| 4.4| 4,684| 1.5| 120-350|
+----------------+-------------+-----------+---------+-----------+-------------+
|Underground | | | | | |
|Indicated | | | | | |
|(sulphide) | 0.47| 4.4| 65,552| 1.5| 120-350|
+----------------+-------------+-----------+---------+-----------+-------------+
|Underground | | | | | |
|Inferred | | | | | |
|(sulphide) | 4.54| 3.9| 564,665| 1.5| 120-350|
+----------------+-------------+-----------+---------+-----------+-------------+
|Subtotal | | | | | |
|Peerless | 10.25| 2.7| 874,876| | 0-350|
+----------------+-------------+-----------+---------+-----------+-------------+
| | | | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
|Pickstone- | | | | | |
|Concession | | | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
|Open Pittable | | | | | |
|measured (ox + | | | | | |
|sulphide) | 0.32| 3.6| 36,361| 0.5| 120|
+----------------+-------------+-----------+---------+-----------+-------------+
|Open Pittable | | | | | |
|Indicated (ox + | | | | | |
|sulphide) | 12.79| 2.1| 852,612| 0.5| 120|
+----------------+-------------+-----------+---------+-----------+-------------+
|Open Pittable | | | | | |
|Inferred(ox + | | | | | |
|sulphide) | 4.35| 2.5| 351,084| 0.5| 120|
+----------------+-------------+-----------+---------+-----------+-------------+
Underground | | | | | |
Indicated | | | | | |
(sulphide) | 2.84| 4.3| 389,522| 1.5| 120 to >750|
+----------------+-------------+-----------+---------+-----------+-------------+
|Underground | | | | | |
| Inferred | | | | | |
|(sulphide) | 4.91| 4.1| 639,793| 1.5| 120 to <750|
+----------------+-------------+-----------+---------+-----------+-------------+
|Subtotal | | | | | |
|Pickstone | | | | | |
|Openpit & | | | | | Surface to|
|Underground | 25.21| 2.8|2,269,372| | >750|
+----------------+-------------+-----------+---------+-----------+-------------+
| | | | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
|Dumps*, | | | | | |
|Pickstone- | | | | | |
|Peerless - | | | | | |
|measured | 1.17| 1.7| 63,000| 1.0| 0-20|
+----------------+-------------+-----------+---------+-----------+-------------+
| | | | |
+----------------+ +-----------+-------------+
| | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
|Total Pickstone-| | | | | |
|Peerless | | | | | |
|Resource | 36.63| 2.7|3,207,248| | 0->750|
+----------------+-------------+-----------+---------+-----------+-------------+
| | | | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
|Gadzema | | | | | |
|Resource** | | | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
|Indicated | 9.04| 1.0| 287,700| 0.5-0.6| 0-150|
+----------------+-------------+-----------+---------+-----------+-------------+
|Inferred | 20.14| 1.2| 803,000| 0.6| 0-150|
+----------------+-------------+-----------+---------+-----------+-------------+
|Subtotal Gadzema| 29.18| 1.2|1,090,700| | |
+----------------+-------------+-----------+---------+-----------+-------------+
|**Includes Giant| | | | | |
|Mine, dump and | | | | | |
|Blue Rock | | | | | |
|Resource | | | | | |
+----------------+-------------+-----------+---------+-----------+-------------+
|TOTAL ALL | 65.81| 2.0|4,297,948| 0.5-1.5| 0-750|
+----------------+-------------+-----------+---------+-----------+-------------+
*An effective 25% of 28,300 ounces of this resource has been sold pursuant to an
indigenisation transaction in consideration of $4 million payable out of gold
sales
Johannesburg-based consultants Explormine were specifically chosen to estimate
the JORC compliant resource as they have extensive experience in this particular
type of gold vein deposit, notably the high-grade vein deposits of the Barberton
goldfield where Explormine has consulted on major projects since 2006. In
addition, Explormine principal Bill Northrop was part of the Rio Tinto
geological team based in the Midlands district of Zimbabwe when the Pickstone-
Peerless mines were in operation in the 1960s and 1970s, and as a result, has a
detailed knowledge of these Archean vein deposits.
Exploration Director Mike Kellow said, "I would like to thank our exploration
team for many months of exacting analysis assessing millions of dollars of work,
and congratulate all on an excellent result. Open pittable gold grades
averaging 2.0.g/t and underground grades of over 4 g/t look very robust and the
modelling has highlighted some priority drill targets to add high grade ounces
at depth. This takes the project into a new league, and we now will be
undertaking a BFS study for a major mine targeting over 100,000 ounces of gold
per year. Such a production level will be more than double the output of the
current largest gold mine in Zimbabwe and will make a major contribution to
employment, infrastructure and community development in the district."
This announcement has been reviewed by Mike Kellow BSc, a member of the
Australian Institute of Geologists and Technical Director of ACR. Mr Kellow
meets the definition of a "qualified person" as defined in the AIM Note for
Mining, Oil and Gas Companies.
**ENDS**
For further information visit www.acrplc.com or please contact:
Roy Tucker African Consolidated Resources plc +44 (0) 1622 816918
+44 (0) 7920 189012
Andrew Cranswick African Consolidated Resources plc +44 (0) 7920 189010
Andrew Godber Panmure Gordon (UK) Limited +44 (0) 20 7886 2966
Callum Stewart Panmure Gordon (UK) Limited +44 (0) 20 7886 2960
Adam James Panmure Gordon (UK) Limited +44 (0) 20 7886 2951
Hannah Woodley Panmure Gordon (UK) Limited +44 (0) 20 7886 2904
Susie Geliher St Brides Media & Finance Limited +44 (0) 20 7236 1177
GLOSSARY OF TECHNICAL TERMS
+----------------------------+-----------------------------------------+-------+
|Term |Explanation |Acronym|
+----------------------------+-----------------------------------------+-------+
|archean |One of the four principal eons of Earth| |
| |history. The oldest rock formations| |
| |exposed on the surface of the Earth are| |
| |Archean (2500-2800 million years) or| |
| |slightly older and surviving rocks from| |
| |this eon are mostly metamorphic or| |
| |igneous. | |
+----------------------------+-----------------------------------------+-------+
|Au |chemical symbol for gold | |
+----------------------------+-----------------------------------------+-------+
|core |Cylindrical sample of rock as cut by a| |
| |diamond drill | |
+----------------------------+-----------------------------------------+-------+
|diamond drilling |Drilling method using a diamond-| |
| |impregnated cutting bit to obtain a core| |
| |sample of rock | |
+----------------------------+-----------------------------------------+-------+
|greenstone belt |belts of metamorphosed sedimentary and| |
| |igneous rocks of Archean age | |
+----------------------------+-----------------------------------------+-------+
|JORC |Joint Ore Reserves Committee of the| |
| |Australasian Institute of Mining and| |
| |Metallurgy | |
+----------------------------+-----------------------------------------+-------+
|lodes |Higher grade portion of mineralised| |
| |zones, usually with specific orientation | |
+----------------------------+-----------------------------------------+-------+
|mineralised zones |hydrothermally altered structural| |
| |features containing potentially valuable| |
| |minerals | |
+----------------------------+-----------------------------------------+-------+
|orebody |economically viable portion of a| |
| |mineralised zone | |
+----------------------------+-----------------------------------------+-------+
|Resource |mineral resource as defined by the JORC| |
| |Code 2004 | |
+----------------------------+-----------------------------------------+-------+
|reverse circulation drilling|rotary percussion drilling whereby the|RC |
| |sample is returned from the cutting head| |
| |inside the rod string to surface thereby| |
| |avoiding contamination from the walls of| |
| |the hole | |
+----------------------------+-----------------------------------------+-------+
|sulphide |sulphur bearing metallic mineral | |
+----------------------------+-----------------------------------------+-------+
|tenement |an area encompassing a number of blocks | |
| |of claims | |
+----------------------------+-----------------------------------------+-------+
|UNITS | | |
+----------------------------+-----------------------------------------+-------+
|cm.g/t |centimetre grams per tonne - metal | |
| |content expressed as grade times | |
| |thickness | |
+----------------------------+-----------------------------------------+-------+
|g |gramme | |
+----------------------------+-----------------------------------------+-------+
|g/t |grammes per metric tonne - metal | |
| |concentration | |
+----------------------------+-----------------------------------------+-------+
|ha |hectare | |
+----------------------------+-----------------------------------------+-------+
|kg |kilogramme, a thousand grammes | |
+----------------------------+-----------------------------------------+-------+
|km |kilometre | |
+----------------------------+-----------------------------------------+-------+
|koz |thousand ounces | |
+----------------------------+-----------------------------------------+-------+
|kt |thousand metric tonnes | |
+----------------------------+-----------------------------------------+-------+
|kv |thousand volt | |
+----------------------------+-----------------------------------------+-------+
|kva |thousand volt amperes | |
+----------------------------+-----------------------------------------+-------+
|m |metre | |
+----------------------------+-----------------------------------------+-------+
|mm |millimetre | |
+----------------------------+-----------------------------------------+-------+
| µm |micron, or millionth of a metre | |
+----------------------------+-----------------------------------------+-------+
|mt |million metric tonnes | |
+----------------------------+-----------------------------------------+-------+
|moz |million ounces | |
+----------------------------+-----------------------------------------+-------+
|oz |fine troy ounce equaling 31.1048 grammes | |
| |- normal unit used in selling gold | |
+----------------------------+-----------------------------------------+-------+
|ppb |parts per billion | |
+----------------------------+-----------------------------------------+-------+
|ppm |parts per million, equivalent to g/t | |
+----------------------------+-----------------------------------------+-------+
|t |metric tonne | |
+----------------------------+-----------------------------------------+-------+
|t/m3 |density measured as metric tonnes per | |
| |cubic metre | |
+----------------------------+-----------------------------------------+-------+
| ° |degrees | |
+----------------------------+-----------------------------------------+-------+
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: African Consolidated Resources Plc via Thomson Reuters ONE
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