An upgraded estimate for Marengo Miningâ€™s Yandera Copper-Molybdenum Project in PNG has significantly increased indicated resources to 527 million tonnes @ 0.38% copper equivalent and inferred resources to 766 million tonnes @ 0.33% copper equivalent.
The indicated resource has a mineral inventory of 1.49 million tonnes of contained copper and 122 million pounds of contained molybdenum while the inferred resource provides 1.91 million tonnes of contained copper and 140 million pounds of contained molybdenum.
The updated resource for the Yandera project in Madang Province compares with the previous estimate comprising an indicated resource of 163 million tonnes @ 0.49% copper equivalent and an inferred resource of 497 million tonnes @ 0.48% copper equivalent, based on a cut-off grade of 0.3%. It also represents a 92% increase on the previous indicated resource based on a cut-off grade of 0.3%.
The updated resource was prepared in accordance with the JORC Code by international mining consultancy group, Golder Associates, and incorporates all diamond drilling results, including the 2008 field season to July totalling 175 drill holes for 56,969 metres of drilling.
Additionally, the update includes an inferred resource estimate of 1.29 billion tonnes containing the by-product metals of gold, silver and rhenium. The mineral inventory is 3.3 million ounces of gold, 56 million ounces of silver and 2.9 million ounces of rhenium. Rhenium is an important metal in the manufacture of jet aircraft turbines and has increased tenfold in price in the past five years to US$11,500/kg.
The definitive feasibility study for Yandera is making good progress and is scheduled to be completed by mid 2009. It is based on an initial 10 year open-pit mining operation, commencing at a throughput 25 million tonnes per annum.
Current activities include metallurgical test work, process plant design, tailings and concentrate pipeline design, and route selection, geotechnical studies and mine planning.
Marengoâ€™s managing director Les Emery says: â€œThis is an excellent outcome which reflects the success of our ongoing drilling programs at Yandera over the past three years. The true potential of the Yandera mineralized system is now becoming evident and we believe that Marengoâ€™s substantial land package gives every opportunity for the discovery of comparable deposits.
â€œIt is Marengoâ€™s intention to demonstrate that the current resource is capable of supporting a large scale, long life mining operation.â€
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