Singapore-listed Wilton Resources has received a mineral resource update report on the Ciemas Gold Project in the Sukabumi region of West Java that supports a sizeable upgrade of gold resources. The estimate of about 860,000 troy ounces is an increase of 31% from the previous estimate of May 2013.
The JORC 2012 compliant report from SRK Consulting China estimates that Ciemas contains about 3.04 million tonnes of measured and indicated resources with an average grade of 8.8 grams/tonne gold, which translates into total contained gold of 26,740kg. Including the inferred resources, the estimated total contained gold across all resource categories is 38,970kg, or about 1.25 million troy ounces.
The resource report focuses on the mineral resources at the Pasir Manggu, Cikado, Sakolah and Cibatu properties at Ceimas.
Wilton has also received a scoping study report from Australia-based consultant Macala. The JORC 2012 compliant study examines the mining options for the project deposits based on the updated mineral resources.
Mancala has recommended that Wilton focuses on open pit development of the upper portions of the gold deposits, with subsequent underground mining for resources that are below the optimal limit of open pit extraction. Mancala concluded that, in a broad sense, the high-grade, near-surface apparently conventional metallurgically treatable ore would suggest the Ciemas project is robust.
Wilton’s executive chairman and president Wijaya Lawrence says, “The reports from independent consultants SRK and Mancala provide an important step forward for our Ciemas Gold Project and a firm basis to proceed confidently towards Wilton’s emergence as a substantial gold producer.
“The resource report not only validates an upgrade of our project’s mineral resources, it also serves as an endorsement of the high quality of our project as the average gold grade of measured and indicated resources has improved to 8.8 grams/tonne gold as compared to 8.4 grams/tonne previously. There is also potential for the project to benefit from a further upward revision of resources as the deposits are open at depth as well as along strike.
“We will consider immediately the series of specific actions as recommended by Mancala in the scoping study. Many of these recommendations aim to increase the net present value of the project, as well as to advance our development of a revised and more beneficial mining plan. With confirmation of the mining concept feasibility, the group will move quickly towards development and production activities.”
The reports are the foundation for further work in progress to determine the optimal processing plant for the deposits, along with site layout. This will result in an open pit feasibility study, including open pit ore reserves, which is expected in the first half of 2015. www.wiltonresources.com