Richland Resources Ltd Maiden JORC Resource Estimate (2184N)
August 07 2017 - 2:00AM
UK Regulatory
TIDMRLD
RNS Number : 2184N
Richland Resources Ltd
07 August 2017
7 August 2017
Richland Resources Ltd
("Richland" or the "Company")
Maiden JORC Resource Estimate for EPM 25973 Exploration
Licence
Richland (AIM: RLD), the gemstones producer and developer, is
pleased to announce a maiden independent JORC resource estimate for
the group's wholly owned EPM 25973 exploration licence, located in
Queensland, Australia.
Highlights:
-- Maiden independent inferred JORC resource estimate of 5
million loose cubic metres ("lcm") of sapphire bearing gravel at an
estimated average grade of 3.5 grammes per lcm (17.5 carats per
lcm) for Capricorn Sapphire Pty Ltd's ("Capricorn") exploration
licence EPM 25973.
o Resource estimation equates to approximately 87.5 million
carats in the ground
Background
The Company is pleased to announce that it has received an
independent Maiden JORC resource estimate in respect of exploration
licence EPM 25973, held by its wholly owned subsidiary, Capricorn,
which was commissioned earlier this year. As announced previously,
the exploration licence was granted by the Queensland Government in
November 2015 and is located adjacent to known sapphire producing
areas and RA1 Areas (restricted areas earmarked for sapphire mining
and fossicking with the grant of exploration licences within the
area prohibited). This exploration licence, together with the EMP
25978 licence awarded at the same time, were previously identified
and selected as hosting sapphire bearing palaeo-alluvial terraces
with adjoining reworked colluvial and alluvial deposits. Historical
sampling of the terraces by third parties recovered sapphire
samples from the basal gravels.
Licence EPM 25973 has an exploration area of 39 sub-blocks (133
square kilometres) located within the Anakie sapphire deposit in
Central Queensland which is within 45km of the Company's existing
Capricorn Sapphire mining operations.
Maiden JORC Resource Estimate for EPM 25973 Exploration
Licence
Earlier this year, the Company commissioned a review of the
historic third party exploration work conducted on the licence area
and has now received a maiden independent JORC Inferred Resource
estimate of 5 million loose cubic metres ("lcm") of sapphire
bearing gravel at an estimated average grade of approximately 3.5
grammes per lcm (17.5 carats per lcm) for exploration licence EPM
25973. This Resource estimation equates to approximately 87.5
million carats in the ground.
The Resource volume is based on 1m thick basal gravels with 2-5
metres of overburden; the palaeo-alluvial deposits are elevated and
hence dry to dig. Average grade is approximately 3.5 grammes rough
sapphire per lcm (17.5 ct per lcm) using 2 grammes per lcm (10
carats per lcm) grade as a lower cut-off grade and is based on
results of 25 historic pilot samples each of 2 loose cubic metres
raw volume.
Qualified Person
The resource statement contained in this announcement has been
prepared and reviewed by Mr Ross McMaster, who has sufficient
relevant experience of the style of mineralisation and type of
deposit under consideration to qualify as a Competent Person as
defined in the JORC Code (2012). Mr McMaster is an independent
geological consultant to Capricorn and a Member of the Australasian
Institute of Mining and Metallurgy, and meets the criteria of a
qualified person under the AIM guidance note for mining and oil
& gas companies. He has compiled and approved the technical
disclosures in this announcement.
For further information, please contact:
Bernard Olivier Edward Nealon Mike Allardice
Chief Executive Chairman Group Company secretary
Officer +61 409 969 +852 91 864 854
+61 4089 48182 955
Laurence Read Nominated Adviser Broker (AIM)
Corporate Development (AIM) Shore Capital Stockbrokers
and Communications Strand Hanson Ltd
Officer Limited Jerry Keen (corporate
+44 (0)20 3289 James Harris broking)
9923 Matthew Chandler Toby Gibbs / Mark
James Dance Percy (corporate
+44 (0) 20 7409 finance)
3494 +44 (0) 20 7408
4090
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Note to Editors:
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
Glossary of technical terms:
"g" grammes;
"g/lcm" grammes per loose cubic metre;
"Inferred that part of a Mineral Resource
Resource" for which tonnage, grade and
mineral content can be estimated
with a low level of confidence.
It is inferred from geological
evidence and assumed but not
verified geological and/or grade
continuity. It is based on information
gathered through appropriate
techniques from locations such
as outcrops, trenches, pits,
workings and drill holes which
may be limited or of uncertain
quality and reliability;
"JORC" the Australasian Code for Reporting
of Exploration Results, Mineral
Resources and Ore Reserves, as
published by the Joint Ore Reserves
Committee of The Australasian
Institute of Mining and Metallurgy,
Australian Institute of Geoscientists
and Minerals Council of Australia;
"JORC (2012)" the 2012 edition of the JORC
code;
"km" kilometres;
"LCM" loose cubic metre;
"Mineral Resource" concentration or occurrence of
material of economic interest
in or on the earth's crust in
such form and quantity that there
are reasonable and realistic
prospects for eventual economic
extraction. The location, quantity,
grade, continuity, and other
geological characteristics of
a Mineral Resource are known,
estimated from specific geological
evidence and knowledge, or interpreted
from a well-constrained and portrayed
geological model;
"m" metre;
"Sapphire" a gem quality corundum (Al(2)
O(3) ) other than ruby. Especially
the blue transparent and coloured
varieties of crystalline corundum
containing small amounts of oxides
of cobalt, chromium and titanium.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLFMGGRRVZGNZM
(END) Dow Jones Newswires
August 07, 2017 02:00 ET (06:00 GMT)
Lexington Gold (LSE:LEX)
Historical Stock Chart
From Apr 2024 to May 2024
Lexington Gold (LSE:LEX)
Historical Stock Chart
From May 2023 to May 2024