Thursday, May 31, 2012

Yandera assets upgraded

Marengo Mining yesterday announced a substantial increase in measured resource at its world-classYandera copper mine in Madang province, one of the largest undeveloped copper projects in the Asia-Pacific, The National reports.
It also announced that the land-based tailings option had been selected.
The report said there were:
• Significant conversion of tonnes to the measured category, increasing confidence in the possible minimum 20 year mine life plan;
• Identified higher grade zones near surface (grading +0.5% copper for initial potential years of production;
• Confirmed large areas of elevated gold and molybdenum grades;
• Improved recoveries for copper, gold and molybdenum. High grade concentrate from the recent metallurgical test work programme; and
• Encouraging results from first hole of the Dirigi exploration programme.
Marengo’s managing director and chief executive officer, Les Emery, said the resource update supported the previously stated goal of achieving a minimum operating life of at least 20 years.

Helicopter with stinger attached for radiometric survey at Yandera.-Picture courtesy of MARENGO MINING
“The measured resource category has increased by over 100% and substantial additional resources have been upgraded from the inferred to indicated category,” he said,
“Drilling activity continues at Yandera, both on further in-fill tasks within the Yandera Central deposit and on nearby exploration targets
“Furthermore, areas of higher grade (+0.5% Cu) have been identified that, with the advantage of topography, can potentially be targeted for the initial years of possible production.”
“The resource estimate incorporates assay results from 465 diamond drill holes totalling 145,335 metres, which were drilled up until the end of 2011.
“The Yandera copper-molybdenum-gold project, reviewed as a part of this 2012 updated resource modeling study, has so far demonstrated and confirmed that this area contains significant amounts of copper mineralisation.
“The tonnages reported, for example above a nominal 0.25% copper lower cut-off, and the coincident contained metal tonnages are significant.”
Regarding tailings, Emery said following a review of the tailings options for the completion of the feasibility study, and discussions with various stakeholders, it had been decided to go forward on the basis of a combined rock waste dump and tailings storage facility.
“The facility will be located in close proximity to the Yandera project and processing areas, with the copper concentrate being transferred to a coastal shipping facility by a small diameter pipeline, which will where possible, follow existing infrastructure corridors to a coastal loading facility,” he said.

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