An updated resource estimate has been announced for the Yandera Project in Madang, providing a strong platform for a pre-feasibility study to start in early 2017.
This follows significant increase in Measured, Indicated and Inferred Resources of copper deposits in the project site.
The initial Measured and Indicated Resource estimate was a 326 million tonnes of copper.
Project developers, Era Resources, say the highlights of the new resource estimate include:
• Measured and Indicated Resources total 728 million tons grading 0.33 percent copper, 0.01 percent molybdenum and 0.10 grams per ton (ppm) gold; or 0.39 percent copper equivalent
• Inferred Resources total 230 million tons grading 0.29 percent copper, 0.00 percent molybdenum and 0.04 ppm gold; or 0.32 percent copper equivalent
Measured and Indicated Resources are accepted estimates, with a high degree of confidence, of the grade, tonnage, shape, densities, and physical characteristics and mineral content of a mineral prospect, in this case Yandera copper Project.
Inferred Resources on the other hand are estimates, mainly assumed and not verified by a geologist, made by developers with a low level of confidence on mineral content.
Era Resources says this new resource estimate is the culmination of its 2016 strategy for Yandera – to demonstrate significant further resource growth that would underpin a feasibility study, improve understanding of the mineral potential at and along strike from the resource, and to maximise project value through rigorous evaluation of development options.
In addition to these, Era Resources President and CEO, Pieter Britz, added that “the 2016 drill campaign was a remarkable success, achieving in all respects our overall targets of understanding the areas between the 2015 pit shells, and then stepping out beyond the 2015 perimeters of pits to expand the footprint of the resource’.
“The 2016 resource estimate now provides a strong platform for a pre-feasibility study, which is scheduled to commence early in 2017.”
Positive results from the 43-diamond-drill-hole campaign significantly strengthened the resource with a substantial increase in size, expansion of the 2015 footprint, linkages between previously separate pits and potential to further optimize pit design and reduce stripping ratios.
The expansion of the Measured and Indicated resource in the 2016 estimate (is an important improvement over the 2015 resource estimate. Enhancements include:
- Delineation of mineralisation between Gremi and Omora, Gremi and Imbruminda, and Dimbi and Gamagu, which increases resource size and reduces expected stripping ratios;
- Extension of mineralisation in the South Dimbi, East Gremi, Omora and Benbenubu areas;
- Meaningful refinement of the constraining geologic framework, including detailed models of specific mineralisation-related units and later units that cut mineralisation; and
- Refinement of grade shells to match geology and identified trends in the mineralisation.
The Yandera Copper Project is located 95 kilometres southwest of the northern seaport of Madang and situated within the highly prospective New Guinea Copper-Gold Belt.
Era Resources, formerly Marengo Mining Limited, is a Canadian-domiciled mineral resource company focused on the discovery, exploration and development of base metals globally.
The Yandera Copper Project is the company’s flagship project, which it has 100 percent ownership.
Picture credit: Papua New Guinea Mine Watch