Bluebird Merchant Ventures Limited High Grade Gold Grab Samples at Gubong (2759B)
09 January 2018 - 6:00PM
UK Regulatory
TIDMBMV
RNS Number : 2759B
Bluebird Merchant Ventures Limited
09 January 2018
9 January 2018
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
High Grade Gold Grab Samples at Gubong
Bluebird Merchant Ventures (EPIC: BMV), the Asian focused
resource development group is pleased to announce the results of
preliminary 'grab samples' from the Gubong gold mine.
Highlights
-- Encouraging assay results indicating that a significant
amount of gold remains unmined at Gubong
-- 10 of 15 samples returned gold grades of over 1 g/t with 3
returning grades of 10 g/t and over
-- 12 of the 15 samples returned silver grades of 10 g/t and over
-- The grades indicate ore body structure
The samples were taken after engineers gained entry into the old
workings at Adit 4 and from spillage in Decline Shaft Number 2. All
the samples were taken from fines or broken ore lying on the
ground. The results, as tabulated below, represent the fact that
the old workings have significant amounts of gold which were left
in the form of broken ore that was never taken to the process
plant.
Of upmost significance are the spillage samples taken in the
shaft (KRA200011 - KRA200015). They imply that the ballast under
the tracks of each level used to transport ore for several years is
likely to carry gold - yet another source of early cheap
production. The Gubong mine could potentially have 30 to 40
kilometres of railed tunnels that was used to transport gold.
The Gubong mine is an orogenic deposit. Orogenic ore bodies
typically have a depth of 2 kilometres. The Gubong mine currently
has a depth of 500 metres. Historical drill results that were
previously announced on 3 October 2017 indicate that the structure
continues below the 500 metre level so the mine has significant
upside potential.
Sample Location Date Sample Gold (g/t) Silver
Number Type (g/t)
----------- ---------- ------------ -------- ----------- -------
KRA200006 Adit 4 18-10-2017 GRAB 1.00 17.00
----------- ---------- ------------ -------- ----------- -------
KRA200007 Adit 4 18-10-2017 GRAB 21.00 17.00
----------- ---------- ------------ -------- ----------- -------
KRA200008 Adit 4 18-10-2017 GRAB 7.00 10.00
----------- ---------- ------------ -------- ----------- -------
KRA200009 Adit 4 18-10-2017 GRAB 7.00 10.00
----------- ---------- ------------ -------- ----------- -------
KRA200010 Adit 4 18-10-2017 GRAB 1.3 40.00
----------- ---------- ------------ -------- ----------- -------
Decline
KRA200011 2 18-10-2017 GRAB 6.7 20.00
----------- ---------- ------------ -------- ----------- -------
Decline
KRA200012 2 18-10-2017 GRAB 13.3 17.00
----------- ---------- ------------ -------- ----------- -------
Decline
KRA200013 2 18-10-2017 GRAB 10.0 13.00
----------- ---------- ------------ -------- ----------- -------
Decline
KRA200014 2 18-10-2017 GRAB 3.1 8.00
----------- ---------- ------------ -------- ----------- -------
Decline
KRA200015 2 18-10-2017 GRAB 1.2 12.00
----------- ---------- ------------ -------- ----------- -------
Charles Barclay, COO, commented:
"The gold price was around USD 40/oz when the mine closed. These
results demonstrate that many areas of the mine were undoubtedly
left unmined due to what was, at the time, unpayable grades.
Furthermore, the potential for processing cheap payable tonnes in a
short space of time is good. Our initial goal is to delineate
sufficient ore to support the first three years of profitable
mining within the upper regions of the mine growing to an annual
production of 30,000 oz. Thereafter we will continually scale up
annual production as we access the lower regions of the mine."
Colin Patterson, CEO, commented:
"The sheer size of the Gubong gold mine becomes more evident as
we make progress. The fact that such good results have been seen
from the first few hundred metres of the mine is very encouraging.
The mine has over 120 kilometres of underground tunnels and was
South Korea's second largest gold mine. I am confident that the
Gubong project will deliver significant value to shareholders."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Bluebird Merchant Ventures
Ltd +44 (0)7797 859986
Jonathan Morley-Kirk,
Non-Executive Chairman
SP Angel Corporate Finance
LLP
Ewan Leggat
Smaller Company Capital
Ltd
Rupert Williams/Jeremy + 44 (0)203 470 0470
Woodgate +44 (0)203 651 2910
Blytheweigh +44 (0)200 7138 3204
Tim Blythe / Camilla
Horsfall
This information is provided by RNS
The company news service from the London Stock Exchange
END
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