Polo Resources Limited MATILDA GOLD PRODUCTION COMMENCES (3703M)
12 October 2016 - 10:04PM
UK Regulatory
TIDMPOL
RNS Number : 3703M
Polo Resources Limited
12 October 2016
12 October 2016
Polo Resources Limited
("Polo" or the "Company")
MATILDA GOLD PRODUCTION COMMENCES
Polo Resources Limited (AIM: POL), the natural resources
investment company with interests in oil, gold, coal, copper,
phosphate, iron and vanadium, is pleased to announce that Blackham
Resources Limited ("Blackham") ("ASX: BLK") has reported that gold
production has commenced from its 5.1Moz Matilda Gold Project. The
CIL tanks are operational and milling of ore has commenced.
Commissioning is also underway on the gravity circuit, elution
circuit, and gold room.
During the September quarter 1.57 million BCM's of material were
mined. Mining focused on removal of overburden to open up ore
sources from both the Matilda M10 and M3 pits. Ore mined to date is
lower grade ore as expected from the laterite and depletion zones
at the top of the pits. The M10 pit is now approaching the main
higher grade structure.
Open Pit Mining for Quarter
-----------------------------------
Ore t 46,886
---------------- ----- ----------
Ore BCM 22,327
---------------- ----- ----------
Au g/t 0.7
---------------- ----- ----------
Waste BCM 1,650,797
---------------- ----- ----------
Total Material BCM 1,708,223
---------------- ----- ----------
Underground mining for the quarter focused on lateral
development around the old Golden Age stopes. There are currently
three jumbos on site focused on development and rehabilitation
activities. Development ore is currently being mined from three
development headings. Initial Golden Age development ore produced
was 20% higher than expected. Visible gold has also been sighted on
the 980 development level.
Underground Mining for Quarter
-------------------------------------
Ore Mined T 1,720
-------------------- ------ -------
Au Grade Mined g/t 4.4
-------------------- ------ -------
Total Lateral
development M 517
-------------------- ------ -------
Mining from the open pits, underground and existing stockpiles
has resulted in gold stockpiles of 172,000t @ 1.4g/t for 7,900oz
available for milling. Current stockpiles represent over a full
month of production.
With milling of ore having commenced, gold in circuit is
accumulating and first gold pour is now expected within days.
Blackham is focused on a safe, efficient and timely ramp up to
commercial production.
The full details of Blackham's announcements can be found at
www.blackhamresources.com, including a competent person's statement
(JORC 2012) in respect of the Matilda Gold Project Resource
Summary.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
For further information, please contact:
Polo Resources Limited
Kudzayi Denenga, Investor + 27 (0) 787 312
Relations 919
ZAI Corporate Finance Ltd
(nominated adviser)
Ray Zimmerman, John Treacy +44 (0) 20 7060 2220
Liberum Capital (broker)
Henry Freeman +44 (0) 20 3100 2000
Blytheweigh (public relations)
Tim Blythe, Nick Elwes, Camilla
Horsfall +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a natural resources investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For further
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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