Wolf Minerals Limited Completion of Drilling at Hemerdon (3087Y)
01 December 2014 - 6:00PM
UK Regulatory
TIDMWLFE
RNS Number : 3087Y
Wolf Minerals Limited
01 December 2014
1 December 2014
Wolf Minerals Limited
Wolf Minerals Completes Geotechnical Drilling at Hemerdon
Tungsten-Tin Project
-- Initial results suggest potential for steeper pit walls,
increased reserves and longer mine life.
-- Potential to increase ore reserves by 15 - 23% within existing planning permission.
Specialty metals development company, Wolf Minerals Limited
(ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to
announce that it has completed a six hole diamond drilling campaign
at the Company's world class Hemerdon tungsten and tin project
("the Project") in Devon, in southwest England.
The drilling programme completed a total of 1,140 metres around
the perimeter of the Hemerdon open pit, and was designed to provide
additional geotechnical information to optimize the slope angles
for the open pit.
The drilling results indicate that an additional 4 to 6 million
tonnes of ore may be available to be mined from the project and
that there is the potential to increase ore reserves by 15 to 23%,
as a result of steepening the open pit walls and broadening the
open pit perimeter within the existing planning permission.
Subject to a change in the planning permission's open pit
boundary, to allow access to the Southern Extension, there may also
be the potential to increase the ore reserves further.
The majority of previous drilling undertaken at the site
concentrated on the ore body, rather than the surrounding waste
rock. As a result, pit slope angles were conservatively designed at
between 35deg and 44deg, with flatter slopes near the surface
reflecting weathered rock conditions.
SLR Consultants supervised the drilling programme and assessed
the geotechnical qualities of the rock in the perimeter of the open
pit. Preliminary interpretation of the drilling results is positive
and points to increased pit slope angles and ore reserves.
Following the completion of the drilling and geotechnical
analysis, pit optimisation and design will now be undertaken using
the revised slope parameters, which will lead on to the ore
reserves being revised. This work is expected to be completed in
January 2015.
Commenting on the drilling programme and analysis, Wolf Managing
Director, Russell Clark, said:
"This programme was made possible through the funding received
from the equity raise earlier this year and has been designed to
add value through increasing reserves, mine life and therefore
revenue. Initial analysis suggests this could be the case, and we
will now undertake detailed design work and reserve re-estimation.
We expect this work to be completed in January 2015. In the
meantime we continue to focus on the construction of the processing
plant and remain on budget and on schedule to be producing in the
third quarter of 2015. We are also examining the potential for
mining the "Southern Extension" of the ore body, which currently
lies outside the planning permission boundary, and see great
potential to extend the mine life even further as a result."
ENDS
For further details, please contact:
Wolf Minerals Limited +61 8 6364 3776
Russell Clark admin@wolfminerals.com.au
Numis Securities
John Prior/James Black/Paul Gillam +44(0)20 7260 1000
Newgate Threadneedle
Adam Lloyd/Tim Thompson/Ed Treadwell +44 (0) 20 7653 9842
Promotion and Marketing
The Company's web site has time lapse photography showing both
the processing plant site and mine site which can be seen at:
http://www.wolfminerals.com.au/hemerdon-tungsten-and-tin-project/live-stream
This information is provided by RNS
The company news service from the London Stock Exchange
END
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