GREY:GMFLF - Post Discussion
Post by
touareg on Sep 18, 2013 8:29am
Resource Update
Global Reports Strieborná Resource Update
September 18, 2013,Global Minerals Ltd. (CTG: TSX-V) is pleased to announce the results of a resource estimate update of its 100% owned Strieborná high-grade silver/copper/antimony vein project in Slovakia.
Highlights from the resource update include:
- Contained silver in Measured and Indicated resources has increased by 37% over the previous estimate and tonnage jumped 19%. Measured and Indicated resources are 2,290,000 tonnes at 266 g/t Ag, 1.2% Cu and 0.85% Sb (20Moz Ag, 61Mlb Cu and 43 Mlb Sb).
- The current resource estimate is reported at a cut-off grade of 100 g/t Ag, where previous estimates did not apply a cut-off grade.
- Excellent resource expansion potential remains in the Strieborná and adjacentPallag and Podložná vein systems.
- The Company will use this update to further test the economics of the project.
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Global’s exploration drilling since the last resource update (6,143 m) increased confidence in continuity and demonstrates the predictability of the Strieborná vein. Resources in the table only reflect the block model grades at a 100 g/t Ag cut-off whereas the previous resource estimates did not apply any lower cut-off grades on the basis that the entire deposit had a reasonable prospect for economic extraction. Both Mine Development Associates, which completed the 2013 resource estimate, and Global believe that using appropriate economic cutoff grades based on current operating costs and assumptions, as derived by AGP Mining Consultants, more accurately reflects a potentially economic resource.
Virtually the entire resource is contained within the Strieborná vein with only 4% of the resource located in the West Split and Podložná veins. These veins together with Pallag, represent significant exploration targets that can be pursued once an underground access and drill platforms can be established. There is also the potential for additional mineralization beyond the Inferred classification within the interpreted veins (blue areas in attached diagram), but it is not reported.
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Ongoing trade-off studies to improve project economics
The company continues to evaluate the economics of re-initiating operations and is working with its consultants to study various project enhancements. Principal among these are the recovery of by-product antimony using hydro-metallurgical processing of a bulk sulphide concentrate. Global has previously completed laboratory test work on this process that indicates Strieborná concentrates could be amenable to this treatment. Order of magnitude capital and operating costs for this circuit will be reviewed in the short term and compared to potential smelter penalties for concentrates that include the antimony.
The Company is also investigating the potential for a coarse grind, pre-concentration up-grade circuit, which could significantly reduce the amount of material to be delivered to the grinding and flotation circuits. This could provide various advantages including downsizing of the primary concentrator and simplifying the mine plan (costs) to improve the overall project economics.
About Strieborná
Strieborná is a high-grade silver-copper-antimony vein deposit in an historic mining district near the town of Roznava in eastern Slovakia. It has excellent expansion potential over and above the already well-defined resource. Significant infrastructure at site includes a working shaft and hoisting system, extensive underground access through a series of drifts, crosscuts and tunnels and associated surface facilities.
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